Red Bull Heir Moves $1.1 Billion Stake to Geneva Trust Firm
Chalerm Yoovidhya, a son of the Thai businessman, got the remaining 2% and has kept it for around four decades as Red Bull became a roaring success and turned him, his father and at least nine other family members into billionaires.
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Newsweek
an hour ago
- Newsweek
OPEC+ Countries Agree to Boost Oil Production: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Members of the Organization of Petroleum Exporting Countries (OPEC+) on Sunday announced plans to increase oil production by over half a million barrels per day for September as concerns over supply disruptions persist. The eight members of OPEC+ held a virtual meeting in response to U.S. pressure on some nations—such as India—to halt all Russian oil purchases in an additional move aimed at pressuring Moscow to end its ongoing conflict in Ukraine. However, OPEC+ said it would increase output due to a healthy economy and low oil inventory, with oil prices remaining at a higher level even as output has increased from members. Newsweek reached out to the White House and Department of Energy (DOE) by email on Sunday outside of normal business hours for comment. Why It Matters President Donald Trump in last year's presidential campaign promised to tackle a number of major targets, including an end to the Russia-Ukraine war and lowering prices for Americans amid high inflation. Russian President Vladimir Putin's resistance to diplomatic efforts has frustrated Trump and forced the U.S. to seek more creative means to try and achieve an end to the war that began in February 2022. What To Know The U.S. has looked at imposing tariffs on Russia and convincing countries that still purchase Russian oil to switch to other sources. Some feared that these actions could drive up gas prices for Americans, as well. However, those fears appear to have been averted as OPEC+ agreed to increase production, providing a healthy alternative to Russian oil. OPEC+ includes Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. It remains unclear how this could impact Russia's other sales and negotiations. OPEC+ has made voluntary production cuts since November 2023, with plans to phase those cuts out by September 2026, but the announcement means that the countries will increase output for the second time this year—following July's announcement of a similar increase in August—and effectively ending the program early. Prices have remained at the higher rate of around $70 a barrel for Brent crude despite the increased output, however, raising some doubts as to what impact the increased output might have on gas prices. An Austrian soldier stands outside of the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) in Vienna, Austria on May 28. An Austrian soldier stands outside of the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) in Vienna, Austria on May 28. Joe Klamar/AFP via Getty Images What People Are Saying President Donald Trump last week wrote on Truth Social, in part: "We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves. We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India some day!" Mark Temnycky, a nonresident fellow at the Atlantic Council think tank's Eurasia Center, previously told Newsweek: "If the U.S. follows with new restrictions or tariffs, Americans could see higher energy prices, especially at the gas pump and in sectors tied closely to fuel, like transportation and manufacturing." He added: "These cost increases may filter down to everyday goods as companies adjust for rising input expenses. In addition, inflation will be a concern for many American consumers and policymakers." What Happens Next? The members will meet again in September for further discussions and adjustments to production. This article includes reporting by the Associated Press.
Yahoo
a day ago
- Yahoo
‘I've seen F1 go from a man's world to women at the front of the queue'
When race promoter Ariane Frank-Meulenbelt took over the running of the Hungarian Grand Prix in 2012, Formula One was very much still a man's world. Now, she sees the demographic of both the fans and those who work in motorsport changing. 'It's getting younger. It's getting way more female. I watch the opening of the gates at every grand prix and the thing that really struck me last year was that the first people at the gate were young women,' she says. 'The noses pressed up to the gate were all women.' Having held its inaugural race in 1986, the Hungarian GP was the first and only grand prix to ever be held behind the Iron Curtain. Celebrating its 40th year in 2025, it remains one of the longest running and most popular on the F1 calendar The Formula One Group (FWONK) has an estimated market cap of £24bn, and posted revenue of $3.41bn (£2.54bn) for 2024, up 5.9% annually. How F1 became the family business Frank-Meulenbelt's own entry into the F1 scene started at the age of 14, when the family business – set up by her father, uncle and mother – took over the promotion rights for the Hungarian GP in 1994. 'My father's English was notoriously bad, so he started dragging me with him around the world to help him translate in meetings and in contracts. So I started very young in this business.' Now splitting her time between Budapest and Vienna, Frank-Meulenbelt – officially the vice-president for international relations at the Hungaroring motorsport circuit – spent a stint working for Red Bull in London before returning home to the Austrian capital in 2007 knowing that at some point she was likely to take over the family firm. However, tragedy struck in 2012 with the sudden death of her father and she unexpectedly had to step up and take his place – just weeks before that year's Hungarian GP and with her one-year-old son in tow. 'That was a shock to the system. We all heavily relied on him as a family and also as a business. I mean, he was very much the heart and soul of the F1 business, especially. It was seven weeks before the grand prix and there was no handover,' she recalls. Her father, Tamas Frank, was very much an 'old-style' businessman – 'he was very much relationships, two mobile phones and not much documentation' – so there was very little to work with. But cancelling the event was never in question and she had strong support from then F1 supremo Bernie Ecclestone. 'I remember Bernie calling me and saying, 'If you don't want to have the grand prix, let me know and we'll find a solution.' And that hadn't crossed my mind. It was clear we were going to carry on. And, you know, luckily it was a big team and a lot of them have been involved for many, many years, and we made it work.' Despite the tragic circumstances and ensuing challenges, the 2012 Hungarian GP did go ahead and was won by Lewis Hamilton. Not that she really remembers much; it was all an emotional blur. But the race went ahead and that's what mattered. F1 promoter in her own right Fast forward to 2025, and Frank-Meulenbelt has established herself as a race promoter in her own right. Last year alone, a record 300,000 spectators flocked to Budapest for the Hungarian Grand Prix, long deemed a classic on the F1 calendar. She also works closely with the Austrian GP, for which her company sells tickets. Meanwhile, at home, the toddler of 2012 is now a strapping teenager with a younger brother also in double digits. But while she at least had a year at home with her oldest child, the second time round was very different as she had little, if any maternity leave. 'He was in the office with me and I had a lot of help,' she explains. Read more: 'We were told being bald is bad — but our skincare gel hit 8,000 orders in one month' Indeed, Meulenbelt-Frank is the first to admit that juggling a successful career in motorsport with family life is a challenge – particularly with travelling frequently. 'I've got to be honest, it's hard. I can't say that I'm there for every school play or sports tournament. But I've got a very supportive husband and if I'm not there, he is.' They do carve out time as a family wherever possible, though, and the Hungarian GP still sees all family hands on deck. Her older son even had a small role at the 2024 event – just as she had started out with her father. 'That was a full circle moment for me,' she says. Her proudest professional moment, undoubtedly, is helping get Formula One back on the road through COVID, when many teams looked set to fail without sponsorship money. After the start of the 2020 season was cancelled, it came back to life behind closed doors – first in Austria, which held two races, and then Hungary, over three consecutive weekends in July. When first asked whether she could imagine holding a closed-door event in seven weeks' time, Meulenbelt-Frank thought 'have you lost it?'. 'But within about half an hour, we thought let's try and get together with our friends in Austria. We knew that we were going to find a way to get the sport back on the road.' Read more: A naval officer's submarine saga inspired me to become a leader 'Those seven weeks were like reinventing the wheel. Nobody knew how you put on an event with so few people, borders shut and at the height of COVID and testing. But we managed to pull off three successful events between us and that's what got F1 on the road and then other sports like football followed.' After over a decade managing the event herself, such achievements are very much her own. 'I've never thought of myself as 'oh, it's weird because I'm a woman'. For me, it was always strange because I was a daughter. I always thought, I wonder if they're still looking at me as a 14-year-old, or whether they're taking me seriously. 'And that's taken quite a lot of time to say, actually, I'm now known for my own achievements – you know, keeping the business going in COVID and growing the business, making new contracts and seeing the ticket sales for the Hungarian Grand Prix skyrocket. These are achievements I have to credit to myself; there's nobody else around to credit them to.' Times have definitely changed since Frank-Meulenbelt joined the top table in motorsport. Whereas once women in the sport tended to be hospitality and 'grid girls', they are now far more present at every level – from the C-suite down to the fans. Read more: I ditched waking up before 5am every day to grow my luxury bedding brand Much of this reflects wider societal changes, but it is also in large part down to Liberty Media's 2017 takeover of F1, which has seen the sport modernise its business model, expand its global reach and grow its fanbase. Under Liberty's leadership, F1 has also zoomed onto the screens of millions thanks to Netflix series Drive To Survive and thanks to the recently-released F1: The Movie, part of which was filmed at the Hungaroring. 'We'll see whether it's too much for the casual fan, but I think it'll give it the next big push,' she observes. 'The racing scenes are incredible.' As for the young women at the Hungaroring gates who may, one day, want to enter the F1 business… 'I think it's a great thing. And If they think I'm paving the way for them, that's great too.'Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
2 days ago
- Newsweek
Christian Horner Under Fire As Council May Tear Down Luxury Mansion Renovations
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Former Red Bull Racing CEO and team principal Christian Horner and his wife Geri Halliwell-Horner are under fire after recent planning permission issues at their Oxford mansion. The couple live in a grade II listed property, a former vicarage in Marston St Lawrence, in Oxfordshire. With plans now going ahead for the construction oak-framed pergola and gazebo in April of this year, it's been reported that the couple didn't receive planning consent, not only due to the listed nature of the property, but also the fact it's in a designated conservation area. Because of this, planning in a necessity. On top of this, construction is also ongoing on an outdoor kitchen, which will be built alongside an existing helipad, orangery, stables, boating lake and two swimming pools. Christian Horner, Team Principal of Oracle Red Bull Racing in the Team Principals Press Conference during practice ahead of the F1 Grand Prix of Great Britain at Silverstone Circuit on July 04, 2025 in Northampton,... Christian Horner, Team Principal of Oracle Red Bull Racing in the Team Principals Press Conference during practice ahead of the F1 Grand Prix of Great Britain at Silverstone Circuit on July 04, 2025 in Northampton, England. MoreAccording to a report from the Daily Mail, the local council can order the family to demolish any work that has been done to the property without permission. The Horners are applying for retrospective planning permission, but it can still be rejected despite the work already being started. The family applied for this retrospective planning permission the day before he was dropped from Red Bull after a string of disappointing results. "Red Bull has released Christian Horner from his operational duties with effect from today," Red Bull GmBH said in a statement. Horner followed this up with a heartfelt post to the team's many fans and followers: "After an incredible journey of twenty years together, it is with a heavy heart that today I say goodbye to the Team I have absolutely loved. Every one of you, the amazing people at the factory, have been the heart and soul of everything that we have achieved. Win and lose, every step of the way, we have stood by each other as one and I will never forget that. It's been a privilege being part of and leading this epic Team and I am so proud of our collective accomplishments and you all. "Thanks to the amazing partners and fans who enabled us to go racing. Your support has helped grow the team from its humble beginnings to an F1 powerhouse that laid claim to 6 Constructors Championships and 8 Drivers Championships. "Equally, thank you to our rivals, with whom there would be no racing at all. You've pushed us, challenged us, and enabled us to achieve accolades we never dreamed possible. The competition has made every victory sweeter and every setback an opportunity to develop and grow. "Formula 1 is a sport built on relentless ambition, passion, and respect. The rivalries have been fierce, but the mutual drive to innovate and raise the bar is what has made this journey so special. "It's been an honour to be part of this incredible era of motorsport. I leave with immense pride in what we've achieved and also with what's in the pipeline for 2026 — and huge respect for everyone who's made F1 the pinnacle it is today. Thank You"
