Investigators search offices of Paris Olympics organisers

Investigators searched the headquarters of Paris Olympic organisers on Tuesday in a probe into suspected corruption, according to the national financial prosecutor's office.

Reuters and the Associated Press reported that the Paris 2024 headquarters were raided amid a preliminary investigation launched in 2017 into contracts made by the Games' organising committee, with allegations of embezzlement of public funds and favouritism.

The headquarters of Solideo, the public body responsible for delivering Olympic and Paralympic infrastructure, were also being searched over an investigation dating back to 2022, following an audit by the French anti-corruption agency.

"A search is currently under way at the headquarters of the Organising Committee," Paris 2024 said in a statement. "Paris 2024 is co-operating fully with the investigators to facilitate their inquiries."

The Olympics will be held from July 26 to August 11 with the Paralympic Games taking place from August 28 to September 6.

The raids come during a tumultuous period for sports in France.

Several federations have become embroiled in controversy.

There have been two high-profile resignations as a result – the octogenarian president of the French Football Federation, Noel Le Graet, stepped down in February following accusations of harassment.

Former sports minister and French rugby coach Bernard Laporte also quit his role as president of the French Rugby Federation in January after being convicted of corruption.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.