Biathlon, the broken trace of Raphaël Poirée

On March 11, 2007, he had been left with his fist raised, angry as always, forced to lower him during this last race, defeated by half a spatula by the Norwegian king Ole Einar Björndalen. Following his sparkling career (8 world titles, 4 big crystal globes, 44 World Cup victories, 3 Olympic medals), Raphaël Poirée then published his first book, “ We are not born a champion, we become it “, written in collaboration with the journalist of Dauphiné Liberated Yves Perret, now press manager of the AG2R-Citroën cycling team.

“My father smiles at life”

The tone was high, informative: he told of the discovery of skiing by a city child and the emerging media coverage of biathlon. A bit classic nonetheless, in the manner of these agreed monographs published by publishers surfing on the notoriety of a champion. Thirteen years later, the Poirée-Perret duo reunited for a second chapter called ” The pursuit of a life “ (1), whose tone is quite different.

Biathlon, life without Martin Fourcade

Everything is said, perhaps, in the last line of the last chapter, written by his eldest daughter: “My father smiles at life. “ We would be tempted to add “finally” to it, as the last thirteen years of Raphaël Poirée’s life, as a former champion, have been so painful. The “little death”, a somewhat frightening nickname for retirement from sports, he experienced painfully. Suffering in his body when he was hospitalized with two broken vertebrae after a quad bike accident. Bleeding in his heart when the golden couple he formed with Norwegian biathlon star Liv-Grete got bogged down in his unsaid and touchy character.

The man had a reputation for being silent asocial; he was in fact running behind the hope of the recognition of a stranger, his father, who had abandoned him shortly after his birth, before remaking his life in New Zealand. “ For me, playing sports was a way of shouting ”, he said from Bergen, Norway where he is based. But this father, who died shortly before he found his trace, never heard him.

Daily champion

Professionally, retraining has not been easier. In 2007, biathlon was still a confidential sport in France and race bonuses were not enough to secure the future. The great champion, who only lacked Olympic gold, found himself as a worker on the oil platforms, then a construction engineer, before taking the commercial management of a public works company. “Poor guy, he’s lost his mind. He is sad. We must help him, say those who have not understood that it is my simple and unique choice to exercise this profession ”, he wrote, addressed to an environment which has never quite understood it.

A second championship course, no longer fighting for glory but to raise his three daughters. “I wanted to leave a mark on my children, that they know my story and that they know that it is necessary to fight in the life”, he said before hanging up the phone with an excuse: ” Tomorrow I get up early. “

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François Bayrou traces his roadmap

Three weeks after his appointment as High Commissioner for Planning in early September, François Bayrou presented his roadmap on Tuesday, September 22 during a speech to the Economic, Social and Environmental Council (Cese). For more than an hour, he defended the need to take into account the long time, before drawing three “ horizons »To which he intends to direct his reflections.

For his first official intervention, François Bayrou first wanted to respond to those (many) who are surprised by the awakening of a planning that we thought was obsolete. ” I consider myself that what is outdated and archaic are those who think that a nation has no competence to define the general interest and that it would be enough to let it happen for the course to be fixed by itself. “, He insisted, denouncing, for example, the drug shortages that appeared during the health crisis.

“There are vital areas for French society and the European Union which require intervention and guidance from the State”, defended the high commissioner. These areas, in these eyes, are numerous as the result of his speech has embraced wide, sometimes taking the airs of speeches of general policy of the Prime Minister.

25 questions, three horizons

François Bayrou thus displayed the ambition to irrigate reflection and action on many subjects in order to “ re-rooting the long term in public debate “. To do this, the High Commissioner intends to rely on all the reports and studies which “ sleep in drawers »In order to quickly take stock of a series of questions.

The High Commissioner thus identified 25 questions, divided around three “ horizons Which will serve as a framework for its action. The first project intends to question “ the vitality of our country “. A vast collection, from birth rate to research, from business creation to the French language, from overseas to agriculture.

Herculean task

The second concerns ” independence From France and Europe. This will concern in particular the necessary relocations in the pharmacy but also in “ electronics or we are almost entirely dependent on the far east ».

The third project will be justice, from education to land use planning, of course through the judicial system.

Obviously, recognized François Bayrou, “ the task seems Herculean, but we can trace paths, set benchmarks ”. “Are we sure to succeed? Certainly not “, recognized the high commissioner, « mBut not to try would be doomed to failure ”.

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Bookstores try to overcome a drop in sales of up to 45%

Above, the Sopa de Sapo bookstore, specialized in children's literature.  Below, the veteran Chamber with its hydroalcoholic gel dispenser.  On the right, the Deusto Library.  / pankra grandson
Above, the Sopa de Sapo bookstore, specialized in children’s literature. Below, the veteran Chamber with its hydroalcoholic gel dispenser. On the right, the Deusto Library. / pankra nieto

On Thursday they put stalls on the street in Bilbao amid the uncertainty but supported by a loyal public

Like good books, the situation in Biscay bookstores is full of nuances. Since they reopened on May 11, they have felt sheltered by a more faithful and demanding community of readers than ever. But two months of forced closure leave their mark and in the first half the sector has registered a drop in sales of up to e

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The debt crisis of Santander and BBVA, back to levels pre-Covid | Markets

This time it is climbing, not desescalada. The price of the debt-crisis of Santander and BBVA, is almost at the levels prior to the market leap through the air with the arrival of the Covid-19. The contingent convertible bonds (coconutsin the jargon) of these two banks have soared, after a strong disturbance that affected the assets most at risk, with them at the epicenter.

This debt has the power to absorb losses with its automatic transformation into shares if the capital ratio of highest quality (CET1) falls below a certain threshold, commonly the 5,125%. Were bonds more proscribed in the early stages of the pandemic, when it rose a wall of mistrust to the financial sector and its ability to withstand the onslaught of the crisis.

But it has also been one of the that before has been recovered. At least one of the entities that the market considers to be most strong. The coconuts behave considerably better than the stock. Santander sinks in Stock a 39.7 per cent so far this year; BBVA, 33%; CaixaBank, 27.4%; Bankia, 40%; Sabadell, a 64.8 per cent, and Bankinter, a 31%.

“There are specific characteristics of the actions and of the AT1[additionalcapitalofthefirstlevelessentiallybonds[capitaladicionaldeprimernivelesencialmentebonoscoconuts]that lead to that, indeed, they are different. And AT1 have been fortunate lately in part by the fact that the ECB recommended on the 27th of march to the banks to suspend dividends until October, but it is not said explicitly that with respect to the coupon payments on the AT1”, explains Jesús Sáez, managing director at Natixis.

Santander displays a price of 104% of the nominal in the coconuts launched in February of last year, near the maximum of 112% marked in February (see chart). The annual return at that price exceeds 7.5%, while these bonds are denominated in dollars, with the consequent risk currency.

The bank that presides over Carlos Torres Vila maintains that it issued three years ago at 93.5%, with a powerful comeback from the lows: were paid to 62% in march. BBVA, in fact, has in its roadmap issue coconuts in the second half of the year, according to financial sources. Your goal is to refinance to 1,000 million euros in debt, this kind of pay 8,875% and come to your first option of purchase next April.

The same type of debt in their rivals Ibex does not run as much luck. The that has not recovered is the Sabadell; also what has been done but to a lesser extent. The coconuts that issued in 2017 traded at around 86% of the nominal, when in February is paid at 108%.

The coconuts CaixaBank, Bankia, Bankinter, sold between 2016 and 2018, also recovered strongly since the lows pandemic: 46%, 34% and 17%, respectively. All in all, they are still some distance away from the levels pre-Covid-19.

Capital Ratios

Another of the factors that play in favour of these bonds is the relaxation in terms of capital requirements. “The Single joint Resolution (SRB, for its acronym in English) and other agencies [como el Comité de Supervisión Bancaria de Basilea del Banco Internacional de Pagos] are relaxing the tensions of requirement of solvency in recent times, trying not to choke to a sector that is so decisive in these moments, a true channeler of the credit to the real economy”, explains the executive board of Natixis.

The behavior of the subordinated debt of Santander, without being convertible, is similar to that of the coconuts. The price of a bond subordinate placed in 2015 rises by 12%. Financial sources say that the horizon of zero rates ad aeternum encourages the purchase of securities with higher yield and, therefore, more risk. “Investors looking for profitability are rising in the ranks of subordination. And that has been going on since mid-may, when the axis franco-German announced his proposal for a rescue fund,” explain in Natixis

The medium sized banks also advance

Uploaded. The other two banks traded outside the Ftse, Unicaja and Liberbank, have no coconuts, but with subordinated debt for Tier 2, which computes in the second position after the AT1. Each one has 300 million. The company with headquarters in Malaga has soared 14% since minimum; the piloted by Manuel Menéndez, a 9%. In any case, are far from the prices, which were before the Covid-19. 350 million in subordinated bonds of Abanca have also experienced a rally of 23%. The titles of the same type of Cooperative Credit Bank, head of Cooperative Group Cajamar, launched in 2017, have risen by 10%. Ibercaja Bank, that they had to issue debt to AT1, but not convertible, because it is not a publicly traded company, has also taken advantage of the greed of investors for profitability. The price in the secondary market of 350 million issued in 2018 rises 18%. Kutxabank, for its part, has no debt AT1 or subordinated bonds.

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