Team boss Vowles signs long-term Williams F1 contract
LONDON - Williams team principal James Vowles has signed a new long-term contract, the former Formula One world champions said on Thursday.
Vowles, 45, joined Williams from Mercedes in 2023 and has helped turn around their fortunes with the British-based team fifth overall after 10 of 24 races.
Williams, who gave no details about the contract, have scored more points (55) this season with drivers Carlos Sainz and Alex Albon than in the last three combined.
Vowles said in a statement the team had "felt like home from the moment I walked through the door."
"We are all united in our ambition to build on our legacy and win World Championships again. Over the past two years we have focused on fixing the foundations, and now have a platform to go for glory in the years to come." REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
35 minutes ago
- Business Times
China keeps benchmark lending rates unchanged as expected in June
[SHANGHAI] China kept benchmark lending rates unchanged as expected on Friday, after Beijing rolled out sweeping monetary easing measures a month earlier to support the economy. The one-year loan prime rate (LPR) was kept at 3 per cent, while the five-year LPR was unchanged at 3.50 per cent. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. In a Reuters poll of 20 market participants conducted this week, all participants predicted no change to either of the two rates. Last month, China lowered LPRs for the first time since October, while major state banks lowered deposit rates as authorities cut borrowing costs to help buffer the economy from the impact of the Sino-US trade war. REUTERS
Straits Times
2 hours ago
- Straits Times
Singapore's banking hub has a corner where cash is still king
Travelers with cash also avoid the higher exchange rates and foreign transaction fees imposed by many credit cards. PHOTO: ST FILE SINGAPORE - In the heart of Singapore, a financial hub where billions of dollars zip around the world over computer screens in nanoseconds, there's a crowded building where cash still reigns. Six days a week, hundreds of people line up at The Arcade, a narrow, three-story plaza abutting Raffles Place square, to buy and sell hard currency at one of around 30 money changer stalls. All manner of notes can be had in minutes: Singapore dollars for British pounds? Coming right up. Indonesian rupiah for Vietnamese dong? Icelandic króna? Maldivian rufiyaa? No problem. Some 150 currencies are available. 'Cash will remain forever,' said Abdul Haleem, 65, a veteran of the industry whose kiosk sits at the entrance to the The Arcade. The towering offices of global banking giants JPMorgan Chase & Co. and Bank of China are just steps away. The number of licensed money changers in Singapore dropped during the Covid-19 pandemic when many people were unable to travel and retail shops struggled to pay rent. But there are close to 250 physical stalls still operating, and new ones continue to spring up across Singapore. That's even though multi-currency payment apps such as YouTrip, Wise and Revolut have grown in popularity. To understand how so many money changers can survive the digital age, you need to know a bit about Singapore's place in the world. Though it's now among the richest countries – where financial titans from UBS Group to BlackRock manage more than US$4 trillion and billionaires including James Dyson, Ray Dalio and Sergey Brin have set up family offices – the nation remains a shipping and transit hub at its core. Hundreds of vessels anchor in Singapore's harbour each day, many waiting to load and unload cargo at one of the world's busiest ports. For decades, that's made Raffles Place a prime location for money changers, just a few blocks from where the Singapore River empties into the Singapore Strait. Many sailors need to swap cash from their previous locations, and change money for their next destination. 'They get off the boat and come right here,' said Mr Haleem, whose uncle Abdul Gaffoor, now 99, started City Money Changers on the Arcade's ground floor in 1980. Old-world relic Many office workers also come in search of the best exchange rates – which are often better than what banks offer. Mohamed Rafik, 55, a partner at Arcade Money Changers, a stall opposite Haleem's, remains optimistic. His evidence is that there are new licensees entering the industry who wouldn't do it if they couldn't make a living. 'Money changers won't go out of business,' said Mr Rafik, while handling cash and paper receipts on a busy afternoon. Digital payment wallets may seem attractive now, but the companies also have overheads and may try to increase rates in the long run, he predicted. Right now, a thriving tourism industry is driving demand during the June school holidays. Singapore is close to South-east Asian holiday hotspots like Phuket in Thailand, Vietnam's Ha Long Bay and Bali, Indonesia, where cash is still needed to pay for food at street stalls or small restaurants, or to offer tips. Travelers with cash also avoid the higher exchange rates and foreign transaction fees imposed by many credit cards. For Christina Ng, a teacher in her 40s who came to Haleem's stall for Korean won, cash gives a sense of security while traveling. Paying with notes and coins is also a lesson for her three children. 'I want them to learn how to use the cash and do the transaction, so they need to see the physical money,' she said. 'We don't want them to just tap, tap, tap without actually knowing what they're spending on.' The money changers are good leading indicators of travel trends. Whereas demand used to be strongest for US dollars and Malaysian ringgit, the Japanese yen is now most sought-after, along with Korean won and Taiwanese dollars, Mr Haleem said. At the Arcade, the money changers carve out an existence on the fringes of the multi-trillion dollar global foreign-exchange market. Frugality gives them an edge against the financial institutions that occupy the opulent towers surrounding Raffles Place, according to Mr Rafik at Arcade Money Changers. The changers will survive even if digital platforms cut their margins to zero to gain market share, he said. Congregating in one location attracts more customers, but it also pares margins to the bone. Foreign currency bought at a commercial bank can cost 1 per cent to 4 per cent or more once you factor in a poorer exchange rate and transaction fees. At City Money Changers, it's a high-volume, low-margin business where Mr Haleem typically makes fractions of a penny on the dollar in a swap. 'Everybody wants to see the best price so they will shop around,' he said, while taking a break from his tiny kiosk. On the afternoon of June 19, Haleem's stall was selling the US dollar at S$1.2900, versus the S$1.2972 offered by DBS Group Holdings, Singapore's largest bank, on its retail app. The cash exchange rate wasn't as favourable as YouTrip's rate of S$1.2877 per US dollar. With all this cash on hand – some changers can turn over $500,000 a day, he says. Regulators have scrutinized the industry in the past, concerned about the potential for money laundering. In 2016, the Monetary Authority of Singapore (MAS) cited a Raffles Place currency changer, along with other banks, for their roles in the scandal at 1MDB, the Malaysian sovereign wealth fund. The probe revealed inadequate risk management practices at the changer, and failure to identify the beneficial owners of funds. Money changers are now required to conduct customer due diligence measures for cash transactions exceeding $5,000, or for those topping $20,000 where the money is funded from an identifiable source like a bank account. That includes verifying customers' identities and keeping proper transaction records. The industry poses a 'moderate level' of money-laundering threats due to its cash-intensive nature, said an MAS spokesperson. Mr Haleem, who's been at this trade for 40 years, concedes that the future isn't all bright for his industry. Business is about half that of pre-Covid levels, and the increased competition is eroding margins, while wild currency swings can leave him sitting on devalued cash overnight. He predicts the trend toward digital payments is only going to accelerate. 'It will become worse and worse,' he said, though he thinks there will always be a little room in people's wallets for cold hard cash. One floor up at Crown Exchange, Thamim A.K., a money changer in his 60s, is more sanguine. Sitting in a backroom surrounded by wads of Korean won and Indonesian rupiah, he says his 40 years of trading, with all its ups and downs, gives him hope for the future. 'I've seen everything, all the currencies, fluctuations,' Mr Thamim said. 'The bank notes business is still there. It's growing, in fact. It's fighting with digital.' BLOOMBERG Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
2 hours ago
- Straits Times
Australia drop Labuschagne, rule out Smith for Windies opener
Australia have dropped Marnus Labuschagne for next week's first test against West Indies in Barbados with Sam Konstas and Josh Inglis coming into the batting line-up for the erstwhile opener and Steve Smith, who is injured. Labuschagne opened the batting in the World Test Championship final, contributing scores of 17 and 22 to Australia's cause as the defending champions lost to South Africa by five wickets. Smith dislocated his finger while fielding at Lord's, leaving a vacancy at the top of the batting order for the first match in the three-test series in the Caribbean. "Steve needs more time for the wound to heal so we'll give him another week's rest and assess his functionality after that," head selector George Bailey said in a Cricket Australia statement. "We have made the decision to give Josh and Sam the opportunity to replace Steve and Marnus. We are excited to see them get the chance to further their fledgling test careers." Both Konstas and Inglis have played two tests, the former opening the batting against India in Melbourne and Sydney last season and the latter batting in the middle order in Sri Lanka earlier this year. Bailey said Labuschagne's test career could be revived if he could rediscover the form that took him to the top of the world batting rankings in 2023. "Marnus at his best can be a really important member of this team. He understands his output hasn't been at the level we, or he, expects," he said. "We will continue working with him on the areas of his game we feel he needs to rediscover. We continue to value his skill and expect him to work through the challenge positively." The batting order for the first test, which starts next Wednesday, will be determined closer to the game, Cricket Australia said. Australia also face West Indies in tests in Grenada and Jamaica on the tour. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
