Bureau Chief, Helsinki
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Nov 15, 2013

Talvivaara seeks court-supervised overhaul as fundraising flounders

HELSINKI/LONDON (Reuters) – Finnish miner Talvivaara (TLV1V.HE: Quote, Profile, Research) (TALV.L: Quote, Profile, Research), hurt by falling nickel prices and production problems, said it would seek a court-supervised overhaul after failing to raise funds and might face bankruptcy if the reorganisation failed.

Friday’s announcement, which sent Talvivaara shares down 43 percent to a record low, was made after the group failed to raise more cash from investors including Finnish state investment fund Solidium, which decided additional investment was not viable.

Nov 15, 2013

Talvivaara seeks court-supervised overhaul to avoid bankruptcy

HELSINKI/LONDON, Nov 15 (Reuters) – Loss-making Finnish
miner Talvivaara , battered by falling nickel
prices and a slew of production problems, said it would file for
a court-supervised overhaul without which it risked bankruptcy.

Friday’s announcement, which sent Talvivaara shares down
more than 40 percent to a record low, came after the group
failed to raise more cash from investors including Finnish state
investment fund Solidium, which decided additional investment
was unviable.

Nov 13, 2013

Nokia’s networks chief embarks on new expansion drive

HELSINKI (Reuters) – Nokia’s telecoms equipment unit, NSN, is focusing on expanding sales after years of concentrating on cost cutting and ditching unprofitable contracts to improve margins, its chief executive said on Wednesday.

Nokia Solutions and Networks (NSN) CEO Rajeev Suri, considered a leading candidate to head the Finnish company after it sells its loss-making handset business to Microsoft, did not rule out acquisitions to expand the business.

Nov 7, 2013

Finnish nickel miner Talvivaara faces bankruptcy threat

HELSINKI, Nov 7 (Reuters) – Loss-making Finnish nickel miner
Talvivaara said it was in advanced rescue talks with
the government on Thursday and warned it could face bankruptcy
if negotiations failed.

The government, which is the company’s largest shareholder,
said it wanted private investors to contribute to any financial
support and there was no certainty a solution would be found.

Nov 4, 2013

Google lifts post-Nokia hopes with Finnish data centre investment

HAMINA, Finland (Reuters) – Google will invest another 450 million euros ($607 million) over the next few years in a data center in Finland, boosting a country struggling with Nokia’s decline and weakness in its paper and steel industries.

Prime Minister Jyrki Katainen welcomed the move, one of the biggest foreign direct investments in Finland, and said the government planned to reduce electricity taxes for data centers to encourage more such stakes.

Nov 1, 2013

Loss-making Outokumpu reluctantly selling Terni as steel slumps

HELSINKI, Nov 1 (Reuters) – Finnish stainless steel maker
Outokumpu reported bigger than expected losses on
Friday and said it will have to sell its Terni plant in Italy
after failing to persuade European regulators otherwise.

Outokumpu had agreed to sell Terni to get regulatory
approval to buy ThyssenKrupp’s unit Inoxum but
analysts say a subsequent slump in global steel demand means a
sale may well yield a fraction of Terni’s original value.

Oct 29, 2013

Nokia sees life in remaining business after Microsoft phones sale

HELSINKI, Oct 29 (Reuters) – Nokia predicted a
more profitable future for its NSN networks equipment business
on Tuesday, raising hopes for growth in what will be the Finnish
firm’s main business after its former flagship phones division
is sold to Microsoft for $5.2 billion in the new year.

The third-quarter results also showed growth in Lumia
smartphone sales, although analysts said Microsoft will still
face a tough time in pushing its way into the competitive
consumer devices market with the Nokia deal, which is due to
close some time in the first quarter.

Oct 22, 2013

Nokia launches tablet to join Microsoft gadget push

ABU DHABI/HELSINKI, Oct 22 (Reuters) – Nokia
unveiled its first tablet computer and new large-screen
smartphones, which will form part of Microsoft’s push
in consumer devices when it takes over the Finnish company’s
handset business.

The products serve as a poignant way to mark the end of an
era for the former global leader in mobile phones, representing
its engineers’ last-ditch attempts at regaining market share
from Apple and Samsung after its pitifully
slow start to the smartphone race.

Oct 17, 2013

Outotec to cut up to 500 jobs as miners slash spending

HELSINKI, Oct 17 (Reuters) – Finnish mining technology
company Outotec lowered its full-year sales and
profit margin forecasts and said it planned to cut up to 500
jobs as a sluggish global economy forces miners to rein in

In a further sign of tough times for Finland’s industrial
firms, its warning on Thursday came just after engineering
company Metso said it faced a fall in sales and
profit due to weakness in its pulp, paper and power unit.

Oct 16, 2013

Talvivaara must deal with market forces: new minister

HELSINKI (Reuters) – Finland’s new minister in charge of state ownership said mining company Talvivaara (TLV1V.HE: Quote, Profile, Research, Stock Buzz) and others which have received state investment should deal with market forces without relying too much on government support.

Pekka Haavisto was chosen late on Wednesday by his party, the Greens, as the new Minister for International Development. In addition to overseeing foreign aid, he will also be responsible for the state’s investments in companies.