MONACO // Two countries will be allowed to co-host Olympic Games and will have the power to add new sports as the International Olympic Committee (IOC) voted in sweeping changes yesterday to the world’s biggest sporting event.
The measures are part of a campaign by IOC president Thomas Bach to make the Summer and Winter Olympics cheaper to stage and more attractive to the public as the organisation battles increased competition for audiences.
Bach has proposed 40 reforms, known as Agenda 2020, to be voted on at a special session of the 104-member IOC.
The first measures were unanimously passed and Bach called them “a major step forward in the organisation of the Olympic Games”.
The votes allowed for future Games to be hosted by two cities, or two countries, for “sustainability” and “geography” reasons.
Bidding for the Games should be cheaper, since the number of presentations will be cut and the IOC will pay more of the costs.
In a bid to increase the attraction of the Games, host cities will be allowed to suggest a one-off extra sport, which would have to be approved by the IOC.
But the number of athletes will be capped at 10,500 for the Summer Olympics and 2,900 for the Winter Games, which means that if new sports are added, others could be eliminated.
Organisers of the Tokyo 2020 Games may be among the first to profit from the change. They are pressing for the inclusion of baseball and softball.
There were 26 sports at the London Olympics in 2012, but Franco Carraro, who led the working group on sports, said there could be up to 30 sports at future Games.
Bach warned that the IOC had to bolster its credibility and transform the Olympics with “important and far-reaching changes” because of a major shift in attitudes toward the Games.
“If we do not address these challenges here and now, we will be hit by them very soon,” Bach said.
The decision to allow joint hosting is a revolution.
Sports such as football traditionally have been spread across several venues, but these have been exceptional cases.
Bach sought the change to the Olympic charter to reduce the cost of the Games and to allow smaller countries to bid. The IOC says it wants more talks with candidate cities on how the event can be made more sustainable. There will be a new emphasis on using existing and temporary facilities.
It calls on candidate cities “to present a project that fits their sporting, economic, social and environmental long-term planning needs”.
Bach will also announce the launch of an Olympic television channel.
Bach, an Olympic fencing gold medallist, has pursued a reform agenda since becoming president in September 2013.
All 40 proposals are expected to be passed, though questions were asked in the debate about how the Olympic leadership would preserve the Games’ “atmosphere” if events are split.
Bach has said that once the votes are over, the IOC will immediately start talks with organisers of the 2018 Winter Olympics in Pyeonchang, South Korea, and the Tokyo 2020 Games, to see if savings can be made.
The 2012 London Olympics was hailed as a success and the Summer Games remains a big-ticket item with US channel NBC, which will pay US$7.75 billion (Dh28.5bn) for the broadcasting rights to the next six Games. Bach said the IOC had signed sponsorship and television deals worth $10 billion in 10 months this year.
But the Winter Olympics is slumbering. Russia spent more than $50 billion on the Sochi Games this year and there are only two candidates, Beijing and the Kazakh city of Almaty, for the 2022 Games.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
UAE currency: the story behind the money in your pockets
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank