Ferrari escape further punishment



PARIS // Formula One's governing body upheld a US$100,000 (Dh367,290) fine for Ferrari but will impose no further sanction following the team orders controversy. Angelo Sticchi Damiani, president of Italy's CAI Motorsport Federation, said a meeting yesterday of the FIA's world motorsport council agreed unanimously not to impose a further punishment. Race stewards handed the $100,000 fine to Ferrari after the German Grand Prix at Hockenheim in July when the team was found to have ordered Felipe Massa to allow Fernando Alonso to win.

The verdict would have come as a huge relief for Alonso, whose title hopes could have been ended if FIA had opted to punish the Spaniard, who lies fifth in the standings and 41 points behind leader Lewis Hamilton of McLaren-Mercedes.Ferrari, who would have had a one-two finish at Hockenheim even without the team orders being invoked, are third overall and 80 points adrift of leaders Red Bull. They will be able to compete in Sunday's Italian Grand Prix at Monza, their home race.

The hearing was as much about the very nature of the sport as one single offence and the outcome will be controversial. There are those who argue that team orders should be legalised since they have been part of F1 since the championship started in 1950 and have never really gone away. Others say rules must be respected and to encourage overt manipulation of results would be a betrayal of the spirit of fair competition.

The decision is likely to anger Eddie Jordan, the former team principal at Ferrari, who had claimed Ferrari treated fans "like muppets" and ought to be punished further. "It was very blatant," he told BBC Radio 5 Live. "I think they should get a bigger penalty. What happens if Alonso gets away Scott free and goes on to win [the title] by two points from whoever? What Ferrari did was they showed no respect to the public, they treated us all like muppets, they broke the rule and they have to pay the penalty."

Meanwhile, the governing body has ruled out the possibility of a new team joining the grid in 2011. In March the FIA invited parties interested in becoming the sport's 13th team to come forward, but the governing body has deemed none of the expressions of interest to be strong enough to warrant inclusion on the entry list. The sport was left with a void to fill following the collapse of the fledgling US F1 team prior to the start of this season.

A joint venture involving 1997 world champion Jacques Villeneuve and Italian constructor Durango, and an application from Epsilon Euskadi had been among the front-running candidates to be awarded the slot. * Agencies

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

STAGE 1 RESULTS

1) Tim Merlier (Soudal-Quick-Step), 3h 17’ 35”
2) Caleb Ewan (Lotto Dstny) same time
3) Mark Cavendish (Astana Qazaqstan Team) same time
General Classification:
1) Tim Merlier (Soudal Quick-Step) 3:17:25
2 - Caleb Ewan (Lotto Dstny) +4"
3 - Luke Plapp (Ineos Grenadiers) +5"

Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

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Processor: Qualcomm Snapdragon 8 Gen 2, 4nm, octa-core; Adreno 740 GPU

Memory: 12GB

Capacity: 256/512GB / 1TB (online exclusive)

Platform: Android 13, One UI 5.1.1

Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo

Video: 8K@24fps, 4K@60fps, full-HD@60/240fps, HD@960fps; slo-mo@60/240/960fps; HDR10+

Cover camera: 10MP (f/2.2)

Inner front camera: Under-display 4MP (f/1.8)

Battery: 4400mAh, 25W fast charging, 15W wireless, 4.5W reverse wireless

Connectivity: 5G; Wi-Fi, Bluetooth 5.3, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; dual nano-SIMs + eSIM

Colours: Cream, icy blue, phantom black; online exclusives – blue, grey

In the box: Fold5, USB-C-to-USB-C cable

Price: Dh6,799 / Dh7,249 / Dh8,149

5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739 
Two bedroom: Dh627 to Dh960 
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure.  “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena.  “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809 
Two bedroom: Dh682 to Dh1,052 
Three bedroom: Dh784 to Dh1,210 

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629 
Two bedroom: Dh549 to Dh818 
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770 
Two bedroom: Dh654 to Dh1,002 
Three bedroom: Dh752 to Dh1,152 

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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