Felipe Massa is ninth in the F1 drivers' standings this season, with 71 points. Maxim Shemetov / Reuters
Felipe Massa is ninth in the F1 drivers' standings this season, with 71 points. Maxim Shemetov / Reuters

Williams’ Felipe Massa on Interlagos tyre choice: ‘Dangerous, very dangerous’



Brazilian driver Felipe Massa says Pirelli’s choice of tyres for his home Formula One grand prix next month is “very dangerous”.

The Italian company announced last week it would be taking its two hardest compounds to Interlagos – the hard and medium tyres – due to the high energy demands of the anti-clockwise Sao Paulo circuit.

“Dangerous, very dangerous,” Massa told reporters when asked at the Russian Grand Prix for his opinion on the choice.

“I have no idea why they chose medium and hard and it’s completely unacceptable.”

Formula One’s only current Brazilian driver said the conditions at the circuit could be wet and cold and a hard tyre might not provide enough grip in circumstances where drivers needed to take a gamble on dry tyres.

Massa, whose concerns about safety have been heightened by the horrific accident suffered by friend and fellow driver Jules Bianchi in Japan this month, also said the track had been resurfaced, which might cause additional problems.

“I already spoke to most of the drivers, I spoke to the FIA, I spoke to everybody, so more than what I did I think is difficult,” said the Brazilian. “We wait and see.”

Pirelli’s motorsport head Paul Hembery was puzzled by Massa’s comments, pointing out the hard tyre had been raced previously at Interlagos, which hosts the penultimate race of the season.

“It’s one of the more aggressive circuits we have on the calendar and has the risk of creating blistering problems. We know that the soft tyre under extreme loads has the potential to blister,” he said.

Hembery agreed however that the new asphalt could be a factor and said the company would double check that before the next meeting of the sport’s tyre working group.

“If there’s unanimous agreement, we can reconsider,” he added, although any change would be based solely on the technical data.

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Look north

BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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Name: Kumulus Water
 
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Developer: Treyarch, Raven Software
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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

England squad

Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale 

Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White

Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse

Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling

What went into the film

25 visual effects (VFX) studios

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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.”

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Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5