US retail sales are have been declining owing to rising inflation and higher gasoline prices. EPA
US retail sales are have been declining owing to rising inflation and higher gasoline prices. EPA
US retail sales are have been declining owing to rising inflation and higher gasoline prices. EPA
US retail sales are have been declining owing to rising inflation and higher gasoline prices. EPA

Business

Markets

World stocks in biggest loss since pre-Covid crash on recession and interest rate worries

Relatively quiet trading caps a brutal and tumultuous week for Wall Street, with the S&P posting a 10th weekly drop in the past 11 weeks

The National

June 18, 2022

  • English
  • Arabic

World stocks on Friday closed out their steepest weekly slide since the pandemic meltdown of March 2020, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth.

Investors were shaken this week after the US Federal Reserve unleashed its biggest hike in borrowing costs for almost 30 years to tackle red-hot consumer prices.

The third Fed increase was followed by the fifth straight hike by the Bank of England and the first in 15 years by the Swiss central bank, underscoring the growing global concerns about inflation.

The moves caused a global sell-off on Thursday. US and European markets tried to stage a rebound on Friday, but some indices were back in the red later in the day.

The S&P 500 rose 0.2 per cent after waffling between modest losses and gains for most of the day. The Dow Jones Industrial Average dipped 0.1 per cent, while the Nasdaq composite climbed 1.4 per cent.

The relatively quiet trading capped a brutal, tumultuous week for Wall Street. The S&P 500 lost 5.8 per cent for its 10th drop in the last 11 weeks. That’s its worst week since March 2020, when stocks were in free-fall as the global economy suddenly shut down at the onset of the pandemic.

Elsewhere, markets see-sawed. At the close in Europe, London's FTSE 100 dropped 0.4 per cent and Paris's CAC 40 declined 0.1 per cent. Frankfurt's DAX rose 0.7 per cent.

Earlier in Asia, Hong Kong's Hang Seng index rose 1.1 per cent and the Shanghai Composite climbed 1 per cent at the close, while Tokyo's Nikkei settled down 1.8 per cent.

“Any lack of clarity or lack of confidence in the Federal Reserve is going to create a lot of volatility in the market,” said Megan Horneman, chief investment officer at Verdence Capital advisers.

“There's a lot of uncertainty right now about the timing of a recession, but the risks are clearly rising."

The S&P 500 remains in a bear market after it earlier this week dropped more than 20 per cent below its record. It's now 23.4 per cent below its highest level set in January and is back to where it was in late 2020.

"Sentiment has been shattered and equities could suffer further," Craig Erlam, an analyst at online trading platform Oanda, said.

Karl Haeling of LBBW agreed, saying "markets are oversold, but probably not oversold enough to call for a bottom."

He said the modest gains on Friday probably mark "a little technical pause".

Youssef Ibrahim poses for a picture in the kitchen of his restaurant in York, Pennsylvania. Willy Lowry / The National.
Youssef Ibrahim poses for a picture in the kitchen of his restaurant in York, Pennsylvania. Willy Lowry / The National.
Youssef Ibrahim and his son Felo pose in the kitchen of their family restaurant in York, Pennsylvania. Willy Lowry / The National.
Youssef Ibrahim and his son Felo pose in the kitchen of their family restaurant in York, Pennsylvania. Willy Lowry / The National.
Youssef Ibrahim chops a carrot in his restaurant's kitchen. Willy Lowry / The National.
Youssef Ibrahim chops a carrot in his restaurant's kitchen. Willy Lowry / The National.
The exterior sign for Neama's Egyptian food in York, Pennsylvania.
The exterior sign for Neama's Egyptian food in York, Pennsylvania.
Middle Eastern ingredients line the shelves at Neama's Egyptian Food in York, Pennsylvania. Willy Lowry / The National
Middle Eastern ingredients line the shelves at Neama's Egyptian Food in York, Pennsylvania. Willy Lowry / The National
The menu at Neama's Egyptian Food in York, Pennsylvania. It include's Egyptian staples like Koshary. Willy Lowry / The National.
The menu at Neama's Egyptian Food in York, Pennsylvania. It include's Egyptian staples like Koshary. Willy Lowry / The National.
Neama's Egyptian Food is the first Egyptian Restaurant in York, Pennsylvania. Willy Lowry / The National.
Neama's Egyptian Food is the first Egyptian Restaurant in York, Pennsylvania. Willy Lowry / The National.
West Market Street in York, Pennsylvania. Willy Lowry / The National.
West Market Street in York, Pennsylvania. Willy Lowry / The National.
An Exxon Gas station is seen in York, Pennsylvania. Willy Lowry / The National
An Exxon Gas station is seen in York, Pennsylvania. Willy Lowry / The National
Michael Rodenhaber works on a car in his garage in York, Pennsylvania. Willy Lowry / The National.
Michael Rodenhaber works on a car in his garage in York, Pennsylvania. Willy Lowry / The National.
It took Michael Rodenhaber six months to repair this Jaguar because of massive supply chain delays. Willy Lowry / The National
It took Michael Rodenhaber six months to repair this Jaguar because of massive supply chain delays. Willy Lowry / The National
Cars waiting to be fixed in Michael Rodenhaber's garage. Willy Lowry / The National.
Cars waiting to be fixed in Michael Rodenhaber's garage. Willy Lowry / The National.
Michael Rodenhaber's garage in York, Pennsylvania. Willy Lowry / The National.
Michael Rodenhaber's garage in York, Pennsylvania. Willy Lowry / The National.
Joni Stuart shops on Tuesdays so she can get 5% senior discount at Karns Food in York County, Pennsylvania. Willy Lowry / The National
Joni Stuart shops on Tuesdays so she can get 5% senior discount at Karns Food in York County, Pennsylvania. Willy Lowry / The National
The meat section at Karns Foods in York County, Pennsylvania. Meat prices are soaring in the US. Willy Lowry / The National.
The meat section at Karns Foods in York County, Pennsylvania. Meat prices are soaring in the US. Willy Lowry / The National.
Meat prices have soared in the US. The price of beef is up 20% year on year. Willy Lowry / The National.
Meat prices have soared in the US. The price of beef is up 20% year on year. Willy Lowry / The National.
A woman shops for lettuce at Karns Foods in York, Pennsylvania. Willy Lowry / The National.
A woman shops for lettuce at Karns Foods in York, Pennsylvania. Willy Lowry / The National.
Empty shelves at Karns Foods in York County, Pennsylvania. Supply chain issues have made it more difficult for stores to keep their shelves stocked. Willy Lowry / The National.
Empty shelves at Karns Foods in York County, Pennsylvania. Supply chain issues have made it more difficult for stores to keep their shelves stocked. Willy Lowry / The National.
Vegetable line the shelves at Karns Foods, a family run supermarket chain in central Pennsylvania. Willy Lowry / The National.
Vegetable line the shelves at Karns Foods, a family run supermarket chain in central Pennsylvania. Willy Lowry / The National.
An empty vegetable shelf at Karns Foods in York County, Pennsylvania. Supermarkets across the US have struggled to keep their shelves stocked because of supply chain issues.
An empty vegetable shelf at Karns Foods in York County, Pennsylvania. Supermarkets across the US have struggled to keep their shelves stocked because of supply chain issues.
Karns Foods, a small supermarket chain in central Pennsylvania.
Karns Foods, a small supermarket chain in central Pennsylvania.

Sentiment turned sour again as US official data showed industrial production in May had risen by only 0.2 per cent, much slower than April and weaker than expected.

"We see that the positive attempts get rapidly killed as the market prices in a higher recession risk as inflation doesn't ease," said Ipek Ozkardeskaya, an analyst at Swissquote bank.

The Bank of Japan bucked the global trend on Friday as it stood by its decision not to raise its rate, sending the yen close to the lowest level against the dollar since 1998.

Officials in Tokyo insist that low rates are still needed to nurture a struggling economy, though the BoJ did say it "was necessary to pay due attention to developments in financial and foreign exchange markets".

Bonds and currencies were jittery after a rollercoaster week.

The yen tanked after the BoJ's decision, falling 2.2 per cent by late Friday, bolstering the US dollar, which rose 0.73 per cent against a basket of major currencies.

Sterling fell 1 per cent in New York as investors focused on the gap between US and UK rates.

Gold was off 0.8 per cent at $1,841.13 an ounce, weighed down by a firmer dollar.

Plastic tipping points
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

While you're here
Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

On Women's Day
MEYDAN CARD

6.30pm Maiden Dh165,000 (Dirt) 1,600m

7.05pm Conditions Dh240,000 (D) 1,600m

7.40pm Handicap Dh190,000 (D) 2,000m

8.15pm Handicap Dh170,000 (D) 2,200m

8.50pm The Entisar Listed Dh265,000 (D) 2,000m

9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m

10pm Handicap Dh185,000 (D) 1,400m

 

The National selections

6.30pm Majestic Thunder

7.05pm Commanding

7.40pm Mark Of Approval

8.15pm Mulfit

8.50pm Gronkowski

9.25pm Walking Thunder

10pm Midnight Sands

While you're here
MATCH INFO

Inter Milan 1 (Martinez 18' pen)

Juventus 2 (Dybala 4', Higuain 80')

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%22%20Super%20Retina%20XDR%20OLED%2C%202796%20x%201290%2C%20460ppi%2C%20120Hz%2C%202000%20nits%20max%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%20always-on%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A17%20Pro%2C%206-core%20CPU%2C%206-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Triple%3A%2048MP%20main%20(f%2F1.78)%20%2B%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%205x%20telephoto%20(f%2F2.8)%3B%205x%20optical%20zoom%20in%2C%202x%20optical%20zoom%20out%3B%2010x%20optical%20zoom%20range%2C%20digital%20zoom%20up%20to%2025x%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2060fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3B%20Animoji%2C%20Memoji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204441mAh%2C%20up%20to%2029h%20video%2C%2025h%20streaming%20video%2C%2095h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030min%20(with%20at%20least%2020W%20adaptor)%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%2C%20second-generation%20Ultra%20Wideband%20chip%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20water-resistant%20up%20to%206m%20up%20to%2030min%3B%20dust%2Fsplash-resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20eSIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Black%20titanium%2C%20blue%20titanium%2C%20natural%20titanium%2C%20white%20titanium%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%20%3C%2Fstrong%3EiPhone%2015%20Pro%20Max%2C%20USB-C-to-USB-C%20woven%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh5%2C099%20%2F%20Dh5%2C949%20%2F%20Dh6%2C799%3C%2Fp%3E%0A
Results

Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).

Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.

Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.

Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.

Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.

Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)

Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)

Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.

Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.

Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.

Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.

Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Takestep%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202018%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohamed%20Khashaba%2C%20Mohamed%20Abdallah%2C%20Mohamed%20Adel%20Wafiq%20and%20Ayman%20Taha%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%2C%20Egypt%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20health%20technology%0D%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20%2011%20full%20time%20and%2022%20part%20time%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20pre-Series%20A%3C%2Fp%3E%0A
Essentials

The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.

The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.

 

RESULTS FOR STAGE 4

Stage 4 Dubai to Hatta, 197 km, Road race.

Overall leader Primoz Roglic SLO (Team Jumbo - Visma)

Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)

Evacuations to France hit by controversy
  • Over 500 Gazans have been evacuated to France since November 2023
  • Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
  • The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
  • Artists and researchers fall under a programme called Pause that began in 2017
  • It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
  • Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
  • Unlike students, they are allowed to bring their families to France
Saudi National Day
Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

While you're here
On Women's Day
THE BIO

Favourite author - Paulo Coelho 

Favourite holiday destination - Cuba 

New York Times or Jordan Times? NYT is a school and JT was my practice field

Role model - My Grandfather 

Dream interviewee - Che Guevara

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
While you're here
Towering concerns
While you're here
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EMILY%20IN%20PARIS%3A%20SEASON%203
%3Cp%3ECreated%20by%3A%20Darren%20Star%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Lily%20Collins%2C%20Philippine%20Leroy-Beaulieu%2C%20Ashley%20Park%3C%2Fp%3E%0A%3Cp%3ERating%3A%202.75%2F5%3C%2Fp%3E%0A
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Updated: June 18, 2022, 8:00 AM
MarketsEconomyInflation