Tag: Industries
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Finland has been without growth for more than four years, the economist points out
Economic data are more muted than expected and call into question the 0.7 percent growth forecast made by the Ministry of Finance for this year. Jukka Appelqvistchief economist of the Chamber of Commerce. “At the end of the year, GDP fell below the peak seen before the start of the coronavirus pandemic in 2019. We…
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The decline in the labor force in the Finnish economy continues, and certain sectors suffer the most
Ilmarinen's economic index, which tracks the development of more than 60,000 companies employing approximately 500,000 employees, provides up-to-date information on the state of the Finnish economy. Despite a slight improvement from December's 2.8% decline, January's numbers highlight ongoing economic concerns. Jouni VatanenIlmarinen's researcher emphasized the broad nature of the bill, which applies to almost all…
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Another large construction company collapses in Finland
The subsidiaries simply cannot afford to continue operating, the group admitted. The subsidiaries' share of the group's turnover in 2022 was EUR 345 million, but the debt was more than EUR 66 million. According to Helsingin Sanomat. Trading in Lehto Group shares was suspended on Tuesday at the Helsinki Stock Exchange. Helsingin Sanomat on Tuesday…
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About 10,000 Finnish service workers will go on strike in mid-February
The majority of PAM's 190,000 members work in retail, hospitality and hospitality, property management and private security. The strikes are political in nature and represent the trade union's opposition to the working life reforms implemented by the Prime Minister's government. Petteri Orpo (NCP). Annika Rönni-SällinenPAM's chairman saw that the reforms shift the balance of the…
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Finland's employment remains strong despite the increase in unemployment
This simultaneous increase in both employment and unemployment means an increase in the labor force, which effectively offsets the harmful effects of growing unemployment on total employment. The trend of the employment rate of 20-64 year olds was 77.5%, while the more traditional employment rate of 15-64 year olds was 73.1%. Although there was a…
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More than 1,900 vocational students to compete in Taitaja2024 semi-finals across Finland
The semifinals, which are organized in more than 40 locations across the country, serve as the qualifying round for the final competition. Only the best eight from each field advance to the finals in Kuopio, which will take place on May 20-23, 2024. About 500 students in 50 different skill categories will participate in the…
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The explosion of resignations will be reflected in Finland's unemployment fund receivables in 2023
Kaisa Tikka, benefits manager at the Open Unemployment Fund, highlighted the effects of the economic downturn on industries such as construction and manufacturing, which led to a spike in applications and recipients from those industries. It is interesting that the increase in claims was not limited to these areas, but other industries also had a…
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Record bankruptcies in Finland: More than 2,700 companies were closed in 2023
“The jump of nearly 500 bankruptcies over the previous financial crisis record is a clear indication of an exceptionally challenging year for the Finnish economy.” The combined turnover of these bankrupt companies approached two billion euros and affected more than 8,000 employees. According to Nors, these changes have significant national economic consequences, especially when the…
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The confidence of Finnish consumers is still falling
The long-term average of the indicator is -2.4. Statistics Finland emphasized that consumers are currently more pessimistic about their own financial situation than at any time since 2000, and more than a third of consumers estimate that their own finances are weaker than a year ago. Their expectations of the general employment situation have remained…
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Finland's GDP falls in the third quarter, while the EU remains unchanged
The decline marks a change from growth in the first two quarters of 2023, marking a turnaround in the country's economy. Eljas TuomaalaThe senior statistician of the Statistics Finland emphasized the change in Finland's economic position. “In 2023, after two consecutive quarters of growth, Finland's economy has turned into a decline in July-September. Initially better…
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VTT and Lockheed Martin are cooperating in the development of signal intelligence
The consortium includes prominent Finnish organizations such as Patria, Harp Technologies, Aalto University and the University of Tampere. Sauli ElorantaThe director of VTT’s Safe and connected society research area emphasized the project’s goal of combining the technological strengths and know-how of all parties. This collaboration is expected to produce state-of-the-art solutions and ground-breaking information in…
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In the Finnish technology industry, the number of new orders falls sharply in the third quarter
According to the report, the value of new orders fell by 24 percent in July-September from the previous quarter and by 30 percent from a year ago. As the value of new orders has fallen steadily since the beginning of the year, order backlogs in the technology industry weakened by four percent from the end…
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Finland’s first quantum computer opens up for business innovations
Companies looking for a competitive advantage can now access the quantum computer through CSC’s data center in Kajaani, which is connected to the world’s most powerful computing systems, the LUMI supercomputer. Offering fixed monthly prices, VTT makes this cutting-edge technology widely available to all industries. Quantum computing promises to revolutionize several industries, and finance and…
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VR’s passenger numbers are growing drastically amid the challenges of freight transport
This positive development in passenger numbers is at odds with the challenges of freight transport. In October, railway freight volumes decreased by 23% and transported 1.9 million tons, which corresponds to 19.1 million tons from the previous year, which means a decrease from the previous year. The freight sector has been affected by the weakened…
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The median income of the Finnish municipal sector is 3,124 euros in 2022
In contrast, general practitioners, consultants and specialists had significantly higher median incomes, 6,589 euros per month. In the education sector, primary school teachers earned 3,754 euros, high school teachers 4,148 euros, while kindergarten teachers received 2,960 euros and kindergarten teachers 2,461 euros. “The median earnings of regular working hours best describe the general wage level,”…
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The study reveals a skills gap: 39% of companies are dissatisfied with the professional qualifications of graduates
On the optimistic side, 21% of respondents believed that the skills met or well exceeded the job requirements. The survey was aimed especially at companies that need people who have completed secondary vocational education. Johanna SipolaThe deputy general manager of the Central Chamber of Commerce expressed his concern and stated: “Our research shows that companies…
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Digital euro and mobile instant payment solution: A secure future for Europe’s digitizing economy
Consumers now expect payments that are efficient, user-friendly and immediate. Currently, the European payment world is discussing the digital euro, which is designed as a supplement to cash. This digital counterpart will not only strengthen Europe’s strategic independence in day-to-day affairs, but also stimulate competition within the Eurozone. Throughout the two-year research phase, which ends…
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Companies in the Helsinki region have a positive attitude towards global talent recruitment, even though there are still challenges
On the other hand, 28% had not considered recruiting or hiring international talent. Olli OjaThe forecasting chamber’s project manager stated: “It is particularly gratifying to note that a clear majority of respondents are at least open to considering the recruitment of international talent.” 57% of those who employed international talent reported their experience as positive…
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German companies adopt remote work while productivity remains flat, reveals a study by the ifo institute
Mathias dollsCommenting on the results, an IFO researcher stated: “The positive correlation between remote work and productivity is a key reason for its widespread acceptance in German companies.” The mood remains the same in different areas. However, a few industries prefer office work. In the textile industry, 54.3% expect better productivity in an office environment.…
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The outlook for Finnish companies is gloomy: 49% considered the atmosphere in the industry to be pessimistic, reveals the survey
According to the study, 30 percent of companies expect their income to decrease in the next six months. In contrast, only 21% had similar predictions in May, suggesting a shift towards a more pessimistic outlook. In addition, 24 percent of respondents expect their income to increase in the next six months, compared to 33 percent…
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Small businesses in Finland are fighting the giants’ illegal payment tactics
Tiina Toivonendirector of legal affairs, expressed concern, stating, “Large corporations use small businesses as their own banks, often violating payment terms laws. Even some state and municipal entities delay payments for more than 30 days without formal agreements. It has become a practice for large corporations to unilaterally notify small business owners that they get…
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Job growth is recovering, but unemployment is slowly rising in Finland
The employment rate for the age group 20–64 was 77.8% and for the traditional 15–64 age group 74.1%. The development of the employment rate has remained relatively stable in a horizontal direction since last fall. “We had quite a shock last month when employment fell sharply in July. Now it looks like it was an…
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Purra accuses unions of lying and distorting facts as unions detail first protests
For example, electrical workers carry out shutdowns at Turku Energia and Olkiluoto nuclear power plant. Last week, Teollisuusliitto also announced a series of hour-long walkouts at workplaces north and eastern in parts of the country. Palveluitto United (PAM) and the Construction Trade Union will organize demonstrations outside working hours on Thursday in Joensuu, Mikkeli and…
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The Bank of Finland: The recovery of the Finnish economy is delayed
“Tama is expected to remain low, but the economy will also recover in the summer more slowly than estimated. The statistics that became available in the summer show weak development for the rest of the year. In addition, risks in the domestic and global economy have increased. compressed Meri ObstbaumHead of forecasting at the Bank…
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PTT: There may be a wave of bankruptcies and losses of skilled workers in construction
Investments are predicted to shrink in various industries, by 6.2 percent this year, especially due to the recession in the construction industry. “Especially housing construction is running into difficulties. There is a threat of a wave of bankruptcies and a permanent loss of skilled foreign workers who become unemployed,” the forecast reads. PTT estimates that…
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STUK confirms the safety of the disposal of low- and medium-level nuclear waste on the island of Olkiluoto
On the island of Olkiluoto, where Teollisuuden Voima’s (TVO) nuclear power plants are located, low- and medium-level waste is generated as part of their operations. This waste is carefully treated and disposed of in a special facility located in the bedrock of the power plant area. In addition, the final disposal facility is used for…
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Finnwatch’s report sparks a debate about the tax treatment of dividends
Three quarters of these dividends are exempt from tax and one quarter is subject to capital gains tax. Heikki Scarfemeritus professor of company law from Aalto University, stated Helsingin Sanomat last Wednesday that the provision can create situations where the entrepreneur’s income is taxed at 26 percent, which is taxed at more than 50 percent…
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Norway and Germany are taking their hydrogen cooperation to the next level
Norway and Germany have now agreed to set up a joint Task Force to follow up the results of an ongoing joint feasibility study, which looks at possibilities for transporting hydrogen and CO2 between Germany and Norway. Norway and Germany share a common intention to ensure a large-scale supply of hydrogen from Norway to Germany…
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Open Creative House and Helsinki Games Capital join forces in Espoo
On Friday, September 8, 2023, the weekly lecture series will start in cooperation with Helsinki Games Capital and will continue until the end of the year. The city of Espoo also supports this course, which focuses on helping new players in the gaming industry. “Game Business Love Product” is a free course where industry experts…
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Innovative method transforms flies into biodegradable plastics, researchers say
However, these natural sources often compete with food, fuel, and other essential industries. Seeking alternatives that circumvent these challenges, Dr. Wooley’s colleague, Dr. Jeffery Tomberlin, suggested exploring waste products from farming black soldier flies – a rapidly growing industry he has been closely involved in. Black soldier fly larvae contain a wealth of proteins and…