Swiss central bank draws flak for abandoning franc-euro cap
Swiss firms from watchmakers to ski resorts hammered by franc surge; stocks plunge
Zurich
SWITZERLAND'S central bank came under fire at home and abroad on Friday after scrapping its bid to stop the franc from rising, which wreaked havoc on global markets and bankrupted several foreign-exchange traders.
A brokerage firm in Britain and another in New Zealand declared insolvency while at home in Switzerland, exporters warned that they too could be put out of business by the Swiss National Bank's (SNB) sudden decision.
"From an economic standpoint, this move is incomprehensible at the current time," the Swiss Business Federation sai…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
UK pay settlements edge lower in first quarter: industry survey
Trump jury told how publisher buried negative press
Sunak says UK to raise defence spending amid global threats
China’s central bank hints it may add treasury bond trades to policy toolkit
US business activity cools in April; inflation measures mixed
India’s inflation at risk from extreme weather, geopolitical issues: central bank