Mark Webber, right, and Sebastian Vettel, his Red Bull-Renault teammate, have continually set the pace this season.
Mark Webber, right, and Sebastian Vettel, his Red Bull-Renault teammate, have continually set the pace this season.

Red Bull are favourites to best navigate the Istanbul Park chaos



ISTANBUL // The images remain fresh, but are hard to reconcile with contemporary reality. When the Turkish Grand Prix joined the Formula One world championship schedule in 2005, it added several layers of pandemonium to Istanbul's customary traffic chaos. Such was the clamour that spectators simply abandoned their cars on the main highway and walked the final few kilometres to the circuit.

The novelty has worn off, however, and even last year's reduced ticket prices failed to stem the decline in sales. Istanbul Park has become a modern sporting curiosity, a vast stage with almost no live audience. It is perceived to be one of the circuits most likely to be dropped to make way for new events - and pressure on the calendar increased earlier this week. The United States Grand Prix is to be revived in 2012, at a purpose-built venue in Austin, Texas. Come what may, though, Turkey remains popular with competitors.

While many modern circuits are criticised for their proliferation of bland, slow-to-medium-speed corners, drivers appreciate Istanbul Park's varied topography and, particularly, Turn Eight, a fast, bumpy left-hander taken at about 260kph. Or possibly faster still, if you are driving a Red Bull-Renault. The team took the lead in both world championships following Mark Webber's victory in Monaco earlier this month, but the team have occupied pole position for each of this year's six events and could conceivably have won them all.

Martin Brundle, the former Formula One driver and now an analyst for BBC television in the UK, said: "From what we've seen so far, the only team capable of beating Red Bull is Red Bull, with strategic errors and so on. "All the teams are constantly developing update kits, but at the moment Red Bull always seem to work the best. They will be hard to catch." Back-to-back victories in Barcelona and Monaco - two of the season's most contrasting circuits, in terms of corner profile - underlined that the RB6 chassis is as adaptable as it is quick.

Webber described his victory in Monaco as "the greatest day of my life", but now has more prosaic matters on his mind - such as retaining his championship lead. "It's important to stay focused," he said. "The emotions after Monaco were incredible. It was nice to reflect on that for a short time, but then you have to get your head down and concentrate on keeping your form. "It's easy to talk about what you're going to do, but the key is getting out there and doing it."

Sebastian Vettel, his teammate, qualified on pole position in Turkey last year, but compromised his victory prospects by running wide on the opening lap. The German driver will have a new car this weekend, after a post-Monaco investigation revealed a defect - Red Bull has not specified what - on RB6 chassis number three, which Vettel has been using since the start of the season. Impartiality, too, is a vital part of the evolutionary process.

sports@thenational.ae

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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.”

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Hamilton’s 2017

Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th

How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security? 

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. 

* Associated Press