
Formula E and FIA set for long-term contract extension
LONDON : Formula E is set to extend an exclusive deal with motorsport's world governing body that will ensure it remains the only all-electric racing series sanctioned by the FIA for decades to come.
Formula E, majority owned since last year by telecoms company Liberty Global, started out in 2014 with a 25-year licence.
FIA president Mohammed Ben Sulayem let slip to reporters during last weekend's British Formula One Grand Prix that an extension to the Formula E contract was done and 'would come up soon'.
Formula E chief executive Jeff Dodds told Reuters on Friday ahead of the season's penultimate round in Berlin that there was nothing official.
He said, however, to expect various announcements at the London season-ender this month.
Formula One is starting a new engine era next year with a 50/50 split between combustion and electric but Ben Sulayem has said the Liberty Media-owned sport could go back to noisy V8 engines by 2029.
'If they (F1) choose to keep using it (the 2026 engine), we'll choose to keep talking about the fact that they like the (electric) technology so much they integrate it into their race cars,' said Dodds.
'If they choose to go back to V8s, then we would absolutely leverage the fact that we would then be the only electric championship and everything that that means.'
McLaren exit
Formula E is likely to be reduced to 10 teams, from 11 at present, next season after the withdrawal of Formula One champions McLaren to focus on endurance racing.
McLaren had sought a new owner for the team, but Dodds said the time frame was too tight for interested parties and it would revert to Formula E, barring a late twist.
'As it stands unless something changes, and I never say never in Formula E or motorsport, their last race would be London,' he added.
'The team slot would vacate, which means the licence would revert to us, and then we have a lot of other interest in joining the championship.
'The chance of somebody joining for one year of Gen3 is unlikely but the chance of somebody coming in and starting to develop with a future coming in for Gen4 is much more likely.'
Formula E will be in the last year of its Gen3 era next season, with the more powerful and faster Gen4 car then coming in for 2026/27.
Nissan's British driver Oliver Rowland can clinch the 2024-25 championship in the Berlin double-header this weekend, and would be the series' 10th different champion in 11 seasons.
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Malay Mail
20 minutes ago
- Malay Mail
Gold bullion and the erosion of US trust: Europe's historical and quiet revolt — Phar Kim Beng
JULY 11 — Amid trade wars, shifting alliances, and a resurgence of unilateralism, a quiet financial rebellion is unfolding in Europe. It is not led by protestors in the streets or fiery parliamentary speeches. Instead, it is taking shape deep in the vaults of global finance — through gold. In recent months, both Italy and Germany have revived efforts to repatriate significant portions of their gold reserves from the United States. Although this movement has received little attention in mainstream Western media, its implications are profound. These actions reflect growing mistrust — not only of the US financial system — but of Washington's willingness to weaponise it, especially under the administration of President Donald J Trump. A history of gold and mistrust This is not the first time Europe has questioned US custodianship of its monetary sovereignty. In 2013, under President Barack Obama, Germany's Bundesbank repatriated more than 300 tonnes of gold — worth approximately US$18.6 billion (RM79 billion) at today's prices — from New York and Paris. That move, although couched in technical justifications, was a symbolic assertion of financial independence. Yet today's repatriation push is markedly different. It is unfolding under vastly altered geopolitical circumstances, where Trump's second term is marked by aggressive rhetoric, erratic policy swings, and punitive economic measures — including tariffs that have disproportionately targeted the European Union. Furthermore, Trump's repeated attacks on Federal Reserve Chair Jerome Powell have cast doubt on the independence of America's central bank, raising red flags for European policymakers. As noted by the TAE (The Automatic Earth), this behaviour undermines confidence in US financial stewardship and prompts urgent reassessments of where Europe's wealth should be stored. The significance of sovereign gold Gold, in this context, is no longer just a commodity or hedge. It has become a tangible symbol of sovereignty. That Germany and Italy are actively pursuing the return of their gold reserves — currently valued at a combined US$245 billion, according to the Financial Times — signals a shift in the geopolitical trust that once undergirded the postwar transatlantic alliance. Indeed, gold was once central to the Bretton Woods system. Until 1971, the US dollar was convertible to gold by the Federal Reserve, anchoring international monetary stability. During the Cold War, many European nations stored their bullion in the US as a precaution against a potential Soviet invasion. But historical memory has its own gravitational pull. Indeed, gold was once central to the Bretton Woods system. Until 1971, the US dollar was convertible to gold by the Federal Reserve, anchoring international monetary stability. — Picture by Choo Choy May In the mid-1960s, President Charles de Gaulle of France ordered the transfer of nearly all French overseas gold reserves back to Paris, having lost confidence in the Bretton Woods system. This early repatriation foreshadowed today's deeper anxieties — only now, the mistrust is rooted less in East–West confrontation than in Western disunity itself. Germany's repatriation drive Germany provides a clear illustration of how grassroots pressure and institutional decisions have combined to alter gold policy. Beginning in 2010, a popular movement known as 'Bring Our Gold Home' gained traction across German civil society. As a result, the Bundesbank announced in 2013 that it would store 50 per cent of its gold reserves within Germany, relocating 674 tonnes — worth roughly US$41.8 billion today — from New York and Paris to Frankfurt. 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It is about hedging against a future in which financial systems are no longer neutral, but weaponised — used to coerce compliance, punish dissent, and enforce geopolitical hierarchy. Conclusion: A quiet but strategic revolt The renewed gold repatriation efforts by Germany and Italy reflect a quiet but growing revolt against the unpredictability of Trump-era diplomacy and the perceived decline in US institutional reliability. Should this trend continue, the very architecture of transatlantic financial trust — built painstakingly since 1945 — could slowly crumble. The message from Europe is clear: in a world where alliances are questioned and financial tools are increasingly wielded as weapons, sovereignty must be made tangible again — and there is no more enduring symbol of that than gold. * Phar Kim Beng is a professor of Asean Studies and director of the Institute of Internationalization and Asean Studies at the International Islamic University of Malaysia ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.


The Star
2 hours ago
- The Star
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