Investors all over the world have fallen in love with exchange-traded funds (ETFs) as a flexible, low-cost way of investing in the stock market.
ETFs have conquered all since the S&P 500 Depository Receipt fund tracking that the US market was released without fanfare in 1993.
They are particularly attractive to expatriates in the UAE as they put them in charge of their own investments and offer a vastly superior alternative to notoriously expensive insurance-based plans.
There is just one minor concern. Some experts claim that ETFs could become so dominant that they ultimately kill the stock market and destroy global capitalism. How worried should we be?
Success breeds success
ETFs are a runaway success story. In April last year, the amount invested in the sector topped $4 trillion, a trillion or so more than is invested in hedge funds. By November 17 that figure had jumped to $5.29tn, according to consultancy firm ETFGI.
Success breeds success, and momentum is gathering. Between January 1 and November 30 last year, an incredible $600 billion of investor money flowed into ETFs, almost double the $326bn net inflows seen over the same period in 2016.
Investors can now choose from 7,019 ETFs or exchange-traded products (ETPs) from 331 providers, with 70 per cent offered by just three main firms, BlackRock's iShares, Vanguard and State Street. ETFs seemed destined for world domination.
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What does 2018 hold for your investment portfolio?
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Exchange-traded freedom
Some claim the market could hit $10tn as soon as 2020, as new fiduciary rules force US financial advisers to favour low-charging investment funds.
There is no doubt that ETFs offer massive benefits to private investors. They are highly “liquid” because you can buy and sell them easily, in the same way you trade stocks and shares, with minimal dealing costs. They also have tiny ongoing charges ranging from 0.07 to 0.50 per cent a year, against up to 1.75 per cent on some active funds, which mean charges eat up far less of your money over the years.
ETFs have also liberated expats from restrictive insurance-based savings plans, which are sold with rip-off levels of commission, crippling annual fees and punishing 25-year lock-in periods.
By contrast, you can buy and sell your ETFs online whenever you like, with a click of your mouse and without penalty.
ETFs are “passive” index tracking funds which means you do not need to worry about fund manager performance, but simply follow your chosen market up and down.
A DIY investor could create a low-cost portfolio by parking their money in a massive global tracker such as Vanguard FTSE All-World ETF, which invests in around 3,000 companies worldwide for 0.25 per cent a year, and pretty much forget about it. However, critics are sounding alarm bells.
Cause for alarm?
One concern is that passive funds are pouring global money into the same big name blue-chip stocks such as Amazon, Apple, Google and Facebook. The danger is that their share prices could become detached from company performance, stifling competition and making life much harder for new entrants.
Another concern is that the rush of money will inflate dangerous bubbles in the good times and accelerate the crash in a downturn, as investors rush out just as quickly. There will also be too few active investors able to stabilise the market by hunting down buying opportunities.
In September, Mohamed El Erian, chief economic adviser at German insurer Allianz, publicly warned that the proliferation of cheap ETFs has created a “huge risk of contagion”.
He said these instruments were "over-promoting liquidity in asset classes" and were more likely to cause the next global financial crisis than the banks.
Deutsche Bank strategist Jim Reid is also alarmed, warning that the “extraordinary" amounts are going into ETFs yet the sector has never been tested in a market correction, when they could dangerously multiply its effects. “The real test could be when we see the next downturn and these products are faced with heavy redemptions,” he says.
Paul Singer, head of hedge fund manager the Elliott Management Corporation, fears that passive funds have “destructive” potential. "What may have been a clever idea in its infancy has grown into a blob which is destructive to the growth-creating prospects of free-market capitalism.”
He says the decline of active management is hurting the free market. “Passive investing is in danger of devouring capitalism.”
So how scared should we be?
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Read more:
The best specialist exchange traded funds to invest in
The 12 top mutual funds to buy now
A guide to bond funds - what they are and who needs them
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Consumer champion
Oliver Smith, portfolio manager at online trading platform IG Index with offices in Dubai, says these claims are “hyperbolic” and ETFs are a major force for the good, especially for private investors. “They have facilitated a huge transfer of wealth from fund managers and brokers to the consumer. Who would have thought, 10 years ago, investors could buy a fund investing in the S&P 500 for total annual charges of just 0.07 per cent, and a dealing charge of just a few dollars?”
Mr Smith says ETFs are simply another investment vehicle, one that offers investors a cheap and efficient way to get market exposure.
The sector survived the financial crisis in good shape, and investors who wanted to sell were able to do so. “The same cannot be said for many hedge funds,” he adds.
So do ETFs manipulate share prices? Mr Smith’s answer is not yet. “Active managers continue to set share prices, index funds continue to be passive players. There is space in the market for both of them. Fund managers should always be able to scour the market for investment bargains, but will have to get used to playing a smaller role.”
Passive victory
Sebastien Aguilar, co-founder of UAE-based non-profit community Common Sense Personal Finance and Investing, suspects many of the criticisms of ETFs come from vested interests, including financial advisers who feel threatened by the growth in DIY investing. "Critics clearly couldn't find any other argument against ETFs, aside from bringing up an unlikely doom and gloom scenario," he says.
He admits it would be a problem if every investor adopted passive strategies, as this would leave nobody to value companies or monitor how they operate. “However, active investing will always exist, as there will always be people hoping to outperform the market. I believe we will reach an equilibrium where both active and passive investing works well together.”
Most private investors should invest in passive funds, Mr Aguilar argues, because active fund managers struggle to beat the market, yet charge high fees for giving it a go, which eat into your returns. “ETFs are far more efficient and accessible. All the independent research leads to the same conclusion, that active investing typically underperforms passive because of the higher fees, and this becomes more significant over longer periods.”
Even successful fund managers have trouble repeating their triumphs, suggesting that any success is largely down to luck, Mr Aguilar adds.
He backs his point of view by citing the Spiva scorecard, which rates the S&P 500 Dow Jones and shows that between 80 per cent and 99.43 per cent of funds underperform their benchmark over 15 years.
Similarly, the latest FundWatch survey from BMO Global Asset Management shows that “an overwhelming proportion of funds” fail to deliver above average returns consistently over a three-year period.
Only 109 of 1,129 funds across 12 sectors delivered above median returns in each of the last three 12 month periods and Kelly Prior, investment manager in BMO’s multi-manager team, says fund performance continues to deteriorate. “More than nine in 10 failed to consistently generate above average returns.”
Laith Khalaf, senior analyst at Hargreaves Lansdown, thinks it highly unlikely ETFs could trigger the next market crash. “ETFs might bear the brunt of the next stampede from global equity markets because of their popularity and liquidity, but the exodus would have happened anyway. Markets move in cycles and money flows in and out, and it uses whatever vehicles are handy to get where it wants to go.”
He accepts the glut of passive money could ramp up the share prices of the biggest companies, but says criticisms have been overdone. "Active funds would probably have bought most of those companies anyway, to reflect the market,” Mr Khalaf adds.
Active defeat
Sam Instone, chief executive of AES International, gives short shrift to ETF critics, suggesting they have vested interests in defending active management. “Many of them will be self-serving, overpaid, underperforming active fund managers, looking to peddle their outdated and often toxic wares.”
He pours scorn on arguments that passive fund investors will bail out in the event of a stock market crash, pointing to the behaviour of investors in Vanguard’s fund range during the financial crisis. “The majority sat it out rather than selling up and profited handsomely from the stock market rebound. Speculators and those who focus on the short term are the ones who typically panic and flee when markets crash, not those who choose a low-cost, passive approach to long-term investing.”
Mr Instone also rejects claims that ETFs could squeeze the life out of capitalism as investors passively sit in company stocks. “Competition, innovation, pricing knowledge and a drive for quality improvements will always have a role. Anything else is a snake oil myth created by those whose own economic interests aren’t aligned with passive investment," he says.
He adds that ETFs attract significant investment for the simple reason that they are an easy and cheap way to invest. “They are consistently far more successful than the majority of crystal ball gazing active managers. These managers do not like it, and will continue to predict doom and gloom to deflect investors away from ETFs.”
ETFs have a small number of critics but they are outnumbered by a large and growing band of supporters. So far, their faith has been amply rewarded.
ETFs look to have a long and lucrative future ahead of them.
RUGBY CHAMPIONSHIP FIXTURES
September 30
South Africa v Australia
Argentina v New Zealand
October 7
South Africa v New Zealand
Argentina v Australia
ITU Abu Dhabi World Triathlon
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Apple's%20Lockdown%20Mode%20at%20a%20glance
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
More from Neighbourhood Watch:
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Company%20Profile
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COMPANY%20PROFILE
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Company%20profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
RESULTS
%3Cp%3E5pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(Turf)%202%2C200m%3Cbr%3EWinner%3A%20RB%20Sarab%2C%20Allaia%20Tiar%20(jockey)%2C%20Khalifa%20Al%20Neyadi%20(trainer)%3C%2Fp%3E%0A%3Cp%3E5.30pm%3A%20Mamsha%20Alkhair%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3EWinner%3A%20Mutaqadim%2C%20Ray%20Dawson%2C%20Ibrahim%20Al%20Hadhrami%3C%2Fp%3E%0A%3Cp%3E6pm%3A%20Emirates%20Fillies%20Classic%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(T)%201%2C600m%3Cbr%3EWinner%3A%20Almotajalliah%2C%20Ray%20Dawson%2C%20Ibrahim%20Al%20Hadhrami%3C%2Fp%3E%0A%3Cp%3E6.30pm%3A%20Emirates%20Colts%20Classic%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(T)%201%2C600m%3Cbr%3EWinner%3A%20Fadwaan%2C%20Antonio%20Fresu%2C%20Ahmed%20Al%20Mehairbi%3C%2Fp%3E%0A%3Cp%3E7pm%3A%20The%20President%E2%80%99s%20Cup%20%E2%80%93%20Group%201%20(PA)%20Dh2%2C500%2C000%20(T)%202%2C200m%3Cbr%3EWinner%3A%20Mujeeb%2C%20Richard%20Mullen%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A%3Cp%3E7.30pm%3A%20The%20President%E2%80%99s%20Cup%20%E2%80%93%20Listed%20(TB)%20Dh380%2C000%20(T)%201%2C400m%3Cbr%3EWinner%3A%20Western%20Writer%2C%20Richard%20Mullen%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
The biog
Name: Maitha Qambar
Age: 24
Emirate: Abu Dhabi
Education: Master’s Degree
Favourite hobby: Reading
She says: “Everyone has a purpose in life and everyone learns from their experiences”
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
UAE currency: the story behind the money in your pockets
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The%20Color%20Purple
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBlitz%20Bazawule%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EFantasia%20Barrino%2C%20Taraji%20P%20Henson%2C%20Danielle%20Brooks%2C%20Colman%20Domingo%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
RACE CARD
5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Twin%20electric%20motors%20and%20105kWh%20battery%20pack%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E619hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C015Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3EUp%20to%20561km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ3%20or%20Q4%202022%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh635%2C000%3C%2Fp%3E%0A
Rankings
ATP: 1. Novak Djokovic (SRB) 10,955 pts; 2. Rafael Nadal (ESP) 8,320; 3. Alexander Zverev (GER) 6,475 ( 1); 5. Juan Martin Del Potro (ARG) 5,060 ( 1); 6. Kevin Anderson (RSA) 4,845 ( 1); 6. Roger Federer (SUI) 4,600 (-3); 7. Kei Nishikori (JPN) 4,110 ( 2); 8. Dominic Thiem (AUT) 3,960; 9. John Isner (USA) 3,155 ( 1); 10. Marin Cilic (CRO) 3,140 (-3)
WTA: 1. Naomi Osaka (JPN) 7,030 pts ( 3); 2. Petra Kvitova (CZE) 6,290 ( 4); 3. Simona Halep (ROM) 5,582 (-2); 4. Sloane Stephens (USA) 5,307 ( 1); 5. Karolina Pliskova (CZE) 5,100 ( 3); 6. Angelique Kerber (GER) 4,965 (-4); 7. Elina Svitolina (UKR) 4,940; 8. Kiki Bertens (NED) 4,430 ( 1); 9. Caroline Wozniacki (DEN) 3,566 (-6); 10. Aryna Sabalenka (BLR) 3,485 ( 1)
Godzilla%20x%20Kong%3A%20The%20New%20Empire
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAdam%20Wingard%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBrian%20Tyree%20Henry%2C%20Rebecca%20Hall%2C%20Dan%20Stevens%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The Specs
Engine 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp (542bhp in GTS model)
Torque: 730Nm
Price: Dh649,000 (Dh549,000 for GTS)
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