Zurich, Switzerland (GenevaLunch) – The Swiss National Bank expects to see a “large profit” of CHF10 billion for 2009, thanks to the rapid rise in the price of gold and currency fluctuations during the year. The valuation of the gold holdings of the central bank rose by CHF7.3 billion during the year, with the price of gold moving between about $800 and $1,200 an ounce (chart).
The bank’s foreign currency positions brought in another CHF2b.
The profits are shared in part with the federal and cantonal governments, some CHF2.5b.
Zurich, Switzerland (GenevaLunch) – The Swiss National Bank (SNB) had cumulative profits for 2009 of CHF6.9 billion at the end of September 2009 thanks to the continuing high price of gold, improvements in financial markets and low interest rates that resulted in valuation gains in both gold and foreign currency investments. Gold accounted for CHF3.8 billion: the price of gold was at CHF33,304 at the end of the third quarter, compared to CHF29,640 per kilo at year-end 2008.
Not enough of this for Kuoni
Zurich, Switzerland (GenevaLunch) - Switzerland’s largest travel agent, Kuoni, said it lost CHF51 million in the first six months of 2009, against revenues of CHF26m in the same period of 2008. The global financial crisis, the economic downturn, the negative effects of currency fluctuations, and the incipient swine flu epidemic all contributed to a difficult first half.
Zurich, Switzerland (GenevaLunch) – The Swiss National Bank announced Wednesday that it ended 2008 with a loss of CHF4.7 billion, in sharp contrast to 2007, where it made a profit of CHF8 billion.
