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London wins.......2012 Summer Olympic Games

 
Paladin
07/06/2005 01:53 PM
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London wins.......2012 Summer Olympic Games
London Beats Favorite Paris to Stage 2012 Olympics


July 6 (Bloomberg)


-- London won the vote to stage the 2012 Summer Olympic Games, snatching the prize from the favorite Paris to become the first city to host the event three times.

The U.K. capital, which promised the largest budget of the five competing cities, today won the fourth ballot of the International Olympic Committee by four votes in Singapore. New York, Madrid and Moscow were eliminated in earlier voting.

``It磗 a momentous day for London,创 U.K. Prime Minister Tony Blair said at the Group of Eight summit in Scotland. ``This will pay dividends for all of us. It will regenerate parts of east London. I couldn磘 bear to watch the final bit of it.创

The victory will spark spending of $15.8 billion and revive the east of the city where most Olympic venues will be built, organizers say. For Paris, the decision marks its third failure in 20 years to win over Committee voters and is a setback for President Jacques Chirac, who lost regional elections last year and a May 29 referendum on the European constitution.

The result is a triumph for Sebastian Coe, who took over the bid chairmanship from former Go Fly Ltd. head Barbara Cassani in May 2004. At the time, the IOC criticized London磗 transportation system as ``obsolete创 and praised Paris磗 rail system as ``one of the most comprehensive in the world.创

``This has been a long, arduous and sometimes bruising road,创 said Coe, a two-time Olympic champion at 1,500 meters, at a press conference. ``We are massively privileged and honored to be given this opportunity.创

Economic Benefit

The vote follows a political tussle between Chirac and Blair. Blair is seeking to cut European Union subsidies to French farmers, while Chirac wants to end Britain磗 EU rebate. Liberation newspaper on July 4 reported Chirac as saying ``mad cow创 was the U.K.磗 biggest contribution to farming and ``you can磘 trust people who cook as badly as创 the British. The two leaders meet this week at the G-8 summit in Gleneagles.

It磗 the fourth straight time that the favorite has failed to win the right to stage the quadrennial showpiece. Atlanta beat Athens to the 1996 Games, Sydney defeated Beijing for the 2000 Olympics and Athens edged out Rome for last year磗 event.

``London has gained momentum and the presentation today clinched it,创 Michael Payne, the Olympic Committee磗 former marketing director, said in a telephone interview in Singapore. ``Once again the curse of the frontrunner strikes.创

London磗 campaign was boosted by the presence in Singapore of Blair, England soccer captain David Beckham, who grew up in east London, and five-time rowing gold medalist Steve Redgrave.

Olympic Park Investment

The result may buoy the U.K. economy, Europe磗 second- largest, which is losing momentum as consumer spending slows and manufacturing contracts. The area around the proposed Olympic Park will have 9,000 new homes and about 11,000 new jobs, the London Development Agency said. London Mayor Ken Livingstone expects the event to attract investment of $9 billion.

``The impact on growth could be significant for London, not simply during the event but during the years of preparation beforehand,创 said George Buckley, U.K. economist at Deutsche Bank AG in London, in a phone interview. ``These are the sorts of events that boost consumer confidence.创

From Trafalgar Square in central London to the City financial district, the result drew bursts of applause.

``There was a large cheer on the trading floor,创 said Adrian Hughes, a currency strategist at HSBC Holdings Plc.

The government said last year it would invest 7 billion pounds ($12.3 billion) in the city磗 transport network while Livingstone pledged another 3 billion pounds. Of the $2.1 billion London plans to spend directly on the Games, $700 million will go on sports venues, $800 million on the Olympic Park and $600 million on roads and railways.

Greek Budget

``East London was the backyard for generations and this Olympic bid is in part going to change that,创 Tony Travers, a political analyst at the London School of Economics, said in a July 4 interview. ``That磗 the great strength of the bid.创

While Paris磗 proposed Olympic stadium, the Stade de France, was built for soccer磗 1998 World Cup, London is still acquiring land for its Olympic Park, the centerpiece of which will be an 80,000-seat arena. The city plans to use several existing landmarks to stage events.

Horse Guards Parade, near Blair磗 Downing Street residence, will host beach volleyball; the Greenwich Dome will stage gymnastics, and archery will take place at Lord磗 cricket ground.

London contributes about 166 billion pounds a year to the U.K.磗 1 trillion-pound economy, according to the London Chamber of Commerce. Tourism hauls in 9.4 billion pounds a year and employs 500,000 in the city of more than 7 million people, over 10 percent of the national population.

Wembley Construction

Almost 50 percent of London-based companies expect their business would benefit from staging the Games, the first in the capital since 1948, according to a Chamber of Commerce survey of 357 companies in the fourth quarter last year.

``While there are ample benefits likely to be seen in the specific areas hosting the Games, the aggregate impact is not discernible,创 said Steven Andrew, chief economist at fund manager F&C Asset Management in London, after today磗 decision.

Greece has said the Olympics last year cost 7.2 billion euros, 56 percent more than the initial budget, due in part to construction delays and security. The Greek government is selling venues to recoup some of the costs.

Coe and his team managed to sway IOC members concerned at a poor record in staging events and constructing venues. The city in 2001 reneged on an agreement to stage the 2005 World Athletics Championships after the government ruled that a proposed venue in the city磗 northeast was unfeasible. A new Wembley stadium will open next year, late and over budget.

1908 and 1948

``Any boost to sentiment from people feeling pleased about London getting the nod over Paris could be offset by media stories highlighting possible tax increases, whether local or at a national level, if projects start to overrun,创 said Alan Castle, an economist at Lehman Brothers Holdings Inc. in London.

London磗 experience as Olympic host came by default. Rome was selected to host the 1908 Games but withdrew its candidacy after the eruption of Mount Vesuvius two years earlier. London again stepped in for the 1948 Games, the first since World War II. The London Games will take place July 27 to Aug. 12, 2012.





[link to www.bloomberg.com]
bohica nli
12/08/2005 10:12 AM
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Re: London wins.......2012 Summer Olympic Games
thank you for your timely report.
Anonymous Coward
12/08/2005 10:12 AM
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Re: London wins.......2012 Summer Olympic Games
its a big illuminati year 2012 - it had to be london - the no.1 dynasty
Anonymous Coward
12/08/2005 10:12 AM
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Re: London wins.......2012 Summer Olympic Games
masonic coup wins out for 2012
White Van Man
12/08/2005 10:12 AM
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Re: London wins.......2012 Summer Olympic Games
Great!!! We REALLY need more debt don磘 we??!!
but on the OTHER hand,we beat France chorus


blair
gooderboy
12/08/2005 10:12 AM
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Re: London wins.......2012 Summer Olympic Games
Hooray for London... you go Brits!

w/luv,
just me
(a genuine Yankee Doodle Dandy)
Anonymous Coward
12/08/2005 10:12 AM
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Re: London wins.......2012 Summer Olympic Games
Ironic that the story quoted here was from Bloomberg news. lol
Anonymous Coward
12/08/2005 10:12 AM
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Re: London wins.......2012 Summer Olympic Games
Don磘 Forget, London Greenwich Meantime 0 degree Meridian = 2012 newtime ,new era

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