F1 targets costs as credit crunch bites

By Alan Baldwin LONDON (Reuters) - Formula One looked in fine fettle at Sunday's stunning night-time grand prix in Singapore but the worry lines are always more apparent in the cold light of day. Money is the lifeblood of the billion-dollar sport and, with the credit crunch biting deep into the global economy, those involved know they cannot continue to spend like there is no tomorrow. "Formula One is in rude good health...and I think that it can stay in great health provided that we take action," Williams team chief executive Adam Parr told Reuters. "Formula One is marketing itself very well in terms of establishing new races in key areas but... [read full story]