Switzerland’s central bank the Swiss National Bank (SNB) has abandoned the cap on the Swiss Franc’s value against the Euro. Abandoning its exchange rate control and cutting interest rates to -0.75pc sent the franc soaring, Swiss stock markets plunging, and a generalised state of chaos. In terms of the watch industry, the Swatch Group saw its share price slump 15% as Nick Hayek called the decision “a tsunami” for Switzerland’s economy. It has been reported that both the Swatch Group and Richemont have had 15% of their value wiped. Fr more news and analysis, see the following links :
1. The Telegraph
2. Bloomberg
3. The Guardian
4. Marketwatch
5. BBC
Categories: Industry news, Switzerland, Watchmaking
HOROLOGIUM 
:(::::::::::::: *CRY*
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Oh goodie… you can imagine, can’t you, how our beloved watch companies are going to react to that in order to keep executive bonuses at appropriately obscene levels?!
Cheers,
pplater.
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