Silverstone can become the best Formula One track in the world, the circuit's owners said today.
The managing director Richard Phillips said that the revamped circuit, which expects a 120,000-strong British Grand Prix crowd on Sunday, had qualities that had been built up over decades.
Silverstone, a former World War Two airfield owned by the British Racing Drivers' Club, hosted Formula One's first championship race in 1950 and now has a 17-year deal for the country's grand prix.
Criticised in recent years by the sport's commercial supremo Bernie Ecclestone for facilities that have fallen behind glittering state-funded venues in emerging economies like Abu Dhabi, Malaysia and China, the circuit has a major revamp under way.
Phillips said a new pit complex was due to be finished by May next year and some £36-37 million (Dh200m) would have been spent on improvements and new buildings by the end of 2011.
"They (Abu Dhabi) build a hotel that lights up in different ways, and that's absolutely fantastic," he said. "But have we got a better circuit than they have? Yes, I think we have. Have we got better crowds, a better atmosphere? Yes. We've got all those things.
"So we've got something that they will never have," added the Briton.
"If we can absolutely perfect our track, and everything we do build is cutting edge and spectacular, then why wouldn't people think that we are the best in the world?"
Damon Hill, the 1996 world champion who is president of the BRDC, said the new layout for this year's race - necessitated by the return of motorcycle grands prix to Silverstone - had kept the historic flavour of the venue.
"There are some lovely new corners," he said, later delivering a running commentary for reporters as he powered a Mercedes sportscar around the track with squealing tyres and scorched brakes.
"The new Abbey corner I think they (the drivers) are going to love and Farm is going to be really exciting.
"It's retained its traditional high speed format and continues to evolve. And there are some really great new places to watch from," added the Briton.
"You certainly can't recreate Silverstone somewhere else. New tracks are being built around the world...but it's a bit like a tree, it's grown out of this place, out of Europe. The great challenges for the drivers are what sells the sport.
"You want to race at Monza, Monaco, Silverstone, Spa or Suzuka because you have seen great drivers on those circuits and you want to know how you compare."
* Reuters
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
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
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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