Business
Rwanda President Kagame announces F1 race bid
Rwanda is bidding to host a Formula 1 grand prix, the country’s President Paul Kagame says.
F1 is keen to hold a race in Africa and talks with Rwanda have been known about for some months.
The FIA, F1’s governing body, is hosting its general assembly and prize giving in the Rwandan capital Kigali, and Kagame chose its opening to put his official seal on the grand prix project.
Kagame said: “I am happy to formally announce that Rwanda is bidding to bring the thrill of racing back to Africa, by hosting a Formula 1 grand prix.
“A big thank you to [F1 president] Stefano Domenicali and the entire team at F1 for the good progress in our discussions so far.
“I assure you we are approaching this opportunity with the seriousness and commitment it deserves.”
If a deal can be agreed, the race would be held on a new track planned close to the new Bugesera airport, external outside Kigali.
The track designer is Alexander Wurz, a former F1 driver and the chairman of the Grand Prix Drivers’ Association.
Wurz’s company has been working on the track with local advisers, companies and authorities for more than a year. The circuit, which is fast and flowing, is being built alongside a lake and makes use of the hilly topography of the area.
Wurz is also designing the new Qiddiyah track in Saudi Arabia, which is expected to finished in 2028 and host a grand prix in 2029.
F1 had previously tried to revive a grand prix in South Africa at the Kyalami track, which last hosted a grand prix in 1993, but talks collapsed over problems with the local promoter.
The Rwanda project is now considered the most likely for an African grand prix but the project remains unconfirmed.
FIA president Mohammed Ben Sulayem met with Rwanda’s Sports Minister Richard Nyirishema at the general assembly meeting.
Ben Sulayem said: “To be here in Rwanda for such an important moment in the FIA’s calendar is a testament to the strength of this nation, in particular its growing influence in motorsport.
“We are aligned on our values and shared goals across key sectors such as innovation, sustainability, and road safety, and I look forward to our continued partnership. The future of motorsport in Africa is bright.”
Business
A billion laser points helped bring Notre Dame back to life
After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.
The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.
“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”
Business
Inflation was the cause, not the result, of the ‘hot’ labor market, research shows
Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.
The Great Resignation was in full swing.
That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.
But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.
Business
The Container Store files for bankruptcy
The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.
The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.
The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.
“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”
Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.
The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.
The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.
The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.
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