Hayek says the “Swiss-made” image should be reinforced.
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The small family-owned company of some 230 employees is typical of one whose products became far more expensive to eurozone customers overnight.It has cut prices by 12 percent to retain its clients and is seeking similar discounts from suppliers.Dental implant maker Straumann has asked employees who commute from Germany or France to accept payment of their salaries in euros instead of francs.Private bank Julius Baer, which analysts estimate generates about 60 percent of its costs in francs while more than 80 percent of its revenues are in other currencies, announced plans this week to cut about 200 jobs in response to the SNB decision.Wage cuts will be hotly contested by unions, but the government has approved a compensation scheme that would allow companies to cut production by shortening the working hours of employees without their staff losing their pay.
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