GENEVA, SWITZERLAND – The Swatch Group continued in 2011 to have “record numbers at all levels” as it posted its 2012 financial figures Tuesday 7 February. Gross sales were CHF7.14 million, up nearly 22 percent over 2010′s record sales, at constant exchange rates. “The continued weakness in the euro and the dollar during the year had a major negative impact on sales of about CHF 700 million,” the watchmaking-centred group announced in a statement.
Investors will be happy with its operating profit of CHF1.61 million, up 12.4 percent over the previous year, net income up 181 percent to CHF1.28m and proposed dividends 15 percent higher. More than 2 800 new jobs were created in 2011.
The group says the outlook for 2012 is promising despite the “higher benchmark” challenges and it will continue to invest in production in Switzerland “despite the high Swiss franc”.
©2012 Chappatte, distributed by Globe Cartoon. More cartoons on Chappatte’s web site. Geneva-based Patrick Chappatte works for the International Herald Tribune, for Geneva newspaper Le Temps, and for NZZ am Sonntag. All cartoons reproduced with permission.
Swiss central bank payouts down, with overvalued Swiss franc
ZURICH, SWITZERLAND – Swiss cantons and communes won’t be seeing their budgets boosted this year by additional monies from the Swiss central bank, and a new agreement between the federal government and the bank should remove some of the uncertainty linked to this income.
The Swiss National Bank (SNB) and the Federal Finance Department said Monday 21 November they have reached a new agreement covering how the SNB’s profits are shared, for 2011-2015. The SNB during the next five-year period will be sharing CHF1 billion annually with the 26 cantons assuming the central bank has a profit after it complies with its reserves-building obligations.
“It remains unclear when the next distribution payment will take place, since this will depend on future developments in the financial markets,” the SNB said Monday 21 November.
The bank had no profits in 2010 and appears unlikely to do so in 2011 largely because of the amount it is spending to keep the overvalued Swiss franc from rising. The new agreement is designed to provide greater medium-term stability for cantons and the federation to plan, with a set amount per year, compared to the fluctuations of the most recent five-year period.
Should the central bank’s distribution reserves exceed CHF10 billion, the amount going to the cantons and federal government will be increased, with the finance department and the SNB deciding the amount.
US Navy helicopter surveys flooded areas of Thailand's capital, Bangkok
ZURICH, SWITZERLAND – Swiss Re, one of the world’s largest reinsurance companies, has third quarter net income of $1.3 billion, a 118 percent increase over the same period a year earlier, the company announced Thursday 3 November. The strong performance was due to a combination of what the company calls “a moderate natural catastrophe experience and positive one-offs.
That situation could change in the fourth quarter of 2011, with conntinuing flooding in Thailand taking a heavy toll on manufacturing in that country. Swiss Re says that with the floods still running it is not yet possible to estimate the damage.
Property and casualty alone contributed $1 billion to the financial results, thanks in part to the better than expected natural catastrophe business, but asst management business was responsible for $1.2b.
“Given the heightened volatility in financial markets as a result of economic uncertainties, Swiss Re has and will continue to maintain a conservative asset management strategy. Swiss Re’s exposure to sovereign debt issued by peripheral eurozone countries remains very low at USD 74 million. The exposure to Greek sovereign debt is nil,” a company statement notes.
ZURICH / BERN, SWITZERLAND – The Swiss National Bank is showing a consolidated profit of CHF5.8 billion for the first nine months of the year, thanks primarily to gold prices. The profit was achieved despite an over-valued Swiss franc that caused losses of CHF4.7 billion.
Other currency positions resulted in gains of CHF5 billion, giving the central bank a net currency position of CHF0.3b. The over-valued Swiss franc and intervention by the SNB, particularly in August and September, were the main factors in the bank’s currency situation at the end of nine months. The bank notes that at the end of the quarter, the US dollar was trading 3.1 percent lower than at the beginning of the year, and the euro 2.8 percent lower.
The SNB’s currency investments are 55 percent in euros, 25 percent in dollars, 9 percent in the yen, 4 percent in sterling, 4 percent in Canadian dollars and 3 percent in other currencies.
The price of gold at the end of September accounted for the bulk of the profit: it was around CHF47,089 per kilo, giving the bank a valuation gain of CHF5.0 billion. But the bank noted in a statement issued Monday 31 October that “the SNB result depends largely on developments in the gold, foreign exchange and capital markets. Consequently, strong fluctuations are normal, and only provisional conclusions are possible as regards the annual result.”
UBS bailout fund loan down by CHF4b to outstanding CHF7.9b
The stability fund, created for the government’s bailout of bank UBS in 2008, contributed CHF573 million in interest payments, to the central bank’s profits. “The loan to the stabilisation fund was reduced from CHF 11.8 billion (USD 12.6 billion) to CHF 7.9 billion (USD 8.8 billion), and the total risk exposure decreased from almost CHF 14 billion to around CHF 8.7 billion.”
Geneva's bankers face worrisome future in a shifting world
GENEVA, SWITZERLAND – The strong Swiss franc is back in the news 18-19 October, first with Swiss unions saying that they want the euro/Swiss franc exchange rate cap moved to CHF1.40, then the federal government announcing it will extend the period for reimbursement for partial unemployment and finally, the Geneva Financial Centre saying Swiss bankers may welll need to shift their expertise from private to institutional banking as they face a gloomy economic situation.
Bank profits will fall in 2011
Members of the Geneva Financial Center emphasized, speaking at their annual presentation for the media Wednesday, that a number of factors come together to create a worrisome scenario for the future. World markets are struggling, sovereign debt remains a major problem for a number of industrialized countries and the Swiss franc remains grossly overvalued. Profits at most banks will fall in 2011 as a result and belt-tightening will be in order, said Bernard Droux, president.
Partial unemployment due to franc: help for firms extended to 18 months
The Federal Council agreed Wednesday to extend from 12 to 18 months the period covered for companies to be reimbursed if they opt for partial unemployment as a solution in the face of the strong franc hurting their business.
The new measure becomes effective 1 January 2012.
Minimum wage should protect workers, say unions
Unia President Reno Ambrosetti Tuesday called for the Swiss franc to be capped at CHF1.40 rather than 1.20 against the euro, saying that 10,000 jobs are at stake. The major unions are calling for a minimum wage as fears grow that cheap labour will be imported at the expense of Swiss-based workers.
LAUSANNE, SWITZERLAND – Monsanto, which has European offices in the Lausanne region, Wednesday 5 October published its fiscal 2011 results, showing good growth despite a fourth quarter slowdown: sales of $11.82 billion with gross profits of $6.08b.
The company says its soybean business, which is about one-quarter the size of its corn business, is picking up. “In soybeans, the company earned a total of 17 million US acres for its Genuity® Roundup Ready 2 Yield® product in 2011, a 10-million-acre step up over the prior year. The company expects Roundup Ready 2 Yield® to reach more than 27 million to 30 million acres in 2012 and serve as the leading product in Monsanto’s brands.”
Related story, “Swiss non-GM soybeans get boost from researchers“, GenevaLunch, 5 October 2011
BERN, SWITZERLAND – PostFinance, the financial arm of Swiss Post, continues to pull in new customers as the country’s two large banks cope with the fallout from legal problems with the US and a strong franc that is hurting their revenues. PostFinance Wednesday 27 July announced that it acquired 43,000 new customers in the first half of 2011 and 103,000 new accounts, bringing the totals to 2.7m customers and 4.2m accounts.
Customer assets totalled CHF90 billion.
Profits rose nearly 20 percent to CHF327 million and the company created 130 fulltime jobs, with plans to add another 50 before the year ends.
The positive performance contrasts sharply with gloomy news from the country’s two big banks. UBS Tuesday 26 July announced a 49 percent drop in revenues due in large part to falling income from investment banking’s weak performance with stocks bonds, commodities and currencies. The bank plans to cut costs, which will mean job losses, by up to CHF2b in the next two to three years.
Credit Suisse announced 15 July it is being investigated by the US Justice Department, which has indicted eight former employees for helping wealthy Americans hide money in Switzerland. The bank announces its first half 2011 results tomorrow, 28 July.
UBS consumption indicator at its lowest level this year
ZURICH, SWITZERLAND – Swiss banking giant UBS AG warned of job losses after a strong Swiss franc and “economic uncertainty” led to a near halving in second-quarter profits.
The Zurich-based bank said it would slash costs over the next two to three years but declined to comment on how many jobs will be cut, saying only it will take a look at the restructuring later this year.
During the presentation of its second quarter results this morning, UBS said its net and pre-tax profits had dropped, and lowered its annual earning forecasts. Pre-tax profits UBS said, fell to CHF1.7 billion from CHF2.2 billion in the previous quarter.
“Having reached a high point for the year in May, the UBS consumption indicator fell significantly by 0.40 points to 1.48 in June, the lowest level this year.”
Group revenues was CHF 7.2 billion, down 14% due to “lower client activity and currency movements,” said the report.
Full report: UBS consumption indicator at its lowest level this year and UBS second-quarter profit before tax CHF 1.7 billion; Group net new money CHF 8.7 billion; tier 1 capital ratio 18.1%.
Source: Swiss National Bank, 16 June 2011 (click on image to view larger)
ZURICH, SWITZERLAND – Put the Swiss banking crisis in the past tense, with the Swiss National Bank’s new report on the state of Swiss banking showing that in 2010 the gross profit for the country’s 320 banks was CHF18.9 billion, a roughly 50 percent improvement over 2009.
The aggregate balance sheet for all Swiss banks in 2010 rose by 1.7% to CHF 2.71 billion.
The overall figures hide a significant difference, with 53 banks showing a loss, four more than in 2009. The loss was mainly due to a “substantial depreciation of tangible assets amounting to CHF 9.4 billion”, says the SNB.
The big banks played a key role in the improvement, says the SNB in a statement issued Thursday 16 June. The data “shows that this result was significantly influenced by the big banks, which reported improved trading income, higher extraordinary income and an increase in depreciation of tangible assets.”
Swiss franc’s appreciation reduced value of foreign balance sheet items
Traditional Vaud wine bottles: Vetropack works closely with Swiss winemakers
Lausanne, Switzerland (GenevaLunch) - Vetropack, the glass recycling and manufacturing company based in Saint Prex, still expects to see profits increase, Claude Cornaz confirmed to Swiss news agency AWP Monday morning 16 May. Cornaz, in a weekend interview with Le Temps, noted that over-capacity in Europe and exchange rates, notably the high Swiss franc, are putting pressure on turnover.
Earlier predictions were for slightly higher turnover, but new, lower figures are simply the result of adjusted figures rather than a reassessment, he told AWP, noting that in any event, with the year further along, the company is better placed to forecast its results.
Vetropack celebrated its 100th birthday over the weekend. It is Switzerland’s main glass recycling company and a major European glass manufacturer, operating in four countries. Turnover was CHF104 million in 2009.
SNB profit, a tale of currency movements
Zurich, Switzerland (GenevaLunch) – A net profit of CHF1.9 billion for the first three months of 2011 at The Swiss National Bank was due largely to currency fluctuations, the central bank said Friday 29 April. The net result from foreign currency positions was CHF1.6 billion, while losses from Swiss franc holdings were CHF106 million.
Euro appreciation led to exchange rate gains
The bank says that the Swiss franc depreciated against European currencies from January to 31 March, ” leading to exchange rate gains, especially on euro holdings. A depreciation in the US dollar and the yen, however, meant that the overall exchange rate gain amounted to CHF 2.4 billion. A slight rise in interest rates depressed prices of interest-bearing instruments by CHF 2.9 billion. Interest income on these securities of CHF 1.4 billion and price gains on equity securities of CHF 0.6 billion were not sufficient to offset the fall in prices.”
Gold contributed little, UBS loan repayments reduce risk
Zurich, Switzerland (GenevaLunch) – ABB‘s financial report for the first quarter of 2011, published Wednesday, is upbeat, with a 25 percent increase in orders for the industrial engineering multinational, while net income rose 41 percent to CHF655 million.
ABB robotics packing furniture panels (photo: ABB)
Earnings before interest and taxes (EBIT) increased 43 percent to approximately $1 billion. Company head Joe Hogan attributes the solid performance to lower costs and successful targeting of growth areas.
Credit Suisse published its results, the day after UBS, showing net income of CHF1.1 billion, in line with analysts expectations, with net new assets of CHF19.1b. Income was down 45 percent compared to a year earlier, but up 35 percent compared to the fourth quarter of 2010.
The weaker performance compared to a year earlier was due, according to chief executive officer Brady Dougan, to “own debt and stand-alone derivatives relating to own funding liabilities” as well as to the franc’s continued strength against the dollar.”
Both net income and new inflows of money were lower for Switzerland’s second largest bank than for UBS.
Zurich, Switzerland (GenevaLunch) - International financial media are greeting first quarter figures from UBS with gloomy headlines, despite higher profits posted by the bank in its first quarter results Tuesday morning. UBS published figures showing pre-tax Q1 profits of CHF1.8 million, up over the previous quarter (CHF1.7b), but 18 percent lower than the CHF2.2b Q1 profits in 2010.
Bloomberg, oddly, initially carried a headline of “UBS posts decline in quarterly net on lower securities earnings” but changed the heading to the more upbeat “UBS attracts highest inflows since 2007 as profit tops estimates”.
The bank’s note that net new money is up, “with positive net flows recorded across all of our asset-gathering businesses confirming the return of client trust and confidence”. New money rose from CHF7.1 billion in Q4 2010 to CHF22.3b. The issue of new money has been watched closely by analysts in recent months. Reuters recalls that “clients pulled nearly 400 billion francs from the world’s second-largest wealth manager in recent years after UBS was bailed out following huge writedowns on toxic assets and was hit by US charges that it helped wealthy Americans dodge tax.”
Geneva, Switzerland (GenevaLunch) – Sale of CHF320 million and a profit of nearly CHF49m have given Geneva’s international airport a record year for 2010.
The airport published the figures 18 April.
Passenger numbers were up 4.91 percent for the year to 11.88 million, despite winter storms and volcanic ashes in the first part of 2010.
The number of passengers at the airport has grown by about one-third in the past 10 years.
London was the top destination in 2010, with 1.9 million flights, and Paris was the second with some 859,000 flights.
Share of traffic at Geneva Airport, by airline, 2010 (source: Geneva Airport) - click on image to view larger
The airport says it is in good financial health, with 2010 called a “transition year”, with CHF51m invested in completing renovations and starting work on a new east wing.
Robert Deillon, Geneva councillor with responsibility for the airport, said it invested CHF320m between 2006 and 2010 without turning to public funds.
Aviation revenue such as landing fees and passenger fees accounted for 49.5 percent of total income.
Non-aviation revenue, which includes income from shops (23.5 percent) was 50.5 percent of the total.
Bern, Switzerland (GenevaLunch) – More packages are being sent in Switzerland, the letter business remains strong and more people are switching their banking to Post Finance, says Swiss Post. The result is higher profits for 2010, up from CHF728 million in 2009 to CHF910 in 2010, a 25 percent increase. Revenues (operating income) were CHF8.36 million.
The national postal system argues that it needs strong profits “to further increase its equity, help finance the pension fund, fund its investments and distribute an appropriate share of profit to the Confederation.”
Its board of directors is proposing to the Swiss government that “CHF 100 million of the profit for 2010 be used to finance the pension fund, CHF 200 million be distributed to the Confederation and to further increase equity.”
Efficiency was the key to better earnings in the letter business, where the addressed letters business continues its slow downward slide, decreasing by 1.5 percent in 2010. Promotional mailings have, however, helped make up the loss.
Retail finance accounts for 61 percent of Swiss Post’s business, bringing in CHF571m in 2010, up sharply from CHF441m in 2009. Swiss Post has benefitted to some extent from a drain of customers away from UBS since it was bailed out by the government in 2008.
Swiss Post employs more than 45,000 people and works in four main markets: communications, logistics, retail finance and public passenger transport.
Consumers are turning to Lindt's premium chocolates after a lull
Zurich, Switzerland (GenevaLunch) – Swiss chocolate-maker Lindt & Spruengli said Tuesday 15 March that profits in 2010 were up a hefty 25.3 percent, with top quality chocolate finding favour with consumers again, after a 2009 dip.
The company’s profits rose despite the impact of negative currency movements, notably with the Swiss franc gaining during the year. The company, based in Kilchberg, near Zurich, gained market share in all countries and all markets, it noted, with the exception of Australia. Europe, the US and Canada had double-digit growth.
Four men, all with long experience at the company, were named to a new Extended Group Management team that will push Lindt & Spruengli further into foreign and in particular developing markets. “Substantial” investments in new markets included opening Lindt boutiques and Lindt Chocolat Cafés.
Bern, Switzerland (GenevaLunch) – PostFinance, the banking arm of the La Poste, the Swiss postal system, is giving deposit account holders 2010 centimes, a little over CHF20, to say thanks for making 2010 a good year.
Profits were up 28 percent, it announced Wednesday 23 February, to CHF575 million. PostFinance acquired 119,000 new customers who set up 198,000 new accounts.
“Despite the difficulties on the financial markets, good interest income was one of the main factors leading to this excellent result, along with cost discipline,” PostFinance noted in its press releasee.
Euro deposit holders will receive 2010 cents if they had interest-earning accounts 31 December 2010.
Meanwhile, peelable ice cream ready for market
Peelable ice cream, inspired by bananas, expected to boost 2011 Nestlé sales
Vevey, Switzerland (GenevaLunch) – Food multinational Nestlé saw its profits jump to CHF34.2 billion in 2010, thanks to continuing strong growth boosted by exceptional revenues from the sale of Alcon, an eyecare company. Profits in 2009 were CHF10.2b.
The Vevey firm had sales in 2010 of CHF109.7b, up from CHF108b in 2009.
“We are starting 2011 with continued momentum, well placed to face uncertainties ahead, including volatile raw material prices,” says chief executive Paul Bulcke.
In separate news, the company says it is now ready to market peelable ice cream, which you eat like a banana, with a jelly outer skin and ice cream inside. Test marketing in Thailand was successful, Nestlé says, and the product will now be rolled out in other markets.
Tablets are “additive”, mouse not about to disappear
Lausanne, Switzerland (GenevaLunch) – Logitech, based in Romanel-sur-Morges, will have a “tablet focus” to its “product launches in 2012, and 25 percent of its new retail products will be tablet friendly,” reports the Dow Jones Newswire of the company that made its name with computer peripherals, notably the mouse.
Logitech sales in the third quarter of 2010 were up 22 percent and it has raised its forecast for the final quarter of its fiscal year, which ends in March.
Dow Jones, which interviewed the company’s chief executive, Gerald Quindlen on its plans for the future, notes that while consumer analysts have been predicting the death of the mouse for years, Quindlen says he disagrees with them.
Basel, Switzerland (GenevaLunch) – Swiss residents could be forgiven for wondering if Novartis is in relatively good or bad shape Thursday morning, depending on which news sources they follow. The company’s annual report, published Thursday 27 January, shows net sales of $50.6 billion, up from $44.3b a year earlier. Net income was close to $10b, up from $8.5b.
But international business media focus on the gloomier side.
Losses in future years could touch shareholder gov’ts budgets
The SNB has head offices in Bern, shown, and Zurich
Update 11:45 Zurich, Switzerland (GenevaLunch) – The Swiss National Bank (SNB) is likely to post a CHF21 billion loss for 2010 as the result of exchange rate losses of CHF26m, it announced Friday.
But the federal government and cantons will receive their expected share of profits and dividends so their planned budgets will not have to be cut.
The SNB loss was softened by a CHF6b gain in the value of gold holdings. The central bank in 2009 has a profit of CHF10b. The bank notes that “despite the reduced allocation to the provisions for currency reserves, the SNB’s capital base continues to be robust, also by comparison with other central banks.”
The bank builds long-term equity capital by allocating money every year to the provisions for currency reserves.”The events of the past year have highlighted the fact that an adequate capital cushion is paramount for monetary policy independence. The SNB will therefore continue to pursue its long-term strategy of increasing its equity capital on an annual basis by means of allocations to the provisions for currency reserves.”
Geneva, Switzerland (GenevaLunch) -European airlines will continue to be the laggards in the airline industry in 2011, Giovanni Bisignani, Iata’s director general and CEO, told journalists at the International Air Transport Association’s annual press day. Profits worldwide for the industry are now expected to end 2010 up $15.1 billion, well above the $8.9 billion forecast in September, but Iata cautions that while the numbers look large, this represents just 1.1 percent of the industry’s revenue for the year.
Iata has also revised upwards its projections for 2011 to a net industry profit of $9.1b, up from the $5.3b forecast in September. Net margins remain weak at 2.7 percent for 2010 and falling to 1.5% percent in 2011, the organization, whose members are the world’s airlines, stated.
Industry remains fragile, “nowhere near covering cost of capital”
Exceptional catastrophic events play role in halving profits
Lloyd’s of London, the fabled insurers, saw profit cut in half in the first six months of 2010, to £628 million for the half-year period ending 30 June 2010. “The result reflects a period of significant claims and extremely challenging investment conditions,” the company’s director, Lord Levene said in a statement, adding that “The first six months of 2010 were the costliest on record since we began interim reporting, testing not only Lloyd’s but insurers around the globe. While events such as the Chilean earthquake and the Deepwater Horizon loss have proved challenging, paying these claims and supporting our policy holders is what we are here to do.”
Zurich, Switzerland (GenevaLunch.com) – Swiss is flying high again, with CHF61 million in profits for the first six months of 2010, after a dismal start to the year thanks to the Icelandic volcano that forced planes to stay on the ground. Profits were down compared to the first six months of 2009 (CHF65m), but the company’s total income, CHF2.25 billion, was up 6 percent compared to a year earlier.
The outlook for 2010 remains bright, according to Swiss chief exective CEO Harry Hohmeister. “The developments of the past few months enable us to look ahead with greater confidence than we could have mustered just a few months ago. Business has picked up, and the trend is particularly encouraging on our intercontinental routes. We’ll be investing well over half a billion francs in renewing our fleet and further developing our product this year, and will also be recruiting 500 new staff.”
Hohmeister credited Switzerland’s economic recovery, stronger than its neighbours’ in Europe, with contributing to the good results. The company noted, however, that Swiss “is suffering the effects of both a weakened euro and (above all) a substantial increase in fuel costs.”
Zurich, Switzlerand (GenevaLunch) – Swiss bank UBS has posted CHF2.2 billion in profits for the second quarter, continuing its climb back to profitability. It earlier announced likely profits of CHF2.5b for the period, shortly before its annual general meeting. The bank says that while it continues to suffer from outflows, they are falling: CHF18b for Q1 compared to CHF56b for the last quarter of 2009.
“The reduction reflects actions taken by management to stabilize client flows as well as a reduction in special effects such as the Italian tax amnesty, which had a material effect in the fourth quarter,” the bank reports to shareholders. Net new money inflows from Asia were up, as was new money from “ultra high net worth individuals”, indicating that UBS is still able to attract the very wealthy.
Background, GenevaLunch
Links to other sites: Le Temps (Fre), UBS quarterly financial report
British oil company BP saw its profits more than double in the first quarter of 2010, thanks to the rising price of oil: $6.08 billion, up from $2.56b a year earlier. The price of crude oil nearly doubled during the period and the company attributes its strong performance to an improvement in refning process margins as well.
Links to other sites: Bloomberg, Financial Times
The iPhone was the product that made the difference: Apple surprised investors Tuesday 20 April by announcing sales of $13.5 billion for the three months that ended 27 March, a 49 percent increase over the same period a year earlier. Profits rose 90 percent to $3.07 billion. Computer sales were strong, but it was the iPhone’s 124 percent increase in revenue, thanks to new carriers, that was responsible for the steep climb.
CFF points to major challenges in near future
Growing customer demand adds pressure to replace older trains in Switzerland
Bern, Switzerland (GenevaLunch) – The present looks rosy, but the future less so, Switzerland’s CFF rail company indicated Friday oring 16 April in its annual report. Traffic rose in 2009, more passengers arrived on time, and profits were up, but the company says heavy investments are necessary to guarantee the current level of service.
Inter-Europe air traffic remains weak
Worldwide improvement is concentrated in Asia, Latin America
Brands, not flags, must guide the industry to profitability, says Iata head
Geneva, Switzerland (GenevaLunch) – The airline industry is expected to have an overall loss of $9.4 billion for 2009, according to Iata, the Geneva-based air transport industry organization, which released new figures Thursday 11 March. The loss is lower than Iata’s December projected figure of $11b. “More significantly, we now forecast smaller losses in 2010 of $2.8b, compared to our previous forecast of $5.6b.”
The improvement is due to year-end growth in traffic that carried on into January, but it was much led by Asia and Latin America, with the US and Europe far more sluggish.
Growth in passenger demand, world airlines 2006-2009 (Iata)
Click on image to view larger
“We can be optimistic but with due caution,” Giovanni Bisignani, CEO and director-general says. “Important risks remain. Oil is a wild-card, over-capacity is still a danger, and costs must be kept under control – throughout the value chain and with labour.”
Asian and Latin American carriers posted international passenger demand gains of 6.5 percent and 11.0 percent respectively in January. North America and Europe lagged, with international passenger demand gains of 2.1 and 3.1 percent.
