SPA // World champion Sebastian Vettel acknowledged Red Bull Racing are simply not quick enough after he failed to finish in the top 10 during qualifying for today's Belgian Grand Prix.
The German won here last year from pole, but yesterday missed out on a place in the final top-10 shoot-out session of qualifying by 0.012 seconds.
Although Vettel finished 11th, he will start today's race in 10th after teammate Mark Webber was given a five-place grid penalty for changing his gearbox mid-weekend. The Australian had finished seventh.
"I was pretty happy with my lap, it was clean, but it just wasn't quick enough unfortunately," Vettel said, adding he was surprised by his car's lack of pace.
"I missed the last part of qualifying by such a little amount and that's a shame, but that's racing. It's frustrating, but it could be the other way around and you are in and somebody else is out. "
Vettel, winner of the drivers' championship for the past two seasons, has found the field to be much tighter and tougher this year.
He dominated in 2011 with 11 race wins to his name, but this year he has only got one victory to his name - a triumph in Bahrain back in April.
Vettel sits third in the standings after 11 races, 42 points behind Ferrari's Fernando Alonso, who will begin the race in fifth.
"Obviously, there are no points for qualifying," Vettel said. "The race is [today] and we've seen in the last races that our car is pretty good in the race, so we will see what we can do."
Vettel's compatriot Michael Schumacher had a similarly dispiriting afternoon under a crisp blue Belgian sky.
Mercedes-GP's seven-time world champion has won here six times, was earlier this week named an honorary citizen of the town and has for many years called Spa his "living room".
However, after struggling for speed throughout the session, the 43 year old finished 13th ahead of his 300th grand prix.
"Well, what a pity," he said. "I am really sorry for my fans, but I am afraid I have to say that I got pretty much everything that we could [out of the car].
"It was not quick enough, and especially in the mid-sector we were too slow.
"We now have to take it as it is and try to do the best we can in the race. We will have further steps coming soon, so we will go on fighting."
Schumacher's teammate Nico Rosberg endured an even less enjoyable experience after being eliminated during the first part of qualifying as he could only clock the 18th quickest time.
Like Webber he too had to have his gearbox changed before qualifying, meaning only Hispania's Narain Karthikeyan will start behind him today as he lines up 23rd
Rosberg said: "Starting from the back of the grid tomorrow is really disappointing, although I had no chance to prepare my car due to the gearbox problem this morning.
"I hope I can gain some positions in the race but I'm not overly optimistic as our car is not one of the quickest on this track. I will definitely push hard."
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SPECS
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
COMPANY%20PROFILE
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
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The National's picks
4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
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7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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MATCH INFO
Burnley 1 (Brady 89')
Manchester City 4 (Jesus 24', 50', Rodri 68', Mahrez 87')
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
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