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Bank of Finland upgrades growth forecast to 2.9% for 2018, 2.2% for 2019


The Finnish economy is poised to continue its robust growth in the years to come, forecasts the Bank of Finland. The Bank of Finland on Tuesday revealed it has revised up its growth forecast for 2018 to 2.9 per cent, for 2019 to 2.2 per cent and for 2020 to 1.7 per cent as a consequence of favourable productivity developments, ... Read More »

Finland to Host an International Meeting Against Nuclear Terrorism


the Foreign Ministry will host the executive meeting of the Global Initiative to Combat Nuclear Terrorism (GICNT) network that will take place in Helsinki. Based on the initiative of the presidents of the United States and Russia in 2006, the network brings together states and international organizations to carry out concrete cooperation against nuclear threats. The Finnish Foreign Minister Timo ... Read More »

HMD Global raises $100M in funding to ramp up operations


HMD Global, the Espoo-based developer and marketer of Nokia-branded handsets, has raised over 100 million US dollars in funding to ramp up its business in its second full year of operation, lifting its market valuation to over one billion dollars. The start-up says in a press release it will use the funding to aggressively expand its range of smartphones and ... Read More »

Finland signs tax pact with China’s Hong Kong


The government of China’s Hong Kong Special Administrative Region (HKSAR) signed a comprehensive avoidance of double taxation agreement (CDTA) with Finland, further expanding the HKSAR’s tax treaty network. The HKSAR government’s Secretary for Financial Services and the Treasury James Lau and Consul-General of Finland in Hong Kong Jari Sinkari signed the CDTA on behalf of the governments of the two ... Read More »

No reduction in corporate tax recommended


An expert group appointed by the government did not find any reason to reduce the corporate tax at this moment terming the country´s business taxation system competitive internationally. The expert group on business taxation set up by the Ministry of Finance submitted its report, which, however, propose changes to the taxation of dividends and earned income, with the intention of ... Read More »

Finland moves to ease restrictions on non-EU workers

Joukko syyrialaisia turvapaikanhakijoita astui lauttaan Rostockissa matkalla Ruotsiin

Last year, officials in southern Finland’s Uusimaa region loosened rules on hiring non-EU and -EEA workers to ease a labour shortage in the construction sector. Now, they are looking at expanding the measure to other industries. With a few exceptions, it is standard hiring practice in Finland to prioritise hiring job applicants who are citizens of an EU member state ... Read More »

Finland, Sweden and the US Deepen Their Defense Cooperation


Defense ministries of Finland, Sweden and the US, are deepening their defense cooperation. These bilateral defense relationships are promoting security in the Baltic Sea region by strengthening stability in northern Europe and building interoperability between the US and “two of its most capable and likeminded partners,” says the Statement of Intent (SOI) signed by the Finnish defense minister, Jussi Niinistö, ... Read More »

Finland disputes Scotland’s baby box claims after expert warning


The Finnish welfare and benefits agency that pioneered the use of baby boxes has challenged claims in Scotland that the temporary cribs can reduce infant mortality. The agency, Kela, supported warnings by a leading expert on infant health, Dr Peter Blair, that it was wrong to say that Finland’s scheme had been proven to prevent or reduce infant mortality. Blair ... Read More »

Import of new private car increases by 17.5%


A total of 18,329 new motor vehicles were registered in April 2018, of which 12,840 were automobiles. First registrations increased by 12.5 per cent from the corresponding month of the previous year, according to Statistics Finland. In April the number of new private cars registered was 11,044, which was 17.5 per cent up from the year before. The share of ... Read More »

Finland’s experiment with giving away money shines a light on idea of universal basic income


HELSINKI: There might be no free lunch, as the saying goes, but a bold experiment in Finland has renewed interest in the idea of money for nothing. In January 2017, the country embarked on a two-year pilot program that gave 2,000 unemployed citizens the equivalent of nearly $700 a month, with no strings attached. The program will run through the ... Read More »

Finland paid unemployed people a basic income of $685 every month


HELSINKI: Finland’s basic income program that drew international attention is coming to an end, the Finnish government announced Tuesday. The pilot program that paid about 2,000 randomly-chosen unemployed Finnish people a monthly check of €560 ($685) will stop by the end of the year, the BBC reports. As welfare programs mourned the end of the experiment, the Finnish government denied claims the program was unsuccessful, ... Read More »

Finland denies claims universal basic income experiment has fallen flat


HELSINKI: Finland has denied widespread claims its basic income experiment has fallen flat. A series of media reports said the Finnish government had decided not to expand its trial – a version of events which has been repudiated by officials. Miska Simanainen, a social affairs official, said the trial, where about 2,000 unemployed people aged 25-58 are being paid a tax-free €560 (£490) monthly income with no questions ... Read More »

Finland’s basic income trial falls flat


HELSINKI: Finns are receiving a flat monthly payment of €560 (£490; $685) as basic income. The eagerness of the government is evaporating. Some see basic income as a way to get unemployed people into temporary jobs. The argument is that, if paid universally, basic income would provide a guaranteed safety net. That would help to address insecurities associated with the ... Read More »

Finland pulls plug on guaranteed basic income experiment


HELSINKI: Finland tried and quickly discovered that the latest hot idea among the techno-lords of Silicon Valley (and their lackeys in the California Democratic Party) is a dud. The failed idea for the way the rest of us should live is so-called Universal Basic Income.  Universal Basic Income is a policy that’s been lauded by tech leaders from Mark Zuckerberg to Elon Musk as a proposed ... Read More »

Finland is killing experiment with basic income


HELSINKI:  Finns have been getting money from the government each month — and they are not expected to do anything in return. The participants, ages 25 to 58, are all unemployed and were selected at random by Kela, Finland’s social-security institution.  Instead of unemployment benefits, the participants now receive €560 ($690) a month, tax-free. Should they find a job during ... Read More »

Finnish fast food Chain opens outlet in Tehran


HELSINKI: In a continuing strategy of exploring previously untapped markets, Turku-based hamburger restaurant chain Hesburger opened a new outlet in Iran’s capital city Tehran on Friday. The debut attracted many curious onlookers to the grand opening, according to a statement by Hesburger’s Founder Heikki Salmela and the crowd could be seen in photos published on social media, the Finnish Broadcasting ... Read More »

Finland threatens to terminate tax treaty with Portugal


HELSINKI: Finland’s Ministry of Finance has announced that it will advise Finnish Parliament to terminate Finland’s 1970 tax treaty with Portugal beginning January 1, 2019, regardless of whether a replacement tax treaty applies before that date or not. According to the Finish ministry, the existing tax treaty between Finland and Portugal inappropriately restricts Finland’s right to tax certain pensions and ... Read More »

Finland to bring forward coal end date to 2029


HELSINKI: Finland’s government will legislate to ban the use of coal in energy generation a year earlier than planned in 2029, and launch a subsidy scheme to incentivise firms to stop using the fuel by 2025, environment minister Kimmo Tiilikainen has said. The policy will “significantly reduce the emissions from heating,” Tiilikainen said. The government will propose legislation for the ... Read More »

Bioeconomy is a win strategy for Finland


HELSINKI: Nokia is synonymous with mobile phones, but the world-famous Finnish company was in fact started as a paper mill, on the banks of the Nokianvirta river over 100 years ago – hence the name. Paper is a typical bio-economic based production, using water and wood as prime resources. A Nokia phone was used when the world’s first GSM call ... Read More »

Moroccan knife attacker trial starts in Finland


HELSINKI: A trial has opened in Finland in the case of a Moroccan asylum seeker and alleged Islamic State sympathizer charged with fatally stabbing two people and wounding eight others in August. Abderrahman Bouanane was led handcuffed on Monday into a makeshift courtroom in a prison in Turku, the southwestern Finnish city where the Aug. 18 attack took place. State ... Read More »