LONDON // Formula One's governing body have proposed radical cost-cutting measures, including the possible use of standard engines from 2010, to help teams survive the global financial storm.
In a letter to the 10 teams ahead of a meeting with the International Automobile Federation (FIA) president Max Mosley in Geneva next week, the governing body put forward a five-year plan of action.
"The FIA believe that Formula One costs are unsustainable," it said. "Even before current global financial problems, teams were spending far more than their incomes."
The Paris-based body said the sport could only be healthy if a team could race competitively with a budget close to the revenues received from the commercial rights holder.
The future of some manufacturer teams has begun to look uncertain against a backdrop of factory lay-offs, falling share prices and dwindling sales.
The FIA, due to meet the Formula One Teams Association (FOTA) after Sunday's Chinese GP, put forward three proposals for the period 2010 to 2012.
The first was for an homologated engine produced by a single supplier - after a tender - with the current engine makers free to build their own to the same design. Another option would be for a consortium of teams to obtain a low cost engine from a single supplier, while a third alternative, proposed by FOTA, would see independent teams receive a complete powertrain (engine and gearbox) .
The latter arrangement would also include 30,000km of testing and on-track assistance.
The FIA said they also envisaged common chassis parts, including standard suspension and wheels and other expensive parts.
* Reuters
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
Company%20Profile
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Diriyah%20project%20at%20a%20glance
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
Company%20profile
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Dunbar
Edward St Aubyn
Hogarth
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
SUCCESSION%20SEASON%204%20EPISODE%201
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