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Swatch slashes dividend, board pay as new coronavirus hits watch sales

ZURICH, April 17 (Reuters) - Swiss timepiece maker Swatch Group recommended cutting its 2019 dividend by 30% from original plans and reducing the fixed pay of board members by the same amount, the company said on Friday, citing “drastic” consequences of the new coronavirus.

“In view of the COVID-19 situation and the drastic consequences for the economy, the board of directors has decided to take a prudent approach to the company’s financial resources,” Swatch said in a statement ahead of its May 14 annual general meeting.

Reporting by John Miller Editing by Michelle Martin

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