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Then there are the scandals, and the last few seasons' have been turbocharged doozies. First, in 2007, McLaren was fined $100 million after an engineer was caught with documents supplied by a rogue Ferrari employee. Then, last September, one of F1's most flamboyant team managers, Renault's Flavio Briatore, was barred from the sport for life after the FIA determined that he had ordered one of his drivers to crash in a 2008 race to help out Renault's other driver - Alonso, in this case. Briatore is still fighting the ban. (In January, a French court overturned...

Author: /time Magazine | Title: The Turbulent Times of Formula One | 3/15/2010 | See Source »

...none of F1's race promoters comes close to covering costs. The shortfall is increasingly paid for by governments who view television coverage as a giant TV commercial for their city or country. Singapore hosts a spectacular nighttime race on city streets beneath twinkling lights. In 2008, its first year, the race took in $51 million, but cost $100 million, according to Formula Money. That's O.K. with Singapore. The government kicked in $60 million, leaving the local promoter with a tidy profit. "Singapore wasn't really on the map, and then they run this F1 night race, show...

Author: /time Magazine | Title: The Turbulent Times of Formula One | 3/15/2010 | See Source »

This year's season may open next week, but it won't reach Europe until mid-May, passing first through Bahrain, Melbourne, Kuala Lumpur and Shanghai. Only eight of this season's 19 races are in Europe, and the proportion will likely continue to shrink. England's legendary Silverstone track almost lost its spot on the schedule altogether. France no longer has a race...

Author: /time Magazine | Title: The Turbulent Times of Formula One | 3/15/2010 | See Source »

Clegg, 43 and fresh-faced, has led Britain's third party since 2007. He is multinational (his mother is Dutch; his father half Russian) and multilingual (he speaks five languages). A supporter of the European Union, he worked first at the European Commission, then as a member of the European Parliament, until he gave up being an MEP in 2004 because the traveling undermined his family life. He's a new man, and if he looks a little bleary it's probably because he's been woken by his young sons or risen early to take his wife, a high...

Author: /time Magazine | Title: Nick Clegg: In the Balance | 3/15/2010 | See Source »

...ample-bosomed pupil has played him for a fool, using her coquetry to make him unwittingly party to her elopement with a much hipper philosophy student in Seoul. It's a pathetic moment, both embarrassing and revolting to witness, but not hard to imagine. It's also just the first of many convulsions that course through Lost Souls, a compilation of three early collections of stories Hwang - a highly influential Korean writer, who died in 2000 - wrote from the late 1930s through to the 1950s, now published for the first time in English. Its dozens of tremors, minor and major...

Author: /time Magazine | Title: Checkered Korea | 3/15/2010 | See Source »

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