Coke To Pay Tax

Coca-Cola have followed McDonald's, GE and Visa and waived the Olympic tax exemption:

"Coca‑Cola has never intended to, and will not be making, any corporate or income tax exemption claim with respect to any activity concerning our involvement with the London 2012 Olympic and Paralympic Games.

More than 90% of the Coca‑Cola employees working at the Olympic and Paralympic Games are UK nationals. Those from abroad will be paid by their respective home countries.

As one of the longest, continuous sponsors of the Olympic Movement, we are proud that we are able to use our sponsorship to enable millions of people to experience the Games and believe we have a valid role to play. As well as sharing expertise, our financial support will help to stage London 2012. We have also built on our experience as an Olympic and Paralympic sponsor to help LOCOG deliver the most sustainable Games possible."

Apparently they always intended to pay tax, the statement is one merely of clarification.

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Tourism To Fall

Despite the recent hype from Visa (predicting an alleged financial benefit to the economy from the 2012 Olympics), more realistic views are that the economy will take a negative hit as tourism will in fact fall.

The Independent reports that London & Partners (the official agency behind promoting tourism for London) has admitted that the 2012 Olympic Games could lead to a fall in visitors to London 2012.

For why?

People do not want to come to a city with over-crowded transport, a lack of/high prices for hotel rooms, and which resembles a building site.

Who blames them for not wanting to come?

Olympic Medals won during the Beijing 2008 Olympics

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Don't Believe The Hype

The Guardian reports that a new economic study of the British economy predicts that consumer spending will rise by £750M during London's Olympic Games in 2012, and that there will be a sustained boost to the economy over the next 4 years of £5.1BN.

Hoozah!

Well, before you pop the champagne corks, you may care to bear in the mind the following:

1 The "economic study" was published by Visa (one of the main sponsors of the event, who have a vested interests in people maxing out their credit cards).

2 During the the Beijing Games overseas visitors spent a mere £93M during the whole of the games.

£ The games are "budgeted" to cost around £12BN (including £2BN running costs).

Don't believe the hype!

Olympic Medals won during the Beijing 2008 Olympics

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The Pig's Breakfast

Martyn Saville writes a pithy analysis of the logistical/financial shambles facing ordinary citizens who wish to buy tickets for the 2012 Olympics.

As he says:

"There must be a better method of selling tickets than this."

Olympic Medals won during the Beijing 2008 Olympics

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Tick Tock - Olympics Clock Stops

To add to the woes of the London 2012 Olympics organisers, who were already looking rather foolish for the glitch that prevents certain Visa card holders from buying tickets for the games, the 500 day countdown clock in Trafalgar Square (that was activated on Monday) stopped working on Tuesday.

The clock is supplied by Swiss based company Omega.

Incidentally, the actual time that the games are due to be officially opened has yet to be decided. Therefore the clock is, by definition, inaccurate.

Well done lads!

Olympic Medals won during the Beijing 2008 Olympics

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Ticket Glitch

As predicted, online sales of tickets for the 2012 Olympics have already hit a technical "glitch".

Owing to an agreement made between the organisers and Visa, only Visa cards will be accepted for payment.

However, for reasons best known to the organisers and Visa, it seems that Visa cards that expire before the end of August are not being accepted.

Apparently a solution to this is now being devised.

Olympic Medals won during the Beijing 2008 Olympics

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Restrictions on Ticket Purchases

As noted a while ago on this site, Visa credit/debit cards have a sponsorship deal for the London 2012 Olympics which ensures that fans who want to buy tickets by card for the games can only do so if they use Visa.

Additionally, Visa credit and debit cards will be the only ones accepted at shops or cash machines at Olympic venues.

Unsurprisingly, some people are of the view that this is an unfair restriction. The Office of Fair Trading is now looking into the matter and is quoted by the BBC:

"The OFT and the European Commission are aware of these issues and are currently in discussion about what action, if any, should be taken."

Olympic Medals won during the Beijing 2008 Olympics

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Anti Competitive

The organisers of the London 2012 Olympics have been accused of being anti competitive, as a result of their decision to ban all payments by credit cards except for Visa.

No other cards will be accepted to buy tickets, merchandise or even food and drinks.

Visa, according to The Sun, have paid £61M in sponsorships fees; part of which gives them the right to exclusivity.

Whilst it may seem ironic that a sporting competition bans competition, it should be remembered that the Olympics are not about sport but money!

Olympic Medals won during the Beijing 2008 Olympics

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Hotel Rates Slashed

Hotel room rates in Beijing are being dramatically slashed ahead of the forthcoming Olympics, starting on 8 August, as room occupancy rates are falling.

The fall in occupancy rates is as a result of increased security and worries amongst prospective visitors about air pollution and terrorism.

Two to four star hotels have reportedly reduced prices by between 10%-20%, compared to May and June. Some have even cut rates by up to 30%.

The Beijing Tourism Authority reports that in June the number of visitors to Beijing, including overseas and domestic, was down by 19.9% compared with the previous year earlier.

The average room prices in some three-star hotels are down to 400 yuan ($60) per night from 700 yuan ($100) in previous months. Four star hotels have dropped to about 800 yuan ($117) a night, from 1,500 yuan ($220).

Beijing initially expected around 500,000 foreign guests for the Olympics. However, that estimate has now been reduced.

It seems that bargains, if some tough negotiations are conducted, can be had.

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Visa Restrictions

The LA Times reports that China's recently tightened visa restrictions, imposed for public security reasons ahead of the Olympic Games, are having a negative effect on travel to China.

The government is now requiring business visa applicants to submit papers bearing official stamps from local governments and the hotels where they will be staying.

Killing the golden goose before it has laid the egg is not necessarily very wise.

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