• A shopper visits a Walmart in Rosemead, California. Stock markets were down again on the last trading day of 2022, a year that has been marked by record inflation. AFP
    A shopper visits a Walmart in Rosemead, California. Stock markets were down again on the last trading day of 2022, a year that has been marked by record inflation. AFP
  • A new home in Trappe, Maryland. Sales of new homes in the US rose unexpectedly despite high mortgage rates. AFP
    A new home in Trappe, Maryland. Sales of new homes in the US rose unexpectedly despite high mortgage rates. AFP
  • The US economy expanded 3.2 per cent in the third quarter, the Commerce Department said in December. AFP
    The US economy expanded 3.2 per cent in the third quarter, the Commerce Department said in December. AFP
  • A woman carries shopping bags during the holiday season in New York in a sign of robust consumer spending. Reuters
    A woman carries shopping bags during the holiday season in New York in a sign of robust consumer spending. Reuters
  • President Joe Biden attends an event about infrastructure at the White House in Washington. AP
    President Joe Biden attends an event about infrastructure at the White House in Washington. AP
  • The US Energy Department has announced a plan to add oil back to the Strategic Petroleum Reserve after a historically large release this year. AFP
    The US Energy Department has announced a plan to add oil back to the Strategic Petroleum Reserve after a historically large release this year. AFP
  • A board at the New York Stock Exchange shows a steep decline after another US interest rate increase was announced. AFP
    A board at the New York Stock Exchange shows a steep decline after another US interest rate increase was announced. AFP
  • Surging inflation has eased in recent months, but more evidence is needed to show that prices are coming down, Federal Reserve Chairman Jerome Powell said. AFP
    Surging inflation has eased in recent months, but more evidence is needed to show that prices are coming down, Federal Reserve Chairman Jerome Powell said. AFP
  • Mr Powell announced moderating the Fed's all-out campaign to cool US inflation in December, lifting the benchmark lending rate by a half percentage point. AFP
    Mr Powell announced moderating the Fed's all-out campaign to cool US inflation in December, lifting the benchmark lending rate by a half percentage point. AFP
  • For the first time ever, the price for a gallon of regular petrol hit more than $5 early in 2022. AP
    For the first time ever, the price for a gallon of regular petrol hit more than $5 early in 2022. AP
  • Mr Biden gives one of many speeches made throughout the year on inflation at the Port of Los Angeles in California. AFP
    Mr Biden gives one of many speeches made throughout the year on inflation at the Port of Los Angeles in California. AFP
  • Pay rates displayed at a Taco Bell fast-food restaurant in Sacramento, after the California minimum wage was increased due to inflation. AP
    Pay rates displayed at a Taco Bell fast-food restaurant in Sacramento, after the California minimum wage was increased due to inflation. AP
  • Petrol prices above $7 per gallon at a Chevron station in central Los Angeles, California, earlier this year. AP
    Petrol prices above $7 per gallon at a Chevron station in central Los Angeles, California, earlier this year. AP
  • The rising cost of clothing, food, petrol and cars hit Americans' pockets, despite historically low unemployment. AFP
    The rising cost of clothing, food, petrol and cars hit Americans' pockets, despite historically low unemployment. AFP
  • Supermarkets across the US struggled to keep shelves stocked because of supply chain issues earlier in 2022. Willy Lowry / The National
    Supermarkets across the US struggled to keep shelves stocked because of supply chain issues earlier in 2022. Willy Lowry / The National
  • Protesters with the Centre for Popular Democracy stage a demonstration in support of employment rights in June 2022. Reuters
    Protesters with the Centre for Popular Democracy stage a demonstration in support of employment rights in June 2022. Reuters
  • Volunteers gather food to hand out at a West Texas Food Bank drive-through to help those struggling with rising prices. Bloomberg
    Volunteers gather food to hand out at a West Texas Food Bank drive-through to help those struggling with rising prices. Bloomberg
  • A hiring poster at a Chipotle fast-food restaurant in Los Angeles, California. US unemployment stands at 3.6 per cent, about 0.1 per cent above a 50-year low in 2019. EPA
    A hiring poster at a Chipotle fast-food restaurant in Los Angeles, California. US unemployment stands at 3.6 per cent, about 0.1 per cent above a 50-year low in 2019. EPA

US stocks ready to end 'terrible year' of rate rises and inflation


  • English
  • Arabic

Wall Street is headed for its worst showing in years as US stocks slumped on Friday, ready to end a “terrible year” shaken by inflation and aggressive responses to rein in costs.

The market sag comes amid slowing global growth, slammed by monetary policy tightening, protracted Covid-19 restrictions in China and an energy supply shock after Russia's invasion of Ukraine.

In the US, the S&P 500 index declined almost 20 per cent over the past year.

This is its fourth-worst performance since the Second World War, said Sam Stovall, chief investment strategist at CFRA Research.

The fall ranks behind the financial crisis of 2008, stock market crash of 1974 and dot-com bubble implosion of 2002.

“It has been “a terrible year,” Mr Stovall said.

The year has been marked by persistent consumer inflation in the US, which hit a 40-year high in June.

To cool the economy, the Federal Reserve embarked on an aggressive campaign to raise interest rates and lower demand.

It swiftly brought the benchmark lending rate from zero to a range of 4.25 per cent and 4.50 per cent, but the moves raised recession fears, as policymakers vowed to stay the course on curbing inflation until the job is done.

About 45 minutes into trading, the Dow Jones Industrial Average lost 0.7 per cent on Friday, while the S&P 500 shed 0.8 per cent.

The tech-rich Nasdaq Composite Index slumped around 1.1 per cent.

Tech stock crash

With borrowing becoming more expensive, investments in companies, particularly in the tech world, have suffered.

The Nasdaq, where major tech stocks are concentrated, tumbled by almost 35 per cent this year.

In particular, Tesla shares lost more than 65 per cent of their value, while those of Apple plunged 24 per cent and for Facebook parent Meta, 63 per cent.

The fortunes of their billionaire founders have shrunk as well, by half for Facebook's Mark Zuckerberg and nearly half in the case of Amazon's Jeff Bezos.

Meanwhile, the Dow has fallen about 9 per cent over the past year.

The dollar also strengthened this year, hitting parity with the euro for the first time in 20 years.

But cryptocurrencies have been severely hit, with Bitcoin falling from about $46,000 in March to below $20,000 three months later. It is now trading at about $16,000.

'Bumpy ride'

“The good news is that we will soon put the year in the rear-view mirror,” said Art Hogan, an analyst at B Riley Financial.

But 2023 could prove to be a “bumpy ride” for the first few months, he said.

Based on historical precedent, markets risk going even lower, Mr Stovall warned.

Investors are heading into 2023 with most of Wall Street expecting the global economy to “grow below trend, enter a mild recession and experience a bumpy reopening in China”, said Stephen Innes, managing partner at SPI Asset Management.

“These are hardly the things that stock market dreams are made of,” Mr Innes added.

However, analysts also expect the worst of Fed rate increases, which have sent jitters across markets, to be over.

“I think the Fed will be successful and 2023 will feel like a more normal year,” said Maris Ogg of Tower Bridge Advisors.

FILE PHOTO: A trader works on the floor of the New York Stock Exchange. Reuters
FILE PHOTO: A trader works on the floor of the New York Stock Exchange. Reuters
Liverpool's all-time goalscorers

Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EMaly%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Mo%20Ibrahim%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%20International%20Financial%20Centre%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20%241.6%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2015%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%2C%20planning%20first%20seed%20round%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GCC-based%20angel%20investors%3C%2Fp%3E%0A
Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

ENGLAND SQUAD

Team: 15 Mike Brown, 14 Anthony Watson, 13 Ben Te'o, 12 Owen Farrell, 11 Jonny May, 10 George Ford, 9 Ben Youngs, 1 Mako Vunipola, 2 Dylan Hartley, 3 Dan Cole, 4 Joe Launchbury, 5 Maro Itoje, 6 Courtney Lawes, 7 Chris Robshaw, 8 Sam Simmonds

Replacements 16 Jamie George, 17 Alec Hepburn, 18 Harry Williams, 19 George Kruis, 20 Sam Underhill, 21 Danny Care, 22 Jonathan Joseph, 23 Jack Nowell

The specs: 2018 Renault Megane

Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

England squad

Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood

Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

UAE%20athletes%20heading%20to%20Paris%202024
%3Cp%3E%3Cstrong%3EEquestrian%3C%2Fstrong%3E%3Cbr%3EAbdullah%20Humaid%20Al%20Muhairi%2C%20Abdullah%20Al%20Marri%2C%20Omar%20Al%20Marzooqi%2C%20Salem%20Al%20Suwaidi%2C%20and%20Ali%20Al%20Karbi%20(four%20to%20be%20selected).%3Cbr%3E%3Cstrong%3EJudo%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Narmandakh%20Bayanmunkh%20(66kg)%2C%20Nugzari%20Tatalashvili%20(81kg)%2C%20Aram%20Grigorian%20(90kg)%2C%20Dzhafar%20Kostoev%20(100kg)%2C%20Magomedomar%20Magomedomarov%20(%2B100kg)%3B%20women's%20Khorloodoi%20Bishrelt%20(52kg).%3Cbr%3E%3Cbr%3E%3Cstrong%3ECycling%3C%2Fstrong%3E%3Cbr%3ESafia%20Al%20Sayegh%20(women's%20road%20race).%3Cbr%3E%3Cbr%3E%3Cstrong%3ESwimming%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Yousef%20Rashid%20Al%20Matroushi%20(100m%20freestyle)%3B%20women%3A%20Maha%20Abdullah%20Al%20Shehi%20(200m%20freestyle).%3Cbr%3E%3Cbr%3E%3Cstrong%3EAthletics%3C%2Fstrong%3E%3Cbr%3EMaryam%20Mohammed%20Al%20Farsi%20(women's%20100%20metres).%3C%2Fp%3E%0A
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs 
  • Thursday 20 January: v England 
  • Saturday 22 January: v Bangladesh 

UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith  

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

HOW TO WATCH

Facebook: TheNationalNews 

Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews   

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

'Texas Chainsaw Massacre'

Rating: 1 out of 4

Running time: 81 minutes

Director: David Blue Garcia

Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Brief scores:

Toss: Kerala Knights, opted to fielf

Pakhtoons 109-5 (10 ov)

Fletcher 32; Lamichhane 3-17

Kerala Knights 110-2 (7.5 ov)

Morgan 46 not out, Stirling 40

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

COMPANY%20PROFILE
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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Updated: December 30, 2022, 8:08 PM