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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

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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

FILE - In this Feb. 23, 2015 file photo, container ships wait to be unloaded at the Port of Los Angeles. China has raised tariffs on $60 billion of U.S. imports in an escalation of their trade battle following a deadline for President Donald Trump’s latest increase. (AP Photo/Nick Ut, File)

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 »

Export value remains level in March


The value of Finnish exports remained at the level of the previous year in March, according to the preliminary statistics of international trade in goods provided by the Finnish Customs. The value of imports, however, decreased three per cent in March year on year. The value of Finnish exports in March was slightly over 5.4 billion euros and the value ... Read More »

Stockmann to axe 160 staff to save €40m


The retail giant Stockmann announced its decision to lay off a maximum of 160 of its staff in the country as a partial process of restructuring its operations. The company in a press release said it will commence codetermination negotiations affecting approximately 160 of its employees in Finland to finish with the restructuring process as soon as possible. In fiscal ... Read More »

Metsä Group to invest €1.5bn in new bioproduct mill in Finnish Lapland


METSÄ GROUP announced it has moved on to the pre-engineering stage of a project to construct a massive bioproduct mill in Kemi, Finnish Lapland. The Finnish forest industry giant said the mill would have an annual production capacity of 1.5 million tonnes of softwood and hardwood pulp, provide employment to around 2,500 people and replace its outdated pulp mill in ... Read More »

Finnish police break largest cocaine ring in the country


Finnish police said they have cracked a large cocaine ring in the Tampere region which imported 13 kilos of cocaine from the Netherlands to Finland in 2017-2018 and involved dozens of suspects. “Overall, this is the largest ever importing and distribution case of cocaine in Finland,” Jari Raty, the head of the investigation, said in the statement released. He added ... Read More »

Finland’s ‘free cash’ experiment fails to boost employment


Europe’s first national government-backed experiment in giving citizens free cash failed to encourage its participants to work more as organisers had hoped – but it did improve their wellbeing. Under Finland’s two-year basic income trial, which ended a month ago, a random sample of 2,000 unemployed people aged 25 to 58 were paid a monthly €560 (£475), with no requirement ... Read More »

Finland to export fish products to China

Merilohi, lohet, kalat, ruoka.

The Chinese authorities have granted export permits to three new Finnish operators in the fisheries sector, said a government press release. Operator-specific export approval from the Chinese authorities has now been granted to four Finnish producers of fish products. The new producers to be approved are Kuusisen Kala Oy from Loviisa, Heimon Kala Oy from Renko and Ab Chipsters Food ... Read More »

S&P affirms Finland’s AA+ rating


Rating S&P Global Ratings has maintained Finland’s ‘AA+’ rating, said S&P Global Ratings in a bulletin of its latest rating. The rating agency affirmed its ‘AA+/A-1+’ long- and short-term foreign and local currency sovereign credit ratings on Finland at the end of the week. According to S&P Global Ratings, the outlook remains stable. In its outlook, S&P Global Ratings pointed ... Read More »

High-speed rail tunnel linking Finland and Estonia under the Baltic Sea gets funding

eurostar (1)

An ambitious plan to build a vast railway tunnel under the Baltic Sea to connect Finland and Estonia looks set to go ahead after the project secured €15 billion in funding. The tunnel, which is supported by both countries’ governments, would connect the Finnish capital of Helsinki with the Estonian capital of Tallinn – cutting a two to three hour ... Read More »

Finland’s Outgoing Premier May Bow Out as Party Chair

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HELSINKI: Finland’s outgoing prime minister, who abruptly tendered the resignation of his center-right government just weeks before the general election, said Saturday he won’t seek to remain as chairman of his party next year if support continues to decline. Juha Sipila, now heading a caretaker government in the Nordic country, told Finnish public broadcaster YLE that polls showing 14-percent support ... Read More »

Finland maintains satisfactory GDP growth in 2018


The Finnish gross domestic product grew in 2018 by 2.2 percent, Statistics Finland reported. Commentators noted that even though the growth was less than in some predictions, the Finnish GDP growth continued at a satisfactory level in comparison with the rest of the EU. From October to December, GDP grew by 0.7 percent from the previous quarter. According to preliminary ... Read More »