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Minggu, 03 Juni 2007
Sabtu, 02 Juni 2007
Jumat, 01 Juni 2007
Junior's win streak comes to end
With his crew chief suspended and contract negotiations for next season still ongoing, Dale Earnhardt Jr. lost his winning streak to Ryan Newman on Friday at the Dover International Speedway. It was the second pole for Newman, and 40th overall, with a lap at 152.925 mph. Earnhardt was second at 152.387. "Second was close and we can have a sense of pride in that accomplishment," Earnhardt said. It was his first time to lose pole position in 164 starts, and came barely a month after his falling out with the Dale Earnhardt Inc., a team his legendary father has built. Three to four teams have expressed their intentions to acquire Junior's services.
Official Announcement by Singapore Gvt.
OPENING REMARKS BY MR S ISWARAN, MINISTER OF STATE FOR TRADE AND INDUSTRY, AT THE PRESS CONFERENCE ON THE FORMULA 1 SINGAPORE GRAND PRIX AT URA CENTRE THEATRETTE ON 11 MAY 2007
Thank you all for coming to this press conference at short notice. I am pleased to be here this afternoon with Mr Ong Beng Seng and Mr Lim Neo Chian. We are also glad to be joined via teleconference by Mr Bernie Ecclestone, Chief Executive of the Formula One Group.
2. I think our presence here speaks for itself. We are pleased to announce that Singapore will be hosting the Formula 1 Grand Prix from 2008. Singapore GP Pte Ltd, of which Mr Ong is the controlling shareholder, has secured the rights from the Formula One Group to host an F1 race in Singapore for 5 years from 2008, with the option for FOA (Formula One Administration) to extend for a further 5 years thereafter. The Singapore Tourism Board (STB) has evaluated the company�s proposal and found it to be worthy of support. The first race will take place in September or early October 2008 in a street circuit around Marina Centre.
First Night Race in the World
3. I am also pleased to announce that Singapore could potentially stage the first-ever F1 night race. A night race will be unique, different and allow the Singapore event to reach out to television audiences in Asia, Europe and the US. Safety is of paramount concern to all of us. Therefore, we will proceed with a night race only if the safety and operational requirements of all parties including the FIA, FOA and Formula 1 teams are fully met. If not, we will revert to a day race.
Economic Benefits and Positive Spill-overs from F1
4. Let me now briefly touch on our strategic rationale for hosting an F1 race. Singapore is a leading business centre and our aim is to be a vibrant global city that is abuzz with high quality entertainment and events. A world class event like the F1 race, with more than 500 million viewers worldwide, will take us closer to this objective. F1 will give a strong boost to our tourism sector. It is expected to generate incremental tourism receipts of about S$100 million a year. Hotels, night spots, restaurants, retailers, airlines, taxi drivers, and many other groups will benefit. The hive of activity surrounding the race will create opportunities for individuals and companies alike. Neo Chian will elaborate on this.
5. There will be broader economic spin-offs as well. Our growing private wealth management industry, strong contingent of MNCs and local companies, and diverse retail and entertainment establishments can all take advantage of the event to derive benefits for their clients and their business.
Government will Co-fund the Event
6. As I said in Parliament earlier in March, F1 is a major financial undertaking for any company. The annual cost of staging an F1 race can be up to S$150 million. Revenue from ticket sales, merchandising and sponsorship will defray some of the costs. However, given the larger economic benefits from an F1 race that do not accrue to the Race Promoter, there is a case for commensurate support from public funds. STB will, therefore, co-fund about 60 percent of the cost of the event from the Tourism Development Fund.
Need for Support from Hoteliers �.
7. However, the Government cannot do this alone. While the tourism-related businesses and the economy, in general, will benefit from the F1 Grand Prix, the hotels, in particular, will be significant beneficiaries. Hotels in Monaco and Melbourne, for instance, are near full occupancy and are known to raise their room rates by up to 2 to 3 times, with stipulated minimum stays of 3 to 4 nights, during the race period. We expect hotels in Singapore to benefit similarly and we need our hotels to contribute their fair share.
8. The Government, therefore, intends to impose a special F1 cess on hotel room revenues to defray some of the cost of staging the F1 race in Singapore. The F1 cess will be for a limited period of about 7 days around the race. It will be tiered so that track-side hotels which will benefit from the highest increases in room rates will pay a higher rate, and those further away will pay a lower rate. We are looking at a cess of no more than 30 percent to ensure that hoteliers still keep a significant share of the upside whilst making a meaningful contribution. The F1 cess is expected to raise an average of about S$15 to S$20 million per year.
9. We have consulted members of the hotel industry, including members of the Singapore Hotel Association (SHA) EXCO, and the feedback has been positive. More details will be announced when ready.
� And Other Stakeholders
10. We will also need the support of other key stakeholders. These include building owners, retailers and the general public.
11. As some roads will have to be closed in the period leading up to the race, during the race days, as well as after the race, there will be disruption to traffic. There may also be some access restrictions around the track during the race period. We will need the understanding and cooperation of all Singaporeans and stakeholders affected by such inconveniences. I would like to assure everyone that our Government agencies will work closely with all stakeholders concerned to minimise any disruptions and inconveniences. We will set up an inter-agency committee for this purpose to work in partnership with the Race Promoter to ensure that Singapore stages a world-class F1 race whilst doing our best to mitigate the inconveniences.
Broad Participation and Involvement
12. In conclusion, let me say that, over the past few months, there has been a palpable buzz at home and internationally at the prospect of Singapore hosting an F1 race. Singaporeans from all walks of life are excited and we share their excitement. By holding the race on a street circuit in Marina Centre, we will bring the buzz and excitement into the heart of the city, so that everyone can join in the festivities. And there will be ample opportunity for broad-based participation in the event - whether as a guest, a spectator, a volunteer, or simply to participate in the events that will be held around the race.
13. I would like to thank Mr Ong Beng Seng and his team, Mr Bernie Ecclestone, and our officers at MTI and STB for their tireless and patient work over the past few months to bring F1 to Singapore. We still have a long way to go before reaching the chequered flag, and I look forward to the support of our government agencies, various stakeholder groups and all Singaporeans as we work towards an excellent Formula 1 Singapore Grand Prix which all of us will be proud of.
14. Let me now invite Mr Ecclestone followed by Mr Ong and Neo Chian to share their thoughts.
Thank you all for coming to this press conference at short notice. I am pleased to be here this afternoon with Mr Ong Beng Seng and Mr Lim Neo Chian. We are also glad to be joined via teleconference by Mr Bernie Ecclestone, Chief Executive of the Formula One Group.
2. I think our presence here speaks for itself. We are pleased to announce that Singapore will be hosting the Formula 1 Grand Prix from 2008. Singapore GP Pte Ltd, of which Mr Ong is the controlling shareholder, has secured the rights from the Formula One Group to host an F1 race in Singapore for 5 years from 2008, with the option for FOA (Formula One Administration) to extend for a further 5 years thereafter. The Singapore Tourism Board (STB) has evaluated the company�s proposal and found it to be worthy of support. The first race will take place in September or early October 2008 in a street circuit around Marina Centre.
First Night Race in the World
3. I am also pleased to announce that Singapore could potentially stage the first-ever F1 night race. A night race will be unique, different and allow the Singapore event to reach out to television audiences in Asia, Europe and the US. Safety is of paramount concern to all of us. Therefore, we will proceed with a night race only if the safety and operational requirements of all parties including the FIA, FOA and Formula 1 teams are fully met. If not, we will revert to a day race.
Economic Benefits and Positive Spill-overs from F1
4. Let me now briefly touch on our strategic rationale for hosting an F1 race. Singapore is a leading business centre and our aim is to be a vibrant global city that is abuzz with high quality entertainment and events. A world class event like the F1 race, with more than 500 million viewers worldwide, will take us closer to this objective. F1 will give a strong boost to our tourism sector. It is expected to generate incremental tourism receipts of about S$100 million a year. Hotels, night spots, restaurants, retailers, airlines, taxi drivers, and many other groups will benefit. The hive of activity surrounding the race will create opportunities for individuals and companies alike. Neo Chian will elaborate on this.
5. There will be broader economic spin-offs as well. Our growing private wealth management industry, strong contingent of MNCs and local companies, and diverse retail and entertainment establishments can all take advantage of the event to derive benefits for their clients and their business.
Government will Co-fund the Event
6. As I said in Parliament earlier in March, F1 is a major financial undertaking for any company. The annual cost of staging an F1 race can be up to S$150 million. Revenue from ticket sales, merchandising and sponsorship will defray some of the costs. However, given the larger economic benefits from an F1 race that do not accrue to the Race Promoter, there is a case for commensurate support from public funds. STB will, therefore, co-fund about 60 percent of the cost of the event from the Tourism Development Fund.
Need for Support from Hoteliers �.
7. However, the Government cannot do this alone. While the tourism-related businesses and the economy, in general, will benefit from the F1 Grand Prix, the hotels, in particular, will be significant beneficiaries. Hotels in Monaco and Melbourne, for instance, are near full occupancy and are known to raise their room rates by up to 2 to 3 times, with stipulated minimum stays of 3 to 4 nights, during the race period. We expect hotels in Singapore to benefit similarly and we need our hotels to contribute their fair share.
8. The Government, therefore, intends to impose a special F1 cess on hotel room revenues to defray some of the cost of staging the F1 race in Singapore. The F1 cess will be for a limited period of about 7 days around the race. It will be tiered so that track-side hotels which will benefit from the highest increases in room rates will pay a higher rate, and those further away will pay a lower rate. We are looking at a cess of no more than 30 percent to ensure that hoteliers still keep a significant share of the upside whilst making a meaningful contribution. The F1 cess is expected to raise an average of about S$15 to S$20 million per year.
9. We have consulted members of the hotel industry, including members of the Singapore Hotel Association (SHA) EXCO, and the feedback has been positive. More details will be announced when ready.
� And Other Stakeholders
10. We will also need the support of other key stakeholders. These include building owners, retailers and the general public.
11. As some roads will have to be closed in the period leading up to the race, during the race days, as well as after the race, there will be disruption to traffic. There may also be some access restrictions around the track during the race period. We will need the understanding and cooperation of all Singaporeans and stakeholders affected by such inconveniences. I would like to assure everyone that our Government agencies will work closely with all stakeholders concerned to minimise any disruptions and inconveniences. We will set up an inter-agency committee for this purpose to work in partnership with the Race Promoter to ensure that Singapore stages a world-class F1 race whilst doing our best to mitigate the inconveniences.
Broad Participation and Involvement
12. In conclusion, let me say that, over the past few months, there has been a palpable buzz at home and internationally at the prospect of Singapore hosting an F1 race. Singaporeans from all walks of life are excited and we share their excitement. By holding the race on a street circuit in Marina Centre, we will bring the buzz and excitement into the heart of the city, so that everyone can join in the festivities. And there will be ample opportunity for broad-based participation in the event - whether as a guest, a spectator, a volunteer, or simply to participate in the events that will be held around the race.
13. I would like to thank Mr Ong Beng Seng and his team, Mr Bernie Ecclestone, and our officers at MTI and STB for their tireless and patient work over the past few months to bring F1 to Singapore. We still have a long way to go before reaching the chequered flag, and I look forward to the support of our government agencies, various stakeholder groups and all Singaporeans as we work towards an excellent Formula 1 Singapore Grand Prix which all of us will be proud of.
14. Let me now invite Mr Ecclestone followed by Mr Ong and Neo Chian to share their thoughts.
Street Circuit Map
Below are two maps of the street circuit running through Singapore Streets. Passing by some of the Republic most famous landmarks.
F1 race in Singapore will not harm the environment
There will be measures in place to make sure the F1 race in Singapore will not harm the environment.Minister of State for Trade and Industry, S Iswaran, said this to reporters at the Great Singapore Sale Challenge.
He said that noise and smoke are inevitable during the race, but organisers are studying ways to minimise their effect.
Mr Iswaran said F1 organisers have been undertaking various research efforts to keep the race green like adopting bio-fuel, for example.
He said: "The environmental concerns are legitimate. But you must keep them in perspective. You can't have an F1 race without noise. The cars make a lot of noise. In fact, it is part of the thrill for many fans and spectators.
"But having said that, the F1 organisation is based in Europe where environmental consciousness is very high and they, as an organisation, have undertaken many measures to make sure they are minimising their carbon footprint, if not making it zero their carbon footprint. That's one part we should be paying attention to."
"The other element is that they are also undertaking various research efforts, for example in bio fuel and so on, to see how that can be adapted. So although the F1 is seen, at least in first blush, it might be anti-environment, there are many things they are doing that is actually pro environment," added Mr Iswaran.
The race is set to generate $100 million for Singapore each year.
But many question whether the returns are big enough for the government to fund 60% in organising the $150 million race.
Mr Iswaran said: "Without STB (Singapore Tourism Board)'s support, an F1 race in Singapore will probably not happen. And, the reason is very simple.
The economics of the race is such that the cost of hosting a F1 race in any country far exceeds the revenue a private race promoter can expect to get from ticket sales, merchandising and sponsorship.
"So the spillover benefits to the economy are very large, whether it is tourism spending or consumer spending or business activity. But the private promoters cannot take advantage of that. So that's where STB involvement comes in."
"If STB is able to support this at a level comparable to the benefits for tourism and the economy, then it is justifiable. There are also mechanisms in place to ensure that if in fact the race is very successful, very profitable, then, profits beyond a certain pre-agreed level between STB and Singapore Grand Prix Pte Ltd will be ploughed back to defray the cost, in other words, to reduce the government grant," he added.
Mr Iswaran also defended the government's decision to impose extra tax for hotels during the F1.
He said that based on market studies, unlike restaurants and pubs, hotels rates are expected to go up 3 times during the race.
Additional revenue to the government from the restaurants will come in the form of GST and other taxes already in place. - CNA/ir
He said that noise and smoke are inevitable during the race, but organisers are studying ways to minimise their effect.
Mr Iswaran said F1 organisers have been undertaking various research efforts to keep the race green like adopting bio-fuel, for example.
He said: "The environmental concerns are legitimate. But you must keep them in perspective. You can't have an F1 race without noise. The cars make a lot of noise. In fact, it is part of the thrill for many fans and spectators.
"But having said that, the F1 organisation is based in Europe where environmental consciousness is very high and they, as an organisation, have undertaken many measures to make sure they are minimising their carbon footprint, if not making it zero their carbon footprint. That's one part we should be paying attention to."
"The other element is that they are also undertaking various research efforts, for example in bio fuel and so on, to see how that can be adapted. So although the F1 is seen, at least in first blush, it might be anti-environment, there are many things they are doing that is actually pro environment," added Mr Iswaran.
The race is set to generate $100 million for Singapore each year.
But many question whether the returns are big enough for the government to fund 60% in organising the $150 million race.
Mr Iswaran said: "Without STB (Singapore Tourism Board)'s support, an F1 race in Singapore will probably not happen. And, the reason is very simple.
The economics of the race is such that the cost of hosting a F1 race in any country far exceeds the revenue a private race promoter can expect to get from ticket sales, merchandising and sponsorship.
"So the spillover benefits to the economy are very large, whether it is tourism spending or consumer spending or business activity. But the private promoters cannot take advantage of that. So that's where STB involvement comes in."
"If STB is able to support this at a level comparable to the benefits for tourism and the economy, then it is justifiable. There are also mechanisms in place to ensure that if in fact the race is very successful, very profitable, then, profits beyond a certain pre-agreed level between STB and Singapore Grand Prix Pte Ltd will be ploughed back to defray the cost, in other words, to reduce the government grant," he added.
Mr Iswaran also defended the government's decision to impose extra tax for hotels during the F1.
He said that based on market studies, unlike restaurants and pubs, hotels rates are expected to go up 3 times during the race.
Additional revenue to the government from the restaurants will come in the form of GST and other taxes already in place. - CNA/ir
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