Belgium shambles needs some answers from Formula One


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NEEDLESS to say the hunt is already on for a scapegoat after a farcical one-lap Belgian Grand Prix.

Who is responsible for The Race That Never Was?

I don’t need a spoiler alert before I speculate that, in true F1 fashion, the official inquiry triggered on Wednesday will surely decide ‘no-one’.

And while teams, drivers, fans, and journalists look for answers, FIA President Jean Todt appears to be reaching for his broom.

Even though 70,000 drenched fans didn’t get a race worthy of the name and dozens of paying television broadcasters were left to blunder about in the dark as the cars circled gingerly but the official time screens said the event hadn’t started.

Teams were left puzzled and drivers forced to risk their lives on unnecessarily recce laps in atrocious conditions.

Todt joined the fray on Wednesday with a statement that satisfied few saying the day “presented extraordinary challenges”.

No it didn’t. Rain at an event at which is rains almost every year is not extraordinary. It’s normal.

More than 1,000 team personnel worked in Spa that day and I will guarantee you every one of them came prepared for rain by the bucket load.

Such was the scale of the downpour expected Lewis Hamilton and Toto Wolff were equipped with black, knee length, waterproof capes and hoods.

Todt’s statement was an unsatisfactory and transparent box-ticking exercise. Brave spectators. Tick. Very sorry. Tick. Could not run the race is safe conditions... recognised by stakeholders. Tick. Rules correctly applied. Thank and congratulate the FIA team, the ASN... tick, tick, tick.

Move along please. Nothing to see here.

FIA President Jean Todt. AFP
FIA President Jean Todt. AFP

Fans who stood on muddy banks in drenched cagoules for upwards of five hours deserved better but still danced, smiled and sang.

The day was a bitter pill for those who probably spent $500 on tickets, food and a tent.

It’s somewhat ironic the only thing driving at any speed that day was the rain.

Team concerns centred on prize money dished out on grid positions. For example, in one freak fudged ‘race’ Williams have earned so many points lower ranks rival Alfa Romeo cannot hope to recoup toe difference in the rest of the year.

Then there are the safety concerns. Spa is one of the most dangerous tracks in world motor racing.

Anthoine Hubert’s death two year ago hangs over F1 but in the last month a dozen drivers have been injured, including two hospitalised last Friday in the W Series. The circuit’s answer is an $80m safety programme already underway.

I’m old school and I’ve seen races in worse conditions. Malaysia, Canada, Japan and Australia to name but four in recent decades.

Like ex-racer Martin Brundle I believe the throttle pedal works both ways and drivers should be given the chance to race but not forced to do so. Max Verstappen was certainly pushing for it.

The most frustrating aspect of Spa 2021, though, was not ‘the race that never was’ but the chaotic shambles it became.

The biggest error, to my mind was forcing the grid out twice when half a dozen laps first time around would have sufficed.

That’s not hindsight talking, just common sense.

By consensus the final outing forced on the grid was another box ticking exercise so the fiasco could be officially classified ‘a race’ with all that implied financially.

The FIA, of course, deny such cynical actions, insisting their primary consideration is safety.

Lewis Hamilton drives in the rain. Getty
Lewis Hamilton drives in the rain. Getty

Much as F1 is a sport it is also a complex eco system of interlinking contractual obligations.

Television companies and sponsors pay promoters Liberty, Liberty pays the teams, the teams pay the drivers. No race means no money for Liberty but teams and drivers still earn their cut by dint of turning up. No race and the fans can demand their money back from the track owners who will seek recompense from the promoters, again Liberty Media.

Failure to stage a Grand Prix is a shame for fans but a seismic financial disaster for Liberty, especially in these cash-strapped, Covid-blighted, times.

One ‘racing’ lap changes all that.

So the focus inevitably falls on the actions of Race Director Michael Masi. He has proved eminently capable since taking over in the wake of his predecessor Charlie Whiting’s sudden death in 2019.

But in his learning years he has had a hand in some dubious driver penalty calls (stewards notwithstanding) that have only served to hamper the cause of open racing.

And with his airwaves crowded by 20 drivers squawking on team radio, 10 team bosses firing off similarly on radio, email or text, maybe besieged Masi was as submerged as the track.

So, rather than sweeping this one under the carpet maybe the FIA could help one of their own – for everyone’s sake.

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The major Hashd factions linked to Iran:

Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.

Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.

Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.

Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.

Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.

Saraya Al Khorasani:  The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.

(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)

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.”

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Day 2, Dubai Test: At a glance

Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.

Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.

The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.

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Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

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Updated: September 02, 2021, 8:36 AM