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Olympic Games: a billion-dollar business with political connotations | Olympic Games News
5 min read Last updated: June 19, 2024 | 4:56 am IST
The Paris Olympics involve around 10,500 athletes from 200 countries or regions. But the Olympics are more than fun and games.
They are a giant business that generates billions of dollars in revenue for the International Olympic Committee. They are also a proxy for geopolitical influence seen through rankings on medal tables, the presence of world leaders at the opening ceremony, and the serenading of national anthems to gold medal winners.
Here’s a look at how the IOC and the Olympics work.
It’s a business, not a charity
The International Olympic Committee is a non-profit, non-governmental body based in Lausanne, Switzerland. It generates 91% of its revenue from the sale of broadcasting rights (61%) and sponsorships (30%). Revenue from the last four-year cycle of the Winter and Summer Olympic Games, which ended with the 2021 Tokyo Olympics, was US$7.6 billion. The IOC states that it returns 90% of its income to sport, although athletes receive only a small share directly.
There may be a movement afoot to change this. The IOC opened a new headquarters in 2019 at a reported cost of around 190 million Swiss francs, or about $200 million. Host countries foot most of the bills for holding the Olympics. The cost of the Tokyo Games was officially listed at US$13 billion. More than half was covered by Japanese government entities. Olympic costs are difficult to track, but a Japanese government audit suggested that actual costs may have been twice those listed.
Membership and benefits
The IOC is made up of around 100 members. Members select their own colleagues and the most senior is Princess Nora of Liechtenstein. At least half a dozen other royals are members of the IOC. However, most of the power is vested in President Thomas Bach, a German lawyer who is also a member, and its executive board. IOC members are technically volunteers, although all of Bach’s expenses are covered by the IOC. The IOC’s annual report says this amount amounted to $370,000 in 2022. This included annual compensation of 275,000 euros, or about $295,000. His Swiss tax obligations of US$163,000 have also been paid. IOC members receive per diems of between US$450 and US$900 to attend meetings and obtain first-class travel and five-star accommodation.
Unpaid volunteers
Unpaid volunteers help the IOC and local organizers run the Games. They typically receive uniforms, food when they work, and some small transportation costs. Accommodation is rarely included. Paris is looking for 45,000 volunteers. Tokyo initially went after 80,000. Typically, only the rich can volunteer. The 2016 Olympics in Rio de Janeiro struggled to find volunteers because many of the city’s poor couldn’t work for free. Some showed up on the first day, collected their uniforms and did not return. The volunteer system can be seen as economic exploitation. If volunteers were paid a minimum wage of $10 per hour, the extra cost could reach $100 million. Some Paris volunteers threatened not to show up to express their discontent with Olympic spending and French pension reforms.
Mix of sports and politics
The IOC says the Olympics transcend politics. But in reality, they are highly political. It is noteworthy that the IOC has observer status at the United Nations, which indicates its self-perceived role in the world. Political scientist Jules Boykoff notes in his recent book “What the Olympics Are For” that athletes march in the opening ceremony by country. They might well, he notes, march grouped by sport. the popularity of the Games Adolf Hitler used the 1936 Berlin Olympics to promote his agenda. The torch relay has its origins in Berlin.
Bids and are they worth it?
The IOC used to award the Games seven years in advance. In 2015, when it was set to award the 2022 Winter Olympics, the IOC had just two unlikely candidates: Beijing and Almaty, Kazakhstan. The capital of China won in a close vote. Many European countries, including Sweden, Germany and Switzerland, have given up due to high costs. The IOC has since eliminated the old bidding system. There were only two bidders in 2017 for the 2024 Summer Games: Paris and Los Angeles. It awarded Paris those Games and gave Los Angeles 2028. In 2021, it awarded Brisbane, Australia, the 2032 Games 11 years in advance, largely because of influential IOC member John Coates. An Olympic study carried out by Victor Matheson and Robert Baade, two American university professors, concluded that, in most cases, the Olympic Games are a loss-making proposition for the host cities. The study published in the Journal of Economic Perspectives was published in 2016 and IOC officials say recent changes to the bidding system will help. A fundamental argument is that the Olympics are very expensive and can sideline priorities such as schools and hospitals.
Scandals and corruption
The Olympics have often been embroiled in scandals or corruption, perhaps due to the large amount of public money involved and the rushed deadlines. The most recent Tokyo Games involved a bribery scandal in contracts, sponsorships and the bid itself. The 2016 Rio de Janeiro Olympics were cash-strapped when they opened. Then-IOC member Carlos Nuzman, who headed the Games, was arrested on corruption charges shortly after the Olympics ended. The 2014 Winter Games in Sochi, Russia, were marred by a doping scandal and state cover-up. Corruption in the bidding process at the 2002 Salt Lake Winter Games forced some ethics reforms. And it is widely reported that organizers of the 1998 Nagano Winter Olympics in Japan destroyed incriminating financial records that showed they spent millions on lavish entertainment for IOC members.
(Only the title and image of this report may have been reworked by the Business Standard team; the rest of the content is automatically generated from a distributed feed.)
First Published: June 19, 2024 | 4:56 am IST
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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