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EU closes investigation into Finnish car tax

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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

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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

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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

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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 »

Finnish economic growth overtakes Sweden’s in Q1

Morocco’s auto industry exports likely to rise to $10b by 2020

HELSINKI: Growth in the Finnish economy outstripped activity neighboring Sweden during the first quarter of the year. Heidi Schauman, chief economist with Aktia Bank said that the economic resurgence was evident across many sectors of the Finnish economy. During the first quarter of the year the Finnish economy expanded by 2.7 percent compared to the same time in 2016, according ... Read More »

Finland’s exports grow by 18% in Q1

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HELSINKI: Finland’s exports continued to show signs of growth during the first quarter of 2017. Exports to Asia and Russia particularly grew compared to the situation one year previously. Finland’s goods export industry grew by 18 percent in the first quarter of 2017 compared with the situation one year ago, new Customs figures show. Asia and Russia are the fastest-growing ... Read More »

Finland shares lower at close of trade

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HELSINKI: Finland equities were lower at the close on Tuesday, as losses in the Oil & Gas, Financials and Technology sectors propelled shares lower. At the close in Helsinki, the OMX Helsinki 25 lost 0.26%. The biggest gainers of the session on the OMX Helsinki 25 were Kesko Oyj (HE:KESKOB), which rose 1.44% or 0.65 points to trade at 45.77 ... Read More »

Wärtsilä to emphasise digital transformation at Nor-Shipping 2017

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HELSINKI: At the upcoming Nor-Shipping conference and exhibition in Oslo, Marco Ryan, Chief Digital Officer & Executive Vice-President of Wärtsilä Corporation, will outline the company’s proactive work in embracing the digital transformation affecting the shipping industry. Wärtsilä’s focus on innovation and emerging technologies has been prominent for many years, notably with its industry leading development work in the 1990’s to ... Read More »

Finnish PM not happy with current employment rate

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HELSINKI: Prime Minister Juha Sipilä stated that the government must raise its employment rate target from 72 to 75 percent. “We must set an employment rate target that’s at least 75 percent,” he stated in an interview on YLE TV1 on Saturday, thus echoing the assessment of Vesa Vihriälä, the chief executive of the Research Institute of the Finnish Economy ... Read More »

Navis TOS takes to the cloud in world-first with Finland

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HELSINKI: Two Finland-based container terminals — Steveco Vuosaari in Helsinki and Steveco Mussalo in Kotka — have become the world’s first ports to successfully go live with Navis’ N4 terminal operating system (TOS) technology in a hosted private cloud environment. Steveco is one of Finland’s leading port operators and a full logistics provider offering large scale warehousing and stuffing services, ... Read More »

Finland dodges EU disciplinary action over growing govt debt

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HELSINKI: The European Commission has given Finland a passing grade for the government’s efforts boost economic growth and put the brakes on growing government debt. Issued Monday, the Commission’s assessment essentially means that Finland has avoided disciplinary measures over its elevated debt to GDP ratio. Although Finland’s government debt is growing and will reach 64.7 percent of GDP this year ... Read More »

Finland’s economy continued to outpace expectations in Q1

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HELSINKI: The Finnish economy has started the year on a positive note, according to preliminary data published by Statistics Finland on Tuesday. The data indicate that in the first quarter of the year the country’s working-day adjusted gross domestic product grew by 1.6 per cent from the previous quarter and by 2.8 per cent from the corresponding period last year. ... Read More »

Finland records strong goods exports growth in Q1

Morocco’s auto industry exports likely to rise to $10b by 2020

HELSINKI: In March, Finland recorded strong growth in goods exports. For the first quarter Finnish goods exports came in strong. Demand has bolstered in the euro area and outside the EU. The value of Finnish goods exports were up 17 percent in March and in the first quarter on a year-on-year basis. The seasonally adjusted first quarter growth is estimated ... Read More »

Finland, Russia eyes to increase bilateral trade turnover

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MOSCOW: Russia and Finland have been able to overcome the influence of the EU’s destructive policy towards Russia on bilateral relations and achieve an increase in trade turnover, the Russian Foreign Ministry said on Wednesday in the run-up to Russian Foreign Minister Sergey Lavrov’s visit to Finland on May 4, where he will be meeting with Helsinki’s top diplomat Timo ... Read More »

North Korea owes Finland millions in decades-old debt

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PYONGYANG: North Korean officials told the Finnish public broadcaster that they haven’t forgotten the over 30 million Euros in debt they owe government and private businesses in Finland for transactions that date back to the 1970s. Foreign ministry officials in Pyongyang recently assured Media reporters that a solution can still be found. North Korea is back in the front-page news, ... Read More »

Finnish Customs seizes 950 kg of tainted, carcinogenic spices

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HELSINKI: Finnish Customs has seized nearly one tonne of spices which were incorrectly labelled or contained dangerous ingredients, according to Helsingin Sanomat. The agency is taking part in the joint Europol-Interpol operation Opson VI, an international endeavour which targets counterfeit and substandard food products, and the organised crime networks behind the trade. Finnish Customs has seized some 950.5 kg of ... Read More »

Finnish Customs announces boost in ‘exim’ with Russia

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HELSINKI: Finnish Customs announced that both Finnish exports to Russia and Russian imports to Finland have picked up over the past few months after a protracted slump. Additionally, a survey of 300 Finnish companies was said to pave the way for business-boosting growth in Russia, Finnish national broadcaster reported. In the recent survey by the Finnish-Russian Chamber of Commerce (FRCC), ... Read More »

Finland, Iran ink accord on customs cooperation

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HELSINKI: The customs services of Iran and Finland signed an agreement on cooperation. Following talks between Head of Iran’s Customs Administration (IRICA) Masoud Karbasian and Director General of Finnish Customs Antti Hartikainen, an agreement on cooperation in the fight against illegal drugs and customs regulations was signed in the Finnish capital of Helsinki. The two countries will promote cooperation on ... Read More »

Finland, Iran ink deal on customs cooperation

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TEHRAN: The customs services of Iran and Finland signed an agreement on cooperation, IRNA agency reported on April 19. Following talks between Head of Iran’s Customs Administration (IRICA) Masoud Karbasian and Director General of Finnish Customs Antti Hartikainen, an agreement on cooperation in the fight against illegal drugs and customs regulations was signed in the Finnish capital of Helsinki. The ... Read More »

Finland’s GDP grew by 3%: Statistics Finland

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HELSINKI: Economists have estimated that the statistics published ahead of last weekend are an indication of better times to come for Finland. Statistics Finland reported that the country’s working-day adjusted gross domestic product increased by 3.0 percent year-on-year in February, representing already the second consecutive month with a growth rate of at least three percent. Revised data indicate that working-day ... Read More »