Tag: Central bank
Bank of Finland: Finland’s economy in a dormant state
According to the central bank, it will take some time before the effects of inflation are fully felt in the economy.
The Central Bank raises the countercyclical buffer
Although the financial system in Iceland is assessed as stable by the Central Bank, the financial situation of households and companies is deteriorating due to persistent inflation. Today, the countercyclical buffer rate was raised to 2.5%. Previously, it was at 2 percent. This morning the Central Bank’s Financial Stability Committee (FSN) published its half-yearly report […]
The US dollar rises as currency traders weigh the outlook for interest rates
NEW YORK, March 8 (Xinhua) — The U.S. dollar edged higher in late trading on Wednesday as market participants gauged the Federal Reserve’s rate hike course. The dollar index, which measures the greenback against six major peers, rose 0.06 percent to 105.6598 in late trade. In late New York trading, the euro was down to […]
Sweden’s GDP for the fourth quarter shrinks 0.9 percent ahead of expected recession in 2023
© Provided by Xinhua On an annual basis, Sweden’s GDP shrank for the fourth quarter by 0.9 percent and several banks predicted a recession in 2023. STOCKHOLM, Feb. 28 (Xinhua) — Sweden’s gross domestic product (GDP) decreased by 0.9 percent in the fourth quarter of 2022 compared to the third quarter, according to figures released […]
The Finnish economy is suffering from a technical recession and accelerating inflation
The financial consequences of the war in Ukraine have also affected the Finnish economy. From October to December 2022, the amount of Finnish exports decreased by 2.9 percent from the level of the previous quarter, while imports decreased by 2.4 percent. However, for the whole year, Finland’s economy grew by 2 percent compared to 2021. […]
Governor of the Riksbank Erik Thedéen: Further interest rate increases await
Erik Thedéen became head of the Riksbank at the turn of the year, in a situation with both high interest rates and negative growth. Since last May, the Riksbank has raised the key interest rate from 0 to 3 percentage points. The goal of the increases is to bring down inflation, which is currently at […]
Danske Bank updates its investment outlook: Stocks and bonds are weighted neutral
The increase in the neutral weight of stocks is due to the fact that the darkest clouds in the market have disappeared. Kivipelto, however, advises stock investors to be cautious about geographical diversification. “We are overweight in emerging markets. In addition, we still have a neutral weight on US and Japanese stocks. Regarding Europe, we […]
US dollar rises after Fed minutes
NEW YORK, Feb. 22 (Xinhua) — The U.S. dollar climbed in late trade on Wednesday as market participants analyzed the Federal Reserve’s latest meeting minutes. The dollar index, which measures the greenback against six major peers, rose 0.39 percent to 104.5801. In late New York trading, the euro fell to US$1.0601 from US$1.0649 in the […]
Reserve Bank renovation well overdue
There is no doubt that the Coalition-stacked Reserve Bank needs a deep clean-up, hopefully including an updated, more democratic selection process, writes Lachlan Newland. TREASURER JIM CHALMERS have promised reform from the Reserve Bank of Australia (RBA). This is hardly surprising as every current board member is a coalition appointee. Politicians often talk about interest […]
Sweden raises the key interest rate to 3 pct to curb inflation
STOCKHOLM, Feb. 9 (Xinhua) — Sweden’s central bank (Riksbank) on Thursday announced a 50 percentage point increase in the key interest rate to 3 percent, the highest in 15 years. The Riksbank said the rate hike, due to take effect on February 15, was necessary as the country’s 12-month consumer price index (CPI) reached 12.3 […]
Base interest rates will increase by half a percentage point
It has just been announced that the monetary policy committee of the Central Bank of Iceland has decided to increase the key interest rate by 0.5 percentage point. Thus, they reached the level of 6.5%. In May 2021, they were 0.75 percent. This increase is in line with the forecasts of the bank’s analytics departments, […]
OP: Finland will sink into a mild recession in 2023
“We are looking at a couple of years of interminably slow development rather than a clearly defined recession and rapid recovery,” he said. press release on Tuesday. According to OP, the recession affects the economy widely and makes it difficult for exports, private consumption and investments. The value of exports grew at an almost unprecedented […]
469 counterfeit euro banknotes were found in Finland last year
The next most were 166 for 50-euro counterfeits and 37 for 10-euro counterfeits. “In 2022, the number of counterfeits found in circulation was low compared to previous years. Although there are few counterfeits in circulation, it is always good to pay attention to the banknote’s security factors when handling banknotes.” says the banknote expert Olli […]
Niinistö: We are used to a standard of living that has not been earned
He also expressed his confusion that the size of the indebtedness problem is not known and the need to change the line of economic policy. He believes that central banks are the root cause of the problem because they have implemented excessive asset purchase programs that have distorted public understanding of the realities of the […]
Inflation in Sweden is three decades high
The data show that electricity and food are peaking higher than expected price growth Inflation in Sweden has soared to double digits for the first time in more than thirty years, driven by rising electricity and food prices, Statistics Sweden said on Friday. Sweden’s inflation adjusted for fixed interest rates (KPIF), the measure used by […]
Stabilizing inflation may require actions “that are not popular,” US Fed chairman says
Washington [US]Jan 11 (ANI): US Federal Reserve Chairman Jerome Powell has defended his ongoing policy rate hike, saying restoring price stability, especially when inflation is high, may require actions “that are not popular”. At its latest monetary policy meeting, the US central bank, the Federal Reserve, raised interest rates by 50 basis points (bps). The […]
German real estate market plummets report
A decade-long boom in deal-making has been slowed by a deteriorating economic environment, BNP Paribas says The real estate sector in Germany fell in the last three months of 2022 due to rising financing costs and to note inflation in Europe’s largest economy, a report published on Monday by BNP Paribas showed. Investment in the […]
The Bank of Finland reiterates its concern about household debt amid rising interest rates
With the European Central Bank (ECB) announcing that it plans to continue tightening monetary policy to curb inflation this year, interest rates could rise to close to four percent by summer. Marja NykänenThe vice-chairman of the board of the Bank of Finland stated to Helsingin Sanomat on Thursday that household debt servicing costs have risen […]
Sensex opens stronger, tracking signals from strong Asian markets
Mumbai (Maharashtra) [India], Jan 6 (ANI): Domestic markets on Friday were volatile in pre-opening sessions and made gains, tracking the cues of strong Asian stocks. The key indices of the Indian stock markets had posted losses for two consecutive sessions. The BSE Sensex rose 43 points to 60,396.65 after being volatile till 9:20 am while […]
A multi-billion euro steel plant is far from a certainty, experts remind
Widowed on Wednesday reminded According to Helsingin Sanomat, the availability of funding has weakened significantly since the early days of successful industrial start-up companies, such as the Swedish startup Northvolt, founded in 2017, which managed to gather not only funding but also the know-how needed for construction and operation. a large battery factory in SkellefteÃ¥, […]
US dollar falls after Fed minutes
NEW YORK, Jan. 4 (Xinhua) — The U.S. dollar fell in late trading on Wednesday as market participants digested the Federal Reserve’s latest meeting minutes. The dollar index, which measures the greenback against six major peers, fell 0.25 percent to 104.2430. In late New York trading, the euro rose to US$1.0605 from US$1.0566 in the […]
Croatia becomes a fully integrated EU member
ZAGREB, Croatia: On January 1, Croatia became a full member of the European Union, removed dozens of border controls and switched its currency to the euro. After joining the EU’s ID-check-free Schengen zone, Croats now belong to nearly 420 million people who can freely travel around the bloc’s 27 member states without passports for work […]
US dollar jumps ahead of Fed minutes
NEW YORK, Jan. 3 (Xinhua) — The U.S. dollar rose in late trading on Tuesday as market participants awaited the Federal Reserve’s meeting minutes. The dollar index, which measures the dollar against six major peers, jumped 0.95 percent to 104.5070. The euro fell to US$1.0566 from US$1.0699 in the previous session, and the British pound […]
Eurozone bailout fund serves no purpose: Italy’s Meloni
ROME, Italy: Italian Prime Minister Giorgia Meloni has said the eurozone bailout fund serves no useful purpose, and has told the European Central Bank (ECB) to be more careful in how it communicates. In a three-hour press conference at the end of the year, Meloni, leader of the hard-right Brothers of Italy party, said, “The […]
Right-wing example in Europe, long-term impact still uncertain
© Provided by Xinhua Voters across much of Europe have swung far to the right in their quest for change as they have been hit by rising energy bills and record inflation intensified by the ongoing Ukraine crisis. ROME, Dec. 27 (Xinhua) — With successes in Italy and Sweden and a foothold in Hungary and […]
Yearender: Right-wing example in Europe, long-term impact still uncertain
ROME, Dec. 27 (Xinhua) — With successes in Italy and Sweden and a foothold in Hungary and Poland, right-wing nationalism has been on the rise in Europe in 2022. Voters across much of Europe have swung far to the right in their quest for change as they have been hit by rising energy bills and […]
Finnish companies expect to benefit from the global diversity agreement
The World Economic Forum (WEF) has estimated that more than half of the world’s gross domestic product is dependent on nature and the services it provides – and thus exposed to the risks of biodiversity loss, the stakeholder group emphasized press release on the 19th of December. If, for example, deforestation or the decline of […]
HS: Economists expect the employment situation to worsen in the coming months
However, the Finnish economy is widely expected to turn into recession at the beginning of next year, which creates uncertainty in the labor market as well. “It is quite inevitable that the cooling of the economic situation will start to affect the labor market little by little”, Jukka Appelqvist, chief economist of the chamber of […]
The conflict between Russia and Ukraine is putting Europe’s societies to the test
© Provided by Xinhua The economic, geopolitical and social consequences of all these developments have been profound – something the continent has not seen for decades. The calls for peace and stability grow stronger every day. by Xinhua writers Fu Yiming, Chen Chen, He Miao STOCKHOLM, Dec. 26 (Xinhua) — In 2022, the protracted conflict […]
Yearender: The Russia-Ukraine conflict is testing Europe’s societies
by Xinhua writers Fu Yiming, Chen Chen, He Miao STOCKHOLM, Dec. 26 (Xinhua) — In 2022, the protracted conflict between Russia and Ukraine, the series of problems caused by the North Atlantic Treaty Organization (NATO) expansion and the energy crisis have all caused serious headaches everywhere. Europe. Adding fuel to the fire were the West’s […]
The rupee fell 10p to 82.709 against the dollar in early trade
Mumbai (Maharashtra) [India]December 21 (ANI): The rupee fell against the US dollar on Wednesday morning as the US currency strengthened against key rivals overseas. According to Investopedia, the rupee was trading at 82.709 against the dollar at 10.33 am. It slipped over 10p from yesterday’s close of 82.6. The dollar index was at 104.14 (up […]
The US dollar rises as traders assess recession risk
NEW YORK, Dec. 19 (Xinhua) — The U.S. dollar edged higher in late trade Monday as market participants gauged the likelihood of a global recession amid central bank tightening. The dollar index, which measures the greenback against six major peers, rose 0.03 percent to 104.7320. In late New York trading, the euro rose to US$1.0603 […]
Central Bank Governor Rehn: ECB continues to raise interest rates; too early to discuss the presidential election
According to opinion polls, Olli Rehn (center) and Pekka Haavisto (green) would be the most popular candidates to replace President Sauli Niinistö at the beginning of 2024.
The US dollar rises amid hawkish central bank signals
NEW YORK, Dec. 16 (Xinhua) — The U.S. dollar rose in late trade on Friday as market participants digested statements from major central banks. The dollar index, which measures the greenback against six major peers, rose 0.14 percent to 104.7030, after a 0.76 percent jump in the previous session. In late New York trading, the […]
The Social Democrats propose a price ceiling for electricity, which surprises other parties
SDP estimates that the costs of the ceiling limit could be covered with the proceeds of the windfall tax imposed on the excess income of energy companies. The tax, which is being prepared by the Ministry of Finance, is expected to generate approximately EUR 0.5–1.3 billion in revenue starting in 2024. The proposal raised eyebrows […]
US dollar firms after the Fed’s policy announcement
NEW YORK, Dec. 15 (Xinhua) — The U.S. dollar strengthened in late trade on Thursday, driven by hawkish messages from the Federal Reserve. The Fed on Wednesday raised interest rates by 50 basis points and set the target range for the federal funds rate at 4.25 percent to 4.5 percent, the highest level in 15 […]
Right now: How you are affected by the Fed’s hike
The US central bank, the Federal Reserve, Fed, raises the key interest rate by 0.5 percentage points. That message was given by Fed chief Jerome Powell on Wednesday evening. After four straight increases of 0.75 percentage points in the US, many analysts predicted a slightly lower increase this time, including after the US showed an […]
Sweden is facing the worst economic downturn in the EU – Bloomberg
The nation’s real estate market has collapsed amid slowing consumption A sharp slump in Sweden’s real estate sector threatens to deepen a looming economic crisis in the Nordic region’s largest economy, Bloomberg reported on Monday. The store warned that the country’s real estate market, after almost twenty years of stable growth, is undergoing “a dramatic […]
Sweden is facing the worst economic downturn in the EU Bloomberg
The nation’s real estate market has collapsed amid slowing consumption A sharp slump in Sweden’s real estate sector threatens to deepen a looming economic crisis in the Nordic region’s largest economy, Bloomberg reported on Monday. The outlet warned that after nearly twenty years of steady growth, the country’s property market is undergoing “a dramatic change”. […]
Inflation fell in Denmark in November – finally!
Several financial analysts have hailed November’s dip in inflation as a sign of what’s to come in 2023, but warned that the rate will continue to be high in December – not least in line with the high prices homeowners face to heat their homes during the current cold spell. and the rest of the […]
The US dollar slips amid economic data
NEW YORK, Dec. 8 (Xinhua) — The U.S. dollar weakened in late trade Thursday as market participants digested a flurry of economic data. The dollar index, which measures the greenback against six major peers, fell 0.31 percent to 104.7760. In late New York trading, the euro rose to US$1.0561 from US$1.0515 in the previous session, […]
The US dollar rises amid expectations of higher interest rates
NEW YORK, Dec. 6 (Xinhua) — The U.S. dollar appreciated in late trade on Tuesday as traders bet on further rate hikes by the Federal Reserve. The dollar index, which measures the dollar against six major peers, rose 0.27 percent to 105.5760, after a 0.71 percent jump in the previous session. The rally came as […]
US dollar strengthens amid Fed comments
NEW YORK, Nov. 28 (Xinhua) — The U.S. dollar rose in late trading Monday as market participants digested comments from Federal Reserve officials. The dollar index, which measures the greenback against six major peers, rose 0.68 percent to 106.6810. In late New York trading, the euro fell to US$1.0342 from US$1.0414 in the previous session, […]
The US dollar slips after Powell’s speech
NEW YORK, Nov. 30 (Xinhua) — The U.S. dollar fell in late trade on Wednesday after Federal Reserve Chairman Jerome Powell indicated smaller rate hikes ahead. Powell, speaking at the Brookings Institution on Wednesday, signaled that the U.S. central bank could slow the pace of rate hikes as soon as the December meeting, while stressing […]
Russian army says it has seized east Ukraine villages near Bakhmut
Russia said Wednesday it had seized east Ukrainian settlements near the embattled town of Bakhmut that Moscow has been trying to capture since this summer. This comes hours after the EU announced it will set up a specialised court backed by the UN to investigate potential Russian war crimes committed in Ukraine. Read our live […]
Mortgages and house prices fall in October
The last time housing loans were raised at such a low level was in 2004, says the Central Bank of Finland.
VR is leaving the negotiating table
The prime minister expressed disappointment at VR’s decision to break off pay negotiations with SA on Thursday evening. As RÚV reports, the finance minister does not consider his comments about the Central Bank’s interest rate hike to be a “decisive factor”. Ragnar Þór Ingólfsson, chairman of VR, confirmed in an interview with RÚV that he […]
Rehn: A recession in the Eurozone would be a disadvantage for Finland rather than a collapse
“The rising cost of energy has also increased food prices. The increase in food prices affects all citizens, but especially those with low incomes, for whom the food bill eats up the lion’s share of the income, he said. quoted saying Helsingin Sanomat’s public hearing in the parliament’s trade committee. Eurostat has reported that consumer […]
US dollar retreats after previous session’s rise
NEW YORK, Nov. 22 (Xinhua) — The U.S. dollar weakened in late trade on Tuesday, giving up some of the strong gains from the previous session, amid an improvement in risk appetite. The dollar index, which measures the greenback against six major peers, fell 0.57 percent to 107.2230, after a 0.85 percent jump the previous […]
The EU nation’s decline in the real estate market is deepening
Skyrocketing electricity costs have pushed Sweden’s house prices lower Sweden’s housing price decline accelerated in October, with the Nordic country gripped by the most severe housing slump in three decades, Bloomberg reported on Monday, citing industry data. House prices in the country fell by about 14% from a peak earlier this year, according to Valueguard, […]
The EU nation’s decline in the real estate market is deepening
Skyrocketing electricity costs have pushed Sweden’s house prices lower Sweden’s housing price decline accelerated in October, with the Nordic country gripped by the most severe housing slump in three decades, Bloomberg reported on Monday, citing industry data. House prices in the country fell by about 14% from a peak earlier this year, according to Valueguard, […]
"This result takes us forward": COP27 climate summit ends to help vulnerable countries
Against a difficult geopolitical backdrop, COP27 resulted in countries reaching a package of decisions that reaffirmed their commitment to limit the global temperature increase to 1.5 degrees Celsius compared to pre-industrial times. The package also strengthened countries’ actions to cut greenhouse gas emissions and adapt to the inevitable effects of climate change, as well as […]
US dollar strengthens as traders bet on hawkish Fed
NEW YORK, Nov. 17 (Xinhua) — The U.S. dollar appreciated in late trade Thursday as market participants digested the latest comments from Federal Reserve officials. The dollar index, which measures the greenback against six major peers, rose 0.39 percent to 106.6930. In late New York trading, the euro fell to US$1.0368 from US$1.0394 in the […]
Inflation in Finland accelerated to 8.3 percent in October
The average interest rates for both housing and consumer loans are higher than before, the former 67 percent and the latter 24 percent from the previous year. Kristiina Nieminensenior statistician from Statistics Finland, reminded that interest rates were expected to rise as a result of the reference rate hikes initiated by the European Central Bank […]
Sweden’s GDP forecast is adjusted downward for next year
STOCKHOLM, Nov. 7 (Xinhua) — Nordea, one of the largest banks in the Nordics, has sharply lowered its forecast for Sweden’s gross domestic product (GDP) for 2023 to minus 1.8 percent from minus 0.5 percent two months ago in Economic overview. Weaker domestic developments, dramatically tightened financial conditions with higher interest rates and inflation eating […]
The US dollar falls after the Fed approves another jumbo interest rate hike
NEW YORK, Nov. 2 (Xinhua) — The U.S. dollar weakened in late trading on Wednesday as market participants digested the Federal Reserve’s latest interest rate announcement. The dollar index, which measures the greenback against six major peers, fell 0.1 percent to 111.3650. In late New York trading, the euro was unchanged from the previous session […]
Right now: That’s why the US central bank triples the key interest rate
For the fourth time this year, the US central bank, the Federal Reserve, Fed, triples the key interest rate by 75 basis points. Fed chief Jerome Powell holds a press conference on how the central bank reasoned. Ekot broadcasts directly. Hear Elisabet Kopelman, economist and US analyst at the bank SEB.
Sweden prepares for “grim winter”: finance minister
STOCKHOLM, Oct. 31 (Xinhua) — Sweden’s economy is headed for a “grim winter,” the country’s government said here Monday. – We do not yet know how cold and grim it will be, said Finance Minister Elisabeth Svantesson at a press conference here. The government expects Sweden’s gross domestic product (GDP) to shrink by 0.4 percent […]
Accelerated inflation and rising interest rates caused fluctuations in the market
“In Europe, the energy crisis and the ongoing war in Ukraine cause gloomy signs about the economic outlook. However, the investment market is driven by the United States, where the economic issues are clearer and the war more distant. 49 percent of Varma’s entire investment portfolio continued to generate positive returns, says Varma’s CEO. Risto […]
US dollar rises amid ECB decision, economic data
NEW YORK, Oct. 27 (Xinhua) — The U.S. dollar appreciated in late trade Thursday as market participants analyzed a key European Central Bank (ECB) decision and recently released economic data. The dollar index, which measures the greenback against six major peers, rose 0.81 percent to 110.5870. In late New York trading, the euro was down […]
Sweden’s GDP will shrink in 2023: leading bank
STOCKHOLM, Oct. 25 (Xinhua) — High inflation and interest rate hikes will affect many Swedish households and slow the country’s economic growth next year, a leading bank said in a report published here on Tuesday. Sweden’s growth in gross domestic product (GDP) is expected to be minus 1.1 percent next year, said Mattias Persson, Swedbank’s […]
The Governor of the Bank of Finland warns of a serious economic disruption
Stagflation refers to slow economic growth and high unemployment as well as constantly rising consumer prices. In September, the ECB estimated that the euro area economy could contract by 0.9 percent in 2023 if Russia stops selling natural gas and oil transported by sea to Europe and Europe does not find alternative sources of supply. […]
First Minister: Independence ‘essential’ to Scotland’s prosperity
It contains: rejoining the European Union (EU) to benefit from and promote the vast European Single Market, helping to create a different route to the UK system reformed energy market, the goal of which is to provide safe and reliable cheap energy maintaining the free movement of people without a passport across the UK and […]
Sweden’s inflation reaches its highest level in 30 years
STOCKHOLM, Oct. 13 (Xinhua) — Inflation continues to hit records in Sweden, with 12-month CPIF (Consumer Price Index with Fixed Interest) inflation reaching 9.7 percent in September, the highest level in three decades, Statistics Sweden said on Thursday. “Higher electricity prices and higher prices for food and non-alcoholic beverages contributed to the high inflation in […]
Sweden’s inflation reaches a 30-year high
© Provided by Xinhua Electricity prices have increased by 54.2 percent and food and non-alcoholic beverages by 16.1 percent over the past 12 months. STOCKHOLM, Oct. 13 (Xinhua) — Inflation continues to hit records in Sweden, with 12-month CPIF (Consumer Price Index with Fixed Interest) inflation reaching 9.7 percent in September, the highest level in […]
Right now: Continued easing of inflationary pressures in the US
Now the US central bank presents new inflation figures for the country. In September, the inflation rate fell to 8.2 percent from 8.3 percent in August. In Sweden, the month’s figures have already been presented and inflation is at 9.7 percent according to figures from Statistics Sweden. A figure that is higher than expected. In […]
Bank of Finland: The war will “win” the Russian economy
The Russian economy will shrink by four percent this year and next, the Central Bank of Finland estimates.
Marin: Politicians must be able to discuss economic policy coordination
“The root cause of inflation is the high price of energy, so we need to focus on two things in particular. We need to rapidly increase energy production to solve this supply problem. And another thing we need to discuss and find solutions for is energy pricing,” he said quoted saying from STT. He considered […]
0.25 percentage point increase in interest rates
The Monetary Policy Committee of the Central Bank of Iceland decided to raise the bank’s interest rate by 0.25 percentage points. The bank’s main interest rate is therefore 5.75%. “You can see that interest rate hikes recently slowed the growth of general demand and lowered activity in the housing market. Inflation was measured in September […]
Saarikko denies Marini’s obvious criticism of the central bank as unfounded
the Treasury minister Annika Saarikko (Centre) on Monday denied the criticism leveled at the central bank as groundless, reports YLE. He felt that central banks would face even more criticism if they had decided not to take action to curb inflation, which is one of their core tasks. The ECB’s task is to keep inflation […]
Finland’s economic forecasts for 2023
From slot games to sports and a lively music scene, the choice is endless. Everyone who calls Finland home knows that this is only possible thanks to the country’s traditionally stable economy. However, recent times have brought murky waters to Finland’s economic prospects – but what can be in store for the year 2023? The […]
Euro falls to new 20-year low after Russia shuts off gas supplies
BERLIN, Germany: After Russia cut off gas supplies running through its main pipeline to Europe this week, the euro fell to a new 20-year low below $0.99, sparking fears of a deepening energy crisis in the region. In recent months, the euro has become increasingly correlated with natural gas prices, falling when the price of […]
The 12-month Euribor had the largest monthly increase on record in August
Helsingin Sanomat on Tuesday highlighted that the rate has experienced a larger monthly change only twice in its history, falling 0.914 points in March 2008. The 0.146 point change seen yesterday was also quite unprecedented, as larger daily changes have occurred only six times since early 1999. The total mortgage interest rate is determined by […]
Business Round-Up: House prices will fall, economists predict
Data from Boligsiden reveals that the price of villas and townhouses fell by 1 percent in July due to high inflation, while the price of apartments fell by 1.5 percent. Economists expect further declines in autumn and winter. When seasonally adjusted, this is the biggest decline in more than a decade. According to Jeppe Juul […]
July inflation in the euro area at 8.9 percent on an annual basis
BRUSSELS, Belgium: The European Union’s statistics office, Eurostat, confirmed that inflation in the euro zone hit a new record high of 8.9 percent year-on-year in July, with core measures, excluding the most volatile components, also rising. Consumer prices in the 19 eurozone countries rose 0.1 percent month-on-month in July, the highest since the launch of […]
Ilmarinen: Employment in Finland continued to grow amid concerns
“Of the industries we monitored, only construction showed a slight decrease in July. The number of employees has now grown continuously for about a year and a half. The positive development has been widely reflected throughout Finland. comment Miika AromaaIlmarinen’s team leader. However, the growth in the number of personnel slowed down from June, when […]
Overview: A year of Taliban rule in Afghanistan
WASHINGTON – A year after the Taliban’s return to power, the Islamist group’s efforts to manage an economy already battered by drought, the Covid-19 pandemic and waning confidence in the government it toppled have largely proved fruitless. In Afghanistan’s last fiscal year before the collapse of Ashraf Ghani’s Western-backed coalition government – 2020-21 – 75% […]
Sweden lowers next year’s growth forecast amid record inflation
© Provided by Xinhua Record high energy prices this coming winter, rising interest rates and inflation approaching 10 percent will hit the purchasing power of Swedish households, leading to lower business sales and a sharp slowdown in economic growth, the institute stated in its latest economic forecast on Wednesday. STOCKHOLM, Aug. 10 (Xinhua) — The […]
The Central Bank of Russia predicts that the Russian economy will return to growth in mid-2023
However, the economy will move into the recovery phase, the central bank expects. “From mid-2023 and into 2024, the economy will grow at a recovering pace, slightly less than estimated in April (1.5-2.5 percent instead of 2.5-3.5 percent),” the Russian central bank said. Source: ANI / Sputnik
Summer cottage loans down in Finland
In June, Finnish households took out new holiday home loans of approximately EUR 126 million, which is 16 percent less than in the corresponding month last year, according to the Bank of Finland. The Central Bank stated that during 2020 and 2021 there was a spike in cottage loans, which was sometimes related to the […]
Roundup: Record inflation slows Sweden’s economy
STOCKHOLM, July 28 (Xinhua) — Already at its 30-year high, inflation continues to hit new records in Sweden as food, electricity and fuel prices have soared in recent months, partly due to the conflict in Ukraine and sanctions against Russia. Data recently published by Statistics Sweden showed that the country’s 12-month inflation reached 8.5 percent […]
Record inflation slows Sweden’s economy
© Provided by Xinhua The data in June showed that the prices of food, electricity and fuel were increased by 11.2 per cent, 39.8 per cent and 54.2 per cent respectively from the year before. Basic consumer goods such as meat, milk, cheese, eggs, coffee and bread contributed the most to inflation, with the price […]
Interest rates raised to fight inflation, Danish banks are considering stopping interest rates on borrowers
According to Statistics Denmark, inflation in Denmark rose to 9.1 per cent in June from – up from 8.2 per cent in May 2022. For both Denmark and the EU, inflation is at the highest level since the EU began calculating its harmonized consumer index. in 1997. At the same time, Denmark is doing better […]
Xinhua Middle East News Summary at 2200 GMT, July 21
ANKARA – An agreement to resume grain shipments from Ukrainian ports through the Black Sea will be signed in Türkiye on Friday in an effort to resolve a global food crisis, Turkish Foreign Minister Mevlut Cavusoglu confirmed on Thursday. “Tomorrow we will take the first step in Istanbul towards the solution of the food crisis […]
The US dollar strengthened much more against other currencies compared to the Indian rupee
New Delhi [India], July 16 (ANI): The extent of the decline in the value of the Indian rupee against the US dollar has been lower in 2022 compared to other major currencies. The US dollar index against six major currencies – the euro, the British pound, the Japanese yen, the Swiss franc, the Canadian dollar […]
The EU removes the last obstacle to Croatia’s adoption of the euro currency
BRUSSELS, Belgium: The European Union (EU) has removed the last obstacles for Croatia to adopt the euro currency, the first expansion of the currency bloc in almost a decade. EU finance ministers approved three related laws enabling Croatia to become the 20th member of the eurozone on 1 January. Lithuania was the last country to […]
Sweden’s inflation reaches its 30-year high in June
STOCKHOLM, July 14 (Xinhua) – Inflation continues to accelerate in Sweden when the CPIF (Consumer price index with fixed interest rates) rose by 8.5 percent on an annual basis in June, according to statistics released on Thursday. Data collected by Statistics Sweden have for months confirmed that the country has suffered from the highest inflation […]
Governor of the Central Bank: Russia’s isolation affects especially the economy of Eastern Finland
According to the Governor of the Bank of Finland, Russia’s isolation from the West, which has been caused by the international outrage over its attack on Ukraine, especially affects the economy and future prospects of Eastern Finland. Olli Rehn. "The cruel and illegal war of aggression launched by Russia has greatly disrupted the European economy," […]
Live: Zelensky asks for modern artillery, money in address to NATO
The war in Ukraine is in focus for a NATO summit in Madrid, its secretary general, Jens Stoltenberg, was considered “important” for the alliance’s future on Wednesday. Finland and Sweden will be formally invited to join the alliance after Turkey put down its opposition on Tuesday. Follow our live blog for the latest developments. All […]
Turkish President Recep Tayyip Erdogan may not be allowed to keep his chair, here’s why
Istanbul [Turkey]June 24 (ANI): Turkish President Recep Tayyip Erdogan has dire chances of maintaining his position despite progress in the elections, as soaring inflation and the continuous fall of the Turkish lira have worsened the country’s economy. As the value of the Turkish lira continues to fall against the US dollar, the depreciation has eroded […]
Dramatic slowdown in Sweden’s economy: report
STOCKHOLM, June 21 (Xinhua) – Due to the soaring inflation, Sweden’s economic growth is expected to slow drastically this year and next year, according to a report released by the National Institute of Economic Research (NIER) on Tuesday. According to the government agency’s latest forecast, economic growth is expected to slow to 1.9 per cent […]
Business Round-Up: Inflation at its highest in decades
Inflation has reached its highest level since 1983. In May, prices were 7.4 per cent higher than they were at the same time last year, new figures from Denmark’s statistics. In particular, commodity prices have risen dramatically. Since last year, the price of raw materials in this category – which includes gas, electricity and food […]
Indonesia and Finland celebrate friendship at the summer festival
In addition to food and performances, there were also various tourist stalls, Indonesian handicrafts and a children’s corner that offers experiences of traditional games for Indonesian children. The excitement was felt at the Indonesia-Finland Festival 2022. Indonesia and Finland organized the Indonesia-Finland Festival 2022 at Helsinki Railway Square on June 4 and 5, 2022. The […]
Thursday’s newspapers: New Turkish demand, Ã…land festivals, in cash from us
Evening News writes that the President of Turkey Recep Tayyip Erdogan is "added to its long list a second requirement that Finland and Sweden must meet before Turkey can accept NATO membership;". Speaking at a joint press conference with his Venezuelan counterpart Nicolas Maduro Erdogan announced on Wednesday that Turkey will not be able to […]
World Bank lowers global growth forecast for 2022 to 2.9 per cent, warns of risk of stagflation
According to the report, this increases the risk of stagflation, which could have detrimental consequences for both middle-income and low-income economies. According to the report, global economic growth is expected to slow from 5.7 per cent in 2021 to 2.9 per cent in 2022 and hover at around 1523-2024. Growth in advanced economies is projected […]
Thursday’s newspapers: Review of the Arms Act, Marin attends Bilderberg, pressure on consumers
Tampereen Aamulehti writes that with the Russian occupation, more and more participants in voluntary defense training began to enter Finland. The courses organized by the National Defense Training Association (MPK) became so popular that the queues already exist. Minister of Defense Antti Kaikkonen (Cen) told the newspaper that the upcoming change in the law will […]
YLE: Finnish consumers faced a “double” rise in prices and interest rates
Growth was one percentage point higher than forecast by the European Central Bank (ECB) in March. In Finland, inflation accelerated more than the euro area average by one point from the previous month. Timo HirvonenHandelsbanken’s chief economist told YLE on Tuesday that the ECB has understandably had to repeatedly revise its consumer price forecast due […]
OP: Growth in the Finnish economy will slow significantly in 2023
The financial group forecasts that consumer prices will rise by 5.4 per cent in 2022 and 2.8 per cent in 2023. The war has so far had a much-anticipated effect on the Finnish economy: Finnish exports to Russia have fallen sharply and prices for some raw materials and capital goods have risen. Reijo HeiskanenOP Financial […]
Ukraine warns that only talks can end the war as Russia reduces gas from Finland
Ukrainian President Volodymyr Zelensky warned on Saturday that only a diplomatic breakthrough, rather than a direct military victory, could end Russia’s war against his country, as Moscow cuts gas supplies to Finland. After more than 12 weeks of fierce fighting, Ukrainian forces have stopped Russian attempts to conquer Kyiv and the northern city of Kharkiv, […]
