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China’s travel restrictions already being felt in Finnish Lapland

THE TOURISM INDUSTRY in Finnish Lapland is already feeling the effects of the ban on overseas tour groups and sales of flight-and-hotel packages adopted on Monday by China. “The information we received today indicates that around 45 groups of Chinese visitors – altogether around 1,000 people – have cancelled their trip or are postponing it until August. Each group consists ... Read More »

Stockmann issues positive profit warning, sending shares over 30% higher

CLASS-B SHARES in Stockmann jumped by more than 30 per cent yesterday after a positive profit warning issued by the iconic department store chain. The Finnish retailer revealed yesterday morning that, based on preliminary data, it expects its adjusted operating profit for last year to exceed earlier forecasts due to the robust fourth-quarter performance of both Stockmann and Lindex. The ... Read More »

Wages, salaries grow by 3.1% in Sept-Nov

The wages and salaries sum of the whole economy was 3.1 per cent greater in the September to November period than in the corresponding period twelve months earlier, according to Statistics Finland. In November, the wages and salaries sum of the whole economy grew by 2.3 per cent from the year before. One year previously in September to November, the ... Read More »

Is Bitcoin still a good investment?

Booms and busts, this is what investing in Bitcoin is all about. The most popular cryptocurrency continues to shake out investors. However, Bitcoin is not dead. And it looks like it won’t be anytime soon. But many investors wonder whether the price has already reached its zenith? Is Bitcoin still a good investment? Let’s find out! A short history of ... Read More »

Development Bank Of Japan And Business Finland Sign Mou To Boost Joint Innovation

Development Bank of Japan (DBJ) and Business Finland have signed a Memorandum of Understanding (MoU) to promote cooperation between companies and investment between Japan and Finland. The MoU was signed by DBJ President and Chief Executive Officer Kikuchi Shin and Business Finland’s Director General and CEO Nina Kopola in Tokyo. “DBJ is a government-owned bank that plays a significant role ... Read More »

Finland’s Gasum boosts LNG business in Nordics with Linde deal

Finnish state-owned gas company Gasum said on Wednesday it had agreed to buy Linde’s liquefied natural gas (LNG) and marine bunkering business in Norway and Sweden. Gasum did not disclose the value of the deal. The assets include one LNG liquefaction plant, two LNG terminals, two LNG bunkering vessels and 48 gas filling stations. They will generate annual revenues of ... Read More »

Customs to refund €11m after exchange rate goof

Customs authority admitted on Wednesday it had used erroneous exchange rates on foreign currencies for over three years until this past June. Customs had used the rates of a Finnish commercial bank instead of the official rates of the European Central Bank (ECB), Customs explained in a press release. On account of the mistake, the base value, for customs duty ... Read More »

Nokia’s stock-market dive causing concerns in investors and employees

THE SITUATION of Nokia has sparked off concerns among not only industry analysts but also the employees and owners of the Finnish mobile network equipment supplier. Lasse Laurikainen, a shop steward for senior salaried staff at the headquarters of Nokia in Espoo, told Bloomberg on Friday that the company’s management has been distracted by disagreements over priorities and staffing since ... Read More »

Operail invests €50 million in freight transport in Finland

Estonian international transport and logistics company Operail has launched a subsidiary in Finland, Operail Finland Oy, and is investing €50 million to begin freight transportation on Finnish railroads. Chairman of the Operail Management Board, Raul Toomsalu, said it is vital for the company to find new services, products and markets. “With the decisions in previous years, we already foresaw the ... Read More »

Finland to decide how Britain votes on EU laws after Boris Johnson pulls officials out of meetings before Brexit

Finland will decide how Britain votes on new EU laws and regulations, thanks to Boris Johnson’s decision to pull British diplomats out of meetings in Brussels early. The prime minister announced earlier this month that the UK would stop participating in EU meetings, in an attempt to signal to Brexiteers that he was serious about leaving the bloc at the ... Read More »

Drug ring suspected of smuggling 13kg cocaine from Netherlands to Finland

Police have concluded a pre-trial investigation into a group of smugglers they suspect of importing 13kg of cocaine into Finland from the Netherlands. Police said they seized more than 800g of cocaine during the probe. Police suspect that the cocaine was smuggled from the Netherlands to the southern Finnish city of Tampere. The drug was mainly distributed in Tampere, but ... Read More »

Business lobby proposes minimum wage in Finland

The Federation of Finnish Enterprises, a business lobby, has suggested that Finland could establish a minimum wage, reports local news conglomerate Lännen Media (LM). The federation’s CEO, Mikael Pentikäinen, said it was time for Finland to consider whether it should outline sector-specific minimum pay. Several EU states have minimum wage laws, whereas Finland doesn’t have a nationally-appointed minimum wage. Instead, ... Read More »

Finland plans energy tax cut for data centers

Finland is likely to further strengthen its competitiveness as a location for large data center projects by lowering its energy tax rate in the near future. The tax cut is included in the program of Finland’s recently elected government and is part of a broader tax reform package for industry that will be debated by parliament next year. The new ... Read More »

Wage, salary earnings raise by 2.5% in April-June

The nominal earnings of wage and salary earners rose by 2.5 per cent in April to June 2019 when compared with the respective period in 2018,according to preliminary data of Statistics Finland. Real earnings rose by 1.3 per cent compared to the second quarter of the previous year, because the rise in earnings level was faster than that in consumer ... Read More »

Finland gets first left-of-centre prime minister in 20 years

Finland has got its first new left-of-centre prime minister in 20 years after the country’s social democrats successfully formed a new government on Thursday. Antti Rinne, 56, takes office at the head of a broad coalition that also includes the Centre Party, Greens, Left alliance, and minority interest Swedish People’s Party. His governing programme includes promises of tax rises and ... Read More »

Google increases presence and investments in Finland

Google is deepening its commitment to Finland through a strategy that is being supported by national and local state industrial development agencies. Firstly, the web giant is investing €600m to build a next-generation datacentre at Hamina, a coastal town 145km (90 miles) east of Finnish capital Helsinki and close to the border with Russia. In a second major capital commitment, ... Read More »

Finnish quantum computing start-up raises €11.2m in seed capital

ESPOO-BASED IQM has raised raised significant funding for driving disruptive advancements in quantum computing. The Finnish start-up announced yesterday it has raised a total of 11.2 million euros in seed capital from an international group of investors, including Finland’s and Finnish Industry Investment (Tesi), and Germany’s MIG Fonds and Vito Ventures. Mikko Möttönen, the co-founder and chief scientist at ... Read More »

Finland Celebrates the 100th Anniversary of Constitutional Democracy

Finland was established as a constitutional democracy one hundred years ago. To celebrate this, Wednesday 17 July has been designated as a national flag day. The Parliament of Finland adopted the Constitution Act of Finland in June 1919, and it was confirmed by the Regent of Finland Carl Gustaf Emil Mannerheim on July 17, 1919. The Constitution Act, together with ... Read More »

Inflation declines to 1.2% in May as vegetables price falls

The year-on-year change in consumer prices was 1.2 per cent in May, according to Statistics Finland. In April, inflation stood at 1.5 per cent. The decline in inflation was caused by lower prices of vegetables, for example. Consumer prices were raised most in May by increases in the prices of electricity, hotel rooms, capital repairs on detached houses, cigarettes and ... Read More »

New car registration slides by 13% in May

A total of 19,376 new motor vehicles were registered in May, 2019, of which 12,661 were automobiles, according to Statistics Finland. First registrations decreased by 9.2 per cent from the corresponding month of the previous year. In May the number of new private cars registered was 10,884, which was 12.8 per cent down from the year before. The share of ... Read More »