Friday, 18 August, 2017

IOC to discuss LA-Paris double Olympic host picks on June 9

IOC to discuss LA-Paris double Olympic host picks on June 9 IOC to discuss LA-Paris double Olympic host picks on June 9
Rita Gibson | 19 May, 2017, 20:02

The executive board of the International Olympic Committee (IOC) will meet next month to ponder whether it is feasible to award the 2024 and 2028 Olympic Games when it meets in Lima in September.

Los Angeles and Paris are the only two cities left in the race for the 2024 Games and the International Olympic Committee is eager to see no losers in this competition as four other cities dropped out, fearful of cost and size of the Olympics.

IOC President Thomas Bach asked the board's four vice presidents in March to advise on combining the 2024-2028 awards.

Plus, there's the fact that hosting the Olympics has become something of an arms race, with autocracies leveraging their nations' treasuries and workforces to create, and pay for, Olympic experiences far beyond their means. The stories of Olympic facilities abandoned and left to rot are legion, from decades gone by right on through this past summer's Rio Games, and the IOC is sensitive to the fact that bid cities see this wreckage and are bailing out on the enormous price tag of hosting.

Standard & Poor's raises Indonesia credit rating
The Jakarta Composite Index jumped as much as 3.2 percent to a record 5,825.2, extending gains this year to nearly 10 percent. The sovereign rating was lifted to BBB- from BB+ with a stable outlook, S&P said today, citing an improvement in the budget.

The vice presdients' report to the 13-member board - which includes two Americans - is key to the short-notice meeting.

Leaders of the LA and Paris campaigns will come to Lausanne then to make set-piece presentations of their hosting plan to the voting members. He is expected to want to reward LA and Paris with either the 2024 or 2028 Olympics.

Potential bid cities in wealthy countries such the United States, Germany, Switzerland and Sweden have dropped out when local taxpayers objected or delivered defeats in a referendum.

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