Poor build quality meant the Stag was plagued by mechanical problems.
Poor build quality meant the Stag was plagued by mechanical problems.

Rearview Mirror: Ridiculed Triumph Stag belatedly earns respect



At the end of the Swinging Sixties, Triumph, a British marque that had established a sporting pedigree through the decade, unveiled a beautiful, bonnet-bulging roadster that was to be the equal of any Italian or German sports car. With eye-catching Italian styling and a snarling British V8, it had all the ingredients to compete with the best in the world, such as the iconic Mercedes SL. It was hoped the Stag would proudly take its place in the long line of British sports cars of international renown, such as the Austin Healy, Jaguar E-Type and the MGB. But reliability problems soon saw this dream turn sour and Triumph's flagship earned the staggering sobriquet of "the Snag".

After earning a reputation for sporting prowess and smooth, head-turning lines with the Italian-styled RE series, director of engineering Harry Webster turned his sights to the challenge of breaking one of the most competitive markets in the world: America. Wishing to retain the winning formula of British engineering and Italian styling, he supplied designer Giovanni Michelotti with the company's modern saloon, the 2000, to create a concept car for the 1965 Turin motor show. If he liked the result he reserved the right to bring the model into production to be a stablemate of the popular TR5. With elegant, swooping lines, a distinctive roll bar and aggressive grille, it was acclaimed by the motoring press. Looking a little like a hybrid between a sports Fiat and a low-slung Mercedes, Webster was confident the model could edge out its rivals and become a hit on the other side of the Atlantic.

But the story of the Stag is a tragic chapter in the story of the slow, sad demise of the British motor industry when poor build quality undermined the promise of dashing designs and ingenious engineering. The 1970s was a decade that saw excellent models such as the XJS and Mini, each bristling with technological advances, ultimately prove unprofitable. The Stag shared their fate. By the time it got the green light to turn from prototype to production, the British motor industry had merged into one huge, bloated corporate monster run with all the pen-pushing inefficiency of a government department. It had subsumed all the proud post-war marques, including Triumph. From the outset, bureaucratic cost-cutting produced flawed cars from state-of-the-art designs.

This was seen in the choice of powerplant for the Stag. An obvious choice would have been Triumph's smooth straight six or Rover's powerful, indestructible V8. But the former was considered under-powered and Webster refused to use the engine of Triumph's old rival Rover, however well suited it was. Instead, they chose to invest in a brand new V8 specifically for the Stag, in a 2.5L and later 3.0L specification. It was to prove a costly decision, in every sense. Though its styling won many plaudits, sales soon slowed once news of reliability problems were reported. In particular, the Stag was prone to overheating due, in part, to a lack of investment and testing of the new engine.

On its release, its classic styling was complemented with modern technology such as power steering and electric windows. Triumph hoped this fusion of the classic and the convenient would lure customers from Mercedes and Lancia and bring 12,000 sales a year. A large percentage of those were hoped to come from the lucrative American market. But this was soon exposed as wildly optimistic. In fact, only 26,000 were sold in a seven-year production run, with less than 3,000 crossing the Atlantic. Despite early diagnosis of the mechanical problems, these were not addressed and enthusiasts were forced to make their own solutions and upgrades to make the car reliable. This damage to its reputation was compounded by slow sales during the oil crisis of 1973. By 1977 it was selling less than 2,000 a year and the decision was taken to cease production.

Triumph itself limped on with the dated Dolomite, the wedge-shaped TR7 and the ill-fated Acclaim, a Triumph-badged Honda Accord. By the mid-eighties Triumph was yet another proud British marque consigned to history.

But though the Stag had a chequered past, it went on to become one of the most sought-after Triumph models and it is estimated about one third are still on the road today, cherished by owners and winning admiring glances. As with many works of art, it is remembered more fondly than it was received.

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The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Founder: Muhammad Khalid
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Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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COMPANY PROFILE
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Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

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Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE


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