Tokyo Olympics Could Cost $26 Billion

After spending a year on hold, Japan plans for the 2020 Olympic games to be held in the summer of 2021 in Tokyo. The remaining competition schedule is expected to stay the same, with the next Summer Olympics scheduled in 2024.

The original cost estimate for the Olympic Games was $7.3 billion. After the organizers released an updated budget with $12.6 billion in costs, an audit took a look at the rest of the books.

Japan’s Board of Audit found billions of expenditures from national and municipal governments that weren’t included on the financial ledger. They estimate that the Tokyo Olympics could cost over $26 billion to operate.

If COVID-19 protocols are still necessary when they’re held, the price could get even higher.

Organizers Say They’re Not Responsible for the Additional Money

Tokyo 2020 is fighting back on the idea that they’re responsible for the $26 billion that the Board of Audit suggests is the real cost of the games.

The organizers say that the board aggregates several projects from across the country that could be seen as game contributors. It didn’t matter whether the expenses were part of the official program or not.

Japanese media calculate that the price of holding the Tokyo Games could reach more than $28 billion. That’s compared to the $6.9 billion in place for the 2028 games expected to be held in Los Angeles.

The one difference between Tokyo and LA is that the American organizers expect to use several existing venues for the competition. Japan had to build several items, including a national stadium and a village for the athletes.

It’s not all bad news for the 2020 Summer Olympics organizers. Sponsorship sales have reached $3.3 billion, and ticket sales have been strong enough that lotteries have had to be established. When the event’s economic impact gets analyzed, it will still be a profitable venture for the city and Japan.

Ring with 12,638 Diamonds Sets Guinness Record

How many diamonds do you think you could wear on your finger?

If you’re getting engaged in 2021, you might think that a ring with one beautiful Princess-cut diamond is enough. Some gifts might provide a handful of these gorgeous gems, set in a beautiful design that reflects the wearer’s personality.

Rennai Jewels in Meerut, India, decided that a ring with 12,638 diamonds was the best way to show love. Harshit Bansal is the designer of this masterpiece, introducing it to the public late in 2020.

It currently holds the Guinness World Record for the most diamonds on a single ring.

The Ring Weighs almost Six Ounces (165g)

Bansal named the diamond ring “Marigold.” It’s also referred to as the “Ring of Prosperity.”

The foundational design uses an ornate flower to serve as the resting place for most of the diamonds. It employs thousands of 38-carat natural gemstones to create a one-of-a-kind sparkle.

The previous record-holder in this category was Hallmark Jewelers, which is also based in India. They designed a piece that contained 7,801 diamonds.

Each petal in the ring’s design is unique. It took Bansal about two years to complete the work on this piece, which he started almost immediately after graduating from local jewelry design courses.

Underneath the diamonds is an 18-karat gold surface. Bansal only used conflict-free gemstones for the stunning ring.

All of the diamonds are of VVS clarity and in the E to F color range.

The Creator Says the Ring Is Wearable

When asked about what it was like to wear such a massive creation, Bansal said that the jewelry was comfortable and wearable.

His target was always to exceed 10,000 diamonds with the design. Prospective buyers have already inquired about the piece, but Bansal says he’s not interested in selling it at the moment.

“It’s a matter of pride,” he said in a recent interview. “It’s priceless.”

23 Million Americans May Relocate Due to Remote Work

Up to 23 million Americans are currently planning to relocate to a new region or city because of telework, telecommuting, and freelancing.

With fewer companies requiring in-office work, families have more opportunities to explore affordable housing options. This trend is happening for organizations of all sizes, significantly widening the accessible talent pool.

Up to 50 million more Americans are employed through the gig economy, following a similar relocation trend with their self-employment.

Employers benefit from this trend. It creates more opportunities to reach talented workers where they live. With fewer overhead costs and the potential for more productivity, everyone can do more and spend less.

Over Half of Small Businesses Plan to Offer Remote Work

A recent Intermedia survey found that 57% of American SMBs intend to offer remote work as a long-term option for many employees.

As part of this trend, companies have found that employee availability has risen by nearly 20% with this change.

With people leaving places like New York City in droves to escape COVID-19 and high prices, the emerging behavior could have dramatic implicates for state and local economies. The households that remain could be facing housing price drops, tax increases, and higher expenses for utilities and daily needs.

Imagine that your daily commute involves walking downstairs to your home office. You could take your Neuroscience and Perque, work in comfortable clothes, and manage your family’s schedule with much more flexibility. That’s an inviting scenario for many people.

Approximately 1 out of 5 residents in a major city plans to move beyond the regular commuting distance with the telecommuting trend. Over 54% say that they want to be around two hours away from their current location.

Housing prices suggest the survey information is accurate. The U.S.’s top housing markets saw 13 percentage points more in rental price decreases than those in the bottom 10%.

$50 Million Sought by AMC Theaters to Avoid Bankruptcy

AMC Theaters is struggling because of the COVID-19 pandemic. They’ve been hit on three different monetary fronts: ticket sales, food options, and exclusive movie access.

With reduced capacity seating required in most markets, the movie theater chain’s per-screen revenues are down significantly. When fewer customers walk through the door, that means less popcorn gets sold.

The movie studios have also negotiated a significantly lower exclusive run time for new films, hoping to take advantage of the new at-home market.

In an effort to counter these challenges, AMC hopes to sell up to 20 million Class A shares to bring in $50 million in new capital. This news comes on the heels of an October 2020 announcement that stated the organization was on its way toward Chapter 11 bankruptcy.

Why Is AMC Struggling During This Time?

AMC found itself handling a lot of debt at a time when it wasn’t needed earlier in 2020. The organization had purchased competitors like Odeon and Carmike, creating a $4.75 billion obligation.

The movie theater chain has been in survival mode for quite some time. It has already looked for ways to boost liquidity while improving its overall balance sheet.

AMC wants to hold on until new content can arrive in theaters. Three titles are expected to potentially tempt customers to come to the big screen again, including “Wonder Woman 1984.”

Those hopes might get dashed with the recent announcement that Wonder Woman will simultaneously premiere on HBO Max.

In the previous quarter, AMC earned approximately $119.5 million in revenues. For the same period in 2019, the theater chain had gained $1.32 billion.

The maximum offering price for each share is $2.39, which would raise a total of $47.7 million if the fundraising offer is successful.

159.8 Million Votes Cast in 2020 Election

We will point to 2020 for many reasons once we have a few years of history between us and it. Although COVID-19 will be the obvious talking point, several unfortunate events affected people around the world.

From the death of Kobe Bryant to the Australian bush fires that ravaged 47 million acres, everyone who makes it to 2021 will feel like a survivor.

Another significant milestone for 2020 was the U.S. Presidential election. The country tallied the most votes in history, with at least 159.8 million people going to the polls, mailing in their ballot, or using other legal methods.

Voter Turnout Was the Highest Since at Least 1900

About two-thirds of eligible voters made the time to cast a ballot for their preferred candidate in the 2020 election.

It turned out that Democrats held a significant early vote advantage, gaining 43% of the absentee or initial tallies going into Election Day. Republicans were only able to secure 37% of that figure.

Texas led the way in early voting, with approximately 9.6 million ballots cast before Election Day.

The most remarkable statistic from the 2020 election might belong to Pennsylvania. After the in-person votes were counted on Election Day, Donald Trump had more than a 600,000-vote lead over Biden. After the mail-in ballots got added to that figure, there was enough for the Democratic candidate to win the state.

Although COVID-19 topped the list of voter concerns for the election, jobs, the economy, immigration, and abortion were hot-button topics that drove people out in record numbers.

Biden won the election by flipping the upper Midwest states that Trump secured in 2016 on razor-thin margins while flipping Arizona and Georgia, which have been traditional Republican strongholds.

Only time will tell if these voting numbers are a one-off because of the emphasis on mail-in voting.

$14 Billion Spent on 2020 Election

If you thought the $7 billion spent during the 2016 election between Donald Trump and Hillary Clinton was expensive, 2020 decided to provide a shock and awe campaign.

Total election spending for the 2020 contest was $14 billion, doubling the records that happened in 2016. That figure is up approximately $3 billion from the initial estimates.

A massive influx of donations came into both campaigns at the end of the political season because of closely watched Senate races, a GOP push to win back House seats, and the Supreme Court battle that would ensue to put Amy Coney Barrett on the bench before Election Day.

Joe Biden will make history at the end of this cycle, becoming the first candidate in U.S. history to raise $1 billion from donors. Trump’s $596 million, which would have been a massive haul in any other year, looked weak compared to the excitement that Democrats achieved.

This Result Was Unthinkable a Decade Ago

Before 2010, the idea of seeing a billionaire running for the highest office in the United States was almost unthinkable. During the 2020 election cycle, we saw Donald Trump and Michael Bloomberg on the campaign trail.

Although Bloomberg ran into the Biden buzzsaw during the primary season, he vowed to keep his spending levels high to defeat Donald Trump.

Bloomberg personally contributed approximately $500 million to support Democrats up and down the ticket in multiple states.

Political donations weren’t coming from the elite and wealthy alone. Even with 2020 being a pandemic year, women were crushing donation records. Small checks getting written to candidates to eight-figure checks going to super PACs all made it a record spending year.

Another trend for Americans is to donate to candidates outside of their state to support their preferred party.

If this trend continues, the idea of spending $20 billion in the 2024 election cycle is not outside the realm of possibility. That figure is significant because it represents ten times the amount spent in 2000.