Pursuits

Swatch CEO Says ‘Words Fail Me’ as SNB Shock Hits Exporters

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By Jan Schwalbe and Simeon Bennett

January 15, 2015 at 10:55 AM UTC

Updated on

January 15, 2015 at 3:10 PM UTC

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Swiss exporters including Swatch Group AG and Richemont slumped in Zurich trading after the central bank’s decision to scrap its cap on the currency saw the franc jump more than 14 percent against the dollar and euro.

“Words fail me,” Swatch Chief Executive Officer Nick Hayek said by e-mail. “Today’s SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country.”