Author: admin

Dubai, UAE, 13^th April 2026:  FIA President Mohammed Ben Sulayem has paid tribute to the thousands of volunteers who make Formula One racing possible, after a landmark study by the Fédération Internationale de l’Automobile revealed the true scale, value and dedication behind the crucial role they play.

Conducted by the FIA University, the Federation’s academic arm, the first-of-its-kind research reveals that a minimum of 20,112 trained volunteers are required to staff all 24 rounds of the Formula One World Championship calendar each season.

An average of 838 volunteers operating at each individual race weekend represents a ratio of 42 for every F1 driver competing on track, the highest volunteer-to-competitor ratio of any global sport.

With each volunteer committing approximately 48 hours of dedicated service to each race weekend, that amounts to a remarkable 965,376 hours contributed to the world’s premier racing series across the full season.

FIA President Mohammed Ben Sulayem said: “The FIA Formula One World Championship relies on volunteers, they are the backbone of our sport – without them we simply could not go racing. They ensure our competitions are safe and fair. They act with professionalism and pride, and they support drivers, teams and fans. 

“The FIA deeply values their contribution and this landmark report not only delivers vital insights into their role but recognises our significant investment and helps the FIA continue to provide support in the most effective ways. 

“Together with our Members, and our volunteers around the world, we are powering the FIA Formula One World Championship.” 

From flag marshals to observers, incident officers to extrication teams, volunteers are the race makers who keep motor sport safe and create the unmistakable spirit of camaraderie, teamwork and unity present at every round of the Championship.

The report highlights the depth of their commitment, with 65% of volunteers taking annual leave or unpaid time off to serve at events.

As the global governing body for motor sport, the FIA continues to invest in the sport’s long-term development, ensuring each race is supported by trained and dedicated personnel. The study estimates that training and development programmes delivered by the FIA and its member clubs equate to more than €11 million annually.

Retention remains a key strength. Two-thirds of Formula One volunteers have been active for more than five years, reflecting a strong and positive culture across race weekends. This consistency has proved essential as volunteer workloads have increased by 20% during the same period alongside the sport’s global expansion.

Volunteering also offers a unique opportunity for race fans to play an active role in their home F1 Grand Prix. Many see it as a meaningful recreational activity alongside their careers, with the total replacement labour value of their contribution estimated at €13.2 million annually.

These figures underline both the economic importance of volunteers and the FIA’s commitment to supporting them.

The new report, the first of its kind in the FIA’s history, sets out a series of recommendations to further enhance the volunteer experience and maintain a healthy retention rate. The FIA is proposing a dedicated Centre of Excellence to act as a learning hub, recruiting and training volunteers and officials using world-leading innovation and global best practice.

Alongside this, an expanded FIA Officials Department, including a new volunteer charter, would outline the minimum standards required to support and value volunteers during a Formula One World Championship round.

Mumbai, Apr 13: CRISIL Ratings Limited, ICRA Limited, and India Ratings & Research have upgraded the long-term credit rating for Bank loan facilities, Non-Convertible Debentures, Subordinated Debt, and Fixed Deposit Programmes of Shriram Finance Limited (SFL), the flagship company of the Shriram Group and one of India’s leading non-banking financial companies, to AAA with a Stable outlook — the highest rating on each agency’s respective scale. These upgrades, effected on April 9 and April 10, 2026, also resolved the ratings from ‘Watch with Positive Implications’.

Powered by the MUFG Bank Partnership

The upgrades follow the completion of MUFG Bank Ltd.’s strategic investment in SFL on April 8, 2026, through which MUFG Bank acquired a 20% equity stake on a fully diluted basis, with a total investment of Rs. 39,618 crore. The agencies noted that the transaction has significantly strengthened SFL’s capital profile, with the Company’s networth surpassing Rs. 1 lakh crore post-transaction. The agencies also recognised that the association with the globally reputed long-term strategic investor -MUFG Bank, is expected to benefit SFL’s liability franchise through access to funds at lower cost and further diversify its borrowing profile from both domestic and global stakeholders. SFL is expected to leverage MUFG Bank’s experience across various facets including technology, risk management and governance. The ratings also factor in the company’s diversified portfolio and its long-demonstrated risk management capability across economic cycles while maintaining an adequate risk-return trade-off.

Comment from Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited “The MUFG partnership has been a pivotal moment, and these rating upgrades are a reflection of that. For us, it translates directly into lower borrowing costs and a stronger ability to serve our customers. We are grateful to our investors, partners, and most importantly, our customers for their continued trust.”

Robust Fundamentals Recognised by the Rating Agencies

The Rating upgrade of AAA (stable) across all the Domestic Credit Rating Agencies anchors the highest level of Domestic creditworthiness marking a key inflection point in SFL’s credit journey. The upgrades reflect a structural strengthening of the credit profile, supported by SFL’s leadership position in the NBFC ecosystem, healthy earnings profile, improving asset quality along with credit costs and diversified resource base as key drivers underpinning the upgrade. The Stable outlook reflects the expectation that SFL will maintain strong capitalisation and a healthy earnings profile while scaling its operations and continues to focus on existing segments. 

New Delhi, Apr 13 (BNP): India has received a significant share of regressive tax-related recommendations from the International Monetary Fund (IMF) between 2022 and 2024, according to a report by Oxfam.

The analysis, released ahead of the IMF and World Bank Spring Meetings in Washington, alleges that the IMF has shown inconsistency in its policy advice. It claims that while wealthier countries are often guided toward more progressive taxation, developing nations are more frequently advised measures that could widen inequality.

The report states that around 59% of IMF tax advice given to low- and lower-middle-income countries is considered regressive. It also highlights concerns that such policy guidance may have implications for inequality and economic fairness.

The findings have sparked discussion on the need for more balanced and equitable global financial policy recommendations.

New Delhi, Apr 13 (BNP): Foreign portfolio investors (FPIs) have continued their aggressive selling in Indian equities, pulling out around ₹48,213 crore (about $5.14 billion) during the first 10 days of April, according to market data.

The sustained outflow is being driven by rising geopolitical tensions and broader global economic uncertainty, which have reduced investor appetite for riskier assets like emerging market equities.

This follows a massive withdrawal of ₹1.17 lakh crore in March, marking the steepest monthly outflow on record. In contrast, February had seen strong inflows of ₹22,615 crore, the highest in 17 months, indicating a sharp shift in investor sentiment.

Market experts say the volatility highlights the sensitivity of foreign capital flows to global developments, with investors quickly adjusting positions based on changing risk conditions.