Michael Halbig gets business cards tucked under his window wipers asking him to sell his car: "I think I'm going to keep it forever, no matter how much people offer me."
Michael Halbig gets business cards tucked under his window wipers asking him to sell his car: "I think I'm going to keep it forever, no matter how much people offer me."

My car: Classic Merc is a dream



Without seatbelts and carrying a whole lot of years under its belt, you would have thought Michael Halbig might have had some difficulty importing and registering his pristine 1970 Mercedes 280SL in Dubai. Quite the contrary, in fact. Having owned and loved this car for the past 10 or so years while living in Switzerland, the 42-year-old German head of risk for Thomson Reuters found that bringing it into the UAE was a breeze.

"The shipping company I used delivered my furniture to my home and the car straight to the RTA. The only issue was its high levels of pollution compared to modern cars, which they said had to be fixed. But I didn't think they meant it very seriously, because you just can't do that.

"Also, it needs leaded fuel, but now I have a bottle with certain ingredients to substitute that. And the guys at the RTA loved the car. When they saw it for its registration, they could see that it was a 40-year-old car, but they were smiling and very friendly, and everything went very smoothly."

It isn't only the RTA that has become a fan of the Mercedes, says Halbig: "I often get business cards under my wipers, asking me if I want to sell it, but I don't think I would. I think I'm going to keep it forever, no matter how much people offer me. The question would be, 'what is the right price for a dream?' But no, I don't think I would ever sell it."

The car was in quite good shape when he bought it. At the time, the soft-top roof was missing, so Halbig's biggest investment on it was on a new one, which turned out to be expensive because he insisted on original parts throughout. And apart from a new paint job and a few replacement bits and pieces, he has had to do very little to it.

"I bought it with about 60,000 km on the clock," he recalls, "and now it is up to around 80,000. I haven't put a lot of kilometres on it here in Dubai, but when I lived in Switzerland I really loved driving it around where I was living. I took it to some nice lakes there, and to places in Europe, such as Italy. But most of the time, I have only ever driven it close to where I have been living."

In spite of its advanced years, the car is very easy to drive. It is an automatic and Halbig says the engine is in very good shape, which is typical of Mercedes of this era. "If you get the chance to go to other parts of the Middle East like Lebanon and Egypt, you will often see the limousine [the W108 S-Class, which was built from 1965 to 1972], and it has the same engine as mine. I have seen cars like this with more than a million kilometres on them, so they're very sustainable. If you look at automatics from 42 years ago, they maybe don't operate as smoothly as they do nowadays. And if you really have to hit the brakes, it is certainly not like a modern car. But I'm not racing with this car; I just really enjoy driving it."

Even though Halbig is an avowed lover of classic Mercedes, he still approves of the latest generation of the marque. "I love the 300SL, and the new one, the SLS. For me, my favourite cars are two-seaters, and Mercedes builds these particularly well. The current 300SL is based on the classic model of the Fifties and early Sixties, which is absolutely my dream car. But with not many more than 3,000 ever built, it is not affordable at all. In Europe, you are looking at over half-a-million euros [Dh2.6 million] for this car, so it's far, far more expensive than my little 280SL."

Halbig says he has had "a couple of good cars" before, but this is definitely his favourite. "When I bought the SL, I had always dreamt of this Mercedes convertible. I don't know how many years I had been thinking about it, but I kept seeing similar cars on the road in Switzerland. And then I saw this one outside a dealership, and I decided the time was right.

"I have two more classic cars that are dreams for me. One is the [Corvette] Stingray, and the other one is a Porsche 356. But I have no concrete plan to buy them now - first I have to earn some money, and I need a bigger garage."

* Richard Whitehead

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What is Diwali?

The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.

According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.

In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.  

 

PSG's line up

GK: Alphonse Areola (youth academy)

Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)

Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)

Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)

Total cost: €440.4m (€620.4m if Mbappe makes permanent move)

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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Company%20Profile
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UAE currency: the story behind the money in your pockets
Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Napoleon
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UAE currency: the story behind the money in your pockets
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Managing the separation process

  • Choose your nursery carefully in the first place
  • Relax – and hopefully your child will follow suit
  • Inform the staff in advance of your child’s likes and dislikes.
  • If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
  • The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
  • Be patient. Your child might love it one day and hate it the next
  • Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.  
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

The Outsider

Stephen King, Penguin

In The Heights

Directed by: Jon M. Chu

Stars: Anthony Ramos, Lin-Manual Miranda

Rating: ****

The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

The Matrix Resurrections

Director: Lana Wachowski

Stars:  Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.


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