Honda Motor is close to an agreement to sell its Formula One team in time for the new season later this month, a Japanese newspaper reported today.
"Honda has been making the utmost efforts to avoid the worst case scenario of disbanding the team. Our company and our team will be able to make an announcement in the near future," the Yomiuri newspaper quoted a Honda official as saying. It did not name the likely buyer.
Honda will start preparations for the sale so that the team can carry out a test-run with its new car on Thursday, enabling it to take part in the 2009 world championship, the report said.
A Honda spokesman declined to comment on the report, which said British driver Jenson Button and team principal Ross Brawn would stay on at the team.
The Japanese automaker announced last December that it was exiting F1 as a result of the global economic downturn.
Reports last month said Honda's Formula One future could be secured by a management buyout with a pay cut for Button and 300 job losses.
Honda has previously confirmed that it was talking to several bidders for the team, including British tycoon Richard Branson's Virgin Group, but said last week it was struggling to find a "serious" buyer.
* AFP
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The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
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This is a race to the bottom, and everybody wants to be a winner.
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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
UAE currency: the story behind the money in your pockets
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.