In what was something of a fitting conclusion to his successful 2008 campaign, Italian GP winner and Red Bull star Sebastian Vettel topped the time sheets on the final day of testing in Jerez.

Sebastien Buemi in the sister Red Bull had dominated proceedings on the first two days of running but was unable to match Vettel’s 1:16.617 which catapulted the German to P1.

Ferrari have admitted experiencing major setbacks while developing their Kinetic Energy Recovery System (KERS) and have greatly exceeded their budget for the device.

The KERS systems, which harness waste energy under braking and turn it into additional power for the driver to access via a ‘boost button’, are due to be introduced next year in a bid to make Formula One more economically and environmentally sustainable.

Lewis Hamilton is under no allusions that it will be harder to defend his title next year when radical cost-cutting measures are introduced.

Formula One’s governing body, the FIA, approved a raft of measures to respond to the global financial crisis last week, including a total ban on in-season testing as well as major restrictions on engine and aerodynamic development.

Rising Swiss talent shows his worth again in Jerez

Sebastien Buemi caught the eye again on the second day of testing in Jerez after eclipsing Red Bull Racing star Sebastien Vettel to take up his now familiar position at the top of the time sheets.

McLaren and Ferrari completed their second day of running at the new Autodromo Internacional do Algarve in Portimao, Portugal, with McLaren test driver Pedro de la Rosa going quickest.

De la Rosa took over from Gary Paffett and spent the day developing the KERS-fitted McLaren MP4-23K.

Nico Rosberg says he is targeting ‘regular points finishes’ in 2009 after a mixed bag of results for Williams this year.

French Manufacturer PSA has joined the growing list of potential buyers for Honda following the demise of the Japanese manufacturer earlier in the month.

PSA, which sells cars under the names Peugeot and Citroën and runs respective campaigns in sport scars and world rallying, is the latest organisation to be linked to the Brackley-based outfit following rumoured interest from David Richards’ Prodrive team, Carlin Motorsport, Dubai Investment Capital and Ultimate Motorsport.

Toro Rosso ace retains his edge in Spain as McLaren and Ferrari go head-to-head in the Algarve.

Sebastien Buemi was once again at the top of the time sheets in winter testing after lapping quickest on the opening day of this week’s running at Jerez.

Lewis Hamilton has been voted runner-up to triple Olympic cycling gold medallist Chris Hoy in this year’s BBC Sports Personality of the Year Award – it is the second time that the British Formula One driver has been pipped to second place with boxer Joe Calzaghe winning the award in 2007.

Renault boss Flavio Briatore has revealed that he intends to remain in Formula One for another two years before quitting.

The Italian will take on a revised and less hands-on role at Renault next year when his contract runs out with the French team.