Hamilton and Mercedes showing no signs of slowing after opening Spanish Grand Prix practice

MONTMELO, SPAIN // Sebastian Vettel’s practice session at the Spanish Grand Prix ended with the four-time defending Formula One champion hitching a ride on a scooter after his car failed.

Lewis Hamilton had no such problems, finishing Friday's opening day of practice with the top times from both training sessions as the dominating Mercedes team showed no signs of slowing down. The British driver is looking for his fourth consecutive win this season.

Mercedes teammate and F1 points leader Nico Rosberg was right behind, setting the afternoon's second-best time after his crew fixed a cooling issue.

Vettel was running through his fifth lap on the sunny and dry 5.4-kilometre Circuit de Barcelona-Catalunya when his Red Bull came to a halt. He then helped push his RB10 out of the path of his rivals before a group of fans gathered at the fence to take photographs of the champion using a fire extinguisher on the rear of his malfunctioning car.

After Vettel was whisked back to the paddock on the back of a scooter, Hamilton clocked the fastest lap time in the opening session and then bettered that by almost 1.5 seconds in the afternoon with a mark of 1 minute, 25.524 seconds.

Red Bull said an electrical problem that “damaged the wiring” of Vettel’s car meant he could not return for the afternoon practice session. That left Vettel with only one session today before qualifying.

“It’s a small failure, but a big consequence,” Vettel said.

Red Bull gave Vettel’s car an older chassis in a move the German called a “sanity check” to try to find an elusive answer to his car’s lack of pace.

Vettel is having his worst season at Red Bull, with only one podium finish so far, and he sits in a distant fifth in the standings. He even had to let new teammate Daniel Ricciardo pass him twice during the past two races.

Hamilton trails Rosberg by four points, despite winning the last three races in front of his teammate. The pair have won all four races and taken all four pole positions this year.

Hamilton has not lost a step after a three-week break and showed that the other teams have yet to make headway despite their upgrades for the start of the season’s run of European events.

“It’s been a great day today and I’m happy to be back in the car after what feels like quite a long break,” Hamilton said. “Our two practice sessions today went very smoothly. In fact, I’ve not had such a good Friday for a very long time.”

As he bids for his first Spanish Grand Prix triumph this weekend, Hamilton said he was aiming to grab the 34th pole of his career and make sure he can stay out of trouble with back-markers on a circuit where it is difficult to pass easily.

“Pole is always important, but it is especially so here, because it so difficult to get past people, especially those with a Mercedes engine,” he said.

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Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

Things Heard & Seen

Directed by: Shari Springer Berman, Robert Pulcini

Starring: Amanda Seyfried, James Norton

2/5

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.”

Hili 2: Unesco World Heritage site

The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.

The 24-man squad:

Goalkeepers: Thibaut Courtois (Chelsea), Simon Mignolet (Liverpool), Koen Casteels (VfL Wolfsburg).

Defenders: Toby Alderweireld (Tottenham), Thomas Meunier (Paris Saint-Germain), Thomas Vermaelen (Barcelona), Jan Vertonghen (Tottenham), Dedryck Boyata (Celtic), Vincent Kompany (Manchester City).

Midfielders: Marouane Fellaini (Manchester United), Axel Witsel (Tianjin Quanjian), Kevin De Bruyne (Manchester City), Eden Hazard (Chelsea), Nacer Chadli (West Bromwich Albion), Leander Dendoncker (Anderlecht), Thorgan Hazard (Borussia Moenchengladbach), Youri Tielemans (Monaco), Mousa Dembele (Tottenham Hotspur).

Forwards: Michy Batshuayi (Chelsea/Dortmund), Yannick Carrasco (Dalian Yifang), Adnan Januzaj (Real Sociedad), Romelu Lukaku (Manchester United), Dries Mertens (Napoli).

Standby player: Laurent Ciman (Los Angeles FC).

While you're here

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