A few days ago, Deputy Prime Minister Dmitry Kozak estimated that the Sochi Winter Olympic Games would cost $51 billion. That's a lot of money — as the AP notes, it's way more than the $6 billion Vancouver spend on the last Winter Games in 2010.
In Part 1 I covered the macroeconomic impact of Olympics (http://trueeconomics.blogspot.ie/2014/02/822014-economics-of-olympic-games-part.html) while Part focused on labour market impact and the effect of the games on the host city (http://trueeconomics.blogspot.ie/2014/02/822014-economics-of-olympic-games-part_8.html)
For a few hours on Wednesday, tons of folks were buzzing about a new free mobile app called Yo, which simply allows you to message the word "Yo" to your friends. That's all. A one word message. As with most new ideas, people across social media were quick to dismiss Yo.
Almost one and a half million more people play sport every week and a future has been secured for all the permanent venues on the Olympic Park.
However, the report, published on the first anniversary of the Games, warned that it will be a “challenge” to create a lasting Olympic legacy of more volunteers, reports The Telegraph.
The boost comes from businesses securing contract wins, additional sales and new foreign investment in the last year, since UKTI’s British Business Embassy at Lancaster House hosted a Global Investment Conference and a series of 17 business events – the largest such programme ever held in Britain.
Further evaluation reports published by the Government and Mayor of London today show strong progress against all the legacy commitments with the total benefit to the UK from hosting London 2012 could reach up to £41 billion by 2020.
The big story in media today involved the world of big media Social Media Editors (people whose job it is to help their respective media organizations be active and noticed on social networks like Twitter and Facebook).
Comcast CEO Brian L. Roberts said Thursday that Comcast doesn’t expect to make a giant profit from the 2016 summer Olympics in Rio de Janeiro but defended its heavy spending to acquire rights to additional Olympic telecasts. “I am so glad we stomached it,” he said of Comcast’s 2011 agreement to spend $4.38 billion to acquire additional rights.