Bureau Chief, Helsinki
Ritsuko's Feed
Apr 12, 2013

Talvivaara recovery hopes hit as investor sells out

HELSINKI, April 12 (Reuters) – One of Finnish miner
Talvivaara’s biggest shareholders has pulled
out of a fundraising and sold its shares after the latest waste
water leak at the company’s mine, raising doubts over its
recovery efforts.

Talvivaara shares fell more than 4 percent in Helsinki and
London on Friday after Finnish pension insurance firm Ilmarinen,
which had owned 5.08 percent of the company’s stock at the end
of March, said it had sold its investment.

Apr 4, 2013

Sale of Nokia Siemens stakes not likely for months: sources

COPENHAGEN/MUNICH (Reuters) – A six-year pact binding Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) and Nokia (NOK1V.HE: Quote, Profile, Research, Stock Buzz) in Nokia Siemens Networks expired on Thursday with sources at the two parent companies saying there was no sale in sight for at least the next few months.

The lapsing of the shareholder pact frees the co-parents to sell all or part of their 50-percent stakes in NSN without consulting the other. Some financial analysts who specialize in the technology sector had said a deal could be possible as early as this month after Siemens executives set up an exploratory committee earlier this year.

Mar 24, 2013

Euro zone bailouts getting harder to agree – policymakers

SAARISELKA, Finland, March 24 (Reuters) – Euro zone bailouts
are getting tougher to agree as opposition within creditor
nations grows and indebted states struggle to persuade citizens
to back austerity, policymakers said on Sunday.

At a meeting in Finnish Lapland this weekend, attendees
including Ireland’s Europe Minister Lucinda Creighton and host
Prime Minister Jyrki Katainen sounded confident that Cyprus
would secure a bailout deal to avoid financial collapse.

Mar 22, 2013

Finland: Cyprus deal must put burden on top depositors

SAARISELKA, Finland, March 22 (Reuters) – Finnish Prime
Minister Jyrki Katainen said on Friday it was “fair and right”
that a solution to the Cyprus crisis should include a greater
burden on holders of big bank deposits.

“In a normal market economy an investor always has a risk of
losing money,” he told reporters on the sidelines of a meeting
of European policymakers in Lapland, as markets awaited a Cyprus
deal to raise billions of euros and secure a European Union
bailout.

Mar 7, 2013

Nokia CEO’s pay package halved in 2012

HELSINKI, March 7 (Reuters) – Nokia Chief
Executive Stephen Elop took a 45 percent cut in his pay package
last year, according to a U.S. regulatory filing, as the company
continued losing market share in smartphones to Samsung
and Apple.

Elop, hired in 2010 from Microsoft Corp to turn
around the Finnish mobile phone maker, earned 4.33 million euros
($5.63 million) in 2012, down from 7.94 million euros in 2011.

Feb 22, 2013

Nokia to fight rivals with cheaper models: sources

COPENHAGEN (Reuters) – Finnish mobile phone maker Nokia is set to launch cheaper handset models in an attempt to fend off growing competition from Chinese rivals in the low-end market, company sources said on Friday.

The new models, due to be unveiled at the Mobile World Congress industry convention in Barcelona next week, show Nokia is expanding its focus after concentrating in the past two years on catching up with Apple and Samsung in more expensive smartphones.

Feb 22, 2013

Maersk tops profit hopes on container shipping recovery

COPENHAGEN, Feb 22 (Reuters) – A.P. Moeller-Maersk
beat annual profit forecasts and predicted its
container shipping business would benefit from a pick up in
world trade this year, helping to overshadow a warning on
falling earnings at its oil business.

The Danish group, a bellwether for global trade as its
vessels make up 14 percent of world container shipping capacity,
said on Friday its net profit rose 20 percent to $4.04 billion
last year, after it successfully raised freight prices.

Feb 12, 2013

ECB’s Constancio expects G20 floating FX commitment

HELSINKI, Feb 12 (Reuters) – The Group of 20 industrialised
nations should reaffirm their commitment to floating exchange
rates at their upcoming Moscow meeting, European Central Bank
Vice President Vitor Constancio said on Tuesday.

The G20 accounts for 90 percent of the world’s economy and
two-thirds of its population. Russia currently heads the group,
which has been split between borrowers seeking to grow out of a
debt trap and surplus countries keener on austerity.

Jan 24, 2013

Nokia axes dividend to save cash for Lumia push

HELSINKI (Reuters) – Finnish mobile phone maker Nokia plans to axe its annual dividend payment for the first time in over 20 years to shore up its cash position against falling sales.

The company, which has fallen a long way behind market leaders Samsung and Apple in the smartphone race, said on Thursday that the suspension of the dividend, which cost 750 million euros ($996 million) last year, would give it “strategic flexibility”.

Jan 14, 2013

Nokia’s results breakthrough buys it time and options

HELSINKI (Reuters) – Nokia’s stronger-than-expected quarterly results mean the mobile phone maker now has breathing space and better options to help it claw back a place alongside Samsung and Apple in the smartphone market.

The Finnish handset maker, whose fall from market leader to loss leader was so bad its chief executive said two years ago it was on a “burning platform”, may even be in a position to list or sell its Nokia Siemens Networks (NSN) arm at a premium, instead of having to auction assets cheaply as had been feared.