Swatch Group AG (UHR.VX) Chief Executive Nick Hayek wants the
present Euro-Swiss franc imposed by the Swiss National Bank to
remain in force, local newspaper Handelszeitung reports in an
article to be published Thursday.
The EUR-CHF floor of 1.20 was introduced last September to curb
the value of the currency which reached almost parity against the
euro and threatened to make Swiss industry and exports
uncompetitive.
Without the floor "our industry and our tourism would today be
threatened with extinction," Mr. Hayek says.
The high value of the franc against the euro and the U.S. dollar
had reduced the profit of Swatch, the world's largest
watchmaker.
"We still make profits because we are a well organized
business," Mr. Hayek is quoted as saying.
Newspaper website: www.handelszeitung.ch
-Zurich Bureau, Dow Jones Newswires; +41 43 443 8040;
zurichdjnews@dowjones.com