Patrons having lunch in Ravintola Teatteri in Helsinki on 12 April 2018. The restaurant was one of 77 restaurants operated by Royal Ravintolat, which was acquired earlier this year for 90 million euros by Restamax. (Credit: Martti Kainulainen – Lehtikuva)
Patrons having lunch in Ravintola Teatteri in Helsinki on 12 April 2018. The restaurant was one of 77 restaurants operated by Royal Ravintolat, which was acquired earlier this year for 90 million euros by Restamax. (Credit: Martti Kainulainen – Lehtikuva)

 

Restamax on Monday announced it has wrapped up consultative negotiations with its employees and decided to reduce 200 positions and convert the contracts of 40 employees to part-time contracts.

The Tampere-based restaurant and labour hire company stated that the positions will be reduced through involuntary lay-offs and voluntary arrangements, as well as through non-renewals of intermittent employment contracts.

Read more ...

A Stockmann department store and other shops in the Nevsky Centre in St. Petersburg, Russia. Stockmann on Tuesday said it will sell the shopping centre to PPF Real Estate for 171 million euros. (Credit: Markku Ulander – Lehtikuva)
A Stockmann department store and other shops in the Nevsky Centre in St. Petersburg, Russia. Stockmann on Tuesday said it will sell the shopping centre to PPF Real Estate for 171 million euros. (Credit: Markku Ulander – Lehtikuva)

 

Stockmann on Tuesday announced it will divest its shopping centre in St. Petersburg, Russia, to PPF Real Estate.

The Nevsky Centre and its owner, OOO Stockmann Nevsky Centre, will change hands at a price of 171 million euros, 10 million euros less than the balance sheet value of the property, according to a press release from the Finnish department store retailer.

Read more ...

OP Financial Group has announced it will launch consultative negotiations with its employees with a view to generating annual cost savings of 100 million euros. (Credit: Antti Aimo-Koivisto – Lehtikuva)
OP Financial Group has announced it will launch consultative negotiations with its employees with a view to generating annual cost savings of 100 million euros. (Credit: Antti Aimo-Koivisto – Lehtikuva)

 

OP Financial Group on Tuesday announced it will launch consultative negotiations with its staff with a view to reducing the annual costs of its central co-operative by 100 million euros.

The Finnish financial services provider said the negotiations will concern all of the approximately 6,000 people employed by the central co-operative but refrained from specifying the number of redundancies it plans to make.

Read more ...

Topi Manner posed for photographs after the announcement that he will take over as the chief executive of Finnair on 1 January 2019. (Credit: Roni Rekomaa – Lehtikuva)
Topi Manner posed for photographs after the announcement that he will take over as the chief executive of Finnair on 1 January 2019. (Credit: Roni Rekomaa – Lehtikuva)

 

Topi Manner, the head of personal banking at Nordea, has been appointed as the successor of Pekka Vauramo as the CEO of Finnair.

The Finnish flag carrier announced the appointment yesterday, highlighting the 44-year-old Manner’s extensive experience in dealing with both private and corporate customers and his key role in the digital transformation and customer service development of Nordea.

Read more ...

Marimekko celebrated the start of the summer season with its annual fashion show in Helsinki’s Esplanade Park on 18 May 2018.
Marimekko celebrated the start of the summer season with its annual fashion show in Helsinki’s Esplanade Park on 18 May 2018.

 

Marimekko announced yesterday it has upgraded its guidance for the rest of the year after recording an increase of 24 per cent in revenue, to 28.2 million euros, and one of 443 per cent in comparable operating profit, to 3.1 million euros, between April and June.

The Finnish fashion house said it expects its full-year revenue to grow from the previous year and comparable operating profit to at least stay at level of the previous year.

Read more ...

Bitcoin price is down from its peak, but the rise seems steady

If you are a cryptocurrency enthusiast, you probably are well aware of all the new currencies, the so-called Initial Coin Offerings (ICOs) and of course the exchange rates of all currencies and how to mine them. 

For the general public, however, names, and rates of cryptos and the most known of them Bitcoin come to spotlight only when the mass media is covering them, i.e. when drastic changes are occurring. Bitcoin was last on the news when it passed the staggering 16 000 Euro price mark in December 2017. The price for one Bitcoin was just a bit more than 700 Euro in January of the same year. Today each bitcoin is exchanged for around 6000 Euro, it has a current circulating supply of 17.2 Million coins and a total volume exchanged of 5,726,256,209 Euro.

Read more ...

Nokia CEO Rajeev Suri spoke at a press conference on the eve of the Mobile World Congress (MWC) in Barcelona, Spain, on 25 February, 2018.
Nokia CEO Rajeev Suri spoke at a press conference on the eve of the Mobile World Congress (MWC) in Barcelona, Spain, on 25 February, 2018.

 

Analysts have drawn attention to the significance of the newly announced fifth-generation (5G) network agreement between Nokia and T-Mobile.

The Finnish network equipment manufacturer stated earlier this week it will provide its end-to-end 5G portfolio of technology, software and services to accelerate the deployment of the nationwide 5G network of T-Mobile in the United States. The multi-year agreement between the two telecommunications companies is worth 3.5 billion US dollars, or approximately three billion euros.

Read more ...

Nokia on Monday announced it has signed a multi-billion-euro, multi-year agreement with T-Mobile, the third largest wireless carrier in the United States.
Nokia on Monday announced it has signed a multi-billion-euro, multi-year agreement with T-Mobile, the third largest wireless carrier in the United States.

 

Nokia and T-Mobile announced yesterday they have signed a multi-billion euro, multi-year agreement to accelerate the deployment of a nationwide fifth-generation (5G) wireless network in the United States.

The landmark agreement is valued at roughly three billion euros (USD3.5bn), making it the largest 5G agreement to date for Nokia.

Read more ...

Firesteel Resources, a top performing junior gold mining company listed on the TSXV, acquired Laiva gold mine located near Raahe, Finland. Laiva (Finnish word for ship), which was dormant since 2013, has already been restarted and gold production begins this year.

Firesteel Resources’ President and CEO Mr. Michael Hepworth is the new captain. Mr. Hepworth is an accomplished entrepreneur and business leader with more than 40 years of diverse international business experience. Mr. Hepworth has started and built 5 successful businesses from the ground up. He also consulted and advised businesses, in many sectors including professional and financial services, high tech, engineering and manufacturing. Mr. Hepworth has over 15 years of corporate development and senior management experience in the resources industry. Helsinki Times sat down with Mr. Hepworth to find out about his plans for Laiva and the future of gold. Below are excerpts of the interview.

Read more ...

Nokia’s quarterly operating profit fell by 42 per cent year-on-year to 334 million euros between April and June 2018.
Nokia’s quarterly operating profit fell by 42 per cent year-on-year to 334 million euros between April and June 2018.

 

Nokia saw its share value dip by five per cent to 4.82 euros after it issued a second-quarter result that missed the expectations of investors.

The Finnish network equipment manufacturer stated yesterday that its operating profit decreased by 240 million euros year-on-year to 334 million euros between April and June, falling 39 million euros short of the analyst mean forecast of 373 million euros, according to Reuters.

Read more ...

More Articles ...

Finland in the world press

Helsinki Finland Mostly Cloud (night), 0 °C
Current Conditions
Sunrise: 8:30 am   |   Sunset: 3:40 pm
79%     9.4 m/s     35.151 bar
Forecast
Mon Low: -1 °C High: 1 °C
Tue Low: -1 °C High: 1 °C
Wed Low: -1 °C High: 0 °C
Thu Low: -1 °C High: 1 °C
Fri Low: 0 °C High: 1 °C
Sat Low: -1 °C High: 1 °C
Sun Low: -1 °C High: 1 °C
Mon Low: 0 °C High: 1 °C
Tue Low: -1 °C High: 0 °C
Wed Low: -1 °C High: 0 °C

Partners