Source: Our world in data
A pedestrian in downtown Helsinki on Saturday, 14 November 2020. (Emmi Korhonen – Lehtikuva)
UP TO A FIFTH OF COMPANIES in the Finnish service industry estimate that they are at risk of going bankrupt in the next three months if the circumstances remain unchanged, reports Service Sector Employers (Palta).
The percentage of service providers at risk of bankruptcy has almost doubled from the 11 per cent measured by the employer organisation in August.
Consumer confidence has returned
OP’s economists forecast a slow economic recovery following the major leap forward taken in the third quarter. The recovery will progress at the pace set by the pandemic, backed by economic stimulus measures. A faster-than-expected launch of Covid-19 vaccines on the market might accelerate the recovery.
OP’s economists forecast that Finland’s GDP will contract by 4.0% in 2020 and rebound to a 3.0% growth in 2021.
While studio flat prices in Helsinki have increased by 27 percent, prices outside the Helsinki Metropolitan Area have only increased by 0.5 percent. Since 2015, home prices have been rising only in Pirkanmaa, North Ostrobothnia, Uusimaa, and Southwest Finland.
Democratic presidential candidate Joe Biden speaks at Canvas Kick Off at the carpenters Union in Scranton, Pennsylvania on November 3, 2020. - The US started voting Tuesday in an election amounting to a referendum on Donald Trump's uniquely brash and bruising presidency, which Democratic opponent and frontrunner Biden urged Americans to end to restore "our democracy." LEHTIKUVA / AFP
OP surveyed the expectations of the executives of large companies operating in Finland concerning the upcoming US presidential election. The majority of the respondents believed that Biden will win. A significant proportion of the respondents felt that the election result will have no major effect on their businesses.
Finnish airport operator Finavia on Thursday said it will begin consultative negotiations with a view to trimming up to 480 jobs from its organisation and that of its airport service subsidiary, Airpro. (Jussi Nukari – Lehtikuva)
FINAVIA, the state-owned airport operator in Finland, has announced it will begin consultative negotiations with its staff the objective of trimming a maximum of 480 positions, including roughly 130 in its organisation and up to 350 in that of its cabin crew and ground-handling subsidiary, Airpro.
Staff at both companies have been temporarily laid off due to the crisis triggered by the coronavirus pandemic, some since as early as March.
A Finnair aircraft at the uncharacteristically quiet Helsinki Airport on Wednesday, 28 October 2020. (Jussi Nukari – Lehtikuva)
FINNAIR did not get the lift under its wings it was hoping for in the third quarter of the year, reports Helsingin Sanomat.
The Finnish majority state-owned airline reported yesterday that its third-quarter revenue fell from 865 million to 97 million euros and passenger numbers from 4.1 million to 500,000 between 2019 and 2020. Its operating result consequently plunged 183 million euros into the red, adding to the losses of 171 million euros reported between April and June.
Finnair on Tuesday said it will make roughly 600 employees redundant in Finland. (Emmi Korhonen – Lehtikuva)
FINNAIR on Tuesday announced it has completed the consultative talks it began with its staff last month and decided to terminate about 700 jobs worldwide, including 600 in Finland, by the end of March 2021.
The Finnish majority state-owned airline went into the negotiations with a view to cutting roughly 1,000 jobs.
UPM’s Kaipola mill in Jämsä, Central Finland, on 27 August 2020. The Finnish forest industry company has announced it is shutting down what is the only newsprint producer in Finland. (Jussi Nukari – Lehtikuva)
UPM has announced it will gradually wind down the operations of its paper mill and three paper machines in Jämsä, Centra Finland, by mid-December.
The Finnish forest industry company reported yesterday that it has wrapped up consultative negotiations with its staff and decided to terminate a total of 448 jobs at mill, 20 of which will be transferred to its label and packaging paper mill in Jämsänkoski.
Robin reindeer monument in Äkäslompolo, Finland on 1 Oct. 2020 / Lehtikuva
Northern areas of Norway, Sweden, Finland and Russia, with their unique and exotic climate and nature have become increasingly popular with tourists during recent years.
Native Sami in Nordic countries and minorities such as Dolgans, Evenks and Nenets in nordic Russia have all struggled to sustain traditional livelihoods and crafts of their cultures, such as reindeer herding, fishing and handicrafts.
Marimekko on Thursday said it has completed its consultative talks and will lay off at least 20 employees in Finland. (Martti Kainulainen – Lehtikuva)
MARIMEKKO is cutting a minimum of 20 jobs in Finland.
The Finnish fashion icon announced yesterday it has wrapped up its statutory consultative negotiations with its staff in the country, as well as the corresponding processes in Australia, North America and Scandinavia. The negotiations, it said, made it clear that the re-organisation is achievable with moderate job cuts while creating annual cost savings of about 1.3 million euros.
