The new arena should cost euros.

The new arena should cost euros.

It has amassed gigantic reserves of around 511 billion francs in euros, dollars and other currencies – more than five times as much as at the beginning of 2010. Since the Swiss franc has skyrocketed since the beginning of the year and the euro, dollar and yen have fallen against the Swiss currency The huge foreign exchange holdings are suddenly worth much less. With the artificial devaluation of the franc, the SNB wanted to protect Switzerland from the euro crisis. From 2010, more and more investors fled to Switzerland because of the debt crisis in Europe.

As a result, the Swiss franc appreciated sharply. That made Swiss exports more and more expensive. The SNB therefore announced in September 2011 that it would print unlimited francs and invest them in foreign currencies in order to artificially keep the exchange rate at at least 1.20 francs per euro. But when the risks became too great, the SNB buckled: the foreign exchange reserves now correspond to 80 percent of annual economic output. On the 15th

January she announced that she would no longer defend the mini-course. The Swiss franc shot up and brocked the huge loss in it. Sharp fluctuations in profits are not unusual for a central bank: the SNB already made a loss of around CHF 21 billion in 2010. In 2014, however, it made a profit of 38 billion francs. Making a profit is not their top priority.

It pursues political goals: with the glut of the Franks, it wanted to save the Swiss economy. Because 50 percent of this depends on exports and therefore suffers in the long run from a franc that is too strong, which is why the SNB, like a huge hedge fund, has bet on a low franc. To demonstrate her determination and discourage investors from bringing more and more money into Switzerland, she even introduced negative interest rates. She even bought foreign stocks in addition to gold and foreign exchange.

But none of that was of any use. It gambled away with almost the economic output of a whole year. Now the markets send her the bill. The losses are the receipt for her broke Swiss franc bet she tried to beat the euro crisis with. Central bank profits are usually of little importance.

They arise as a kind of side effect of the monetary authorities’ monetary and exchange rate policy and are distributed to the state, which bears the central bank. In Switzerland, however, there is a special feature: private investors also hold shares in the SNB. It is organized as a stock corporation and is traded on the stock exchange. 60 percent of the shares belong to the Swiss cantons and cantonal banks, 40 percent to private investors. Large banks such as Credit Suisse and UBS have put money into the SNB, as have more than 2,100 other private investors. The shareholders should not be indifferent to the impending losses.

Because usually their papers are a safe bet. There is no bankruptcy, the SNB pays billions every year as long as the financial situation allows, the cantons in particular need the money. Many are heavily in debt and are in the red. The disaster should now call on those who have criticized the gigantic franc bet from the start.

The central bank itself was also aware of the risk. “It cannot be ruled out that we will make losses. But the risk of not doing anything was higher,” said SNB boss Thomas Jordan. Source: “George Soros has Wall Street on the hit list. (Photo: REUTERS) George Soros’s bets are legendary. In his late 80s, the financial fox reveals his next potential billion-dollar coup. Not for the first time, he is taking on a great opponent. He is one of the richest and cleverest investors on the planet.

Despite his old age of 86, George Soros is as agile as ever, tirelessly looking for the next big, hot bet. Now he seems to have found it again. Soro’s next big coup is in the so-called 13-F report of the US Securities and Exchange Commission for investors who manage more than $ 100 million. According to data that US hedge funds are required to release 45 days after the end of each quarter, Soros has positioned itself against Wall Street on a grand scale over the past few months. He increased the number of his put options on an exchange-traded fund (ETF) from 2.1 million to a good four million papers. The bet on a Wall Street crash is worth around $ 840 million to the star investor, the equivalent of almost four percent of his assets estimated at $ 25 billion. Sell options give the buyer the right to sell a share at a fixed price within a fixed period of time .

If the price of the stock falls, the buyer is not only protected, he can also make money with it. This is because put options usually rise in price when the price of the share falls to the strike price. It is not known which prices Soros secured itself in what period of time, but the news that the financial mogul is shifting money and repositioning itself makes observers sit up and take notice. More than once, the American with Hungarian roots has shown a nose for economic imbalances in the world financial system.

It has made him a fortune over the past few decades. Many stockbrokers warn that share prices have detached themselves dangerously from corporate profits. The steady price increases in the US over the past three years, during which the US Federal Reserve caused a glut of money with its interest rate policy, have formed a huge bubble in their eyes.

The American stock market index SP 500 alone has increased in value by a third in these years, the Dow Jones index by a quarter. The value of shares no longer has anything to do with real economic conditions, so the Cassandra reputation of the skeptics. The key figures for assessing shares prove them right. The simple price / earnings ratio (P / E) has reached over 20. That means the companies are valued at 20 times their profit. The P / E ratio is well above the long-term average and can definitely be described as unhealthy.

The fact that this rally is financed on credit also suggests that the stock market is overheated. Many bets are at risk of default because they are loan-financed. From Soros’ point of view, the People’s Republic of China will be at the center of the next financial storm.

Here, too, he has cut investments, and it is completely unclear when this rally will ebb. Already at the turn of the year, many analysts had expected a major correction. But the Fed has put its announced hike in key interest rates on the back burner and thereby lubricated the financial market more and more. Investors are now nervously listening to every comment from central bankers that might indicate an upward rate hike.

The stock market twitches promptly every time. It is true that, in the long term, investors will only enjoy high stock prices if they are based on increasing economic performance and increasing company profitability. However, corporate profits have been falling dramatically since 2014 and the feedback from the US economy is puzzling. Even experts cannot say with certainty how unhealthy it is, whether it is actually a bubble. There are also many voices who say that financial market participants are acting very cautiously – if only because all of them are correcting at this level calculate. The ratings are nowhere near as exaggerated as they were before the financial crisis. Despite historically low yields on bonds, equity funds are even seeing outflows.

This is not the environment for a crash, say the optimists. 2016 is not like 2000. There is no euphoria and the phenomenon that people who previously only had a savings account would jump into the market like lemmings and invest in stocks. It is therefore difficult whether the time is ripe for a correction or not accept. But many are nervous at this level.

Not only Soros, but also other well-known investment giants such as Carl Icahn and Jeffrey Grundlach have now scaled back their positions. “The stock markets should be significantly lower. But investors seem to be hypnotized and believe that nothing can go wrong,” said the “King of Bonds” Grundlach recently. He is head of the multi-billion dollar hedge fund Double Line in Los Angeles, but instead of betting on falling prices like Soros, Grundlach invests in gold and selected gold miners. Soros has practically liquidated its gold investments. The more than 260 million dollars that the legendary investor invested in the world’s largest gold producer Barrick Gold at the beginning of the year, he sold almost completely in the following three months, except for a few percent.

With the stock gaining 170 percent during the period, the financial fox once again made big profits. Soro’s biggest coup, the bet against the British pound and the Bank of England (BoE), is legendary. Wall Street will not bring the multi-billion dollar financial investor to its knees with his latest bet. The Bloomberg finance agency estimates the SP’s market volume at just under $ 20 trillion. But hot bugs could learn the hard way and make the painful realization that investors can only earn money on the stock market because others lose it. Source: “” News and information at a glance. Collection of articles from on the topic of financial bets Anyone who has made losses with currency bets cannot hope for compensation.

The Federal Court of Justice is reversing its investor-friendly case law: banks are given more leeway in high-risk financial bets. By Hannes Vogel hedge fund manager Dimitrijevic gambled away. His bet on a falling franc turns out to be a fatal mistake – one of his funds sunk more than $ 800 million.

A complicated financial deal fails. The major Swiss bank UBS is demanding a three-digit million amount from the city of Leipzig. In London, a court approves the commune – but the bank wants to keep fighting.

Years ago, the management of the Leipziger Wasserwerke made high-risk bets at adventurous heights with banks. The deals are bursting. Now the banks are demanding back 400 million euros.

Should the municipality succumb legally, the financial meltdown threatens. The drugstore chain Müller is not exactly known for risky business. But behind the staid facade there is rumbling: its founder Erwin Müller wants to return 47 million euros from his Swiss bank – for windy deals that the public prosecutor has long been investigating.

By Hannes Vogel Spectacular financial bets lost in 2012 tore a deep hole at the US bank JPMorgan Chase. The US Senate accuses JPMorgan of massive deception. Now bank boss Dimon apologizes: “We shot ourselves in the knee.” MG Global wants to become an investing bank. This should succeed with risky financial bets. But it goes wrong.

In the end, customers are left with claims of more than $ 1.5 billion. One of the bankruptcy trustees therefore wants to sue the ex-boss of the financial company, because he was jointly responsible for the bankruptcy, according to his “autopsy report”. This is where the author comes in. Alarm at JP Morgan Chase: The US bank is losing around $ 2 billion on risky financial bets.

CEO Dimon speaks of sloppiness and wrong decisions. According to him, things can get worse. Investors on Wall Street reacted in shock: the share price fell sharply after the hours. The EU wants to prevent overly risky financial bets with more control. The standards agreed upon by Parliament and EU member states should apply from the end of 2012.

The timing is well chosen: two years after the Lehman bankruptcy, the EU is attacking speculators. Short sales are to be banned temporarily, trading in derivatives is to be made more transparent – and controllable. Whether the regulations come into force depends on the member states. “News and information at a glance. Collection of articles by on the subject of Valencia CF. By 2009, Valencia CF wants to build a new stadium based on the Munich World Cup stadium .

The new arena is expected to cost around 300 million euros. Chelsea FC with Michael Ballack won the top match of the 3rd Champions League match day against defending champions FC Barcelona and thus set a clear course for the round of 16. After the departure of striker Joaquin to Valencia CF, the Spanish first division club Betis Sevilla wants to sign Dortmund’s World Cup participant David Odonkor. Valencia CF continues to upgrade.

After Fernando Morientes, Francesco Tavano and Asier del Horno, the Spaniards signed national player Joaquin from Betis Sevilla. The move of Spanish striker Fernando Morientes from Liverpool FC to Valencia FC is finally perfect. FC Schalke 04 have signed one of the most sought-after talents in world football. The 13-year-old “child prodigy” Nikon Jevtic from Valencia CF signed a contract with the Bundesliga club until 2009 with the option for further years.

The Spanish national soccer player Fernando Morientes is returning to the Primera Division from the English record champions Liverpool FC and will play for Valencia FC next season. Real Madrid lost 4-3 in a high-class match against UEFA Cup winners Sevilla FC, but benefited from a 2-1 defeat of FC Valencia at Osasuna Pamplona. The decision in the Spanish soccer championship has been postponed. While leaders Barcelona were unable to play, rival Valencia CF scored against Bilbao.

The Dutch national soccer player Patrick Kluivert is apparently about to end at Valencia CF. According to Spanish media reports, the fourth in the Primera Division no longer plans with the 29-year-old. “Meeting with the ex: In mid-April 2006, Jürgen Klopp and Liverpool FC prevailed against BVB in the quarter-finals of the Europa League. (Photo: imago / Moritz Müller ) When and where is clear, only who against whom, that will not be certain until Monday. Then Uefa will draw the last sixteen of the football premier league. From the Bundesliga: Bayern, Borussia Dortmund and RB Leipzig. And no, We’re not writing anything about Hammerlosen now. Borussia Dortmund could have a rendezvous with former coaches Jürgen Klopp or Thomas Tuchel, FC Bayern Munich and RB Leipzig want everything – just not to Madrid.

It will be clear on Monday, when the Uefa will draw a lot from 12 noon on who the three Bundesliga clubs will face in the last 16 of the Champions League. BVB is pulled out of pot two as second in the group and could face defending champions Liverpool FC with Klopp or Tuchel’s Paris St.