Drug dealer to spend life in prison



A man caught selling drugs in Dubai International City has been sentenced to life in prison.

The 29-year-old Iranian was arrested on July 23 after police investigated a tip off.

According to court records, the man would sell drugs by telling customers to leave cash under a parked car then swap the money for the drugs, which the clients would then pick up.

At 11.40pm on the day of his arrest, police followed the man when he left his house and saw him place an object beneath a car.

"We arrested him after he placed the drugs and as he was attempting to leave," said an Emirati lieutenant. He said that during questioning the man admitted to leaving heroin under the truck.
"He told us that a drug dealer in Iran ordered him to leave the heroin there and told him another man would pick it up. We seized the object, it turned out to be a plastic bag containing heroin," the officer said.
The defendant said the drug dealer approached him while he was in Iran and offered him money to collect drugs from his flat in Dubai International City to deliver to buyers.
"He promised to pay me Dh25,000 upon my return to Iran," the man said in records.
The flat from where the accused took the drugs was searched and more narcotics was found and seized.

"The defendant directed us to pills stashed behind an oven," the policeman said.
Police found more drugs hidden underneath a sofa and money transfer receipts suspected to be linked to the drug peddling business.
On Monday, the Iranian man was convicted of possessing to sell more than seven kilogrammes of drugs including heroin, methamphetamine and Tramadol.
He was sentenced to life in prison to be followed by deportation.

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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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