Swiss firms cut working hours to counter franc's strength
Zurich
DISTEC AG, a precision machine toolmaker in the mountains of eastern Switzerland, aims to counter an unfavourable exchange rate by having employees work less.
Swiss industrial companies have faced tough times in recent weeks since the franc shot up against the euro after the central bank allowed the currency to float freely again. That makes their goods more expensive abroad, a particular challenge if they have a high local cost base.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
EU, ISSB agree on minimising overlaps in company climate disclosures
US law firm Mayer Brown to split from Hong Kong partnership
US labour costs rise by most in a year as productivity cools
US trade deficit narrows slightly in March
Canada posts surprise trade deficit as gold exports fell in March
OECD upgrades global growth outlook as US outperforms