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World Business Report: End of Swiss franc's cap against euro sparks repercussions

16/01/2015

End of Swiss franc's cap against euro sparks repercussions

BBC World Service - World Business Report, End of Swiss franc's cap against euro sparks repercussions

The end of the Swiss franc's cap against the euro causes waves as forex brokers fold

The end of the Swiss franc's cap against the euro causes waves as forex brokers fold and we talk to a boss of the Chinese smartphone maker which has been dubbed "China's Apple".

Switzerland's central bank has come under fire at home and abroad for scrapping its efforts to cap the value of the Swiss franc against the euro. A foreign exchange brokerage firm in Britain and another in New Zealand have declared insolvency. Swiss exporters and tourist firms have warned they could be put out of business and the repercussions are also being felt in eastern Europe, with holders of mortgages backed by the Swiss franc seeing monthly payments shoot up. 

Also, you may never have heard the name, but Xiaomi is the third biggest designer of smartphones in the world. In fact, it has been nicknamed "China's Apple". Our reporter Celia Hatton spoke to one of the company's top executives about future plans for the business. 

And cinema advertising slots sell out ahead of the launch of the new film based on the novel Fifty Shades of Grey.

Plus, we take a look back over the past week in business and catch up with the latest from the financial markets.

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