In reference to the opinion article by Jonathan Shainin The seduction of intolerance, the substantial physical, psychological and emotional shock the September 11 attack has given to Americans is not very easy to surmount. But should an entire religious community be held responsible for the wrongdoing of a few extremist Muslims? Imam Faisal Abdul Rauf's intention to build a community centre near the site may be an appropriate initiative to bring home to the American people that such aggression has no place in Islam which does not permit killing children, women and old people.
The provision to provide entry to non-Muslims to the centre's premises to study and understand Islam might help in bridging various cultures and faiths. Firstly, it will easily provide them a place to study Islamic books and mix with Muslims to understand Islamic culture. Secondly, it will help in eliminating the fear among non-Muslims regarding Islam, chipping away at misconceptions and stereotypes.
Sheikh Zayed Mosque in Abu Dhabi is a good model to follow, which is aimed at bridging religious cultures, where non-Muslims are allowed to enter and ask questions regarding Islamic faith and traditions.
Shananshah Alam, Dubai
Development should come first
In reference to the front page news story Judges divide Ayodhya holy site (October 1), the court in India has given a mature decision by allocating the land in Ayodhya between Hindus and Muslims.
This is also the time for Indians to ponder: why was there so much tension in the country prior to the judgment? The entire country was mesmerised by the decision over the 2.7 acres of land in Ayodhya. Security forces numbering 200,000 were deployed in just one state in case of any violence. Offices across the country shut at 2pm as a precaution against possible violence. Indians should keep religion in their private lives and get on with the task of building and modernising India. India's infrastructure is pathetic, as underscored by the wretched organising of the Commonwealth Games in Delhi.
So India should stop being obsessed with temples, mosques and churches. It should focus on building bridges, roads, highways, new towns, universities and modernising villages. India, as a country, is more important than any building, land or institution.
Rajendra K Aneja, Dubai
More support for accounting
I read the business article Call for body to oversee audits (September 30) with great interest. Thank you for shedding lights on the importance of the auditing profession in the UAE. The author is right about the urgent need for accountants to have a strong professional body to regulate and empower the auditing profession in the UAE.
The large auditing firms can play a major role in invigorating the profession and it is time that they invest more resources in doing so. Many of my brightest students at the American University of Sharjah, Emiratis or otherwise, steer away from an accounting major because of its not so attractive reputation. Students say auditing firms, including the "Big Four", pay little compared to other businesses such as banks and government. Also, the hours are long, working conditions are not optimum and there are not many opportunities for development and advancement.
The auditing industry must do much more to change this image in order to attract the brightest Emiratis and others to the field.
Yass Alkafaji, Associate Professor of Accounting, American University of Sharjah
Memories of an airplane pilot
The life of a pilot can be put together through his log book. I landed here the first time in a Pakistan Air Force C130 Hercules aircraft on November 11, 1977. I remember the airport, which looked exactly like in your photograph in An airport that doubled as a cricket pitch (October 2). There was a short runway and a one-storey air traffic control tower. A taxi was parked close to the tower, driven by a Pakistani driver, who refused to take money from us.
I passed through Abu Dhabi on November 5, 1978 on the way to Jeddah and the US. The magnetic attraction brought me to Abu Dhabi on June 13, 1980 to make the UAE my home. I am still here 30 years later, a part of its history.
Captain Kanwar Hayat, Dubai
Tribute to a football player
I refer to Football provides perfect escape for Haider Ali (September 30). Being a fan of the Al Wahda team for more than two decades, I've followed his journey from the start to his achievements with the club and national team. I truly believe that when he finally hangs up his boots he will be remembered as one of the best talented players.
Abdul Bu Mohammed, Abu Dhabi
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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.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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