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Govt calls off plans to levy tax on boats, motorcycles


HELSINKI: The Finns Party is delighted that its proposal to abandon the tax on motorcycles was successful, says Sampo Terho, the chairperson of the Finns Party Parliamentary Group. The Finnish Government has called off its plan to levy a tax on motorcycles and pleasure boats. Prime Minister Juha Sipilä (Centre) announced yesterday that the revenues generated by the taxes will, ... Read More »

Finland inks $266 million deal to revitalize Europe’s largest nickel mine


A large but troubled nickel mine in Finland may be back on the road to profitability thanks to a recent deal that saw commodities trader Trafigura take a 15.5 percent stake. The Terrafame mine in northern Finland has been operated by the state since 2014, after its former operator Talvivaara Sotkamo went bankrupt following years of losses and production problems. ... Read More »

Nokia to buy Comptel for €347m to add network technology


HELSINKI: Nokia agreed to buy Comptel for €347 million ($370 million) to add technology that helps phone carriers manage their networks, part of a push into software and services as network-gear sales sputter. According to details, Comptel shareholders will get €3.04 a share in cash, Espoo, Finland-based Nokia said in a statement. That’s 29 percent more than Comptel’s closing price ... Read More »

DFDS earnings soar on freight surge


HELSINKI: DFDS’ operating profit grew 35 percent in the fourth quarter of 2016 on surging cargo volumes and higher freight rates on its roll-on, roll-off shipping routes across northern Europe. The Danish shipping, logistics, and trucking group’s earnings before interest and tax jumped to 271 million krone ($39.2 million) from 201 million krone a year earlier as revenue edged just ... Read More »

Finnish Customs net 2m euros in unpaid alcohol taxes from online stores


HELSINKI: Online liquor sellers have had to fork out more than two million euros in unpaid taxes to Finnish Customs. The payout follows intense scrutiny of online alcohol sales by customs officials that began in 2016. Finnish Customs announced Monday that it had raked in nearly two million euros in unpaid taxes from online retailers selling alcoholic beverages in Finland. ... Read More »

Finland trade deficit narrows in Nov


HELSINKI: Finland’s foreign trade deficit decreased in November from a year ago, as exports grew faster than imports, preliminary figures from Finland Customs Office showed Monday. The trade deficit fell to EUR 150 million in November from EUR 240 million in the corresponding month last year. The value of exports climbed 4.0 percent year-over-year in November and imports rose by ... Read More »

Nokia Q4 net profit beats wall street views


HELSINKI: Aided by cost cutting and its purchase of Alcatel-Lucent, Nokia Corp. (NOK) reported a narrower decline in fourth-quarter profits than Wall Street had expected but posted a wider decline in network equipment sales. Earlier Thursday, Finland-based telecom equipment maker Nokia reported net profit for the quarter ended Dec. 31 of 633 million euros, which is lower than the 1.79 ... Read More »

Finland showcases cutting-edge health services, technologies


HELSINKI: A Finnish ministerial delegation and over 30 Finnish companies participated in The Arab Health Exhibition & Congress, the largest healthcare exhibition and medical congress in the Middle East. The delegation, which was supported by Team Finland, including Finpro, Finland’s ministries and the Embassy of Finland in the UAE, showcased the latest Finnish healthcare services and technologies at the event ... Read More »

Finland Nov trade deficit narrows to EUR 123m


HELSINKI: Finland’s trade gap narrowed more than initially estimated in November, latest figures from Finland Customs Office showed Tuesday. The trade deficit for November was EUR 123 million instead of EUR 150 million reported earlier. In the corresponding month last year, the deficit was EUR 240 million. The value of exports grew 4.0 percent year-over-year in November, confirming the flash ... Read More »

Finland adds e-services rule to mitigate VAT refund fraud


HELSINKI: Finland’s tax administration has said that as of February 1 taxpayers registered for value-added tax must use the MyTax e-service when providing their bank account details. According to the tax administration, the aim is to promote the use of electronic government services and to prevent abuse of the VAT refund system. The tax administration said that for corporate taxpayers ... Read More »

Finland customs agents seized drugs


HELSINKI: Finland customs agents announced on Friday (Aug. 26) they seized around €1 million earlier in 2016 in connection with a operation that was being run on an online dark market. In a statement, the Finnish customs agency also said it stopped around 15 kilos of drugs, totaling 10 million doses and valued on the street at about €1.1 million. ... Read More »

Posti releases new stamp on Valentine’s Day


HELSINKI: Postal and logistic services operator, Posti on Friday released new stamps for Valentine’s Day and winter greetings. This year’s Valentine’s Day stamps were selected through a contest. The blue hearts by graphic designer Ari Kivi are ideal for Finland’s jubilee year, said a press release. “The playful combinations of blue hearts create an end result that captures my mental ... Read More »

UAE, Finnish officials discuss ties

economic ties

DUBAI: Dr Abdullah Bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Zayed Housing Programme, today met with Kai Mykanen, Finland’s Minister of Foreign Trade and Development, and Riitta Swan, Finnish Ambassador to the UAE, to discuss ways of promoting co-operation between the two countries. The UAE Minister briefed the Finnish officials about the UAE’s infrastructure ... Read More »

Finland stocks higher at close of trade; OMX Helsinki 25 up 0.54%


HELSINKI: Finland stocks were higher after the close on Wednesday, as gains in the Healthcare, Oil & Gas and Utilities sectors led shares higher. At the close in Helsinki, the OMX Helsinki 25 rose 0.54%. The best performers of the session on the OMX Helsinki 25 were Valmt (HE:VALMT), which rose 3.90% or 0.53 points to trade at 14.12 at ... Read More »

Zalando SE announces 25-26% increase in revenues in Q4 of 2016


BERLIN: Zalando SE, Europe’s leading online platform for fashion, grew revenues in the fourth quarter of 2016 by 25-26% to EUR 1,086-1,094 million (Q4 2015: EUR 868.5 million), according to preliminary figures. Zalando expects to achieve an adjusted EBIT of EUR 81-104 million, corresponding to an adjusted EBIT margin of 7.5-9.5% (Q4 2015: EUR 71.8 million or 8.3%) for the ... Read More »

Finland’s euro exit would be dangerous, says well-known economist


HELSINKI: Finland would do itself a disservice by withdrawing from the euro, says Kenneth Rogoff, a professor of economics at Harvard University and former chief economist at the International Monetary Fund (IMF). Finland is a country where the fundamentals are okay. If it were to leave the euro alone, it would be a dangerous decision. Why would Finns want to ... Read More »

Finland explores RP rubber

natural rubber

HELSINKI: The Department of Agriculture (DA) may soon lock a partnership with Filipino rubber farmers groups and a Finland –based tire manufacturer for the construction of a $200 million tire processing facility in Southern Mindanao. Kai Hauvala, President and CEO of Black Donuts Engineering Inc. met Agriculture Secretary Emmanuel F. Piñol for an initial briefing of the rubber industry in ... Read More »

Finland stocks higher at close of trade; OMX Helsinki 25 up 1.12%


HELSINKI: Finland stocks were higher after the close on Friday, as gains in the Technology, Basic Materials and Healthcare sectors led shares higher. At the close in Helsinki, the OMX Helsinki 25 gained 1.12%. The best performers of the session on the OMX Helsinki 25 were Stora Enso Oyj R (HE:STERV), which rose 2.88% or 0.290 points to trade at ... Read More »

Outlook for Finnish exports becoming brighter


HELSINKI: Finland’s export-oriented industries have reason for cautious optimism, although export forecasts have recently failed year after year with the national economy being been affected by shocks and eroding competitiveness, reports Kauppalehti. “The growth outlook for the world economy is slightly brighter than before,” says Markku Lehmus, a researcher at the Research Institute of the Finnish Economy (Etla). Lehmus estimates ... Read More »

Finland’s services turnover increases


HELSINKI: Finland’s turnover in services industries increased at a faster pace during August to October, Statistics Finland reported Thursday. Services turnover advanced 4.6 percent from prior year, following a 1.1 percent increase in the same period of previous year. Another report from the statistical office showed that the turnover of construction enterprises increased by 10 percent and the sales volume ... Read More »