As the value of the Swiss franc shot straight through the snow capped roofs yesterday, many people were holding their heads in their hands – namely, those Davos delegates yet to exchange their pounds ahead of next week’s conference.
The think-by-day-party-by-night extravaganza has never been known for its value for money but the huge spike experienced by the currency yesterday has meant the expenses of the likes of Sir Martin Sorrell, Tidjane Thiam and Sir Martin Gilbert will be a tad higher than they’d hoped.
For example, an executive suite at the Belvedere Hotel, the epicentre of Davos, would have cost £260 per night on Wednesday of this week. Yesterday it was looking more like £300. Beers, Toblerone, Swatches – you name it, it’s more expensive. How terribly unthoughtful of the Swiss National Bank. Spoilsports.
The Capitalist also hears there’s a VIP watch party in Geneva on Tuesday night, thrown by IWC Schaffhausen. Let’s hope attendees such as Lewis Hamilton, Zinedine Zidane and Ronan Keating aren’t put off by the price hike...