Sebastian Vettel's problems with his new Red Bull Racing car continued during testing in Bahrain. Mark Thompson / Getty Images
Sebastian Vettel's problems with his new Red Bull Racing car continued during testing in Bahrain. Mark Thompson / Getty Images
Sebastian Vettel's problems with his new Red Bull Racing car continued during testing in Bahrain. Mark Thompson / Getty Images
Sebastian Vettel's problems with his new Red Bull Racing car continued during testing in Bahrain. Mark Thompson / Getty Images

Sebastian Vettel says Red Bull working ‘flat out’ to try and rectify RB10’s problems


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Sebastian Vettel has conceded there is no quick fix to the woes that are resulting in sleepless nights for Red Bull Racing.

The reigning four-time Formula One world champion endured yet more pre-season problems at the start of the second test on Wednesday in Bahrain.

Just 21 laps were completed over the four days in the first test, in Jerez last month, due to issues with both the packaging of the car and the Renault power unit.

At the Sakhir circuit, after taking almost four-and-a-half hours to emerge from the garage, the troubled RB10 managed only 14 laps before catching fire on track due to a rear-brake glitch. “We are working flat out to get on top of the issues,” said Vettel, who managed a lap of one minute, 40.224 seconds to finish fifth on the time sheet, more than three seconds down on Force India’s Nico Hulkenberg.

“Our guys are getting very little sleep right now, but it also seems to be clear there is no such thing as a quick fix.

“We fixed the problems from Jerez with the temperature but we are in a phase where you fix one problem and another pops up.

“So yes, there are things to solve from Red Bull’s side, in terms of reliability, as well as stuff from the Renault side. It wouldn’t be fair to separate these two.”

Hulkenberg was comfortably out in front with a lap of 1:36:880, allaying fears this year’s cars – given the switch from the 2.4-litre V8 engines to the 1.6-litre V6 turbos – would be slower.

The German’s lap, backed by Mercedes power, was a 10th of a second faster than the best posted in last year’s Bahrain Grand Prix, by Vettel.

Hulkenberg finished 0.999 seconds up on Ferrari’s Fernando Alonso, with Mercedes’s Lewis Hamilton and the McLaren of Kevin Magnussen – again with a Mercedes power unit – close behind.

* Press Association

PRIMERA LIGA FIXTURES

All times UAE ( 4 GMT)

Saturday
Atletico Madrid v Sevilla (3pm) 
Alaves v Real Madrid (6.15pm) 
Malaga v Athletic Bilbao (8.30pm) 
Girona v Barcelona (10.45pm)

Sunday
Espanyol v Deportivo la Coruna (2pm) 
Getafe v Villarreal (6.15pm) 
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)

Monday
Real Betis v Levante (11.pm)

Mercedes V250 Avantgarde specs

Engine: 2.0-litre in-line four-cylinder turbo

Gearbox: 7-speed automatic

Power: 211hp at 5,500rpm

Torque: 350Nm

Fuel economy, combined: 6.0 l/100 km

Price: Dh235,000

Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.

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.”

Need to know

When: October 17 until November 10

Cost: Entry is free but some events require prior registration

Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center

What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.

For more information: www.koreafestivaluae.com

The biog

Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.

Favourite book: Anything by Sidney Sheldon.

Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.

Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.

SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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Brief scores:

Day 1

Toss: South Africa, field first

Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48

South Africa (1st innings) 123-2: Markram 78; Masood 1-4