Bureau Chief, Helsinki
Ritsuko's Feed
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
spending.

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.

Oct 15, 2013

SoftBank buys $1.5 billion stake in Finnish mobile games maker Supercell

TOKYO/HELSINKI (Reuters) – Japanese tech and telecoms group SoftBank Corp is to buy into Finnish mobile gaming company Supercell in a deal that values the three-year-old maker of hit game Clash of Clans at $3 billion.

SoftBank said it would pay 150 billion yen ($1.53 billion) for a 51 percent stake in Supercell, with 20 percent of that investment coming from its own mobile games maker subsidiary GungHo Online Entertainment Inc.

Oct 14, 2013

Konecranes cuts full-year forecasts after orders fall

HELSINKI, Oct 14 (Reuters) – Crane maker Konecranes
lowered its full-year outlook on Monday after
third-quarter orders fell 10 percent and profit came in below
expectations, underscoring a weak outlook for Finnish industrial
companies.

Europe’s prolonged economic slump has hurt sales of
Konecranes’ industrial cranes, which are used by a wide range of
manufacturers and in shipyards and ports. In July, it said it
would cut up to 600 jobs after second-quarter results fell short
of forecasts.

Oct 7, 2013

Finland’s Stubb worried about U.S. shutdown impact

HELSINKI (Reuters) – The global economic impact of the U.S. government shutdown, which forced the United States to postpone a trade negotiation with the European Union, was worrying, Finland’s European Affairs and Foreign Trade Minister Alexander Stubb said.

Washington and the EU were due to hold a second round of negotiations for the Transatlantic Trade and Investment Partnership (TTIP), but talks were postponed as an impasse in Congress over funding for the new fiscal year shut down whole swaths of America’s federal government.

Oct 1, 2013

Finnish fund Ilmarinen to shift more to emerging markets

HELSINKI (Reuters) – Finnish pension fund Ilmarinen plans to cut the proportion of its equities portfolio it invests in domestic companies over the next 10 years so it can shift more into emerging markets, its chief investment officer said.

Timo Ritakallio also told the Reuters Nordic Investment Summit that the fund was happy with its current stake of nearly 2 percent in Nokia (NOK1V.HE: Quote, Profile, Research, Stock Buzz) and that it planned no major change after the sale of the company’s handset business to Microsoft (MSFT.O: Quote, Profile, Research, Stock Buzz).

Sep 30, 2013

Finnish Grand Cru looks beyond Supernauts launch

HELSINKI (Reuters) – Grand Cru, widely seen as the next big player in Finland’s gaming industry which has spawned the likes of Rovio’s Angry Birds and Supercell’s Clash of Clans, is already working on a new game although it has yet to launch its first.

Chief Executive Markus Pasula started the company in 2011 with seven other gaming industry veterans. The founders’ experience has helped them secure nearly 13 million euros ($18 million) in funding, including 8.5 million euros in July from a group led by French private equity investor Idinvest Partners and including Qualcomm Ventures and Nokia Growth Partners.

Sep 25, 2013

Exclusive: Nokia weighs Alcatel tie-up after Microsoft deal – sources

NEW YORK/HELSINKI (Reuters) – Nokia is discussing internally whether to approach French rival Alcatel-Lucent about a tie-up, part of the Finnish company’s review of how it can grow after the planned sale of its handset business to Microsoft Corp, several people close to the matter said.

No formal talks are underway with Alcatel-Lucent, the sources said. One of the people close to the matter said Nokia held “on again, off again” discussions about buying Alcatel’s wireless business as recently as late 2012 and that the two companies could still come back to the table.

Sep 25, 2013

Nokia weighs Alcatel tie-up after Microsoft deal -sources

NEW YORK/HELSINKI, Sept 25 (Reuters) – Nokia (NOK1V.HE: Quote, Profile, Research) is
discussing internally whether to approach French rival
Alcatel-Lucent (ALUA.PA: Quote, Profile, Research) about a tie-up, part of the Finnish
company’s review of how it can grow after the planned sale of
its handset business to Microsoft Corp (MSFT.O: Quote, Profile, Research), several people
close to the matter said.

No formal talks are underway with Alcatel-Lucent, the
sources said. One of the people close to the matter said Nokia
held “on again, off again” discussions about buying Alcatel’s
wireless business as recently as late 2012 and that the two
companies could still come back to the table.

Sep 4, 2013

Savior or slayer? Either way, Nokia’s Elop a contender for Microsoft chief

SEATTLE/HELSINKI (Reuters) – When a British bookmaker installed Stephen Elop as favorite to take over the soon-to-be-vacant CEO slot at Microsoft Corp last week, most tech observers laughed it off as a publicity stunt.

But Microsoft’s purchase of Nokia’s handset business, announced late on Monday, has suddenly made Elop one of the most visible candidates for the top spot at the company where he once worked.