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Finland stocks higher at close of trade; OMX Helsinki 25 up 0.92%

stocks higher

HELSINKI: Finland stocks were higher after the close on Tuesday, as gains in the Basic Materials, Technology and Industrials sectors led shares higher. At the close in Helsinki, the OMX Helsinki 25 added 0.92%. The best performers of the session on the OMX Helsinki 25 were Outotec Oyj (HE:OTE1V), which rose 3.03% or 0.170 points to trade at 5.775 at ... Read More »

Finnish companies may invest in Belarus’ woodworking sector


HELSINKI/MINSK: Ambassador Extraordinary and Plenipotentiary of Belarus to Finland Alexander Ostrovsky met with representatives of the Finnish companies Nuorisosaatio Oy and Terry Invest Group to discuss possible investment in the woodworking sector of Belarus, BelTA learned from the website of the embassy. “The parties discussed possible areas of investing in the woodworking sector of Belarus, matters pertaining to the setting ... Read More »

Finland inflation eases in July


HELSINKI: Finland’s consumer price inflation moderated in July after remaining stable in the prior month, figures from Statistics Finland showed Monday. The consumer price index rose 0.5 percent year-over-year in July, slower than the 0.7 percent increase in June. The measure has been rising since April 2016. Transport costs grew 1.4 percent annually in July and utility costs went up ... Read More »

Finnish Finance Minister aims to cut deficit in 2018 budget proposal


HELSINKI: Finance Minister Petteri Orpo unveiled his budget proposal on Wednesday with cuts in spending amounting to some 400 million euros. Orpo delayed decisions on taxation but said he would not raise anyone’s taxes—and nor would he grant tax cuts only to the wealthy, as had been feared. The Finance Ministry unveiled its proposed state budget for 2018 on Wednesday, ... Read More »

Finnish exports grew at double-digit rate in H1 of 2017


HELSINKI: Finnish exports grew at a double-digit rate in the first half of this year, according to preliminary data released by Finnish Customs. Finnish Customs on Monday reported that the value of exports increased by roughly 15 per cent year-on-year to 29.5 billion euros and that of imports by 14 per cent to 30.5 billion euros between January and June. ... Read More »

Helsinki set to become world’s busiest sea port

Port of Helsinki handles 10.6% more cargo during Jan-Mar2017

HELSINKI: Port of Helsinki CEO Kimmo Mäki says that once the year’s data is in, Helsinki may reach top of the list of the busiest passenger traffic ports in the world. Largely due to traffic to and from Estonia, ships in Helsinki’s harbours serve some 12 million passengers a year. Helsinki is currently tied with Dover, England as the busiest ... Read More »

Finland to end sales of diesel cars by 2030


HELSINKI: Finland is eager to join the growing number of countries committed to ending the sales of traditional diesel-fuelled cars. Anne Berner, the Minister of Transport and Communications, on Thursday revealed that the government is mulling over measures to end the sales of diesel cars by 2030. Banning the sales entirely, however, is not among the measures under consideration. “The ... Read More »

Finland to release budget August10


HELSINKI: The preparation of Finland’s Budget for 2018 will begin on August 8-9 with a budget session at the Ministry of Finance, the Finnish Government has announced. According to a Ministry of Finance release, the Budget proposal will be sent to the ministries and published online on August 10, 2017, and then discussed at ministerial level on August 16-17. The ... Read More »

Wärtsilä scrubber systems to clean the exhaust from two new Japanese bulk carriers


HELSINKI: The technology group Wärtsilä has been contracted to supply the exhaust gas cleaning systems for two new 56,000 DWT Handymax bulk carriers. The ships are being built at Oshima Shipbuilding Co., Ltd. in Japan for Tokyo based NYK Bulk & Projects Carriers Ltd. (NYK BP), a wholly owned subsidiary of Nippon Yusen Kabushiki Kaisha, one of Japan’s largest shipping ... Read More »

Finnish Customs seizes lethal opioid delivery


HELSINKI: Finnish Customs said that the agency had confiscated the highly dangerous drug carfentanil. Officials intercepted the potent opioid in the post and have warned that merely handling the narcotic could be lethal. Finnish Customs warned Tuesday that the extremely dangerous narcotic that it seized, carfentanil, is the strongest known opioid on record. The substance is said to be up ... Read More »

Finnish economy grew 0.5pps more than estimated in 2016

growth increase

HELSINKI: The Finnish economy expanded considerably more than estimated last year. Statistics Finland released a new set of preliminary data indicating that the country’s gross domestic product grew by 1.9 percent – 0.5 percentage points more than estimated in March – to 216 billion euros in 2016. The statistics bureau said it revised its growth estimate due to the availability ... Read More »

Throughput of port HaminaKotka up 4.7%

Port of HaminaKotka

HELSINKI: In January-June 2017, the Port of HaminaKotka (Finland) handled 7.12 million ton of cargo (+4.7%, year-on-year).  According to the port authorities, transshipment of export cargo climbed by 6.9% to 5.35 million ton including 1.36 million ton of paper (-1%), 788,100 t of cellulose (+3.6%), 1.08 million ton of liquid bulk cargo (-1.2%) and 741,510 t of dry bulk cargo ... Read More »

Finnish exports grew by 27% in May: Customs data

increase exports

HELSINKI: Finland generated roughly 5.5 billion euros worth of exports in May, according to preliminary data released by Finnish Customs. The monthly value represents a 27 per cent increase from the previous year and brings the cumulative increase for the first five months of the year to 18 per cent. The value of imports to the country, meanwhile, rose by ... Read More »

Finland trade balance swings to surplus in May

imports and exports

HELSINKI: Finland’s foreign trade surplus turned to a surplus in May from a deficit in the previous year, preliminary figures from Finland Customs Office showed Friday. The trade balance came in at a surplus of EUR 290 million in May versus a deficit of EUR 175 million in the corresponding month last year. The value of Exports jumped 27.0 percent ... Read More »

Stockmann to sell Herkku grocery shops in Finland to S Group

Stockmann store in Finland

HELSINKI: Stockmann on Friday announced it has agreed to offload all six of its loss-making grocery shops, Stockmann Herkku, in Finland to the S Group for a debt-free price of 27 million euros. The divestment is expected to generate a one-off profit of three million euros and improve the profitability of the struggling department store chain as of next year. ... Read More »

Finnish ministry of finance ups growth forecast to 2.4%

growth in exports

HELSINKI: Finland’s economic growth consequently rests on a solid foundation, according to the Ministry of Finance. The Ministry of Finance points out in a press release that although the growth in national output is expected to decelerate to 1.6 per cent in 2018 and to 1.5 per cent in 2019, the growth rate is expected to outpace the long-term growth ... Read More »

EU closes investigation into Finnish car tax

Car Tax Image 2_360_239_90

HELSINKI: The European Commission said it has closed an infringement case against Finland’s car tax legislation for rental and leasing vehicles. In February 2015, the Commission formally requested that Finland amend its legislation. It cited EU Court of Justice case law under which only a proportionate amount of car tax can be levied upon the registration by a Finnish resident ... Read More »

Bank of Finland lifts growth forecasts on export recovery

Bank of Finland

HELSINKI: Finland’s central bank lifted its economic growth forecasts on Tuesday, citing recovering exports, but said that reforms were needed to boost growth and strengthen public finances. The bank said it now expects the gross domestic product to rise 2.1 percent this year, up from a previous forecast of 1.6 percent in March. Last year, GDP grew 1.4 percent. The ... Read More »

Nokia cuts 170 jobs in Finland


HELSINKI: Telecom network equipment maker Nokia has completed lay-off talks in its home country Finland and will as a result cut 170 jobs, the company said on Friday. Announcing the talks in May, the company said it was preparing to cut up to 200 jobs from network operations and support functions. Nokia, which currently has 6,100 employees in Finland and ... Read More »

Police grey economy raid nets 100K in cash


HELSINKI: Police have found some 100,000 Euros in cash as part of a series of home searches. More than 7 million Euros in undeclared salaries have been paid out in the construction sector, an ongoing police investigation finds. The National Bureau of Investigation began examining the extent of grey economy-related crimes in the construction sector in 2015, and new information ... Read More »