The Japanese Grand Prix restarts on Sunday behind a safety car. Mark Thompson / Getty Images / October 5, 2014
The Japanese Grand Prix restarts on Sunday behind a safety car. Mark Thompson / Getty Images / October 5, 2014
The Japanese Grand Prix restarts on Sunday behind a safety car. Mark Thompson / Getty Images / October 5, 2014
The Japanese Grand Prix restarts on Sunday behind a safety car. Mark Thompson / Getty Images / October 5, 2014

Villeneuve in wake of Bianchi crash: ‘Any accident ... there should be a safety car’


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Formula One must change its Safety Car protocol and make their deployment automatic with every crash, the 2007 world champion Jacques Villeneuve said on Monday.

Canadian Villeneuve spoke out following Sunday’s Japanese Grand Prix in which Frenchman Jules Bianchi of Marussia was involved in a life-threatening collision with a recovery vehicle while racing under yellow flags.

The safety car was sent out only after Bianchi’s accident, a decision that Villeneuve has criticised.

He said: “The rules have to be changed concerning the safety car. When I was racing, and afterwards, I was always saying that any time there is an accident there should be a safety car.

“There should not be room for judgement. If someone has to go out to pick up a car stranded on the track, it’s simple.

“Accident – safety car. And, that’s it. It should have been like that for years. America has had that forever.”

He added that trying to regulate the dangers with yellow flags was not effective.

“The problem now is that every time the FIA send the safety car out all the media and fans complain, saying they destroyed the race,” he said.

“So now they second-guess themselves. It’s a ‘lose-lose’ situation. Yes, sometimes it does slow the race down a bit, but at least you avoid cases like this. And you avoid the human aspect of having to make a decision.

“Whenever I was racing, if I had a crash I was always worried about another car crashing into me. I never really like just having yellow flags.

“You do slow down, but how much? And you could have a puncture, or a suspension failure. I’m amazed something like this has never happened before. I think we’ve just been lucky before.

“Quite often people spin when other cars have spun and they just miss them by inches.”

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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.”

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.

 

 

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