King Mohammed of Morocco pardons more than a thousand detainees on Saturday. File photo / Thomas Trutschel / Getty Images
King Mohammed of Morocco pardons more than a thousand detainees on Saturday. File photo / Thomas Trutschel / Getty Images

Moroccan king pardons more than a thousand detainees



King Mohammed VI of Morocco pardoned more than a thousand detainees, some of whom were under arrest for taking part in protests in the troubled northern Rif region, the justice ministry announced.

The monarch pardoned a total of 1,178 people, including a number who had joined demonstrations in the northern port city of Al Hoceima and surrounding area, the ministry said in a statement, issued shortly before King Mohammed made a televised speech to mark 18 years on the throne.

The justice ministry said pardons were granted to those "who have not committed crimes and who are not implicated in serious acts... bearing in mind their family and humanitarian conditions".

The Rif, a predominantly Berber region where Al Hoceima is located, has been gripped by months of unrest.

Protests erupted last October after a fishmonger was crushed to death in a rubbish truck as he tried to retrieve a swordfish confiscated for being caught out of season.

Demands for justice later snowballed into a wider social movement named Al Hirak Al Shaabi, calling for jobs, development and an end to corruption.

Abdessadek Al Bouchtaoui, a lawyer for detained protesters, described the mass pardon as "a positive step but it does not go far enough, because we are calling for the release of everyone held".

According to the latest official figures, 176 were being held, including the movement's leader, Nasser Zefzafi.

The government has promised to make major investment in the region, sent ministers to the area and withdrawn police from prominent sites in a bid to defuse the situation.

A brief lull ended on July 21 with clashes over a banned demonstration which also drew in supporters from among the large Moroccan diaspora.

Seventy-two police officers were wounded by stones and 11 protesters were injured by tear gas used to break up the rally, the official news agency MAP reported, citing authorities in Al Hoceima.

The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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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.

Honeymoonish
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Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

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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
 
 
 
 
 
 
 
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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