Summary:
Finnish banks started a new two-day strike on Thursday, 4 January, as the parties did not reach agreement in settlement negotiations. The previous strike was held last week. The finance industry strike is expected to affect customers similarly to last week’s strike. Most branches are closed and other services are limited. However, a new twist to the strike that begins on Thursday is that the ICT industry supports it so that they do not fix problems in bank systems during the strike. Banks inform their customers about the strike’s impacts on their websites. The customers are advised to prepare for slower services and longer waiting hours, In addition, meetings may be rescheduled.

Summary:
Helsingin Sanomat writes in its editorial that the market leaders of money sales, i.e. banks, face tough cost competition from new and agile competitors. Now that the economic trend has taken a turn, European banks announce staff reductions. It is not just about making better profits through savings, but mainly it is about the entire financing business’ giant turning point due to changes in paying and competitive landscape. However bad it feels, the change will take place, whether you want it or not. The worst alternative is not to be prepared.

Media:  Helsingin Sanomat
Date: 27.10.2017
Journalist: –
Main source: –

Summary:
The European Commission has proposed 2.5 million euros in funding to help former staff of the retail chains Anttila and Stockmann find new work. The funding is meant for about 1,500 people. It is provided by the European globalisation fund and can be used to get professional education and re-training, as well as to set up businesses. The proposal still requires approval from the European Parliament and the EU Council of Ministers.

Media:  Keskisuomalainen
Date: 23.10.2017
Journalist: –
Main source: –

Summary:
According to rumours, Apple Pay, a mobile payment and digital wallet service by US-based technology company Apple, will be introduced in Finland on 24 October 2017. Apple Pay is expected to take market shares from traditional financing companies, when the Payment Services Directive will come into effect in Finland at the beginning of 2018. ATM network operator Automatia offers its real-time Siirto multi-banking platform in Finland with OP Financial Group, Nordea and S Group’s S-Bank. In addition, the service functions in online shopping. A total of 400,000 clients use the service in Finland. New banks and service providers will participate in the service in the future. It will be an important step that the Siirto service will become available for payment terminals at stores too.

Summary:
STT reports that biocompanies UPM and Kaidi are not drawing any conclusions on the European Parliament Environment Committee’s statement on bioenergy. The Committee’s statement on the sustainability criteria for biomass and the allowed raw materials for biofuels reminds how dependent Finnish bioprojects are on EU regulation. In the Committee’s opinion, pine oil should not be on the list of raw material for developed biofuels. Companies investing in bioenergy are criticising EU decisions for being inconsistent.

Media:  Turun Sanomat
Date: 24.10.2017
Journalist: STT
Main source: –

Summary:
TVO informed that regular electricity production of the OL3 will be delayed once again. The equipment supplier, nuclear power company Areva informed TVO about an timetable update, and electricity production should commence in May 2019. Jouni Silvennoinen, Director, OL3 project, TVO, said that TVO is very disappointed with the delay and said that all necessary resources must be directed towards the project, adding that any French reorganizing of nuclear power must not endanger this. TVO has filed a complaint with the European Court over the European Commission decision that approved French government subsidies for Areva.

Summary:
Nordea’s board of directors has decided that the bank’s head office will be relocated to Helsinki. According to CEO Casper von Koskull, the fact that in Finland Nordea will become a member of the European Banking Union and enter ECB supervision was a major factor in the decision, as it provides the bank with a fair and predictable operational environment. With Nordea included the Finnish banking sector will double its size, which will bring more work to the Financial Supervisory Authority and increase supervision fees. The move will not bring significant changes to Finland’s tax revenue, but it will improve Finland’s image as a competitive country able to attract major companies.