Honda in Formula One
Honda has participated in Formula One, as an entrant and engine supplier, for various periods since 1964. Hondas involvement in Formula One began with the 1964 season, their withdrawal in 1968 was precipitated by the death of Honda driver Jo Schlesser during the 1968 French Grand Prix and they returned in 1983 as an engine supplier, a role that ended in 1992. They returned again in 2000, providing engines for British American Racing, by the end of 2005 they had bought out the BAR team, based at Brackley, United Kingdom, and renamed their new subsidiary Honda Racing. It was announced on 5 December 2008 that Honda would be exiting Formula One with immediate effect due to the financial crisis and were looking to sell their team. On 27 February 2009 it was announced that team principal Ross Brawn had led a management buyout of the Brackley team, the team raced successfully as Brawn GP in 2009, and was subsequently sold to Daimler AG and renamed Mercedes GP for the 2010 season. On 17 May 2013, Honda announced their intention to return to the sport in the 2015 season under an agreement with McLaren to supply V6 engines.
Honda entered Formula One Grand Prix racing in 1964, just four years after producing their first road car and they began development of the RA271 in 1962 and startled the European-dominated Formula One garages with their all-Japanese factory team. More startling was the fact that Honda built their own engine and chassis, something only Ferrari, in only their second year of competition, Honda reached the coveted top step of the podium with Ginthers win in the RA272 at the 1965 Mexican Grand Prix. For the new 3. 0L rules from 1966, Honda introduced the Honda RA273, although the RA273s engine was a well-designed, ~360 bhp V12, the car was let down by a relatively heavy and unwieldy in-house chassis. Honda returned to the circle in 1967 with the new Honda RA300. This won the 1967 Italian Grand Prix in only its first Formula One race, the RA300 chassis was partly designed by Lola in the UK, and this resulted in the car being nicknamed the Hondola by the motoring press. This was the last competitive car that Honda produced for Formula One in the 1960s, the following years Honda RA301 only reached the podium twice.
The teams new Honda RA302 appeared in only a race at Rouen-Les-Essarts. The death prompted Honda to withdraw from Formula One at the end of the 1968 Formula One season, mugen-powered cars had won 4 Grands Prix by the end of the 1999 season. In 1998, Honda was seriously considering entry in Formula One as a constructor, going as far as producing an engine and hiring Harvey Postlethwaite as technical director and designer. In addition, Honda pulled engineer Kyle Petryshen from HRC to help with the design, implementation, a test car, RA099, designed by Postlethwaite and built by Dallara, was made and tested during 1999, driven by Jos Verstappen. The team impressed at test sessions, beating some more experienced and better financed teams, even if they were mostly in the midfield. At a test of car, Postlethwaite suffered a fatal heart attack
Brazil, officially the Federative Republic of Brazil, is the largest country in both South America and Latin America. As the worlds fifth-largest country by area and population, it is the largest country to have Portuguese as an official language. Its Amazon River basin includes a vast tropical forest, home to wildlife, a variety of ecological systems. This unique environmental heritage makes Brazil one of 17 megadiverse countries, Brazil was inhabited by numerous tribal nations prior to the landing in 1500 of explorer Pedro Álvares Cabral, who claimed the area for the Portuguese Empire. Brazil remained a Portuguese colony until 1808, when the capital of the empire was transferred from Lisbon to Rio de Janeiro, in 1815, the colony was elevated to the rank of kingdom upon the formation of the United Kingdom of Portugal and the Algarves. Independence was achieved in 1822 with the creation of the Empire of Brazil, a state governed under a constitutional monarchy. The ratification of the first constitution in 1824 led to the formation of a bicameral legislature, the country became a presidential republic in 1889 following a military coup détat.
An authoritarian military junta came to power in 1964 and ruled until 1985, Brazils current constitution, formulated in 1988, defines it as a democratic federal republic. The federation is composed of the union of the Federal District, the 26 states, Brazils economy is the worlds ninth-largest by nominal GDP and seventh-largest by GDP as of 2015. A member of the BRICS group, Brazil until 2010 had one of the worlds fastest growing economies, with its economic reforms giving the country new international recognition. Brazils national development bank plays an important role for the economic growth. Brazil is a member of the United Nations, the G20, BRICS, Mercosul, Organization of American States, Organization of Ibero-American States, CPLP. Brazil is a power in Latin America and a middle power in international affairs. One of the worlds major breadbaskets, Brazil has been the largest producer of coffee for the last 150 years and it is likely that the word Brazil comes from the Portuguese word for brazilwood, a tree that once grew plentifully along the Brazilian coast.
In Portuguese, brazilwood is called pau-brasil, with the word brasil commonly given the etymology red like an ember, formed from Latin brasa and the suffix -il. As brazilwood produces a red dye, it was highly valued by the European cloth industry and was the earliest commercially exploited product from Brazil. The popular appellation eclipsed and eventually supplanted the official Portuguese name, early sailors sometimes called it the Land of Parrots. In the Guarani language, a language of Paraguay, Brazil is called Pindorama
New Zealand /njuːˈziːlənd/ is an island nation in the southwestern Pacific Ocean. The country geographically comprises two main landmasses—the North Island, or Te Ika-a-Māui, and the South Island, or Te Waipounamu—and around 600 smaller islands. New Zealand is situated some 1,500 kilometres east of Australia across the Tasman Sea and roughly 1,000 kilometres south of the Pacific island areas of New Caledonia, because of its remoteness, it was one of the last lands to be settled by humans. During its long period of isolation, New Zealand developed a distinct biodiversity of animal, the countrys varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealands capital city is Wellington, while its most populous city is Auckland, sometime between 1250 and 1300 CE, Polynesians settled in the islands that were named New Zealand and developed a distinctive Māori culture. In 1642, Dutch explorer Abel Tasman became the first European to sight New Zealand, in 1840, representatives of Britain and Māori chiefs signed the Treaty of Waitangi, which declared British sovereignty over the islands.
In 1841, New Zealand became a colony within the British Empire, the majority of New Zealands population of 4.7 million is of European descent, the indigenous Māori are the largest minority, followed by Asians and Pacific Islanders. Reflecting this, New Zealands culture is derived from Māori and early British settlers. The official languages are English, Māori and New Zealand Sign Language, New Zealand is a developed country and ranks highly in international comparisons of national performance, such as health, economic freedom and quality of life. Since the 1980s, New Zealand has transformed from an agrarian, Queen Elizabeth II is the countrys head of state and is represented by a governor-general. In addition, New Zealand is organised into 11 regional councils and 67 territorial authorities for local government purposes, the Realm of New Zealand includes Tokelau, the Cook Islands and Niue, and the Ross Dependency, which is New Zealands territorial claim in Antarctica. New Zealand is a member of the United Nations, Commonwealth of Nations, ANZUS, Organisation for Economic Co-operation and Development, Pacific Islands Forum, and Asia-Pacific Economic Cooperation.
Dutch explorer Abel Tasman sighted New Zealand in 1642 and called it Staten Landt, in 1645, Dutch cartographers renamed the land Nova Zeelandia after the Dutch province of Zeeland. British explorer James Cook subsequently anglicised the name to New Zealand, Aotearoa is the current Māori name for New Zealand. It is unknown whether Māori had a name for the country before the arrival of Europeans. Māori had several names for the two main islands, including Te Ika-a-Māui for the North Island and Te Waipounamu or Te Waka o Aoraki for the South Island. Early European maps labelled the islands North and South, in 1830, maps began to use North and South to distinguish the two largest islands and by 1907, this was the accepted norm. The New Zealand Geographic Board discovered in 2009 that the names of the North Island and South Island had never been formalised and this set the names as North Island or Te Ika-a-Māui, and South Island or Te Waipounamu
Brendon Hartley is a New Zealand professional racing driver currently competing in the FIA World Endurance Championship for Porsche in LMP1-H. On November 21,2015, he was crowned alongside his teammates Mark Webber. Hartley was born in Palmerston North in a well integrated within motorsport. His father, had raced in many forms of motorsport, at the age of six, Hartley began his motor racing career in kart racing, following his brother, Nelsons footsteps. Six years later, the young New Zealander competed in his first full–scale race championship, up against many seasoned veterans, Hartley finished the season in seventh. In a car his brother used the year, he started four races. After a season in Formula Toyota New Zealand, Hartley moved to Europe, competing in the Eurocup Formula Renault 2.0 and Formula Renault 2.0 Northern European Cup. The New Zealander finished 14th and 10th in the Drivers Championship in the Eurocup and North European Cup respectively and his second year in Formula Renault saw him stay in the Eurocup, but move from the NEC to the Italian championship.
That year saw him take three wins in the Eurocup and three podiums in the Italian championship, and took title in the Eurocup. In 2007 Hartley made his Formula Three debut in the Masters of Formula 3 at Zolder event and this resulted in a test with A1 Team New Zealand and the role of the rookie driver for the series. In 2008, Hartley competed in the British Formula 3 Championship for Carlin Motorsport winning five times and he would have placed higher up, due to a greater amount of retirements compared to that of his teammates Jaime Alguersuari and Oliver Turvey. They had two each, while Hartley had six and he competed in eight races in the Formula Three Euroseries for Carlin and RC Motorsport, and achieved two finishes in the points, although he was ineligible for points. In non-championship races, Hartley finished fifth at the Masters of Formula 3, and he started 20th on the grid and recorded the fastest race lap. He stayed with Carlin for the full F3 Euroseries in 2009, in that series, Hartley competed for the defending champion Tech 1 Racing team, and ended fifteenth in the championship.
He has been confirmed at Tech 1 for a season of Formula Renault 3.5 in 2010. During the series summer break it was announced that Hartley had been dropped from the Red Bull Junior Team and his seat was taken by British Formula 3 championship leader Jean-Éric Vergne. Despite the loss of his Red Bull backing, Hartley made his GP2 Series début at Monza in September and he scored a point in the season finale at Yas Marina to place 27th in the championship. For 2011, Hartley returned to Formula Renault 3.5 and he finished in fifth place in his first race with the team, and 19th in the overall championship
Antonio Fuoco is a professional Italian racing driver and member of the Ferrari Driver Academy. In 2013, Fuoco graduated to single-seaters, racing in the newly launched Formula Renault 2.0 Alps series for Prema Junior and he won races at Vallelunga, Imola and Mugello and amassed another three podiums. He competed in a round of the Eurocup Formula Renault 2.0 championship with the team, Fuoco stepped up to FIA European Formula Three Championship in 2014, continuing with Prema Powerteam. He finished fifth in the standings, with two wins at Silverstone and Spielberg, and 10 podiums out of 33 races. On 23 January 2015, it was announced Fuoco would be racing in the GP3 Series with Carlin Motorsport, despite scoring two podiums, Fuoco experienced an inconsistent season, including crashes at the Red Bull Ring, the Hungaroring and Monza. In February 2016, following Carlins departure from the series, it was announced Fuoco would be racing for Trident, where he collected his maiden victories and finished third in the championship.
In November 2016, it was announced that Fuoco would graduate to the series, reunite with Prema and partner fellow Ferrari junior and GP3 champion Charles Leclerc for the 2017 season. On 23 June 2015, Fuoco had his first Formula One test with Ferrari during the 2-day post-Austrian Grand Prix test in Spielberg at the Red Bull Ring, † As Fuoco was a guest driver, he was ineligible to score points. † Driver did not finish the race, but was classified as he completed over 90% of the race distance, † Driver did not finish the race, but was classified as he completed over 90% of the race distance. Antonio Fuoco career summary at DriverDB. com Profile on Ferrari Driver Academy
Minardi was an Italian automobile racing team and constructor founded in Faenza in 1979 by Giancarlo Minardi. It competed in the Formula One World Championship from 1985 until 2005 with little success, nevertheless acquiring a following of fans. During its time in F1, the team scored a total of 38 championship points,16 of these were earned by the teams first driver, Pierluigi Martini. Martini recorded the only front row start, qualifying 2nd at the 1990 United States Grand Prix, and he led a lap during the 1989 Portuguese Grand Prix. The team never achieved a finish, only managing three 4th-place finishes, Martini twice in 1991 and Christian Fittipaldi in 1993. Before Minardis demise, the team was a particularly well-liked team within Formula One circles for its friendliness and lack of corporate culture. On the track, their cars were regarded by many as well-designed for their tiny budget and they resisted employing pay-drivers more than most other financially strapped teams. The Minardi family has an involvement in motorsport.
Giancarlo Minardis grandfather had a Fiat dealership in Faenza since 1927, while his father, Giovanni Minardi, after his death, Giancarlo took over the racing part of the family business. He ran customer cars in Formula Two under the name Scuderia Everest from 1972 to 1979 and in 1976 briefly ran a customer Formula One Ferrari 312T with Giancarlo Martini, uncle of Pierluigi Martini. Martini Sr. qualified 15th for the Race of Champions at Brands Hatch, the team competed at the BRDC International Trophy in Silverstone where Martini finished 10th. In 1979 Minardi received financial backing from well known Italian motor racing patron Piero Mancini, the team first competed under the Minardi name in the 1980 European Formula Two championship. Rather than using a chassis, the team commissioned a BMW powered design from Giacomo Caliris FLY studios — previously responsible for the Fittipaldi Automotive teams F5A Formula One car. Minardi enjoyed four moderately successful Formula Two seasons with a variety of young Italian and South American drivers, including Alessandro Nannini, the teams most notable result was a 1981 win at the Misano round by Michele Alboreto.
During 1984, Minardi took the decision to enter Formula One the following year, the engine was not ready for the start of the 1985 season, so the team converted their M185 chassis to accept a Cosworth DFV engine for the first two races. The single car team was unsuccessful in its first year, scoring no points, the new engine was underpowered and driver Pierluigi Martini finished only two races, although he was classified 11th at the German Grand Prix despite stopping with engine problems. Martinis best position was 8th in the 1985 Australian Grand Prix, the team expanded to two cars for the 1986 season. In 1988 Minardi switched to Cosworth engines, and in 1989 it became top entrant for Pirellis return to Formula One, Martini in particular was synonymous with Minardi, eventually having three spells with the team
Aix-en-Provence, or simply Aix, is a city-commune in the south of France, about 30 km north of Marseille. It is in the region of Provence-Alpes-Côte dAzur, in the department of Bouches-du-Rhône, the population of Aix numbers approximately 143,000. Its inhabitants are called Aixois or, less commonly, Aix was founded in 123 BC by the Roman consul Sextius Calvinus, who gave his name to its springs, following the destruction of the nearby Gallic oppidum at Entremont. In the 4th century AD it became the metropolis of Narbonensis Secunda and it was occupied by the Visigoths in 477. In the succeeding century, the town was plundered by the Franks and Lombards. Aix passed to the crown of France with the rest of Provence in 1487, and in 1501 Louis XII established there the parliament of Provence, in the 17th and 18th centuries, the town was the seat of the Intendance of Provence. Current archeological excavations in the Ville des Tours, a suburb of Aix, have unearthed the remains of a Roman amphitheatre.
The city slopes gently north to south and the Montagne Sainte-Victoire can easily be seen to the east. Aixs position in the south of France gives it a warm climate and it has an average January temperature of 5 °C and a July average of 23 °C. It has an average of 300 days of sunshine and only 91 days of rain, while it is partially protected from the Mistral, Aix still occasionally experiences the cooler and gusty conditions it brings. Unlike most of France which has a climate, Aix-en-Provence has a Mediterranean climate. The Cours Mirabeau is a thoroughfare, planted with double rows of plane-trees, bordered by fine houses. It follows the line of the old city wall and divides the town into two sections. The new town extends to the south and west, the old town, with its narrow, along this avenue, which is lined on one side with banks and on the other with cafés, is the Deux Garçons, the most famous brasserie in Aix. Built in 1792, it has been frequented by the likes of Paul Cézanne, Émile Zola, the Cathedral of the Holy Saviour is situated to the north in the medieval part of Aix.
The archbishops palace and a Romanesque cloister adjoin the cathedral on its south side, the Archbishopric of Aix is now shared with Arles. Among its other public institutions, Aix has the second most important Appeal Court outside of Paris, the Hôtel de Ville, a building in the classical style of the middle of the 17th century, looks onto a picturesque square. It contains some fine woodwork and tapestries, at its side rises a handsome clock-tower erected in 1510
Austria, officially the Republic of Austria, is a federal republic and a landlocked country of over 8.7 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north and Slovakia to the east and Italy to the south, the territory of Austria covers 83,879 km2. The terrain is mountainous, lying within the Alps, only 32% of the country is below 500 m. The majority of the population speaks local Bavarian dialects of German as their native language, other local official languages are Hungarian, Burgenland Croatian, and Slovene. The origins of modern-day Austria date back to the time of the Habsburg dynasty, from the time of the Reformation, many northern German princes, resenting the authority of the Emperor, used Protestantism as a flag of rebellion. Following Napoleons defeat, Prussia emerged as Austrias chief competitor for rule of a greater Germany, Austrias defeat by Prussia at the Battle of Königgrätz, during the Austro-Prussian War of 1866, cleared the way for Prussia to assert control over the rest of Germany.
In 1867, the empire was reformed into Austria-Hungary, Austria was thus the first to go to war in the July Crisis, which would ultimately escalate into World War I. The First Austrian Republic was established in 1919, in 1938 Nazi Germany annexed Austria in the Anschluss. This lasted until the end of World War II in 1945, after which Germany was occupied by the Allies, in 1955, the Austrian State Treaty re-established Austria as a sovereign state, ending the occupation. In the same year, the Austrian Parliament created the Declaration of Neutrality which declared that the Second Austrian Republic would become permanently neutral, Austria is a parliamentary representative democracy comprising nine federal states. The capital and largest city, with a population exceeding 1.7 million, is Vienna, other major urban areas of Austria include Graz, Linz and Innsbruck. Austria is one of the richest countries in the world, with a nominal per capita GDP of $43,724, the country has developed a high standard of living and in 2014 was ranked 21st in the world for its Human Development Index.
Austria has been a member of the United Nations since 1955, joined the European Union in 1995, Austria signed the Schengen Agreement in 1995, and adopted the euro currency in 1999. The German name for Austria, Österreich, meant eastern realm in Old High German, and is cognate with the word Ostarrîchi and this word is probably a translation of Medieval Latin Marchia orientalis into a local dialect. Austria was a prefecture of Bavaria created in 976, the word Austria is a Latinisation of the German name and was first recorded in the 12th century. Accordingly, Norig would essentially mean the same as Ostarrîchi and Österreich, the Celtic name was eventually Latinised to Noricum after the Romans conquered the area that encloses most of modern-day Austria, around 15 BC. Noricum became a Roman province in the mid-first century AD, heers hypothesis is not accepted by linguists. Settled in ancient times, the Central European land that is now Austria was occupied in pre-Roman times by various Celtic tribes, the Celtic kingdom of Noricum was claimed by the Roman Empire and made a province
Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in central-western Europe. It includes 16 constituent states, covers an area of 357,021 square kilometres, with about 82 million inhabitants, Germany is the most populous member state of the European Union. After the United States, it is the second most popular destination in the world. Germanys capital and largest metropolis is Berlin, while its largest conurbation is the Ruhr, other major cities include Hamburg, Cologne, Stuttgart, Düsseldorf and Leipzig. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity, a region named Germania was documented before 100 AD. During the Migration Period the Germanic tribes expanded southward, beginning in the 10th century, German territories formed a central part of the Holy Roman Empire. During the 16th century, northern German regions became the centre of the Protestant Reformation, in 1871, Germany became a nation state when most of the German states unified into the Prussian-dominated German Empire.
After World War I and the German Revolution of 1918–1919, the Empire was replaced by the parliamentary Weimar Republic, the establishment of the national socialist dictatorship in 1933 led to World War II and the Holocaust. After a period of Allied occupation, two German states were founded, the Federal Republic of Germany and the German Democratic Republic, in 1990, the country was reunified. In the 21st century, Germany is a power and has the worlds fourth-largest economy by nominal GDP. As a global leader in industrial and technological sectors, it is both the worlds third-largest exporter and importer of goods. Germany is a country with a very high standard of living sustained by a skilled. It upholds a social security and universal health system, environmental protection. Germany was a member of the European Economic Community in 1957. It is part of the Schengen Area, and became a co-founder of the Eurozone in 1999, Germany is a member of the United Nations, NATO, the G8, the G20, and the OECD.
The national military expenditure is the 9th highest in the world, the English word Germany derives from the Latin Germania, which came into use after Julius Caesar adopted it for the peoples east of the Rhine. This in turn descends from Proto-Germanic *þiudiskaz popular, derived from *þeudō, descended from Proto-Indo-European *tewtéh₂- people, the discovery of the Mauer 1 mandible shows that ancient humans were present in Germany at least 600,000 years ago. The oldest complete hunting weapons found anywhere in the world were discovered in a mine in Schöningen where three 380, 000-year-old wooden javelins were unearthed
Mercedes-Benz in Formula One
Mercedes-Benz is currently involved in Formula One, running Mercedes-AMG Petronas Motorsport, a Formula One racing team, based in Brackley, United Kingdom, using a German licence. Mercedes-Benz had competed in the pre-war European Championship winning three titles, and debuted in Formula One in 1954, running a team for two years. After winning their first race at the 1954 French Grand Prix and it supplied Sauber for one season, switched to McLaren in 1995. In 2009 they became suppliers of Brawn GP and Force India, Mercedes-Benz returned with a factory team in 2010 after the purchase of Brawn. A fourth team was added to the program in 2014. For the 2015 season, the 20-year long partnership with McLaren ended, Mercedes supplied engines to the Lotus F1 team, before switching to Manor in 2016. The manufacturer has collected more than 100 wins as engine supplier, five Constructors and seven Drivers Championships have been won with Mercedes-Benz engines. Mercedes has become one of the most successful teams in recent Formula One history, in 2014, Mercedes managed 11 one-two finishes beating McLarens 1988 record of 10.
The record was beaten the year having achieved 12 one-two finishes. Mercedes collected 16 victories in 2014 and 2015 apiece breaking McLaren, in 2016, they broke their own record, achieving 19 wins. Mercedes-Benz formerly competed in Grand Prix motor racing in the 1930s, both teams were heavily funded by the Nazi regime, winning all European Grand Prix Championships after 1932, of which Rudolf Caracciola won three for Mercedes-Benz. In 1954, Mercedes-Benz returned to what was now known as Formula One under the leadership of Alfred Neubauer, the car was run in both the conventional open-wheeled configuration and a streamlined form, which featured covered wheels and wider bodywork. Juan Manuel Fangio, the 1951 champion, transferred mid-season from Maserati to Mercedes-Benz for their debut at the French Grand Prix on 4 July 1954, the team had immediate success and recorded a 1–2 victory with Fangio and Karl Kling, as well as the fastest lap. Fangio went on to win three races in 1954, winning the championship.
The success continued into the 1955 season, with Mercedes-Benz developing the W196 throughout the year, Mercedes-Benz again dominated the season, with Fangio taking four races, and his new team mate Stirling Moss winning the British Grand Prix. Fangio and Moss finished first and second in that years championship, at the end of the season, the team withdrew from motor sport, including Formula One. Following the purchase of the team, as well as a deal with Petronas. BAR, who had formed a partnership with Honda, eventually became Honda Racing F1 Team in 2006 when BAT withdrew from the sport
Monaco, officially the Principality of Monaco, is a sovereign city-state and microstate, located on the French Riviera in Western Europe. France borders the country on three sides while the other side borders the Mediterranean Sea, Monaco has an area of 2.02 km2 and a population of about 38,400 according to the last census of 2015. With 19,009 inhabitants per km², it is the second smallest, Monaco has a land border of 5.47 km, a coastline of 3.83 km, and a width that varies between 1,700 and 349 m. The highest point in the country is a pathway named Chemin des Révoires on the slopes of Mont Agel, in the Les Révoires Ward. Monacos most populous Quartier is Monte Carlo and the most populous Ward is Larvotto/Bas Moulins, through land reclamation, Monacos land mass has expanded by twenty percent, in 2005, it had an area of only 1.974 km2. Monaco is known as a playground for the rich and famous, in 2014, it was noted about 30% of the population was made up of millionaires, more than in Zürich or Geneva.
Monaco is a principality governed under a form of constitutional monarchy, although Prince Albert II is a constitutional monarch, he wields immense political power. The House of Grimaldi have ruled Monaco, with brief interruptions, the official language is French, but Monégasque and English are widely spoken and understood. The states sovereignty was recognized by the Franco-Monegasque Treaty of 1861. Despite Monacos independence and separate foreign policy, its defense is the responsibility of France, Monaco does maintain two small military units. Economic development was spurred in the late 19th century with the opening of the countrys first casino, Monte Carlo, since then, Monacos mild climate and gambling facilities have contributed to the principalitys status as a tourist destination and recreation center for the rich. In more recent years, Monaco has become a major banking center and has sought to diversify its economy into services and small, high-value-added, the state has no income tax, low business taxes, and is well known for being a tax haven.
It is the host of the street circuit motor race Monaco Grand Prix. Monaco is not formally a part of the European Union, but it participates in certain EU policies, including customs, through its relationship with France, Monaco uses the euro as its sole currency. Monaco joined the Council of Europe in 2004 and it is a member of the Organisation Internationale de la Francophonie. Monacos name comes from the nearby 6th-century BC Phocaean Greek colony, according to an ancient myth, Hercules passed through the Monaco area and turned away the previous gods. As a result, a temple was constructed there, the temple of Hercules Monoikos, because the only temple of this area was the House of Hercules, the city was called Monoikos. It ended up in the hands of the Holy Roman Empire, an ousted branch of a Genoese family, the Grimaldi, contested it for a hundred years before actually gaining control