The F1 Teams Association (FOTA) have announced they will form their own motor sport world championship.

We're sure you don't need Monaco IQ to tell you that Jenson Button won the Monaco Grand Prix yesterday.

Jenson Button has won the second race of the F1 season in Malaysia.

Here in Monaco we're celebrating the fact that local resident Jenson Button claimed another victory yesterday at the Malaysian Grand Prix. Only half the usual points were awarded to the winners because less than 75% of the intended distance had been covered. The race had to be canceled after just 31 laps due to torrential rain.

Monaco resident Jenson Button has won the first F1 race of the season.

The Formula One season started yesterday with the Australian Grand Prix held at the Albert Park track in Melbourne. Before the race on Sunday Button was considered to be something of an outside favourite for this year's championship. After such an auspicious start, we're all hoping that the young Brit, resident in Monaco since 2000 will excel in this year's Grand Prix. And it would be really special if he won in Monaco itself, where last year he finished a disappointing 11th.

There are many news reports today proclaiming Monaco to be first sporting wonder of the world.

It seems that nothing, including motor sport, is immune to the problems caused by the global economic crisis.

Max Mosley, president of the sport's governing body the FIA, has been concerned about the cost of competing for some time, but the Formula One Teams Association (FOTA) has been slow to react. Things came to a head however earlier in December when Honda confirmed they were pulling out of F1.

Today sees the opening of the Motorsport Business Forum at the Grimaldi Forum here in Monaco. Over two days attendees will be able to network, visit the exhibition and attend conference presentations related to business management, marketing and investment in motor sport and Formula 1.