PER 2015
http://www.forbes.com/sites/quora/2015/01/06/how-will-the-2014-drop-in-oil-prices-affect-the- world-economy-and-geopolitics/ http://www.ft.com/cms/s/0/86916314-8776-11e4-bc7c-00144feabdc0.html#axzz3dd1akj00 http://www.bbc.co.uk/news/business-29643612 http://www.investopedia.com/articles/investing/012115/sanctions-oil-prices-bring-russian- economy-near-collapse.asp http://www.ibtimes.com/economic-growth-2015-us-gdp-shrinks-07-q1-1943761 http://www.worldaffairsjournal.org/article/russia-china-gas-deal-implications-and-ramifications http://www.latinpost.com/articles/35546/20150203/economy-2014-summary-december- consumer-spending-slips.htm http://www.economist.com/blogs/freeexchange/2014/11/americas-economy http://www.bea.gov/newsreleases/glance.htm http://useconomy.about.com/od/criticalssues/a/US-Economic-Outlook.htm http://www.huffingtonpost.com/2015/02/20/west-coast-dockworkers-re_n_6725054.html http://energypolicyinfo.com/wp-content/uploads/2014/06/isis-oil-installations1.jpg If I were to suggest that there was an industry which costs upwards of £200m to be competitive in, run by a semi-corrupt, unfair and top-heavy organisation with companies running a high risk of going bankrupt within a year you’d wonder why any respectable firm or business would even consider entering the industry. So, what are firms like Mercedes, Red Bull and Ferrari doing in such a business? The industry I am alluding to is of course that of Formula One (F1). F1 it would seem is a sport which promises glamour and riches. Lewis Hamilton the current World Champion, fresh from signing a £640, 000 a week contract at Mercedes now packs his Instagram feed of him enjoying the luxuries of being at the very top of the most lucrative sport in the world. Pictured on his luxury yacht in the harbour of Monaco (where he owns a £10m apartment), boarding his own, personal private jet or mingling with stars like Samuel L. Jackson at London Fashion Week. It seems from one driver’s social media page alone that the world of F1 is one that is more comparable to that of a movie star than that of a professional athlete. The amount of money in F1 is unrivalled by almost any sport. Hamilton is paid double what some of the very top footballers earn. Hamilton makes £70,000 more a week than Northern Irish golfer Rory McIlroy, astonishing bearing in mind the scale of what McIlroy earns (£150m over five years from Nike). Does F1 need a changing of the oil? Leo O’Mahony
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