• Kevin Magnussen of Haas smiles after the pre-qualification round prior to the Formula 1 Brazilian Grand Prix, in Sao Paulo, Brazil, 11 November 2022. The Formula 1 Grand Prix of Sao Paulo will be held on 13 November 2022. EPA / Sebastiao Moreira
    Kevin Magnussen of Haas smiles after the pre-qualification round prior to the Formula 1 Brazilian Grand Prix, in Sao Paulo, Brazil, 11 November 2022. The Formula 1 Grand Prix of Sao Paulo will be held on 13 November 2022. EPA / Sebastiao Moreira
  • Kevin Magnussen celebrates his pole position for the sprint Brazilian Grand Prix. EPA
    Kevin Magnussen celebrates his pole position for the sprint Brazilian Grand Prix. EPA
  • Kevin Magnussen with Max Verstappen and George Russell after the pre-qualification round prior to the Brazilian Grand Prix. EPA
    Kevin Magnussen with Max Verstappen and George Russell after the pre-qualification round prior to the Brazilian Grand Prix. EPA
  • Kevin Magnussen on track during qualifying ahead of the Brazilian Grand Prix. Getty
    Kevin Magnussen on track during qualifying ahead of the Brazilian Grand Prix. Getty
  • Haas driver Kevin Magnussen competes in the qualifying stage at Interlagos racetrack. AP
    Haas driver Kevin Magnussen competes in the qualifying stage at Interlagos racetrack. AP
  • Haas' Kevin Magnussen during qualifying. Reuters
    Haas' Kevin Magnussen during qualifying. Reuters
  • Max Verstappen of Red Bull Racing in the garage during qualifying. Getty
    Max Verstappen of Red Bull Racing in the garage during qualifying. Getty
  • Max Verstappen steers his car during a qualifying session for the Brazilian Grand Prix. AP
    Max Verstappen steers his car during a qualifying session for the Brazilian Grand Prix. AP
  • Max Verstappen on track during qualifying. Getty
    Max Verstappen on track during qualifying. Getty
  • Mercedes' George Russell during qualifying. Reuters
    Mercedes' George Russell during qualifying. Reuters
  • George Russell on track during qualifying. Getty
    George Russell on track during qualifying. Getty
  • The car of Mercedes driver George Russell is placed on a tow truck after he crashed during a qualifying session. AP
    The car of Mercedes driver George Russell is placed on a tow truck after he crashed during a qualifying session. AP

Kevin Magnussen claims remarkable maiden pole position for sprint Sao Paulo Grand Prix


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Kevin Magnussen was left speechless after claiming a remarkable maiden pole position for himself and Haas in a dramatic rain-hit qualifying session for the sprint Sao Paulo Grand Prix.

"I don't know what to say," said the 30-year-old Dane as wild celebrations erupted around him at Interlagos. "The team put me out on track at exactly the right moment. We were first out into the pit lane, I did a pretty decent lap and we're on pole. It's incredible."

Magnussen's stunning and unexpected success was also the first by a driver for an American team since Tom Pryce took pole for Shadow at the 1975 British Grand Prix at Silverstone.

Magnussen, who re-joined the American-owned outfit this season after being dumped for 2021, took full advantage of the changing dry-wet conditions to go out first and clock a best lap in one minute and 11.674.

His early run in Q3 gave him the initiative as rain swept across the circuit. It curtailed his rivals' efforts to respond, causing George Russell to lose control of his Mercedes and slide off into a gravel trap and bring a red flag stoppage.

Newly-acclaimed two-time world champion Max Verstappen had no chance to improve on his time of 1:11.877, two-tenths adrift of Magnussen, and had to settle for second ahead of Russell, who had clocked 1:12.059 before sliding off.

"Thank you to Gene Haas and Guenther Steiner and the whole team for this opportunity," said Magnussen, the first Dane to take a Formula One pole position, in his 100th race for Haas and the 140th of his career. This will be Haas's 143rd Grand Prix.

"I got back this year after a year out and it's just been an amazing journey for me. Fantastic. That decision to send me out first, to have a clear track ahead of me, was the key moment and it has been just amazing."

Magnussen is now the fourth different driver to claim a maiden pole position this season, following Carlos Sainz of Ferrari, Sergio Perez of Red Bull and George Russell of Mercedes, all of whom were among the quickest to congratulate him.

Magnussen began his Formula One career in 2014, finishing second on debut for McLaren at the Australian Grand Prix when, in his own words, he said "I came in as this arrogant little kid, thinking I was the king of the world - and then I found out tough it really is in Formula One."

His father Jan was also an F1 driver, with McLaren and Stewart, taking part in 25 Grands Prix overall with a best finish of sixth at the 1998 Canadian Grand Prix, a career not unlike that of another leading driver's father Jos Verstappen, whose son Max will line up alongside him for Saturday's sprint race.

Vertappen senior's career in F1 started in 1994 and competed in 107 races with Benetton, Simtek, Arrows, Tyrrell, Stewart and Minardi - a spell that saw him replace Magnussen at Stewart following his Canadian success for the remainder of 1998.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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While you're here
Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
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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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Scoreline

Germany 2

Werner 9', Sane 19'

Netherlands 2

Promes 85', Van Dijk 90'

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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The specs

Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8 
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k

While you're here
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Countdown to Zero exhibition will show how disease can be beaten

Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a  month before Reaching the Last Mile.

Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.

 

UAE currency: the story behind the money in your pockets
The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

UAE currency: the story behind the money in your pockets
Updated: November 12, 2022, 8:25 AM