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Finland sees €2.6 billion trade deficit in 2018

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The trade balance showed a deficit of slightly over 2.6 billion euros in 2018, according to the preliminary data of Finnish Customs. The deficit in the trade with EU countries decreased to under 1.5 billion euros last year, said an official press release on Thursday. In the trade with non-EU countries, there was a deficit of over 1.1 euros in ... Read More »

€20 million for Finnish health innovation company


Finnish health innovation company Nightingale Health has secured a €20 million loan from the European Investment Bank EIB to boost research and development of the Helsinki-based firm’s bloody analysis technology which makes it easier to predict and prevent chronic diseases like diabetes and heart diseases. . “Nightingale wants to create a world where healthcare keeps people healthy throughout their lifetimes, ... Read More »

Nokia cuts more jobs in Finland


Nokia is to cut another 350 jobs as part of efforts to achieve annual savings of €700 million by the end of next year. The latest redundancies will impact the company’s workforce in Finland, with state broadcaster YLE stating that only one facility in Oulu will be unaffected. Of the company’s 100,000-strong workforce, just 6,000 are still located in Finland ... Read More »

Energy prices go up in Q3


Prices of energy went up in nearly all energy types in the third quarter, according to Statistics Finland. Prices of only energy peat and forest chippings fell from one year ago. The growth in prices was partly due to the tightening of taxation on fossil fuels at the turn of the year. The rise in the world market price of ... Read More »

Finland rejects ‘false’ claims its basic income trial has failed: ‘Proceeding as planned’


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 ... Read More »

Industry giants conduct 5G trial in Finland


Nokia, ABB and Kalmar have conducted industrial trials where 5G supports time-critical applications and enhance protection and efficiency in real-world. The trials, conducted as part of the Wireless for Verticals (WIVE) research project, represent one of the first real-world applications of time-critical 5G applications on electricity grid and harbor automation. Nokia and ABB demonstrated protection applications in medium-voltage distribution networks. ... Read More »

FDI from Finland decreases in 2017


The value of the stock of outward Foreign Direct Investment (FDI) was EUR 102.7 billion at the end of 2017, of which equity accounted for EUR 114.5 billion and the value of debt capital for EUR -11.8 billion. The investment stock went down by EUR 0.2 billion year-on-year. In 2017, the net amount of FDI from Finland amounted to EUR ... Read More »

Finland Economic Affairs Minister to visit Kenya


Finland’s Minister of Economic Affairs Mika Lintilä will head a Team Finland visit Kenya to promote exports and business trade in Kenya. The business delegation accompanying the Minister has as about 50 representatives from companies and research institutes in the digital, energy, bioeconomy, cleantech, mining, mineral, education and health sectors, among others. A broad range of Finnish companies are interested ... Read More »

Finnish Border Guards detain four in suspected international people smuggling ring

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Finnish Border Guards said that they had collaborated with officials from the United States and Europol to crack down on a suspected international people smuggling ring. The suspects were detained following a series of house searches in Helsinki, Vantaa and Tampere. All four individuals are suspected of aggravated facilitation of illegal entry. They are believed to have illegally smuggled people ... Read More »

Finnish customs: Snus smuggling ring evaded €4.6m in taxes


Customs officials said that they suspect a group of eight people are behind an organised smuggling operation that illegally brought a total of 12,700 kilograms of snus, a powdered tobacco product, into Finland from Sweden between 2016 and 2018. Sales of the substance are banned in all EU countries except Sweden. Although commercial imports of snus are banned in Finland, ... Read More »

Nazarbayev meets with Finnish, business leaders in Helsinki


The two leaders witnessed the signing of a memorandum of understanding on strategic partnership in energy and green economy between the Kazakh Ministry of Energy and the Finnish Ministry of Economic Affairs and Employment and the Ministry Environment. They also oversaw the signing of a memorandum of understanding between the Ministry of Investment and Development of Kazakhstan and the Ministry ... Read More »

Indonesia, Finland seeks further partnership in renewable energy


Indonesia is seeking assistance from Finland to develop renewable energy, which is currently in its early stages. Energy and Mineral Resources Minister Ignasius Jonan said Indonesia had recently begun turning to renewable energy, adding that it would be a long-term project that Finland could help develop. “Finland has among the cheapest electricity in the Europe, so this gives us hope ... Read More »

Smuggler caught at Helsinki Airport with 1,400 Subutex tablets


Finnish Customs officials seized about 1,400 Subutex opioid tablets being smuggled through Helsinki Airport last month, the agency reported Monday. Finnish Customs said they suspect the smuggler behind the 1,400 Subutex tablets seized at Helsinki Airport in September had also imported another batch of 2,800 pills, seized earlier in Southwestern Finland. Subutex is a brand name of the opioid buprenorphine, ... Read More »

Finnish customs: Snus smuggling ring evaded €4.6m in taxes

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Customs officials said Monday that they suspect a group of eight people are behind an organised smuggling operation that illegally brought a total of 12,700 kilograms of snus, a powdered tobacco product, into Finland from Sweden between 2016 and 2018. Sales of the substance are banned in all EU countries except Sweden. Although commercial imports of snus are banned in ... Read More »

Finland’s OP bank restructuring plans could affect 6,000 workers


On Tuesday Finnish banking concern OP Financial Group said it will conduct retrenchment talks in October amid a full corporate restructuring in an aim to cut costs amounting to some 100 million euros. OP employs some 6,000 workers in its central cooperative. The bank’s release states the coming restructure is meant to cut costs, but also to improve employee and ... Read More »

Finland to invest €16 million in small firms abroad


Finland will invest EUR 16 million in small businesses that create jobs through Finn Church Aid’s (FCA) Investments Ltd, a new company established by FCA, said a government press release. The investment will be made in the form of loan, and according to the terms and conditions, the loans will be paid back with interest to the State of Finland ... Read More »

Border guards find drone with smuggled smokes on Finland-Russia frontier

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Finnish Customs officials and border guards are investigating an unusual case in which a drone was found in a forested area of the eastern town of Lappeenranta with a cargo of 15 cartons of cigarettes. Two similar packages were found nearby, bringing the total to 45 cartons. The authorities were notified by a private individual who reported seeing the drone ... Read More »

Family of three suspected of smuggling over 70 people to Finland


A Russian family of three is suspected of smuggling dozens of people to Finland through the Saimaa Canal, reports Helsingin Sanomat. The father and his two children – a grown-up daughter and an underage son – were taken into custody after 17 people were found hiding inside their 12-metre motorboat without proper travel documents during a routine border inspection in ... Read More »

Russian gas pipeline construction starts in Finland


The construction of the Nord Stream 2 pipeline to bring Russian natural gas to the European Union kicked off in the Gulf of Finland Wednesday, the project operator Nord Stream 2 AG said. Nord Stream 2 will expand the existing Nord Stream main gas pipeline by linking Russia and Germany via the Baltic seabed, bypassing Ukraine, Belarus, Poland and other ... Read More »

Craft Vodka Distiller in Finland Says M&A Is Back on His Agenda


Bloomberg: The chief executive officer of Altia Oyj says he’s now ready to consider spending money on mergers again after a half-decade hiatus. The Finnish alcohol maker and distributor spent the past five years absorbing the companies it bought from 2000 to 2013. Its CEO, Pekka Tennila, says “a natural next step” now is expanding in northern Europe, and M&A ... Read More »