Jeremy Beeton, one of the most senior executives at US engineering company Bechtel, has been appointed as director-general of the Government Olympic Executive. Financial Times

The executive and its 50-strong team of civil servants is to scrutinise the costs of 2012 London Olympics. The £220,000-a-year post was created in the aftermath of the shambles earlier this year surrounding the cost of staging the games, when ministers struggled to explain why the £9.3bn budget was considerably larger than first estimates.