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Finnish police break largest cocaine ring in the country

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Finnish police said they have cracked a large cocaine ring in the Tampere region which imported 13 kilos of cocaine from the Netherlands to Finland in 2017-2018 and involved dozens of suspects. “Overall, this is the largest ever importing and distribution case of cocaine in Finland,” Jari Raty, the head of the investigation, said in the statement released. He added ... Read More »

Finland’s ‘free cash’ experiment fails to boost employment

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Europe’s first national government-backed experiment in giving citizens free cash failed to encourage its participants to work more as organisers had hoped – but it did improve their wellbeing. Under Finland’s two-year basic income trial, which ended a month ago, a random sample of 2,000 unemployed people aged 25 to 58 were paid a monthly €560 (£475), with no requirement ... Read More »

Finland to export fish products to China

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The Chinese authorities have granted export permits to three new Finnish operators in the fisheries sector, said a government press release. Operator-specific export approval from the Chinese authorities has now been granted to four Finnish producers of fish products. The new producers to be approved are Kuusisen Kala Oy from Loviisa, Heimon Kala Oy from Renko and Ab Chipsters Food ... Read More »

S&P affirms Finland’s AA+ rating

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Rating S&P Global Ratings has maintained Finland’s ‘AA+’ rating, said S&P Global Ratings in a bulletin of its latest rating. The rating agency affirmed its ‘AA+/A-1+’ long- and short-term foreign and local currency sovereign credit ratings on Finland at the end of the week. According to S&P Global Ratings, the outlook remains stable. In its outlook, S&P Global Ratings pointed ... Read More »

High-speed rail tunnel linking Finland and Estonia under the Baltic Sea gets funding

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An ambitious plan to build a vast railway tunnel under the Baltic Sea to connect Finland and Estonia looks set to go ahead after the project secured €15 billion in funding. The tunnel, which is supported by both countries’ governments, would connect the Finnish capital of Helsinki with the Estonian capital of Tallinn – cutting a two to three hour ... Read More »

Finland’s Outgoing Premier May Bow Out as Party Chair

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HELSINKI: Finland’s outgoing prime minister, who abruptly tendered the resignation of his center-right government just weeks before the general election, said Saturday he won’t seek to remain as chairman of his party next year if support continues to decline. Juha Sipila, now heading a caretaker government in the Nordic country, told Finnish public broadcaster YLE that polls showing 14-percent support ... Read More »

Finland maintains satisfactory GDP growth in 2018

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The Finnish gross domestic product grew in 2018 by 2.2 percent, Statistics Finland reported. Commentators noted that even though the growth was less than in some predictions, the Finnish GDP growth continued at a satisfactory level in comparison with the rest of the EU. From October to December, GDP grew by 0.7 percent from the previous quarter. According to preliminary ... Read More »

Finland’s ‘free cash’ experiment fails to boost employment

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Europe’s first national government-backed experiment in giving citizens free cash failed to encourage its participants to work more as organisers had hoped – but it did improve their wellbeing. Under Finland’s two-year basic income trial, which ended a month ago, a random sample of 2,000 unemployed people aged 25 to 58 were paid a monthly €560 (£475), with no requirement ... Read More »

Finland Boasts significant increase in Fdi

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Business Finland published its first performance report on the 14th of February. Business Finland has played a key role in accelerating growth and attracting foreign investment. For Business Finland’s customers, the year 2018 was a year of growth, as their exports increased by 24%. Investments in Finland by foreign companies increased by 44%. Business Finland continues the important work of ... Read More »

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

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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

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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

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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’

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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

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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

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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

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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

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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

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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 »