The Renaul team principal Flavio Briatore talks to reporters at the Italian Grand Prix in Monza yesterday.
The Renaul team principal Flavio Briatore talks to reporters at the Italian Grand Prix in Monza yesterday.

Renault F1 rejects Piquet's crash claims



Renault is accusing a driver of attempted blackmail, after he said the Formula One team asked him to crash his car deliberately. Renault has been called to a hearing of the World Motorsport Council in Paris on September 21 to defend itself against allegations that it ordered Nelson Piquet Jr to drive into a wall during last year's Singapore Grand Prix.

That incident brought out the safety car and worked to the advantage of Piquet's team-mate Fernando Alonso, who went on to win the race. A statement attributed to Piquet, which names the Renault chief Flavio Briatore and the team's engineering director Pat Symonds as being party to the deliberate crash, was widely reported yesterday. Renault claims the source of the "false allegations" was Piquet, whom it sacked in July, and his father, the three-times world champion Nelson Piquet Sr.

"The Renault F1 team and its managing director Flavio Briatore personally, wish to state that they have commenced criminal proceedings against Nelson Piquet Junior and Nelson Piquet Senior in France," the team statement said. If Renault is found guilty it faces being thrown out of F1. Mr Briatore strenuously denied the allegations in a letter written to Piquet's father and submitted to the Fédération Internationale de l' Automobile (FIA) ahead of the hearing.

"I am outraged that you could think that I myself, not mentioning your son and the other people in the Renault's team, could have any part in such a strategy that may constitute a criminal offence," he said. "Secondly, I am forced to consider that your threat constitutes without doubt a blatant attempt of exerting blackmail against Renault F1 and myself to extort an illegitimate advantage by way of threats and outrageous lies on the basis of an alleged hearsay."

Details of the case will now be referred to the British police, as Renault's main base is in the UK. Max Mosley, the FIA president, said yesterday that the younger Piquet would avoid charges if he co-operated with the investigation. A similar offer was made to McLaren drivers two years ago when the British team was found guilty of espionage against the Italian manufacturer Ferrari. "He [Piquet] has been told that if he tells us the truth then he will not be proceeded against individually," said Mr Mosley.

The Formula One Teams Association last night criticised the leaking of documents relating to the case, including Piquet's statement. "All parties to the dispute should have the right to a fair hearing carried out in private and not in the public arena, which is producing adverse publicity damaging to the corporate image and credibility of Formula One," it said. Speaking in Monza ahead of the Italian Grand Prix, Mr Mosley suggested the leaked document was genuine.

"I haven't seen anything which I believe to be a forgery," he said Renault's side of the story would come out at the hearing, he said, adding: "In most places, you assume someone is innocent until they are proven guilty. And that is the situation we are in at the moment." @Email:zgriffiths@thenational.ae

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
57%20Seconds
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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
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

THE SPECS

Engine: 3.6-litre V6

Transmission: eight-speed automatic

Power: 285bhp

Torque: 353Nm

Price: TBA

On sale: Q2, 2020

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

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.”

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

Company%20Profile
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Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

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