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Formula One team Williams could quit PDF Print E-mail
Written by Harris Badar   
Sunday, 12 October 2008

FUJI SPEEDWAY, Japan: Williams chief executive Adam Parr has warned one of the bigger Formula One teams run by a major road-car manufacturer could quit the sport due to the global financial meltdown.

Parr said it wasn’t just the small independent teams — like Force India and Red Bull — who co ...
FUJI SPEEDWAY, Japan: Williams chief executive Adam Parr has warned one of the bigger Formula One teams run by a major road-car manufacturer could quit the sport due to the global financial meltdown.

Parr said it wasn’t just the small independent teams — like Force India and Red Bull — who could be hit by the current uncertainty that has seen stock-markets crash. “There is a serious possibility that one or two teams may pull out and they could be manufacturer teams,” he told the BBC.

“The assumption is that it would be an independent team but I don’t think this is necessarily the case,” he added. His warning followed comments by FIA president Max Mosley on Tuesday that Formula One will only survive if drastic spending cuts were implemented, suggesting the sport would no longer be credible if two teams dropped out.

Mosley said Formula One’s future was under threat because of the rising costs of running a team, and highlighted the fate of Super Aguri.The Japanese outfit dropped out of the championship after the Spanish Grand Prix this year due to a lack of funds. Parr said the problem was that the money being generated by teams was now less than it cost to participate.

“What is broken in Formula One is, in broad terms, the revenue available to the teams is less than the costs of participating in the sport,” he said.Concerned by the spiralling costs, Formula One chiefs will hold crisis talks after the Chinese Grand Prix on October 19 to work out a way forward. While agreeing that change was needed, Toyota motorsport president John Howett cautioned against any knee-jerk reactions.

“In the end, if we have pressure, we will be told that’s the budget and we will survive,” he was quoted as saying by www.autosport.com at the Japanese Grand Prix.“Clearly as a car manufacturer we will come under pressure because a number of markets are depressed, others are fairly buoyant like Russia and China. But I think the strong companies who continue to invest in marketing, who continue to invest in technology will become the winners,” he explained.
 
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Pak-Afghan Joint Economic Commission concludes

KABUL (Afghanistan): The 7th meeting of Pakistan-Afghanistan Joint Economic Commission concluded in Kabul on Wednesday with a pledge to bolster and explore avenues in trade and economic cooperation for the benefit of the people of the two countries.

The meeting was followed by the joint press conference addressed by Shaukat Tarin, Adviser on Finance, Government of the Islamic Republic of Pakistan, and Anwarul Haq Ahadi, Finance Minister of the Islamic Republic of Afghanistan.

The delegations of the two countries discussed in detail trade, economic coordination, Pakistan’s assistance for reconstruction in Afghanistan, and cooperation between the businessmen of the two countries, says a message received here from Kabul.

Both sides expressed satisfaction over the level of bilateral trade between the two countries and emphasized to explore further areas of cooperation in trade and economic sectors.

They also discussed the future avenues available to the two countries to act as a bridge between Central and South Asia.

The meeting discussed various aspects of Afghan Transit Trade Agreement, including mutual transit facilities to both the countries and making arrangements for expediting the carriage of goods in shortest possible time and removing hurdles in the smooth flow of trade and services.

On conclusion of the negotiations, Shaukat Tarin, Adviser on Finance and Anwarul Haq Ahadi, Finance Minister signed the agreed minutes of the Joint Economic Commission meeting.

Earlier, Adviser on Finance Shaukat Tarin paid a courtesy call on the President of the Islamic Republic of Afghanistan, Hamid Karzai at the Presidential Palace.

He conveyed to the President the messages of goodwill, and friendship from the president and the Prime Minister of Pakistan, President; Karzai noted with satisfaction the friendly relations with Pakistan and reiterated that he had full confidence in the leadership of President Asif Ali Zardari and the democratically elected government of Pakistan.

President Karzai also urged the economic teams of both the countries to work for enhancing the bilateral trade by making use of the geography of Pakistan and Afghanistan which could serve as a bridge between Central Asia and South Asia.

Shaukat Tarin also held separate meetings with Afghan Foreign Minister, Dr. Rangin Dadfar Spanta and Finance Minister Dr. Anwarul Haq Ahadi.

The Afghan Chambers of Commerce and Industry (ACCI) hosted a lunch in honour of Pakistan’s Adviser on Finance and his delegation. Prominent businessmen

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