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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 Maki.vc 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 »

Finnish trade sector worries about looming booze tax cuts in Estonia

Estonia will reduce taxes on alcoholic beverages sold in the country by 25 percent on 1 July, in an effort to keep Estonians from travelling to buy cheaper booze in neighbouring Latvia. Nearly two years ago, Estonia raised alcohol taxes by a whopping 70 percent, aiming to reduce alcohol-related problems in the country. The move reportedly helped to reduce alcohol ... Read More »

Google invests $670 million to expand its data centre in Finland

Helsinki: Google will pay about 600 million euros ($670 million) to build a data centre in Finland amid a push by its parent Alphabet Inc to invest heavily in servers and feed demand for faster access to files and media. The new construction will add to Google’s existing data-centre complex in Hamina on the south coast of Finland, taking the ... Read More »

Helsinki Port operations help to earn €4b annually

The annual financial impact of the port operations adds up to about 4.1 billion euros annually, according to a recent Port of Helsinki impact assessment carried out by the Brahea Centre at the University of Turku. The operations related to the Port of Helsinki, together with their multiplier effect, provided work for more than 25,000 people, said a press release. ... Read More »

Building costs raise by 1.7% in April

The building costs rose by 1.7 per cent in April this year than the previous year, according to Statistics Finland. The prices of materials went up by 2.0 per cent, those of labour inputs by 1.6 per cent and those of services by 0.9 per cent compared with April 2018. From March to April, the total index of building costs ... Read More »

Economic experts fear tariff war will shrink world trade

International economic experts fear that the tariff war between the US, China, and Europe will lead to a decline in world trade. This is the result of the World Economic Survey conducted by the ifo Institute among 1,130 economists worldwide. When asked to name the most significant consequence of the higher tariffs, the predominant answer was “less trade.” This answer ... Read More »