Lauri Virkkunen, the CEO at Pohjolan Voima (PVO) and deputy board chairman at Teollisuuden Voima (TVO), hopes that the Government will on Thursday grant an in-principle permit also to the expansion of Olkiluoto Nuclear Power Plant – contrary to what Jan Vapaavuori (NCP), the Minister of Economic Affairs, recommended on Monday.
PVO, a shareholder in TVO, is in the majority ownership of UMP, one of the largest consumers of electricity in Finland.
The advantages of the takeover of a Finnish company by a foreign one typically outweigh the disadvantages, states Katariina Nilsson Hakkala, a senior researcher at the Government Institute for Economic Research.
Studies, she says, indicate that foreign takeovers not only improve the productivity of the company but also introduce new management and research expertise to Finland.
The Green League will resign from the five-party coalition of Prime Minister Alexander Stubb (NCP), if the Government on Thursday shows a green light to the controversial nuclear power project of Fennovoima, chairperson Ville Niinistö declared in a news conference on Monday.
His fellow party members estimated to Helsingin Sanomat that the resignation is all but set in stone.
YLE on Monday announced that it will initiate consultative negotiations with roughly one-third of its staff with the objective of shedding a maximum of 185 positions.
The belt-tightening measures are an attempt to offset a decision to waive the inflation adjustment on the public broadcasting tax for next year and the consequent dent of roughly ten million euros in the budget of YLE.
Jouni Backman, the chairperson of the Social Democratic parliamentary group, emphasises that he shares the concerns of Björn Wahlroos about the Finnish economy.
“If you filter out the most flagrant remarks, I may have to coincide with his concerns about the economic situation in Finland,” says Backman. “The problems of export industries are more serious than many realise.”
Finland is in a “catastrophic” and “murderous” economic situation, facing a challenge greater than in the doldrums of 1991, estimates Björn Wahlroos.
The outspoken tycoon refers to a recent interview in which Anders Borg, the Swedish Minister of Finance, suggested that Finland is a cautionary example of how a country can destroy its competitiveness.
The Helsinki Police Department will today host a seminar for representatives of local Muslim communities in an attempt determine whether concerns over the relations between Shia and Sunni communities are warranted and to identify means to prevent Muslims from leaving Helsinki to fight for militant groups in the Middle East.
Altogether, 50–70 representatives of Muslim communities are expected to participate in the event, says inspector Jari Taponen, the head of the crime prevention unit of the Helsinki Police Department.
- Category: Business
- Created on 15 September 2014
Statistics on patent applications reflect the structural change of Finnish industries: While the significance of the chemical industry is growning, that of the much-talked about ICT sector is on the decline.
Compiled by the Finnish Patent and Registration Office (PRH), the statistics show that this year the chemical industry has filed nearly as many patent applications for inventions as the heating and civil engineering industries.
Piles of gravel, drainpipes and diggers are immediately visible when you take a peek through the net fence separating Kaisaniemi Park from the University Botanic Garden. A smell of urine wafts through the air from behind the tennis court changing rooms next to the fence.
- Category: Business
- Created on 13 September 2014
Danfoss has made an offer of roughly one billion euros – or, 34 euros per share – to take over Vacon, a Finnish manufacturer of variable-frequency AC drives. Made public on Friday, the offer includes a premium of 13 per cent over the closing share price on Thursday.
A variable-frequency drive is a device that controls the speed of a motor and is used in milk pumps and ski lifts, for example.
The housing costs of students vary substantially across Finland.
The housing supplement for students disbursed by the Social Insurance Institution of Finland (Kela) is not nearly enough to cover the housing costs of students – especially in the capital region – as nearly two-thirds of students are forced to search for a flat from the red-hot private rental market.
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