HELSINKI, May 11(Reuters) – Vesa Vihavainen is worried.
Merivaara, his Finnish-based hospital bed-making business, is
struggling – just like the economy that Finns once held up to
debt-laden Greeks as a model of what national thrift can
Weak sales mean Merivaara has had to lay off staff as
Finland fails to find an exit from a two-year recession. That
spiral of lost jobs and income is also wrecking the country’s
cherished reputation for sound public finances.
HELSINKI, April 29 (Reuters) – Rajeev Suri will become the
new chief executive of Finnish telecommunications gear maker
Nokia, the company said on Tuesday, adding that it
would return an extra 1 billion euros to shareholders from the
sale of its phone unit.
Suri, 46, until now led Nokia Solutions and Networks (NSN),
the smaller network equipment unit of Nokia when the company
still made mobile phones.
HELSINKI (Reuters) – Finland’s Rovio Entertainment, maker of the Angry Birds computer game, said its earnings halved last year due to investments in its animation business and stalling sales.
After scoring a global breakthrough with Angry Birds, in which players use a slingshot to attack pigs who steal birds’ eggs, Rovio has expanded the brand into an animated TV series and merchandising of toys and clothing.
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.