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Finance

The Rio Olympics continue to be an example of why more and more cities are wary of hosting the games.

Rio 2016 has essentially become a financial disaster, with the games costing $13 billion in a mix of private and public money, according to a June Associated Press report.

Much of the Olympic infrastructure is abandoned or underused, including the $700 million athletes village that was supposed to be turned into luxury condos once the games were over.

Stephen Wade of the Associated Press recently reported via Twitter that the athletes village was "shuttered" and that only 7% of the condos had been sold.

Rio should serve as a warning to other countries about the costs of hosting the Olympics.

The images of nearly abandoned venues have surfaced at a time when costs of the 2020 Tokyo Olympics have reportedly doubled to $12.6 billion, up from the $6 billion that was projected when Tokyo won the bid in 2013. chron.com
On Wednesday, US authorities detained a researcher who goes by the handle MalwareTech, best known for stopping the spread of the WannaCry ransomware virus.

In May, WannaCry infected hospitals in the UK, a Spanish telecommunications company, and other targets in Russia, Turkey, Germany, Vietnam, and more.

Marcus Hutchins, a researcher from cybersecurity firm Kryptos Logic, inadvertently stopped WannaCry in its tracks by registering a specific website domain included in the malware's code.

Hutchins was arrested for allegedly creating the Kronos banking malware.

Motherboard verified that a detainee called Marcus Hutchins, 23, was being held at the Henderson Detention Center in Nevada early on Thursday and a few hours after, Hutchins was moved to another facility, according to a close personal friend.

Shortly before his arrest, Hutchins was in Las Vegas during Black Hat and Def Con, two annual hacking conferences. vice.com
Bitcoin's price is tearing upwards, with each bitcoin currently worth $US2,128 (£1,638) — a little shy of all-time-high of $US2,185 (£1,682), earlier this morning.

Just a year ago, it was trading at just $US443 (£341), after deflating from what was then seen as the giddy highs of around $US1,100 (£847) in late 2013. It has since embarked on an epic bull run.

The digital currency has come a long way since 2010, when the purchase of the two Papa Johns pizzas by Laszlo Hanyecz from another bitcoin enthusiast marked what is believed to be the first “real-world” bitcoin transaction.

Today, those 10,000 bitcoins are worth around $US20,500,000 (£15,800,000). businessinsider.com.au
Budgeting roughly $200 million a year on travel costs, the World Health Organization spends more money on traveling than battling the world’s biggest health crises.

AP reports reveal agency director-general Dr. Margaret Chan racked up $370,000 worth of annual travel expenses, in addition to recent charges of $1,008 for a one-night hotel stay in Guinea.

Last year, WHO spend around $71 million on AIDS and hepatitis prevention, $61 million on malaria, $59 million on tuberculosis, and $450 million on polio. However, the agency is asking taxpayers for another handout. thegoldwater.com
Announcing the colossal suite of donations alongside Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten, mining and business billionaire Andrew "Twiggy" Forrest is giving away a huge chunk of personal wealth.

The largest philanthropic donation by a living person in Australian history, the funds are expected to dwarf any past pledges by high-net-worth Australians.

The money will be dedicated to a variety of social and scientific causes including Indigenous disadvantage, cultural and arts facilities, and an ambitious plan to gain the upper hand over cancer research. smh.com.au
Canada's silver Superman coins have been like kryptonite to the bottom line of the Royal Canadian Mint.

In 2011, the mint began selling a series of silver collectible coins, with a face value of $20, at a time when the price of silver was soaring.

The cost to buy one was also just $20, tax free.

Superman, Bugs Bunny, the starship Enterprise and other catchy images on the coins attracted hundreds of thousands of coin collectors and investors, and fattened revenues at the Crown corporation.

But the price of silver has fallen dramatically in the five years since, and Canadians are returning the coins by the truckload, protected from the fall in silver prices by that fixed $20 face value which the mint must pay back on request. cbc.ca
The Queensland Labor government is providing Indian mining conglomerate Adani with hundreds of millions of dollars in financial relief to help fund the Carmichael coal mine into production.

Queensland Treasurer Curtis Pitt did not deny a $320 million "royalties holiday" was on the table to progress the $21 billion project, but insisted "no decision has been made."

In a statement, Adani said Queensland governments had previously "used royalty agreements to enable such projects" and the company "welcomes this approach." brisbanetimes.com.au
Gas prices are expected to drop in time for the Victoria Day long weekend across most of the country thanks to higher supply and lower demand, according to some gas experts.

Dan McTeague, a senior petroleum analyst for Gasbuddy.com, told CTVNews.ca on Friday morning that individual gas stations may choose to drop their 10 cent operating margins to stay competitive, which would mean drivers could be treated to lower prices at the pumps from Saturday to Monday.

He also advised drivers to wait until Friday evening or the weekend to fill up if they can because that’s when the prices are expected to fall at many gas stations.

McTeague said gas prices should remain stable for the summer months except for an expected short-term jump when OPEC agrees to continue cutting oil production. ctvnews.ca
He pitched himself to Conservatives as an accomplished businessman who could clean up Canada's finances, but Kevin O'Leary has left the Conservative leadership race with unpaid bills and a campaign that one senior official says is more than $200,000 in debt.

One of those still waiting for a paycheque is Marc Nadeau, a self-employed translator and father of four who said O'Leary owes him approximately $3,600.

"For Kevin O'Leary that amount of money certainly is not very significant but for me it's the rent, it's the electricity bill. It's daily life for me and my family," Nadeau told CBC News.

He said he was told several times that he would receive his cheque but it still hasn't come.  cbc.ca