An employee walkout protesting plans for hundreds of staff dismissals has closed many of the Finnish offices of Nordea Bank.
An Yle straw poll of 18 economists finds a wide consensus that Finland is not experiencing a recession – at least not yet. Respondents told Yle that one sign of recession is an extended economic downturn. They also point out that unemployment is still to bottom out at the levels typical of a recession.
The banking concern Nordea’s latest economic outlook paints a bleak picture of Finland’s prospects. While the other Nordic countries are emerging from recession, Finland faces continued negative growth as the stuttering Russian economy slows cross-border trade.
The break in Nordea’s bank services will affect the company’s online banking services and bank card authentication and ATM transactions with Nordea cards.
Two analysts interviewed by Yle said the downgrade of Finland’s economic outlook from stable to negative could affect interest rates faced by the country in financial markets. However neither saw the assessment as very damaging at this stage, rather taking it as a warning.
One of the country’s richest men, the outspoken banker Björn Wahlroos, has changed his country of residence to Sweden, reportedly because of the more lenient tax regime. Finland’s finance minister dubbed the decision ’regrettable’ and called for the wealthy to pitch in with their taxes along with everyone else.
Wednesday’s whirlwind tour of selected dailies serves up a menu of Finnish links to Israeli expansion in disputed territories, new research offering hope to individuals engaged in the sometimes-discouraging battle of the bulge, and how the brewery industry has resorted to self-censorship in an effort to fend off stricter advertising legislation.
Nordea and OP Pohjola’s chief economists believe that mortgage interest rates will fall slightly following the European Central Bank’s decision to cut its own lending rate.
Last year's biggest corporate taxpayer in Finland was banking group Nordea. Coming in second was German pharmaceutical company Bayer, with much of its revenue coming from a Finnish contraceptive.
Nordea’s planned maintenance break for its online banking service lasted longer than expected on Sunday. The break in service should have been over by 1pm, but were not finally fixed until 8pm.
Banks such as Nordea, OP-Pohjola and Handelsbanken are carrying out maintenance work on Sunday morning, which will cause some disruptions to electronic bank services.
The number of bank employees in Finland is declining as bank branches continue to close their doors. Over the past 18 months more than 2,000 bank employees have lost their jobs.
2013 is set to usher in a mini-revolution in the manner in which consumers make minor point of sale payments. Contactless payment systems that allow payments to be made by merely flashing a credit or debit card or other device over a reader are likely to be operational in many Finnish retail outlets, possibly as early as this spring.
Two or three banks operating in Finland will be affected by the EU's landmark deal on banking supervision. The plan was backed by MPs on Thursday.
More than three million people are getting a windfall on Wednesday—their tax refund.
The Nordic banking group has slightly downgraded its growth forecast for next year to 1.0 percent from an earlier estimate of 1.2 percent. However, both the Finnish and global economies will take an upward turn next year, forecasts the bank. In 2014, Nordea predicts economic growth of 2.7 percent.
Some two weeks from now taxpayers who overpaid will be refunded.
Venesatamayhtiö Hamina West Harbour riitautui venesataman pyörittäjäksi suunnitellun operaattorin kanssa rakennustöiden viivästyttyä. Venesatamayhtiö ja operaattori hakevat satojen tuhansien eurojen korvauksia toisiltaan.