The problem with mouthing off in public is being held to those words afterwards.
When Christian Horner, the team principal of Red Bull Racing, heavily criticised engine-suppliers Renault following a poor performance in Australia and essentially made them out to be scapegoats for Red Bull’s woes, he was always going to be slipping into a tricky territory.
“They are in a bit of a mess at the moment,” Horner had said in Melbourne.
“They need to understand things quickly. It’s not the start Renault can afford to have.”
The performance was not much better on Sunday in Malaysia as the French engine manufacturers were again slower than the Mercedes and Ferrari power trains. But, and this is a big but, Red Bull were not the fastest Renault-powered car in Sepang.
The Red Bull drivers Daniil Kvyat and Daniel Ricciardo finished ninth and 10th on a track where, two years earlier, the Austrian team had claimed a one-two finish. It was their sister team, Toro Rosso, who have smaller resources, who made best use of the Renault engine on Sunday with Max Verstappen finishing seventh, just ahead of teammate Carlos Sainz Jr.
Both Red Bull drivers were lapped by race winner Sebastian Vettel, whose joy at winning in only his second race at Ferrari is probably matched by his relief at dodging the bullet of being stuck with the Red Bull-and-Renault partnership again after a fruitless 2014.
The fact that Red Bull were beaten by Toro Rosso would seem to suggest not all their ills are the fault of Renault, something Cyril Abiteboul, Renault’s F1 chief, had been keen to point out before Malaysia, in reaction to Horner’s comments.
The RB11 chassis appears to lack the grip of its predecessors and neither Ricciardo, so good last year, or Kvyat, have been able to find a good balance.
It was the 2014 car’s exceptional aerodynamic performance that made up for the shortcomings of the Renault engine last season, compared to Mercedes.
Take that away and they look ordinary.
It was unpleasant to see Red Bull and Renault going so public in the blame game, achieving nothing positive from it and creating only more disharmony.
Red Bull and Renault dominated F1 as a pairing between 2010 and 2013, winning the drivers’ and constructors’ doubles four years in succession and accumulating 41 wins in that period.
But you often learn more about someone’s character in defeat rather than victory.
It is easy to win, but handling defeat, learning from it and trying to find a way forward, that takes character and drive.
Red Bull, and Horner in particular, have done themselves no favours with their behaviour this season, including the plea for the engine regulations to be equalised because it was unfair that one manufacturer, Mercedes, had an edge – despite the fact they had done a better job.
That was a low point, when you consider Red Bull is the team that hammered the opposition for four seasons and cared not one jot then about an equal fight when it was they who were in the ascendancy.
Renault, it seems, have not done as good a job as their rivals, but then neither have Red Bull’s engineers.
Less talk and more work in the factory is advisable for the team.
No doubt, Horner will keep a lower profile in China in two weeks as he and Red Bull come to terms with the fact their bid to get anywhere near the likes of Mercedes-GP, Ferrari and Williams will make this a long year indeed.
If Horner needs inspiration he only needs to look at Ferrari. A poor engine and an aerodynamically inferior car gave them their worst season in 21 years in 2014, yet one winter later they were the victors in Malaysia and have gone from being midfield runners to championship contenders.
It may not happen overnight but Red Bull and Renault can come back. First, though, they must end the blame game so they can begin moving in the right direction.
gcaygill@thenational.ae
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
New schools in Dubai
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.”
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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.
Company%20Profile
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