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Finland’s basic income trial falls flat

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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

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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

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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

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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

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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

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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

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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

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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 »

Finland trade deficit narrows in February

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HELSINKI: Finland’s foreign trade deficit decreased in February from a year ago, as exports grew faster than imports, preliminary figures from Finland Customs Office showed Monday. The trade deficit fell to EUR 285 million in February from EUR 295 million in the corresponding month last year. The value of exports advanced 9.0 percent year-over-year in February and imports by 8.0 ... Read More »

Finland’s new incomes register to put an end to big tax refunds

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HELSINKI: The Finnish Tax Administration has reminded employers that all wages must be reported directly to a national incomes register as of January, 2019. The incomes register, an electronic database of incomes information, will be adopted in an attempt to reduce the administrative burden of employers by rationalising wage-related reporting procedures. Wages will have to be reported to the database ... Read More »

Finland’s activation measure may attract local seasonal agricultural workers

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HELSINKI:  Finland’s new activation measure may attract more local unemployed people taking part-time agricultural work despite the easier entrance of non-EU seasonal workers, news reports said on Monday. The Central Organization of Agricultural Producers and Forest Owners (MTK) on Monday announced they would open an internet-based recruiting system, as they saw the activation measure as a chance of hiring Finnish ... Read More »

Finnish delegation China winter sport development

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HELSINKI: The delegation discussed the content and timelines of the projects, as well as the plans and opportunities opened by the collaboration with The General Administration of Sports of China Sport events led by Minister Terho. Finnish Winter Sport Exports will fully leverage the 2019 Winter Sport Theme Year between Finland and China by series of targeted events. Together with the ... Read More »

China’s Shanying invests in new Finnish pulp plant

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HELSINKI:  China’s Shanying Paper will take a majority stake in a new Finnish company Boreal Bioref, securing financing for a planned950 million euro ($1.2 billion) pulp mill project in northern Finland, Boreal said on Friday. The plant is scheduled to begin operating in 2020 with an increased annual capacity of around 500,000 tonnes of pulp, Boreal said. Another Chinese company, ... Read More »

Finland trade gap narrows more than estimated

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HELSINKI: Finland’s foreign trade deficit decreased more than initially estimated in January, latest figures from Finland Customs Office showed Thursday. The trade deficit for January was revised down from EUR 150 million to EUR 139 million. In the corresponding month last year, the shortfall was EUR 533 million. The value of exports surged 12.0 percent year-over-year in January and imports ... Read More »

Finland consumer confidence remains strong in March

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HELSINKI: Finland’s consumer confidence dropped slightly in March, but remained very favorable, figures from Statistics Finland showed Tuesday. The consumer confidence index decreased to 24.7 in March from 25.8 in February. However, the figures were the highest in the measuring history of 30 years. The survey was conducted among 1,165 households between March 1 and 16. In March, consumers’ expectations ... Read More »

Finnish solar industry looks for boost from better storage

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HELSINKI: A dozen solar panels gleam in the sun on the roof of a semi-detached house in Herttoniemi, eastern Helsinki. In March, some of the panels are still covered with snow, but the homeowner says that the longer, brighter spring days are already spurring a noticeable increase in electricity production. “Yesterday we had an output of 1,000 watts. Sometimes the ... Read More »

Finnish government could wipe out budget deficit by end of 2019

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HELSINKI: The Finnish government will succeed in wiping out its budget deficit by the end of next year, predicts the Research Institute of the Finnish Economy (Etla). Etla on Tuesday published its most recent economic survey, forecasting that the country’s gross domestic product will grow by 2.8 per cent in 2018 and by 2.4 per cent in 2019. Finnish exports, meanwhile, ... Read More »

Finland’s growth to slow down in 2018

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HELSINKI: Industrial and retail statistics gave us a reason to expect something clearly better. The numbers can of course be specified later, but Finland’s economic growth seems to be slowing down.” Standard & Poor’s on Saturday forecast that the economy will expand by 2.5 per cent in 2018 and by 1.6 per cent in 2019, viewing that structural challenges will ... Read More »

Finnish exports to China up 36% on preceding year

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HELSINKI: Finnish exports of rough-sawn softwood lumber and planed lumber to China, at 425,607m³, were 36% above the comparative quarter of the preceding year. As a proportion of total Finnish exports, this constitutes an increase by three percentage points to 17%. According to the latest export statistics published by the Finnish customs authority, deliveries to customers in Egypt increased by ... Read More »

Ficora backs scheme to tackle internet fraud

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HELSINKI: Finnish telecoms regulator Ficora said it has begun the Huijausinfo campaign warning against internet fraud. The campaign starts on 15 March, which is World Consumer Rights Day. Ficora said that in 2017, nearly 12,000 cases were reported to the police, and the Competition and Consumer Authority was contacted 1,453 times concerning online and sales scams. Ficora’s partners in the ... Read More »