Difficulty in Olympic Economic Predictions
Even the Bank of England’s chief economist admits he is having difficulty predicting the economic impact of the Olympics.
"Trying to work out exactly how the Olympics will effect output growth is very difficult," Spencer Dale said at a press conference on the BOE’s economic outlook for the future.
"Our best guess is it is likely to boost growth somewhat in the third quarter. Our best guess is that underlying output growth will be half a percentage point stronger than the headline measure in Q2. In Q3 the combination of the bounceback from the [Queen’s] Jubilee and the Olympics means you could see growth being exaggerated by slightly more than half a percentage point and then you get back to sort of a weakening in Q4 as you get back from the Olympics effect."
Britain’s central bank on Wednesday reduced its growth predictions for the next two years, warning of an economic hit from continental Europe.
"We are navigating through turbulent waters, with the risk of a storm heading our way from the continent," BOE governor Mervyn King said.
Boonen: Olympics First
The Olympics will be cyclist Tom Boonen’s top priority.
The Belgian cyclist announced Wednesday he will skip the Tour de France so he can focus on the London Olympics.
"I still want to do the Tour in the future," Boonen said. "I missed the last two Olympic chances, so I am really looking forward to try this new experience and try and get the best from it."
The Tour de France is scheduled to end July 22, six days before the London cycling road race.
Boonen is considered to be one of the top one-day road cyclists.
No Medal Chance for Russian Men
Olympic gold medalist Yevgeny Kafelnikov says Russian men’s tennis has declined so much, there is no chance of a medal in London.
"All of our [male] players know that they don’t have a chance at the Olympics," Kafelnikov was quoted on Wednesday.
"Just playing at the Olympic Games is something prestigious," he added.
Kafelnikov, gold medalist in Sydney, was named vice president of the Russian Tennis Federation on Wednesday.
Media Watch
AFP news agency says it's sending 180 journalists to London.
In a press release, AFP claims 400 to 500 print stories will be published daily in six languages.
For the first time, AFP also says users will be able to access live reports in both English and French on mobile devices.
The announcement was made detailing London 2012 and Euro 2012 plans. Around 80 staff will work Euro 2012 for the news agency.
"The coverage of two events as long awaited as the Olympic Games and the Euro 2012 is another opportunity for the AFP to cater to its clients with all the power of its international network," said AFP Chairman and Chief Executive Emmanuel Hoog.
"Sports are a strategic priority for the Agency, which regularly demonstrates its editorial and technical performance in every discipline."
Final London 2012 Merchandise Licenses Announced
LOCOG announced the appointment of the final four licensees to the London 2012 merchandise program.
Innovative Sports Limited will produce a range of official sporting London 2012 memorabilia including authentic limited edition torches from the Olympic Torch Relay.
During the Games, there will also be opportunities to purchase official sporting equipment from the Games such as the baton from the men’s 4 x 100m final, a used beach volleyball from Horse Guard’s Parade and tennis balls from Wimbledon.
Completing the London 2012 merchandise program will be three more licensees that include photographs, toys and eyewear.
On the Olympic Park, Capture the Event will provide official souvenir photographs to spectators. They will also provide a service for athletes in the Olympic Village.
Manufacturer LEGO will produce a range of special edition Team GB minifigures, while Oakley will release a collection of London 2012 eyewear.
Brazil Forward Predicts Medal
Brazilian forward Neymar da Silva thinks 2012 is the year Brazil wins its first Olympic gold medal in football.
"I am also optimistic about the possibility that the Brazilian team will win the missing title," he told Brazilian media.
"I am confident that the team will be quite ready to fight for the gold medal."
Despite having one of the best national football teams in the world, Brazil's U-23 squad has never won Olympic gold.
Written by Ed Hula III.
20 Years at #1: