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Swatch founder and CEO Nicholas G. Hayek died of apparent heart failure on June 29th while working in his Biel, Switzerland office. The Lebanese-born business icon is widely credited with saving the Swiss watch industry from oblivion when he launched Swatch in 1983. The cheap, plastic watch with the chic designs became a massive success story, lifted an entire industry, and beat back the Japanese challenge to Swiss dominance in watchmaking. Hayek was so successful that he added many high-profile brands to what became known as the Swatch Group in 1998. These include Rado, Breguet, Omega, Longines, Tissot, andMido; together with Swatch, they form a $4.9 billion watch powerhouse.By the turn of the century, Hayek was a billionaire, one of Switzerland's wealthiest men, and generally thought to be the country's leading entrepreneur.Hayek also had a passion for cars and played a lead role in developing the original Smart car with Daimler AG. In 2007, he had Swatch Group create a venture in called Belenos Clean Power SA to develop fuel cells to power cars. His daughter, Nayla Hayek, has been elected as his successor and will head the company's board. His son, Nick Hayek Jr., will carry on as the company's CEO, a position he has held since 2003. The Hayek family controls 39% of The Swatch Group.Related PostsSwatch Group Upbeat About 2010Omega's Ambitious PlansThe Swiss Watch King

Businessmen are always connoisseurs of something and watches weigh on the heavier side. Swiss luxury watchmaker Blancpain is updating its existing Villeret collection which was launched this year to celebrate the 275th anniversary of the company. The new 2011 Villeret Demi-Fuseau Horaire offers a unique feature, a half time zone. This means that travellers who visit countries with half time zone differences will be able to tell the exact time with no extra push. The watch is packed with 321 parts and consists of a self-wining mechanism with a 72 hour power reserve. It features a reference time at 12 'o' clock, half time zone in the centre, day/night indication at 9, date at 6 and Date Change of Time Zone indicator at 4. The watch will be showcased at Basel World 2011 where key brands will present their products from March 24 to 31.