The cynics on one side of the Atlantic used to say that the President's Cup was introduced to give the Americans a chance of winning a team event after Europe began to dominate the Ryder Cup.
That was nonsense of course, and while the US have largely ruled the event since it was launched in 1994, the main beneficiaries have been the game's best players from the rest of the world.
I have always thought international team matchplay events were good for golf because they take the game to a wider audience and heighten excitement compared with strokeplay tournaments.
It was a shame when the Alfred Dunhill Cup, which was tremendously popular with the players, was replaced in 2001 with the Links Championship Pro-Am event carrying the same sponsor's name.
Simon Dyson would not agree after becoming the latest winner at St Andrews on Monday. The victory lifted him inside the top 50 of the world rankings, took him to eighth position in the Race to Dubai and put him top of the European Ryder Cup standings.
He will be relishing the prospect of being in Colin Montgomerie's team to take on the US at Celtic Manor next year and will have one eye on the President's Cup getting under way today at the Harding Park course in San Francisco.
The former US and British Open champion Johnny Miller grew up playing golf there, and the captains Fred Couples and Greg Norman will have had no trouble motivating their teams.
The international team have won just once in seven attempts, avoiding defeat on only one other occasion, in South Africa six years ago, in unforgettable circumstances. After the teams had tied over four days, Tiger Woods and Ernie Els could not be separated in a breathtaking sudden death play-off which was halted by darkness.
Again the US start as favourites, headed by the world's top two players, Woods and Phil Mickelson, and featuring the in-form Steve Stricker and Kenny Perry, as well as 2009 major winners Stewart Cink and Lucas Glover.
Norman will need big performances from US PGA champion Yang Yong-Eun and Masters winner Angel Cabrera, and from his other major winners, Ernie Els, Vijay Singh, Retief Goosen, Geoff Ogilvy and Mike Weir.
He has taken a risk by naming teenage Japanese star Ryo Ishikawa as one of his captain's picks, but it could be a master stroke. Ishikawa, who turned 18 last month and is the youngest player in President's Cup history, has a great future ahead of him and his fearless approach means he will enjoy being thrown in at the deep end.
With all four reigning major champions in action in San Francisco, European golf is, for the time being, overshadowed and crying out for a kingpin.
Europe has probably never had so many players capable of winning at the highest level, but lacks a superstar with the ability to rise to the top in the way that Bernhard Langer, Seve Ballesteros, Nick Faldo and Ian Woosnam did in the 1980s and 1990s. While Padraig Harrington has three major victories to his name, I have never seen him as Europe's best golfer.
Sergio Garcia is the most gifted of the present crop, standing alongside Woods, Mickelson and Els as one of the game's top four talents.
For all his skill, Sergio continues to struggle with putts within 10ft. He may need to follow Mickelson's recent example, stop being mechanical, go back to his most natural technique and just think about holing putts again.
A number of other Europeans are prevented from going to the next level only by a lack of confidence, or a weakness in one part of their game. Lee Westwood would go all the way if he could find the chipping and putting magic to match his brilliant tee-to-green play.
Paul Casey got to No 3 in world and looked set to prove he was Europe's best before being sidelined by a rib injury.
Henrik Stenson looked a world beater in winning this year's Players' Championship, but a lack of consistency means you do not know what you will get from him week in, week out.
Last year's European No 1, Robert Karlsson, is back after his eye problems but will need time to find his form, as will Martin Kaymer, still out after breaking a toe. Another member of the walking wounded, Luke Donald, is still to recapture his best form after being out for six months with a wrist injury.
Rory McIlroy, who found golf so easy early in the season when he won in Dubai, again showed his great potential in Scotland last week. If McIlroy and the Europeans need inspiration from anyone, there is no one better than Montgomerie who topped the money list eight times and would have claimed the world No 1 spot had he spent more time in the US. Monty succeeded largely because he did the basics well. He kept the ball in play off the tee and went with whatever shot he had at the time.
For most of the time he played with a slight fade. But one year, after a long winter lay-off, he developed a draw so he played with that all season and won the money list again.
He was incredibly good at distance control, and while later on he struggled on the greens, for a spell he was the best putter on Tour.
Monty's biggest asset was his confidence and self belief. When he first came on Tour he would walk up and down the practice range, see what the competition was like, and convince himself he had only a handful of players to beat. It worked.
Former Tour player Philip Parkin is now a member of the TV commentary team with the BBC in the UK and Golf Channel in the US.
pparkin@thenational.ae
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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.
Read more about the coronavirus
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
