logo
Austrian GP follows Miami in extending F1 contract to 2041

Austrian GP follows Miami in extending F1 contract to 2041

Straits Times20 hours ago

SPIELBERG, Austria - The Austrian Grand Prix at the Red Bull Ring will stay on the calendar through 2041 after announcing on Sunday a contract extension that equals Miami as the longest in Formula One.
The current deal, last extended two years ago, ran to 2030.
The circuit in Spielberg is owned by the Austrian energy drinks company that owns Red Bull Racing, and has Dutch four times world champion Max Verstappen as their star driver, and Italy-based Racing Bulls.
Miami agreed a 10-year extension to 2041 last month.
Behind them, Bahrain has a deal to 2036, Melbourne to 2035, Saudi Arabia and Qatar to at least 2032.
"Austria has long been an incredibly special race for Formula One so it's fantastic we have secured the long-term future of a Grand Prix so deeply rooted in the sport's history," said Formula One chief executive Stefano Domenicali.
Verstappen has won a record five times in Spielberg, a 4.3km circuit known for its picturesque backdrop and undulating layout.
The late Red Bull founder Dietrich Mateschitz, whose son Mark is now at the helm, invested heavily in renovating the circuit.
"I am delighted that Formula One will remain at the Red Bull Ring for many years to come. I am proud to continue my father's legacy," he said. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Meta spending big on AI talent but will it pay off?
Meta spending big on AI talent but will it pay off?

Business Times

time3 hours ago

  • Business Times

Meta spending big on AI talent but will it pay off?

[NEW YORK] Mark Zuckerberg and Meta are spending billions of dollars for top talent to make up ground in the generative artificial intelligence race, sparking doubt about the wisdom of the spree. OpenAI boss Sam Altman recently lamented that Meta has offered US$100 million bonuses to engineers who jump to Zuckerberg's ship, where hefty salaries await. A few OpenAI employees have reportedly taken Meta up on the offer, joining Scale AI founder and former chief executive Alexandr Wang at the Menlo Park-based tech titan. Meta paid more than US$14 billion for a 49 per cent stake in Scale AI in mid-June, bringing Wang on board as part of the deal. Scale AI labels data to better train AI models for businesses, governments and labs. 'Meta has finalised our strategic partnership and investment in Scale AI,' a Meta spokesperson told AFP. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'As part of this, we will deepen the work we do together producing data for AI models and Alexandr Wang will join Meta to work on our superintelligence efforts.' US media outlets have reported that Meta's recruitment effort has also targeted OpenAI co-founder Ilya Sutskever; Google rival Perplexity AI, and hot AI video startup Runway. Meta chief Zuckerberg is reported to have sounded the charge himself due to worries Meta is lagging rivals in the generative AI race. The latest version of Meta AI model Llama finished behind its heavyweight rivals in code writing rankings at an LM Arena platform that lets users evaluate the technology. Meta is integrating recruits into a new team dedicated to developing 'superintelligence,' or AI that outperforms people when it comes to thinking and understanding. 'Mercenary' Tech blogger Zvi Moshowitz felt Zuckerberg had to do something about the situation, expecting Meta to succeed in attracting hot talent but questioning how well it will pay off. 'There are some extreme downsides to going pure mercenary... and being a company with products no one wants to work on,' Moshowitz told AFP. 'I don't expect it to work, but I suppose Llama will suck less.' While Meta's share price is nearing a new high with the overall value of the company approaching US$2 trillion, some investors have started to worry. Institutional investors are concerned about how well Meta is managing its cash flow and reserves, according to Baird strategist Ted Mortonson. 'Right now, there are no checks and balances' with Zuckerberg free to do as he wishes running Meta, Mortonson noted. The potential for Meta to cash in by using AI to rev its lucrative online advertising machine has strong appeal but 'people have a real big concern about spending,' said Mortonson. Meta executives have laid out a vision of using AI to streamline the ad process from easy creation to smarter targeting, bypassing creative agencies and providing a turnkey solution to brands. AI talent hires are a long-term investment unlikely to impact Meta's profitability in the immediate future, according to CFRA analyst Angelo Zino. 'But still, you need those people on board now and to invest aggressively to be ready for that phase' of generative AI, Zino said. According to The New York Times, Zuckerberg is considering shifting away from Meta's Llama, perhaps even using competing AI models instead. Penn State University professor Mehmet Canayaz sees potential for Meta to succeed with AI agents tailored to specific tasks at its platform, not requiring the best large language model. 'Even firms without the most advanced LLMs, like Meta, can succeed as long as their models perform well within their specific market segment,' Canayaz said. AFP

China's Zijin Mining to acquire Kazakh gold mine in US$1.2 billion deal
China's Zijin Mining to acquire Kazakh gold mine in US$1.2 billion deal

Business Times

time4 hours ago

  • Business Times

China's Zijin Mining to acquire Kazakh gold mine in US$1.2 billion deal

CHINA'S biggest gold and copper producer Zijin Mining said on Monday it had agreed to buy one of the largest gold mines of Kazakhstan, the Raygorodok Gold Mine, for US$1.2 billion. Zijin said its unit Zijin Gold International and Jinha Mining, a subsidiary of Zijin Gold, had inked a deal to acquire the rights of RG Gold and RG Processing, the Kazakhstan-based gold mining firms that currently own and operate the Raygorodok gold mine. The gold mine comprises the mine assets held by RGG and the processing plant assets held by RGP, Zijin said in a statement. The timing of the deal aligns with a surge in global gold prices amid ongoing uncertainty around US-China trade tensions. Earlier in April, Zijin laid out its intention to spin off its unit, Zijin Gold International, and list it in Hong Kong as part of a reorganisation of its overseas gold assets.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store