The Papers: 'Long Starm of the law' and France 'in turmoil'LAS VEGAS — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. "As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It's an honor for General Motors and Cadillac to join the world's premier racing series, and we're committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM's engineering expertise and technology leadership at an entirely new level." The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. "We're excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. "Together, we're assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world." Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. "The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team," Michael Andretti posted on social media. "I'm very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!" The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti's dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years, and F1 initially denied the application despite approval from F1 sanctioning body FIA. The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they've already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti's application was the only one of seven applicants to meet all required criteria to expand F1's current grid. "General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. "Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024," F1 said in a statement. "Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. "With Formula 1's continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." Get local news delivered to your inbox!
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here . 24/7 San Diego news stream: Watch NBC 7 free wherever you are Winning week for markets Major U.S. indexes rose on Friday to end the week in the green , despite mega-cap stocks Nvidia and Alphabet shares dropping. Europe's regional Stoxx 600 advanced 1.18%. The banking index, which lost 2%, was the only sector to fall . Euro zone business activity was in contraction territory in November after remaining static in October. Trump nominates Treasury secretary U.S. President-elect Donald Trump intends to nominate Scott Bessent , founder of the hedge fund Key Square Group, as his Treasury secretary. Like Trump, Bessent is in favor of gradual tariffs and deregulation to support domestic business and address trade imbalances. Bessent was chosen over former Fed Governor Kevin Warsh and private equity executive Marc Rowan. Amazon doubles investment in Anthropic Amazon announced it would invest an additional $4 billion in Anthropic , an artificial intelligence startup founded by ex-OpenAI employees. That brings Amazon's total funding in Anthropic to $8 billion, though it will remain a minority investor, said Anthropic. The AI company's flagship product is Claude, a chatbot like OpenAI's ChatGPT. Climate deal at COP29 At the COP29 climate conference in Azerbaijan, developed nations pledged to provide $300 billion annually to poorer countries to tackle climate change. This deal replaces an earlier commitment to provide $100 billion a year. Meanwhile, Sir Richard Branson, billionaire founder of Virgin, said that "we can overcome climate change" if "everybody focused together." [PRO] Interest rates back in focus This week, the October personal consumption expenditures price index, out Wednesday, will dominate attention . "This might be one of the last big key pieces of data" for the U.S. Federal Reserve before its December meeting, said a fund manager. Minutes for the November meeting of the Federal Open Market Committee, releasing a day prior, will give investors more insight into the pace of future rate cuts. Money Report Asia markets kickstart data-heavy week on a strong note with Aussie stocks hitting record highs Southeast Asia salaries set for a 2025 bump, with Singapore lagging the region: Report Big-name tech and chip stocks faltered last week. Despite almost doubling its third-quarter revenue , compared with a year earlier, Nvidia shares fell 3.2% on Friday, capping off a bumpy week during which the stock fluctuated between the red and the green. Google-parent Alphabet , meanwhile, ended the week almost 5% lower after the U.S. Department of Justice recommended the company divest its Chrome browser as a remedy to its antitrust case. And Amazon , its Big Tech counterpart, retreated 3.4% during the week. That said, major indexes managed to reverse the previous week's dip. The Dow Jones Industrial Average was 2% higher for the week and the S&P 500 and Nasdaq Composite both climbed around 1.7%. Even though other Magnificent Seven stocks did contribute to that, the indexes mostly have companies less in the spotlight, like Super Micro Company , to thank. Likewise, small-cap stocks, which have languished behind their bigger cousins for years, seem to be staging a comeback as interest rates fall and Trump is poised to reenter the White House. The Russell 2000 ended the week 4.5% higher, outperforming the above three indexes. "Investors are rotating out of the previous high flyers of large-cap communication services and technology and into other cyclical sectors of consumer discretionary, industrials, and financials, as well as mid- and small-cap stocks," said Sam Stovall, chief investment strategist at CFRA Research. And bitcoin , once dismissed by most mainstream investors and institutions as an esoteric plaything that did not seem to have any inherent value, is close to shattering the $100,000 ceiling. That said, this inversion isn't likely to last. "On the back of strong expected revenue growth in 2025, we maintain our positive view on the AI compute industry and NVIDIA in particular," UBS analyst Sundeep Gantori wrote in a Thursday note. Despite a temporary dip, the AI play will likely remain the main theme for the markets next year. — CNBC's Pia Singh, Alex Harring and Jesse Pound contributed to this report. Also on CNBC Expectations can move shares in strange ways — just look at Nvidia Expectations can be an irrational thing. Just look at Nvidia Could Nvidia’s greatest obstacle be itself?BRITISH holidaymakers have been warned after five people including a British lawyer died following a suspected fake booze poisoning in Laos. Simone White, 28, from Orpington, Kent, died after falling ill when she was allegedly being served alcohol laced with methanol in the South East Asian holiday hotspot. 5 British lawyer Simone White, 28,has died 5 Bianca Jones, 19, has died in hospital 5 Some tourists reportedly became ill with suspected methanol poisoning after drinking at the Nana Backpacker hostel Credit: AP The British government has issued an urgent warning as 11 people, including Brits, remain in hospital after allegedly being served laced drinks at a bar in Vang Vieng, over 100 miles away from the Thailand border. Simone was hospitalised after it is feared she drank shots laced with methanol. She has now been confirmed as the fifth tourist to have died. Simone was an associate lawyer specialising in intellectual property and technology in London at the American law firm Squire Patton Boggs, The Times reports. She was an A-level pupil at St Olave's Grammar School in... Elizabeta Ranxburgaj
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