HELSINKI, April 23 (Reuters) – Finnish pulp and paper maker
Stora Enso said CEO Jouko Karvinen, who has closed
mills and cut jobs to help the firm cope with a drop in demand,
would resign later this year.
Since taking the helm in 2007, Karvinen has been
restructuring Stora Enso to help it adjust to a decline in
demand for paper in Europe as consumers shift from magazines and
newspapers to online reading.
HELSINKI (Reuters) – Standard & Poor’s on Friday cut its outlook on Finland’s triple-A credit rating from stable to negative, citing persistent growth problems and political uncertainties.
The move pushed spreads between Finnish and benchmark German bonds out to their widest in two weeks.
HELSINKI (Reuters) – Nokia has won approval from Chinese competition authorities to sell its mobile phone business to Microsoft Corp without having to change its main technology patent practices, it said on Tuesday.
The Finnish company agreed in September to sell its flagship business to Microsoft in a 5.4 billion euro ($7.4 billion) deal. However, it kept its patent portfolio, viewed by analysts as a promising source of future growth.
HELSINKI (Reuters) – Finnish retailer Stockmann is freezing plans to open more department stores in Russian cities due to the uncertainty caused by the Crimean crisis, the company’s chief executive said on Tuesday.
Hannu Penttila, who has headed the company since 2001, told Reuters in an interview that so far the biggest impact of the crisis for the retailer had been through the weaker rouble.
STOCKHOLM/HELSINKI (Reuters) – When Russian warplanes staged a mock bombing run on Sweden last year, air defences were caught napping. It was the middle of the night and no Swedish planes were scrambled.
Instead, Danish jets belonging to NATO’s Baltic mission based in Lithuania, took to the air to shadow the Russians.
HELSINKI, March 26 (Reuters) – The chief executive of
Finnish construction group YIT, the biggest foreign
housebuilder in Russia, said the company must look elsewhere for
future growth to safeguard the company’s long-term stability.
Though YIT’s Kari Kauniskangas says the company’s Russian
sales have yet to be affected by the seizure of Crimea,
Finland’s close business ties with Russia mean that European
Union and U.S. sanctions against Moscow have a disproportionate
knock-on effect for the Nordic nation’s companies.
HELSINKI (Reuters) – Finland’s Left Alliance will quit the government after opposing cuts to welfare spending in the budget, the party’s leader said on Tuesday, but the ruling coalition will retain a parliamentary majority.
The five other parties in the coalition government have accepted the budget and together have 112 seats in the 200-strong parliament. The Left Alliance holds 12 seats.
HELSINKI, March 24 (Reuters) – Russia’s takeover of Crimea
has put Europe in an economic quandary, and Finland may be
getting squeezed the hardest of all western European countries.
Finnish politicians support Europe Union unity in action
against Russia in its conflict with Ukraine. But they are
uneasily aware of how sanctions would backfire against Europe’s
and especially Finland’s economy.
HELSINKI (Reuters) – The European Central Bank keeps a close eye on the euro exchange rate to see how it affects inflation, and it stands ready to act if the inflation rate appears headed in the wrong direction, ECB Governing Council member Erkki Liikanen said on Monday.
The euro’s exchange rate is not an ECB policy target, but it has become increasingly relevant in the central bank’s economic assessment. A stronger euro could hamper the 28-country bloc’s recovery and weigh on already-low inflation.
FRANKFURT, Feb 27 (Reuters) – Dallas Federal Reserve Bank
President Richard Fisher said on Thursday he would like the U.S.
central bank to continue scaling back its monthly bond-buying
stimulus at the current pace of $10 billion at each policy
If U.S. economic growth picked up significantly, Fisher
said, he “of course might be in favour of further reduction”,
but even if he did support such a step, he said he knew he
“wouldn’t win the argument”.