List of All Articles with Tag 'f'

SAO PAULO Brazil joined the World Trade Organization's agreement on trade in civil aircraft on Friday, a move

Canadian financial group Fairfax Financial Holdings Ltd. offered to buy out minority shareholders of agriculture technology firm Farmers

Germany sees itself as the European defender of solid finances with its debt brake restricting the public deficit

Mercedes boss Toto Wolff lost his cool in a wild and chaotic defence of the shambolic start to this weekend’s Las Vegas Grand Prix. On Formula One’s much-anticipated return to Sin City after more than 40 years away, opening practice was scrapped with just eight minutes on the clock when Carlos Sainz’s Ferrari was damaged by a drain cover at 210mph. Second practice was delayed by two and a half hours as repairs were carried out. The running then took place in front of empty grandstands after disgruntled spectators were ejected to comply with local employment laws. However, Wolff – whose position at Mercedes is under scrutiny following his team’s abysmal performance at the last round in Brazil – elected to fight Formula One’s corner. “This is not a black eye (for F1),” said the Mercedes team principal. “This is nothing. “It is Thursday night. We have one practice session that we are not doing. They are going to seal the drain covers and nobody will talk about that tomorrow.” A journalist described Wolff’s comments as “absolute rubbish”, leading the Austrian, 51, to hit back: “Did you ask the question? It’s completely ridiculous, completely ridiculous. “How can you even dare to talk badly about an event that sets the new standard? You’re speaking about a f****** drain cover that’s been undone, and that has happened in F1 before. “It is first practice. Give credit to the people that have set up this Grand Prix, and that have made the sport much bigger than it ever was. “(F1’s owners’) Liberty Media have done an awesome job, and just because a drain cover has become undone, we shouldn’t be moaning. “We need to analyse how we can make sure that this doesn’t happen again. But sitting here talking about a black eye for the sport on a Thursday evening… nobody watches that in European time anyway.” Read More Toto Wolff fuelled by ‘personal anger’ to help Lewis Hamilton win eighth title On this day in 2010: Sebastian Vettel becomes youngest ever F1 world champion Lewis Hamilton ‘counting down days’ to end of season after another poor race

Everton have criticised the Premier League’s decision to issue the club with a 10-point deduction as punishment for breaching financial fair play rules, and have vowed to appeal against the decision. The Premier League referred Everton to an independent commission in March for an alleged breach of its profitability and sustainability rules in the period ending in the 2021-22 season, and the league recommended a deduction of up to 12 points. On Friday a Premier League statement said: “The Commission determined that Everton FC’s PSR Calculation for the relevant period resulted in a loss of £124.5m, as contended by the Premier League, which exceeded the threshold of £105m permitted. The Commission concluded that a sporting sanction in the form of a 10-point deduction should be imposed. That sanction has immediate effect.” Everton reacted with anger at the news and rejected the finding that they failed to act in good faith during the Premier League’s investigation. “Everton Football Club is both shocked and disappointed by the ruling of the Premier League’s Commission,” it said in a statement. “The Club believes that the Commission has imposed a wholly disproportionate and unjust sporting sanction. The Club has already communicated its intention to appeal the decision to the Premier League. The appeal process will now commence and the Club’s case will be heard by an Appeal Board appointed pursuant to the Premier League’s rules in due course. “Everton maintains that it has been open and transparent in the information it has provided to the Premier League and that it has always respected the integrity of the process. The Club does not recognise the finding that it failed to act with the utmost good faith and it does not understand this to have been an allegation made by the Premier League during the course of proceedings. Both the harshness and severity of the sanction imposed by the Commission are neither a fair nor a reasonable reflection of the evidence submitted. “The Club will also monitor with great interest the decisions made in any other cases concerning the Premier League's Profit and Sustainability Rules. “Everton cannot comment on this matter any further until the appeal process has concluded.” The sanction was put into immediate effect, meaning Everton dropped from 14th to 19th in the Premier League, and from 14 points to four. Everton had announced a total loss of over £300m for the three-year period from 2019 to 2022, far above the £105m permitted. However, clubs were also permitted additional losses related to the Covid-19 pandemic and infrastructure costs are exempt, meaning there is a grey area in terms of interest payments on the costs of building Everton’s new stadium. Everton contend that that is where the discrepancy lies and that it is a matter of the interpretation of accounting. In addition, Everton had a £200m pre-agreement for a naming rights deal for their new Bramley-Moore Dock stadium with USM, Alisher Usmanov’s company, which they had to abandon after Russia’s illegal invasion of Ukraine in February 2022. Everton have willingly operated under a de facto salary cap since then. The Premier League provided the club with financial guidelines and Everton have a net profit of £28m from the last four transfer windows – the third largest, after Leicester and Brighton, in that time. The Independent have previously reported that an extra layer of political pressure was exerted by the anticipated introduction of an independent football regulator – as laid out by Prime Minister Rishi Sunak in the King’s Speech earlier this month – with other figures in the sport believing the Premier League is attempting to show the government it can regulate itself. Eyes will now turn to Burnley, Leeds United and Leicester City, who had threatened to sue the Merseyside club for financial losses should they be found guilty of an FFP breach. Read More Watch: Everton CEO responds to Premier League after point deduction Everton rocked by points deduction as Premier League toughens on financial fair play Victor Lindelof: Scoring more goals is next step for Manchester United Sean Dyche: Everton are starting to show belief on the road after latest win Everton edge Crystal Palace in five-goal thriller On this day in 2014: David Moyes appointed Real Sociedad head coach

Everton have been given a 10-point deduction after an independent commission found them guilty of breaching the Premier League’s financial fair play (FFP) rules. The club plan to appeal against what they regard as a disproportionate and “unjust” punishment and said they were “shocked and disappointed” by the decision and the sanction. But as it stands, Sean Dyche’s men will drop from 14th to 19th place in the Premier League table and be plunged into greater danger of relegation as they only stay above bottom side Burnley on goal difference. The Toffees become the first English top-flight club to receive such a punishment for falling foul of FFP guidelines. They are just the third club in the Premier League era to be deducted points for any reason: Portsmouth saw nine points taken away for entering administration in 2010 and Middlesbrough were slapped with a three-point deduction for illegally postponing a game in 1997 – both teams subsequently suffering relegation at the end of the season. A statement from the Premier League read: “An independent commission has imposed an immediate deduction of 10 points on Everton FC for a breach of the Premier League’s Profitability and Sustainability Rules (PSRs). “The Premier League issued a complaint against the club and referred the case to an independent commission earlier this year. During the proceedings, the club admitted it was in breach of the PSRs for the period ending season 2021-22 but the extent of the breach remained in dispute. “Following a five-day hearing last month, the commission determined that Everton FC’s PSR calculation for the relevant period resulted in a loss of £124.5m, as contended by the Premier League, which exceeded the threshold of £105m permitted under the PSRs. The commission concluded that a sporting sanction in the form of a 10-point deduction should be imposed. That sanction has immediate effect.” Last month, the Premier League had recommended a deduction of up to 12 points for the Toffees, as they urged the independent commission to impose a severe sanction. Everton responded in a club statement that said: “Everton Football Club is both shocked and disappointed by the ruling of the Premier League’s commission. “The club believes that the commission has imposed a wholly disproportionate and unjust sporting sanction. The club has already communicated its intention to appeal the decision to the Premier League. The appeal process will now commence and the club’s case will be heard by an appeal board appointed pursuant to the Premier League’s rules in due course. “Everton maintains that it has been open and transparent in the information it has provided to the Premier League and that it has always respected the integrity of the process. “The club does not recognise the finding that it failed to act with the utmost good faith and it does not understand this to have been an allegation made by the Premier League during the course of proceedings. Both the harshness and severity of the sanction imposed by the commission are neither a fair nor a reasonable reflection of the evidence submitted. “The club will also monitor with great interest the decisions made in any other cases concerning the Premier League’s Profit and Sustainability rules.” Manchester City face 115 charges for allegedly breaching FFP rules in a case that has not yet been heard while Chelsea could also face charges relating to former owner Roman Abramovich’s reign. Everton had announced a total loss of over £300m for the three-year period from 2019 to 2022, far above the £105m permitted. However, clubs were also permitted additional losses related to the Covid-19 pandemic and infrastructure costs are exempt, meaning there is a grey area in terms of interest payments on the costs of building Everton’s new stadium. Everton contend that that is where the discrepancy lies and that it is a matter of the interpretation of accounting. In addition, Everton had a £200m pre-agreement for a naming rights deal for their new Bramley-Moore Dock stadium with USM, Alisher Usmanov’s company, which they had to abandon after Russia’s illegal invasion of Ukraine in February 2022. Everton have willingly operated under a de facto salary cap since then. The Premier League provided the club with financial guidelines and Everton have a net profit of £28m from the last four transfer windows – the third largest, after Leicester and Brighton, in that time. The Independent has previously reported that an extra layer of political pressure was exerted by the anticipated introduction of an independent football regulator – as laid out by prime minister Rishi Sunak in the King’s Speech earlier this month – with other figures in the sport believing the Premier League is attempting to show the government it can regulate itself. Eyes will now turn to Burnley, Leeds United and Leicester City, who had threatened to sue the Merseyside club for financial losses should they be found guilty of an FFP breach. Read More Watch: Everton CEO responds to Premier League after point deduction Everton vow to fight to ‘unjust’ Premier League points deduction Victor Lindelof: Scoring more goals is next step for Manchester United Sean Dyche: Everton are starting to show belief on the road after latest win Everton edge Crystal Palace in five-goal thriller On this day in 2014: David Moyes appointed Real Sociedad head coach

One of the major investors caught in Credit Suisse’s historic wipeout of AT1s just bought similar securities sold

FRANKFURT The European Central Bank should reduce the amount of interest it pays commercial banks on reserves held

By Bhanvi Satija and Amruta Khandekar Retail flows into Eli Lilly spiked to a more than two-year high

Formula One bosses were facing up to one of the most embarrassing days in the sport’s recent history after practice for the much-anticipated Las Vegas Grand Prix was completed at 4am in an empty arena. After months of hype leading up to the £500million race, the first running was abandoned with just eight minutes on the clock. Second practice was then delayed by two and a half hours, and played out in front of vacant grandstands after furious fans were ejected to comply with local laws. Ferrari’s Charles Leclerc topped the order, with Max Verstappen sixth and Lewis Hamilton ninth, but the event - billed by F1 chiefs as the greatest show on earth - dramatically unravelled more than seven hours previously. A water valve cover broke free from the newly laid tarmac and tore into the underbelly of Carlos Sainz’s Ferrari at 210mph on the Las Vegas Boulevard. The force of the impact visibly jolted Sainz in the cockpit and, amid a flurry of white smoke and orange sparks, disabled his machine. Race director Niels Wittich red-flagged the session, but not before Esteban Ocon also struck the debris. On-board footage from Fernando Alonso’s Aston Martin captured the 42-year-old dramatically dodging the loose drain cover. Eleven minutes later, at 8:49pm, it was announced practice would not be resumed. Both Sainz and Ocon escaped without injury - but their cars were severely damaged. A giant hole tore through Sainz’s Ferrari leaving his mechanics facing an extensive repair job. Team principal Frederic Vasseur, who appeared in a pre-arranged press conference moments later, was furious. “We completely damaged the monocoque, engine and battery,” he said. “It is just unacceptable.” Second practice had originally been scheduled to start at midnight. But it was postponed as all 30 drain covers along the 1.2-mile Las Vegas Boulevard - which runs against the backdrop of Caesars Palace, Bellagio and Venetian hotels - were inspected. The covers were removed and holes filled with concrete and quick-drying resin in a hasty repair job. The track was finally deemed fit-for-purpose at 2:30am local time. However, when the running resumed the stands were empty after strict labour laws posed a security risk. Some disgruntled fans, who refused to leave, were moved on by police. A general admission ticket for the three-day event costs 500 US dollars (£400), while a hospitality suite was sold at an eye-watering 150,000 US dollars (£120,000) for the three days. The disastrous failure in Las Vegas comes 48 hours after a Superbowl-like opening ceremony, and a day on from triple world champion Verstappen heavily criticising the staging of the Grand Prix - the first here in four decades - as “99 per cent show, and one per cent sport”. F1 executives are keen to build on the sport’s growing popularity in the United States. The race in Nevada joins Austin and Miami as the third in America. Yet the mess here drew parallels with the 2005 United States Grand Prix at Indianapolis where only six drivers took part amid tyre safety fears. Leclerc finished half-a-second clear of team-mate Sainz. Verstappen, a winner of 17 of the 20 rounds so far, was nine tenths adrift with Hamilton 1.3 sec back in his Mercedes. Third practice is due to begin at 8.30pm on Friday (4.30am GMT on Saturday) with qualifying for Saturday’s 50-lap race taking place at midnight (8.00am GMT on Sunday). PA Read More Carlos Sainz handed ‘ridiculous’ penalty after drain cover crash at Las Vegas GP Empty grandstands at Las Vegas GP as chaotic practice session takes place at 3am Toto Wolff launches furious defence of F1 after absurd start to Las Vegas GP Empty grandstands at Las Vegas GP as chaotic practice session takes place at 3am Toto Wolff launches furious defence of F1 after absurd start to Las Vegas GP Ferrari boss rages at F1 after ‘unacceptable’ loose drain cover wrecks Sainz’s car

ELK GROVE, Calif.--(BUSINESS WIRE)--Nov 17, 2023--

SAN MATEO, Calif.--(BUSINESS WIRE)--Nov 17, 2023--