Fitch lowered Finland to AA+

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Fitch has lowered Finland’s credit rating to AA+ from AAA. The credit rating company still finds Finland’s outlook stable. Moody’s rating for Finland is still AAA, but Standard & Poor’s lowered its rating to AA+ already in October 2014. Nordea’s Chief Economist Aki Kangasharju is not surprised by Fitch’s move. It shows that Finland’s outlook is very weak and that the country has a lot of public debt. Fitch’s message to Finland is that reforms need to be made.

Media:  YLE Uutiset

Date: 11.3.2016

Journalist: Jaana Hevonoja, Iiro-Matti Nieminen

Main source: Aki Kangasharju / Nordea

Soini: Some 100 have joined IS, some 20 are dead

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Minister for Foreign Affairs Timo Soini says that roughly 100 people from Finland have joined the IS troops. About 20 of them have died. The news was first reported by Ilta-Sanomat. The police have been able to confirm a figure of 70 people, but in reality more have joined the IS. According to Minister Soini, Finland must prepare for the possible return of the fighters. Finland naturally wants to stop them from doing anything radical or from recruiting others.

Media:  STT Mediapankki 

Date: 14.3.2016

Journalist: STT

Main source: Minister for Foreign Affairs Timo Soini

Soini: Sanctions against Russia not cancelled

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According to Minister for Foreign Affairs Timo Soini, the sanctions against Russia are not cancelled: there is no disagreement over the issue in the EU. Minister Soini says that EU Foreign Ministers are dissatisfied because the situation between Ukraine and Russia does not seem to improve. He adds that Finland’s agriculture is not in trouble due to EU’s sanctions but due to Russia’s counter sanctions. Furthermore, Minister Soini says he is concerned over Syria and the growth of IS. He also fears that once the border to Greece is closed, refugees start flowing into Lambedusa. Now, it is important to convey the message that only those who are in real need of asylum are taken into Europe.

President Niinistö: Japanese investments are successful

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President Sauli Niinistö has praised the economic relations between Finland and Japan. The President visited Japan last week, and he said that Japan is one of Finland’s most important partners outside the EU. Japanese companies are also significant investors in Finland. According to President Niinistö, these investments have turned out successful in recent years. The Japanese Itochu is a shareholder in Metsä Fibre, which is building a giant bio product plant in Äänekoski, and Softbank from Japan has bought the majority in Supercell.

Media:  Keskisuomalainen 

Date: 10.3.2016

Journalist: STT

Main source: President Sauli Niinistö

Commission criticises Finland’s economy – Minister Stubb received personal letter

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Helsingin Sanomat writes that Minister of Finance Alexander Stubb received a personal letter on Wednesday urging the government to take action to improve the country’s economic situation. The letter has been signed by the European Commission Vice President Valdis Dombrovskis and Commissioner for Finance Pierre Moscovici. This is the first time the Commission is urging member states with personal letters. In addition to Minister Stubb, a letter was sent to his colleagues in Belgium, Croatia, Italy and Romania. Marketta Henriksson of the Ministry of Finance explains that there is nothing dramatic about the letter, it is just a new idea from the Commission. If Finland breaches the rules, they can say that we have been warned, she adds. In April, Finland will send its public economy plan to the Commission. In practice, the Commission’s letter probably does not affect Finland’s financial policy much.

Defence Minister Niinistö: New “deterrence effect” – available for Finland too

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Summary:

Minister of Defence Jussi Niinistö says the mutual assistance clause of the Lisbon Treaty has become clearer after the Paris terrorist attacks. According to Mr Niinistö, the clause serves as a deterrence effect, which can be used to counter hybrid threats. The EU is not a defence alliance, and Finland is not relying on the EU in its defence planning. However, the clause has enabled a new kind of interpretation of the EU’s unity and abilities. The overall effect on Finland’s security is positive.

Media:  Uusi Suomi

Date: 8.3.2016

Journalist: –

Main source: Jussi Niinistö, Minister of Defence

Supercell grows faster than network giants

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Supercell’s first years are unique in business history. Some 1.5% of all people play its games every day, and in Finland people use more money on Supercell’s games than on music and books. According to Supercell, EUR 2.1 billion was used on its mobile games last year. This is very exceptional for a company that has not turned six years yet. Supercell is growing even faster than Google, Facebook and Twitter in their first years. Still, it does not mean that it is the new Google or Facebook. Competition in the gaming industry is tough and games do not necessarily last long. CEO Ilkka Paananen says, however, that their vision is to make games that people play for years or even decades.

Minister Soini on Russia’s military power: « If if decides to do something, it will »

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The American Foreign Policy discussed Finland’s special relationship with Russia in its latest issue. Foreign Affairs Minister Timo Soini says in the newspaper’s interview that Finland must know where it stands. « As a small country we know that when big countries fight it is better to be in the audience than in the ring, » he says. It is extremely important to maintain good relations with Russia, he continues. According to Minister Soini, he can never underestimate Russia’s military power and decision making skills. « If it decides to do something, it will, » he points out. No western country can compete with Russia’s determination, and we must remember this at all times. In Foreign Policy, Minister Soini calls Russia a country full of chess players. « Whether we like it or not, they will make moves that are best for them. »