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Archive for the ‘Olympics’ Category

As we’ve moved into the homestretch of final preparations for the Olympic Games, which kick off with the opening ceremonies here in Vancouver on February 12th, the city has been doing a fantastic of installing user friendly information displays that will aid visitors to the city for the games and beyond. At SkyTrain station’s new, detailed yet easy to read transit maps have been put in place. Additionally, a single new typeface has been used for all signs, bringing a coherence to the train system that was previously missing.

At major street corners around the downtown core new information/map displays have been erected in the past few weeks. Here’s one that is near my place:

The graphic is clean and easy to follow along with. Points of interest and venues are noted as well as transit hubs and pedestrian corridors. My personal favourite piece of information is the circle that is centred on the ‘You Are Here’ mark with the radius of the circle representing 15 minutes of walking time. It’s unfortunate that it has taken the Olympics coming to town, but residents and visitors are benefactors both of these kinds of improvements and I sincerely hope they will be maintained post games.

That being said, some of the simplest signage is the most important. Last night I took a stroll through the Granville St. Entertainment District. This a stretch downtown that has some of Vancouver’s most recognizable music venues, like the Vogue Theatre and The Commodore Ballroom, as well many clubs, bars and eateries. Were I not a resident of the city, I would have had no idea where I was when I crossed both Nelson St. and Smithe St., as there was not a street sign to be found at either of these intersections.  Granville St. has been under reconstruction for many years and is just in the final stages of completion. My hope is that the street signs are one of the last touches still to be put up. It would be a shame if all the great pains the city has gone to present useful and relevant information to those travelling through the city centre were undermined by the lack of adequate street signs on some of Vancouver’s main thoroughfares.

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The CBC has a story up indicating that later today, Clara Hughes will be named as Canada’s flag bearer in the Opening Ceremonies of the upcoming Winter Games. There could not be a more appropriate representative for Canada. Many congratulations to Clara as well as her friends and family. Clara is an outstanding athlete and person. More to follow.

Update: True to the earlier reports, Clara Hughes was introduced this afternoon at Richmond City Hall as the Team Canada flag bearer for the Olympic Opening Ceremonies, which are set to happen two weeks from today. Regardless of ones feelings of the games themselves, I think it’s fair to say that they try and bend towards an ideal. Reasonable people can disagree about how successful the games are at fulfilling that ideal, but Clara Hughes is an embodiment of it. Not all athletes should be thought of as role models, but Clara Hughes can’t help but be one, and Canada could not hope for a better sports ambassador on the world stage. Hughes accomplishments in sport are many, and at 37 years of age, she is still a medal threat; at a race in Norway last November she just missed the podium, finishing 4th. Clara is the only Canadian, and one of only four athletes in the world, to have won a medal in both the summer and the winter Olympics. Across four previous Olympics, she has won 5 medals, including a gold in the 5000m at the Torino Games in 2006. After winning that medal, inspired by American speed skater Joey Cheek, Hughes donated $10,000 of her own money to the organization Right to Play and has been an advocate for that group ever since. As a member of Canada’s cycling team in 1996, Clara won the first Canadian medal of those games with a third place finish in the road race. I remember having a crush on her then, and it’s safe to say that I still do. I am very much looking forward to Clara and the entire speed skating team putting on an amazing display in a few short weeks.

PHOTO BY: JONATHAN HAYWARD/The Canadian Press

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This afternoon will see announcements on two big news stories that are only mildly related. On the political front, Prime Minister Stephen Harper is set to appoint five new Conservative senators later today. In sporting news (and since it’s the Olympics there is some political aspect built in) Canada’s flag bearer for the opening ceremonies of the 2010 Vancouver Winter Olympics.

While the reasons for the PM’s prorogation of parliament are myriad, and to a certain extent only known to himself and his inner circle of tactical geniuses, one reason that is clearly evident is the fact that parliament not being in session gives him the perfect opportunity to make some appointments to the senate. While not gaining an outright majority in the upper chamber, the conservatives will have a plurality of members, shifting the balance on key committees as well as their ability to affect the agenda.

The naming of the flag bearer is one that always tends to receive a lot of press. The fact that much attention is heeded the flag bearer itself becomes a story, as in the past many athletes have declined the honour as they thought it would serve as a distraction. As the media loves ‘curses’ there is even a supposed one that descends upon the chosen flag bearer. Of course reality shows that flag bearers have gone on to career performances in the games, suffered great disappointment and everything in between. All the athletes deserve plaudits for their life of dedication to sport, and I’m sure whoever is named as our representative to march in the opening ceremonies they will do an excellent job.

Tune to your regular news sources for updates on both these stories.

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US Speed Skating - Powered by The Colbert Nation

Stephen Colbert and the Colbert Nation’s  sponsorship of the US speed skating team was a story I wrote about when it first came about, but I foolishly haven’t been posting on any of the latest developments. Back in November, City of Richmond spokesperson Ted Townsend wrote to Stephen inviting him to come to the games as an official ombudsman to ensure no funny business would happen (at the time Colbert was hammering Canada about not letting the US get enough practice time at the Richmond Olympic Oval.) Stephen stated he would be coming to the games, but only if it were as a member of the US Olympic Team (I guess he couldn’t stand to wear a pink toque the whole time.) So began Stephen Colbert’s Skate Expectations: Kicking Ice and Taking Donations On The Slippery Slope Down The Icy Path To The Frozen Road Up To Vancouver ’010 and his bid to join the US Olympic Team.

First came his attempts to join the skeleton and bobsleigh teams. These efforts failed despite Cobert’s “God given talent for lying down and surrendering to the effects of gravity”. He was further hindered by the fact that most members of the bobsleigh squad do not enjoy “a little vomit on their Lycra.” Next, Colbert tried to “HURRY HARD!” his way into the Olympics as part of the curling team. Once again his efforts were to no avail. Not giving up though, Colbert dug deep, remembered that his first love is speed skating and orchestrated a hilarious race with World Champion Shani Davis. All of Stephens well developed cheating instincts failed him, as Shani went on to decimate him, despite a head start of over 10 minutes. However, Colbert’s wily ways did catch the notice of the coaching staff, and he will be joining the team as an assistant sports psychologist. This is a fantastic development and I look forward to some great pieces of journalism from Stephen during the games. I’ve often wrote that I strongly believe in using the Olympic platform to shine a light on the fair city of Vancouver, both the good and the bad. The Colbert Report has and continues to be an excellent force for peering into some of the darker cracks in society and I fully expect to him to highlight some of the social issues that are present in this city. Previously I suggested that Colbert and Rick Mercer pair up for some international comedy dueling, but after thinking on the viability of this, I remembered that CTV is this years host broadcaster in Canada, and as Mercer is a CBC employee this would not work. Perhaps John Dore is up for challenging Colbert.

Apologies to those with Canadian IP addresses; you will need to click here to view the above clip, as the Comedy Network does not allow for embedded video clips.

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CBC and The New York Post both have stories up at their sites discussing the potential future of Intrawest, the company that owns the Whistler-Blackcomb ski resort that will play host to the alpine events during the 2010 Olympics. The whole scenario is a somewhat confusing mix of creditors and debt holders, so you should just go and read either of the articles, but there seems to me to be two different elements to this story. The first angle is the leveraged buyout of Intrawest that occurred in 2006 by the hedge fund Fortress Investment Group. This purchase was highly leveraged, and wouldn’t you know it, the Lehman Brothers happen to be one of the creditors in that deal (you remember the Lehman Brothers, right?) Fortress recently missed a $524 million payment on the debt incurred during the purchase of Intrawest. As Lehman is currently restructuring under bankruptcy protection, they are looking for funds wherever they can find it to make good on the more $1ooo billion creditor claims against them. As such, they have indicated that they could foreclose against Intrawest as early as February 19th (right in the middle of the games) and begin to auction of it’s assets (including Whistler-Blackcomb.)

Further to Fortress’s tangling with Lehman Brothers, the hedge fund has also been sparring with VANOC/the Canadian Government. According to the New York Post,

VANOC guaranteed that it would make Intrawest whole for the time that its events take place at its resorts. But now, according to a source, Canadian officials are threatening to pull that roughly $50 million guarantee. That, the source said, has compelled [Fortress fund manager Wesley] Edens to privately say he has a legal right to keep the Games from taking place at Whistler.

There’s nothing like a sexy story about the possibility of Olympic events not taking place! I do think that it is important to give credence to what Bill Singer, a securities lawyer in New York had to say to the CBC:

I can’t imagine that it will ultimately mean much, because I would assume between [Canadian] government interest and the Olympic Committee there would be something that would be accomplished just to forestall [this.]

For their part, Intrawest had this to say:

We have a 2002 agreement with VANOC to host the Winter Olympics and have every confidence that VANOC will honour its financial commitments. Intrawest is looking forward to a successful Olympic Games.

The word ‘bankruptcy’ is a loaded one in the English language, and it carries even more weight these days in light of the past few years of economic turmoil. It is easy to forget that well established procedures are in place for navigating corporate entities through bankruptcy protection, and more often than not they emerge from protection as a viable company. And while this story is an interesting one that deserves to be followed, I too, in my extremely limited understanding of financial wizardry would not expect this current story to prevent a successful games from happening.

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The Sea-to-Sky Highway; An Olympic Waste?

This past Monday, the local 24 Hours newspaper featured an article entitled “Let the Bailout Games begin“. While the piece,  by 24 Hours staff writer Bob Mackin does contain many good pieces of factual information, I do

have to take issue with some of the analysis and accounting within. To start with, Mackin writes the following:

Amid the Great Recession a year ago, VANOC’s message was all about being the shining light to guide B.C. to recovery because it had a billion dollars to spend. Spring came and chief executive John Furlong admitted a profit was unlikely.

Both of these sentences are accurate enough, but I have no idea how one idea is related to the other. The way they are linked in the piece makes it seem like the author is concluding and implying that since the odds of VANOC generating a profit have diminished since a year ago, spending on games related endeavours does not aid in economic recovery. I am no economist and I don’t have any specific numbers to cite (partly because I am having a hell of time getting the relevant data from the Stats Can webpage) but I am quite confident in asserting that injecting a billion dollars (or more, depending on what number people are tossing around as the ‘cost’ of the Games at this time, more on that later) is, and has been, very beneficial to economic recovery.

Mackin’s article then goes on to mention the Olympic Village in Vancouver. While the term ‘bailout’ is more than appropriate to apply to the measures the city was forced to take a year ago to ensure financing for the village, the article, along with many others when discussing the athletes village look at the $1 billion dollar price tag on the project as if it is money that is gone down the tubes, never to be seen again. Nothing could be further from the truth. Once the games are finished most (if not all) of the units will be sold on the open market, and in case you haven’t noticed, Vancouver’s insane real estate market has more than recovered since last year. While a profit is no longer expected from these sales, the city does expect to break even, and with the recovery of the housing market, turning a profit is not out of the realm of possibilities. What is most distressing about the village is the potential for there to be no lasting affordable housing legacy. This would be shameful, and ideally will not come to pass with the healthy rebound in prices Vancouver has seen this past year. Further to serving as the Athletes Village during the games, new housing and hopefully affordable housing post-games, the facilities at the site are also state of the art ones that feature some of the latest technologies in energy efficiency; this further adds to the value of this investment.

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