Ecclestone will be absent for Australian Grand Prix

MELBOURNE // Organisers of this weekend's Australian Grand Prix say the absence of Bernie Ecclestone, the Formula One rights holder, at the season opening race should not be read as the death knell for the event.

Ecclestone will not attend the Melbourne race but will instead be in New York to hold talks with Michael Bloomberg, the city's mayor, about a possible future race on Staten Island.

Ecclestone had expressed impatience at the local government's complaints about the cost of staging the Melbourne race, as well as the seeming impossibility of making it a night event to suit European television audiences.

Robert Doyle, the mayor of Melbourne, today said that "it is reasonable that we have a discussion about the grand prix when the time comes, which is when the licence fee is up again."

RESULT

Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90 4)

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Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.