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)
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 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.
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.
Maker's Mark found a way to turn an absolute social media disaster to an online win. Last week, the whiskey maker announced plans to cut the amount of alcohol from 45 to 42 percent, making it 84 instead of 90 proof, due to high demand and low bourbon supply. Suffice it to say that the internet wasn't pleased. It's the age of social media, so consumers were tweeting and Facebooking their complaints to anyone who would listen.