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Finnish pork on Chinese tables lends hope to local industry

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HELSINKI:  Finnish pork, renowned for its high quality, joins the ranks of other foreign brands that are served on Chinese dinner tables. Finnish meat producer Atria, based in Seinajoki, western Finland, found its way to the world’s biggest pork consuming market when it delivered its first batch of meat to China last summer. In the past eight months, Atria has ... Read More »

Small town in southeast Finland trials tax holiday for families of newborns

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HELSINKI: The little town of Sulkava in southwest Finland plans to fight the ageing of its small population by offering a new financial incentive to get residents to bring more babies into the world. Municipal leaders of the 2,600-resident town have now decided to release the parents of newborns from paying local taxes. The tax break will be implemented in ... Read More »

Finland differs with commission on european monetary fund

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HELSINKI: The EU executive has suggested transforming the eurozone’s government-owned and run bailout fund into a European Monetary Fund in December, as part of its ideas for deeper euro zone integration. Finland’s centre-right coalition government said it does not support the Commission’s idea that a European monetary fund should become an EU institution overseen by the European Parliament. “While the ... Read More »

Finnish GDP up 3.6 pct in December

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HELSINKI: Finland’s gross domestic product (GDP) rose 3.6 percent year-on-year in December, Statistics Finland (SF) said on Wednesday. The growth figure for November was revised up to 4.3 percent from an initial estimate of 3.5 percent. The Nordic euro zone economy is recovering from a decade-long stagnation amid broader growth in Europe, and GDP is expected to have grown by ... Read More »

Finland shares unconditional money but public view remains polarised

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HELSINKI:  Finland at the moment (being expected to end by January 2019), this does not say much about what Finns think about it, or about basic income in general. According to recent developed by  a doctoral researcher at the University of Helsinki, not only does survey methodology deeply affect people’s responses, but current beliefs and views of society by Finnish citizens are ... Read More »

Finland industrial production grows

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HELSINKI: Finland’s industrial production growth held steady in December, after accelerating in the previous month, figures from Statistics Finland showed Friday. Industrial production advanced a working-day-adjusted 4.2 percent year-over-year in December, the same rate of increase as in November. The measure has been rising since March last year. Among sectors, manufacturing production grew 4.4 percent annually in December and mining ... Read More »

Finland Estonia rail tunnel would cost up to €20b

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HELSINKI: Estonian Prime Minister Juri Ratas said in Tallinn yesterday that the tunnel would improve productivity in Finland and Estonia, and Jan Vapaavuori, the mayor of Helsinki, told newspaper Helsingin Sanomat that he used to consider the tunnel as a “mad dream”, but now he considered it “a dream”. The study considered three main tunnels, two with a diameter of 10m to carry the ... Read More »

Finland wood imports decreased by 11% in Jan Nov 2017

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HELSINKI: Finland’s wood imports totalled 0.61 million cubic metres in November 2017. This was the weakest monthly result of 2017 with it being 21% smaller than in November 2016, says Natural Resources Institute Finland (Luke) in its statistics report. In January-November the Finnish wood imports totalled 8.07 million cubic metres. Thus, wood imports in Finland decreased by 11% year-on-year. The total value ... Read More »

Finland trade deficit narrows less than estimated

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HELEISINKI: Finland’s foreign trade deficit decreased less than initially estimated in November, latest figures from Finland Customs Office showed Wednesday. The trade deficit for November was revised up slightly from EUR 240 million to EUR 242 million. In the corresponding month last year, the shortfall was EUR 256 million.The value of exports surged 15.0 percent year-over-year in November, faster than ... Read More »

Finland faces potential power crunch as imports hit record high

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HELSINKI: Finnish firms risk having to cut their power usage as the country’s growing energy demands outstrip supply, industry lobby group Finnish Energy (ET) told Reuters on Wednesday. The Nordic country, which is dependent on Swedish and Russian power imports, saw its industry’s energy needs grow by 1.7 percent last year, while net power imports hit a record high. Reliability ... Read More »

Finnish economic growth set to remain strong in 2018

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HELSINKI:  Financial Group, one of the largest financial companies in Finland, said Finnish economic growth would keep its strong path in 2018. In its economic outlook published on Monday, OP Group upgraded its forecast for the Finnish economy this year from 3.0 percent 3.3 percent, while the growth trend is expected to slow to 2.3 percent in 2019. Although growth ... Read More »

Finland technological advances to necessitate changes to car taxes

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HELESINKI: Anne Berner (Centre), the Minister of Transport and Communications, has reminded that changes in consumption patterns may necessitate quick changes to how motor vehicles are taxed in Finland. Advances made in the automotive industry will create considerable pressures to overhaul car taxes in Finland, writes Kauppalehti. Anne Berner (Centre), the Minister of Transport and Communications, estimates that it is ... Read More »

Helsinki becomes world busiest passenger port

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HELSINKI: The port of Helsinki became the busiest passenger harbor in the world in 2017, narrowly surpassing the British port of Dover, Finnish news agency STT reported on Wednesday. In scheduled passenger services last year, 11.8 million people used the port of Helsinki, while in Dover the figure was 11.7 million, said STT. The main reason for the growth of ... Read More »

Finnish government on energy taxation hike

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HELESINKI: Finnish stainless steel producer Outokumpu said last week it wants a level playing field concerning European Union energy taxes in order to maintain its competitiveness in export markets. The Finnish government has set up a working group to prepare a plan to reduce business subsidies for energy by Feb. 28, the steelmaker said. It’s important the working group doesn’t ... Read More »

Ovako receives extended tax reassessment notice in Finland

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HELESINKI: The extend reassessment notice from the Finnish tax authority entails a demand for payment of approximately EUR 6.1 million (including interest and penalties), bringing the total claim to EUR 15.6 million. The demand relates specifically to interest expenses on loans from Ovako Finland Oy’s Swedish parent company, Ovako AB (publ), which the tax authority deem non-deductible. After consultation with ... Read More »

Finland changing coal ban plan

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HELSINKI: The energy industry of Finland had a strong reaction against the anticipated governmental decision to prohibit the use of coal in 2025 rather than the 2030 set in the initial plan. According to CEO of the national association of energy production, the coal usage would reduce on its own within the next decade anyway, but the decision to speed ... Read More »

Another Corrib Cargoship concentrates on Boliden Tara mines exports to frozen Finnish gulf port

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HELSINKI: A Corrib Shipping cargoship loaded concentrates from Boliden Tara Mines facility in Dublin Port late last year, arrived at a Finnish port this first week of 2018 and where the sea is currently frozen over, writes Jehan Ashmore. The cargoship Ziltborg which last year became the fifth ship of Corrib Shipping fleet, sails as part of Royal Wagenborg, a ... Read More »

Finland increases tax on alcohol

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HELSINKI: Taxes on alcoholic beverages increased at the start of 2018 in Finland following a vote by parliament last month.The Finance Ministry confirmed that taxes on alcoholic drinks would increase by an average of 10 percent, raising retail prices by an average of five percent. The hikes were focused mainly on those drinks with an alcohol content of 15 percent ... Read More »

Finland increases exports to Asia by 59%

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Helsinki: Finnish exports of softwood lumber and planed lumber increased by 15% in the third quarter vis à vis last year’s comparative quarter to 2.07m m³. According to the Finnish customs authority, deliveries to customers in Europe rose by 9% to 812,148m³. At 646,006m³, exports to East Asia were 59% above the figure of the previous year. Exports to the ... Read More »

Slovak economy should sustain solid growth momentum in 2018

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HELSINK: The solid growth that Slovakia has been experiencing over the past three years should continue in 2018  and even gear up a bit close to 4 percent in real terms and possibly even more in 2019 when the Jaguar Land Rover plant in the Nitra region will start producing at full capacity. Cyclically, Slovakia is narrowing the slack in ... Read More »