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
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall