Can anyone stop Red Bull’s runaway locomotive charging to another world championship in 2023 as Max Verstappen continues his rampage through the record books?
After a record 15 victories in 2022, the pre-season testing time sheets (and acres of print that have emerged since) make the remarkable young Dutchman firm favourite yet again.
Paddock eyes reported a certain swagger down at the Honda-powered team after testing in Bahrain last week.
The Dutchman was so confident he only bothered to get in the car for two of the three days permitted.
Of course, pre-season’s time sheets can be fool’s gold. Some teams may be grandstanding to impress potential sponsors while others could actually be sandbagging.
But one fact appears to have cast iron credentials: Mercedes woes are set to continue. After their worst season in nine years they are struggling to understand their new car yet again.
Lead driver Lewis Hamilton and teammate George Russell both report balance issues.
The seven-time champion is in turmoil. Entering the final year of his contract without a new deal is a clear sign, some believe, of fears Mercedes will be uncompetitive yet again.
Russell described suggestions of Mercedes winning the opening race of the season in Bahrain on Sunday as “a bit of stretch”.
The team have been so desperate to save weight to improve competitiveness they are removing paint where they can. Hence the return to black carbon fibre.
Both Russell and boss Toto Wolf used the word “ultimately” when talking about the time scale for being competitive, suggesting it is somewhere over the horizon.
Some predict the Mercedes’ malaise runs so deep they may even fall out of the sport’s Big Three, overtaken by one of their own customer teams, Aston Martin.
Hamilton, Verstappen Bahrain testing - in pictures
That would be good news for double champion Fernando Alonso, who has switched to green. After a string of career moves that have gone wrong, could the talented Spaniard finally be on an upwards trajectory?
The time sheets suggest Ferrari will take on the mantle of Red Bull challengers yet again
Maranello remains the conundrum it has always been, ruled by short-termism and stuck in an unending political maelstrom of its own making.
The latest drama surrounds the dismissal of the one man who had led them back to the winner’s circle, team boss Mattia Binotto.
Taking them into championship contention after the worst seasons in 40 years was not enough to avoid being pushed out.
Having built the fastest car in the pit lane, it’s fair to say 2022 was a championship thrown away by Ferrari as much as one won by Red Bull.
It is a telling statistic that Verstappen won more races when Charles Leclerc started from pole than the Monegasque did himself.
The Maranello pit wall was guilty of apocalyptic (and repeated) strategy errors; the drivers, including Leclerc, threw away victories and technical issues played their part too.
If there is an A to Z of mistakes not to make when challenging for a championship Maranello went through it.
Twelve pole starts show Maranello clearly have the keys to a championship challenge.
But Red Bull’s fallow years have not cost Christian Horner his job. And Toto Wolff survived a bigger disaster at Mercedes in 2022.
For some reason, Ferrari chief executive Benedetto Vigna lacked the will to support Binotto as Italy’s media howled for blood.
So in January, the long-time Ferrari servant was replaced by Alfa Romeo boss Frederic Vasseur.
The Frenchman is a highly-regarded engineer who has made Nico Rosberg, Hamilton (and perhaps most significantly Ferrari’s golden boy Leclerc) champion in the junior categories.
Yet his F1 management CV is solid but unremarkable. After in five years in charge of Sauber/Alfa Romeo, his only achievement for over $400m spent was a single fastest lap.
Reputedly one of his earliest decisions – in fact made in his first week in charge – was to axe a proposed Honda engine deal (the engine that is currently dominating F1 remember).
So take as a comparison fellow F1 minnows Alpha Tauri. In the same period (2018-2022), they scored one win, four podiums, two fastest laps and 402 points. Vasseur’s operation managed just 181 when points are directly linked to prize money.
Vigna has said he will take closer personal control but only time will tell whether putting his faith in Vasseur is another Ferrari misstep or a pivotal swing towards a competitive new era.
A lot in F1 depends upon it.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
COMPANY%20PROFILE
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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.”
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
SERIE A FIXTURES
Friday Sassuolo v Benevento (Kick-off 11.45pm)
Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)
Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
