TOKYO // Honda pulled out of Formula One today, dealing a major blow to the sport and ending a dream for Japan's number two car maker.
Amid slumping car sales triggered by the global economic crisis Honda were no longer willing to bankroll the Formula One team and its estimated annual budget of US$500 million (Dh1.8 billion).
The Formula One supremo Bernie Ecclestone said several parties had already shown interest in buying the team.
"I think it's OK. I think there's a number of people out there that have shown a lot of interest," Mr Ecclestone told Sky News.
The Honda chief executive Takeo Fukui told a news conference a return to the sport could take time and added that there were no plans to continue as an engine supplier.
"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry," Mr Fukui said.
"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economics around the globe continue to mount.
"We will enter into consultation with associates of Honda Racing F1 and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale."
Mr Fukui, who earlier this year said he would "spend a trillion yen" if he could to make Honda a Formula One winner, added: "But at this stage we have no plans to return to F1. We have no plans to supply engines to other teams. We do not want to be half in and half out of the sport."
Honda would have little time to find a buyer with the 2009 season starting in Australia on March 29.
With Formula One's powerbrokers desperately seeking cost-cutting measures to ensure its survival, Honda's departure will have serious implications for the glamour sport.
It also leaves the British driver Jenson Button without a team for 2009, although some have yet to confirm their line-ups.
The Brazilian Bruno Senna, the 25-year-old nephew of the late triple world champion Ayrton, had also been tipped to take the place of his compatriot Rubens Barrichello at Honda next season.
Honda's exit will leave the multi-billion sport, dominated by car makers, facing a depleted grid of just 18 cars if no buyer can be found in the extremely tight time-frame available.
Formula One's governing body vowed to ensure the sport was financially sustainable after Honda announced they were withdrawing from the championship.
"The announcement of Honda's intended withdrawal from Formula One has confirmed the International Automobile Federation's (FIA) long-standing concern that the cost of competing in the world championship is unsustainable," the FIA said in a statement.
"In the FIA's view, the global economic downturn has only exacerbated an already critical situation.
"As the guardians of the sport, the FIA is committed to working with the commercial rights holder and the remaining members of FOTA (the Formula One Teams' Association) to ensure that Formula One becomes financially sustainable."
Honda's decision could also prompt fears that other major manufacturers, with their factory production suspended and thousands of staff laid off, could follow Honda's example.
Honda and Toyota have been the big spenders in Formula One in recent years.
Ross Brawn, the former Ferrari technical director who won multiple championships with Michael Schumacher, was hired to run the Honda team at the end of last year.
Despite its huge resources, Honda had a dismal 2008 season and was pinning its hopes on next year's new rules levelling the playing field.
Button, a winner for Honda in Hungary in 2006, scored just three points while Barrichello took 11. The team finished ninth overall.
The last team to leave Formula One was the Honda-backed Super Aguri, the tail-enders who folded for financial reasons in April.
*Reuters
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
World Cup warm-up fixtures
Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A