Rio cancels contract for Olympic tennis center due to delays

Reuters reported earlier today that the city of Rio de Janeiro canceled the construction contract for the Olympic tennis center on yesterday, fining contractors IBEG Engenharia e Construções, Tangran Engenharia and Grupo Damiani responsible for delays and breach of contract for the nearly finished venue.Last week, laid off workers at the tennis center protested outside, saying they were not being paid by the builders.

Clarke-Sailing-Through-the-Trash-and-Sewage-of-Guanabara-Bay-1200.jpg

The Guanabara Bay, where sailing competitions were to be held, is still a open sewage. Time is running out. Will the games turn out fine?  The Economist is betting on Eduardo Paes to make this happen so he can be the next Brazilian president.

Cited article: http://www.reuters.com/article/us-olympics-rio-tennis-idUSKCN0US2LM20160114

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Emerging Markets Insights

a blog by Frontier Strategy Group

longandvariable

A blog on macroeconomics and public policy by Tony Yates.

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