The Finnish economy expanded at a faster-than-expected rate in the first quarter of the year.
Nordea, for example, expected the national economy to expand by 0.3 per cent, but preliminary data published by Statistics Finland on Friday indicate that the country's gross domestic product grew by 0.4 per cent from the previous quarter.
President Sauli Niinistö delivered the opening words as he and his fellow Nordic leaders visited the White House on Friday at the invitation of US President Barack Obama.
“Together the Nordics are a superpower – not militarily, but when it comes to innovation, education, competitiveness, sustainable development and clean technologies. Seen together we are the world's 12th largest economy. Free trade is clearly in our interest,” said Niinistö.
- Category: Business
- Created on 13 May 2016
I have lived in Nordic countries for around eight years. When I visited Finland for the first time, there were not many Chinese people living in the country. The biggest group was Chinese students, and the Chinese business community was very small. In most circumstances, the term “Chinese companies” referred to “Chinese restaurants” or “Made in China” factories far, far away. This is not the case anymore.
Chinese outbound investments have been increasing consistently for years. The main target countries have traditionally been and continue to be the USA, UK and Germany. However, Finland has received more attention in recent years. A few examples of Chinese investments into Finland include Huawei, ZTE, the Bank of China and the recent Kaidi biofuel factory in Kemi. Chinese high-technology companies are investing in Finland more each year.
The relationship never flows only in one direction. Compared to the increasing Chinese attention toward Finland, Finland has already begun to pay much more attention to China. Over the past ten years, China has transformed itself from the world’s factory into one of its biggest markets. As is the case with companies from all western countries, Finnish companies also want to gain a foothold in the market. However, entering the Chinese market can be challenging.
- Category: Business
- Created on 13 May 2016
Finnair has reported yet another loss-making first quarter despite recording a year-on-year improvement in its performance for already the sixth quarter in succession.
The majority state-owned airline announced yesterday that its comparable first-quarter operating result improved by 13 million euros from the previous year to -15.3 million euros as its turnover crept up by 2.9 per cent to 536.4 million euros.
The Centre Party has suggested it is willing to consider raising the alcohol limit in beers sold in grocery shops as an apparent concession to the other members of the three-party coalition, the Finns Party and the National Coalition Party.
Mikko Kärnä (Centre) revealed in an interview on YLE Radio 1 on Thursday that the party is willing to consider certain measures in an attempt to reduce the personal imports of alcoholic beverages. The ruling parties have thereby edged closer to an agreement on the reform of the Alcohol Act, he added.
The Centre Party has confirmed the candidacy of Matti Vanhanen, a former Prime Minister of Finland, in the next presidential elections after its party government received no other nominations by the deadline of 11 May, reports Helsingin Sanomat.
The party government has consequently decided that no primary elections will be necessary to select the candidate.
Finland has overtaken Sweden in an annual listing of the most gay-friendly countries in Europe published by the European Region of the International Lesbian, Gay, Bisexual, Trans and Intersex Association (ILGA-Europe).
The country improved its ranking from 13th to 7th, while that of its western neighbour deteriorated from 4th to 12th.
Economic woes, education and migration were among the dominant themes in foreign media reports about Finland in 2015, finds an annual survey distributed to the consular and diplomatic missions of Finland.
The country was generally portrayed in a positive light in foreign media reports as its education system, in particular, was the focus of positive media attention despite the drastic cuts in education spending announced last year. Finland remains well known also for equality, good governance, lack of corruption and welfare system, according to the survey carried out by the Ministry for Foreign Affairs.
Finnish troops could be deployed abroad to provide military assistance under extraordinary circumstances according to a proposal presented by the Government, confirms Jussi Niinistö (PS), the Minister of Defence.
A question about the possibility of introducing a statutory obligation to personnel of the Finnish Defence Forces to participate in the provision of military assistance abroad was posed by Paavo Arhinmäki (Left Alliance), Timo Heinonen (NCP), Emma Kari (Greens) and Jari Myllykoski (Left Alliance) during a parliamentary plenary session on Tuesday.
- Category: Business
- Created on 11 May 2016
Nokia has reported that its turnover fell sharply in the first quarter of the year compared to the same period one year earlier.
The turnover of the network equipment manufacturer decreased by 500 million euros to 5.6 billion euros over the first three months of the year, representing a year-on-year decline of 9 per cent and a quarter-on-quarter decline of 27 per cent.
Jan Vapaavuori (NCP), a vice president of the European Investment Bank (EIB), has confirmed that he will not seek election as chairperson of the National Coalition Party and will instead lend his support to Petteri Orpo (NCP), the Minister of the Interior, in the leadership race.
“I believe – and hope – Orpo will win the ongoing race. I also believe he is smart enough not to make too many promises. I hope the party faithful do not place unrealistic expectations on him,” he writes on his website.
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- Rents continue to creep up despite stagnant consumer prices
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- “Private consumption not to blame for economic woes of Finland”
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- Minister of Defence: Finland must retain its discretionary powers in regards to Nato
- Orpo joins race to lead NCP