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☆ Norway sovereign fund backs Teck Resources in battle with Glencore
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of the Canadian mining company Teck Resources Limited is displayed as people visit the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File PhotoOSLO, April 21 (Reuters) - Norway's sovereign wealth fund, one of the world's largest investors, said on Friday it will support a plan by Canadian miner Teck Resources (TECKb.TO) to spin off its metallurgical coal business and focus on copper and zinc. Glencore on Wednesday said it was willing to improve its $22.5 billion offer for Teck, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. But the Norwegian sovereign wealth fund, which does not own shares in Glencore due to the Swiss company's large thermal coal business, said it would vote in favour of Teck's plan. The Norwegian fund at the end of 2022, the last available data, owned a 1.48% stake in Teck Resources worth $287 million, while its share of voting rights under the miner's dual-class share structure stood at 0.59%.

☆ After 18 years, Europe's largest nuclear reactor to start regular output on Sunday
▼ + stars: | 2023-04-15 | by ( Essi Lehto | ) www.reuters.com time to read: +2 min

HELSINKI, April 15 (Reuters) - Finland's much-delayed Olkiluoto 3 (OL3) nuclear reactor, Europe's largest, will begin regular output on Sunday, its operator said on Saturday, boosting energy security in a region to which Russia has cut gas and power supplies. Construction of the 1.6 gigawatt (GW) reactor, Finland's first new nuclear plant in more than four decades and Europe's first in 16 years, began in 2005. The plant was originally due to open four years later, but was plagued by technical issues. As a result of the startup, analysts have said Finland, the only Nordic country with a large power deficit, can expect lower electricity costs. Reporting by Essi Lehto; Editing by Terje Solsvik and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ After 18 years, Europe's largest nuclear reactor starts regular output
▼ + stars: | 2023-04-15 | by ( Essi Lehto | ) www.reuters.com time to read: +2 min

The new reactor is expected to produce for at least 60 years, TVO said in a statement on Sunday after completing the transition from testing to regular output. "The production of Olkiluoto 3 stabilises the price of electricity and plays an important role in the Finnish green transition," TVO Chief Executive Jarmo Tanhua said in the statement. Construction of the 1.6 gigawatt (GW) reactor, Finland's first new nuclear plant in more than four decades and Europe's first in 16 years, began in 2005. Russian state export monopoly Gazprom shortly after ended shipments of natural gas to the Nordic nation. Reporting by Essi Lehto; Editing by Terje Solsvik and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Swedish prosecutor says may be difficult to determine who blew up Nord Stream pipelines
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, April 6 (Reuters) - It will likely be difficult to determine who blew up the Nord Stream pipelines connecting Russia and Germany in the Baltic Sea last year, Sweden's prosecution authority, which is investigating the incident, said on Thursday. The Sept. 26 explosions at the pipelines connecting Russia and Germany occurred in the economic zones of Sweden and Denmark. The blast in the Swedish zone happened at a depth of 80 meters and the prosecutor said investigating it was complicated. While no conclusion has been drawn there have been a number of theories as to who blew up the pipelines and how. Germany has confirmed its investigators raided a ship in January that may have been used to transport the explosives used to blow up the pipelines.

☆ Volvo Car's sales up 8% in March
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, April 5 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales increased by 8% year-on-year in March to 63,132 cars, helped mainly by the company's fully electric cars. Volvo Car, majority-owned by China's Geely Holding (0175.HK), said in a statement its fully electric models made up 41% of all its cars sold globally in the first three months of this year. In Europe, Volvo Car's fully electric models made up 62% of overall sales in the first three months of 2023. In February, the group's total car sales were up 22%, helped by a 187% month-on-month jump for its recharge models, with fully electric cars accounting for 19% of total sales. (This story has been refiled to say Volvo Car instead of Volvo Cars in paragraph 2)Reporting by Louise Breusch Rasmussen, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ Finland's Marin steps down as party leader
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

[1/6] Social Democratic Party SDP Chair and Finnish Prime Minister Sanna Marin meets media at the Parliament in Helsinki, Finland on April 5, 2023. Lehtikuva/Heikki Saukkomaa via REUTERSHELSINKI, April 5 (Reuters) - Finland's outgoing Prime Minister Sanna Marin is stepping down as leader of the Social Democratic party, she said on Wednesday, adding she will serve as a regular lawmaker in the newly elected parliament from next week. "I will start my work as member of parliament next week and I hope I can also lead a calmer life," Marin told a news conference, adding she would not run for president. Marin sought another term as Finland's leader in last Sunday's election but her party came third behind the right-wing National Coalition and the Finns parties. Reporting by Essi Lehto, editing by Louise Rasmussen and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

"I feel it's a good thing that Finland is joining NATO. In Virolahti, near the Russian border due east of Helsinki, retired Finnish combat engineer Ilkka Lansivaara had hung his own NATO flag from the side of his house. Memories of Finland's close relations with Moscow to preserve independence - a tactic known as "Finlandisation" - run deep for many Finns. Finland brings a sizable, well-trained military into NATO and Russia has said it will have to take "counter-measures" to ensure Russian security in response. Meanwhile, Finland's close partner Sweden continues to wait for ratification of its NATO membership bid in the face of opposition from Turkey and Hungary.

"Tomorrow we will welcome Finland as the 31st member of NATO making Finland safer and our alliance stronger," NATO Secretary-General Jens Stoltenberg told reporters in Brussels, hailing the move as "historic". Russia's invasion of Ukraine in February last year pushed Finland and its neighbour Sweden to apply for NATO membership, abandoning decades of military non-alignment. [1/2] NATO Secretary-General Jens Stoltenberg attends a news conference before a meeting of NATO foreign ministers in Brussels, Belgium April 3, 2023. REUTERS/Johanna Geron 1 2"President Putin went to war against Ukraine with the clear aim to get less NATO," Stoltenberg said. Stoltenberg pledged to work hard to get Sweden into NATO as soon as possible.

☆ Finnish centre-right eyes coalition talks as defeated Marin considers future
▼ + stars: | 2023-04-03 | by ( Anne Kauranen | ) www.reuters.com time to read: +3 min

[1/3] Finland's Prime Minister and Social Democrats leader Sanna Marin speaks during a news conference at the parliament on the day of the parliamentary elections, in Helsinki, Finland April 2, 2023. REUTERS/Essi LehtoHELSINKI, April 3 (Reuters) - Outgoing Finnish Prime Minister Sanna Marin was left to consider her future after she conceded defeat in a tight parliamentary election on Sunday that handed her centre-right rival Petteri Orpo the right to try and form a coalition. Despite gaining three seats, Marin's left wing Social Democratic Party (SDP) came third with 43 of parliament's 200 seats behind Orpo's centre-right National Coalition Party with 48 seats and the nationalist Finns on 46. In turn, Marin's Social Democrats rallied voters to support them in their defence of the Nordic welfare model of cradle-to-grave services from free education and affordable healthcare to decent pensions, against Orpo's spending cuts. During Marin's time as prime minister, Finland faced coronavirus lockdowns, the energy crisis and soaring consumer price inflation, and the country is expected to undergo a mild recession this year.

With no party seen as holding a decisive lead the election is likely to be followed lengthy coalition talks, although whichever party wins on Sunday will have the first attempt at forming a government. Opinion polls show her Social Democrats, the biggest party in the outgoing coalition government, in a dead heat with the rightist National Coalition Party and the nationalist Finns Party, with all three seen winning some 18.7-19.8% of ballots. It has promised to curb spending and stop the rise of public debt, which has reached just over 70% of GDP since Marin took office in 2019. "It's been going on for 30 years - more debt, debt, debt - and good services, fine, but on borrowed money." The Finns Party, too, calls for austerity but its main goal is to reduce what its leader Riikka Purra has called "harmful" immigration from developing countries outside the European Union.

☆ Sweden summons Russia's ambassador over "legitimate target" statement
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 29 (Reuters) - Sweden's foreign ministry said on Wednesday it will summon Russia's Stockholm ambassador to complain about an "attempt at interference" with the Swedish NATO application process. Sweden and Finland in 2022 both sought NATO membership shortly after Russia's invasion of Ukraine, and are hoping to complete the process this year. The Russian ambassador in a statement on the embassy's web site said joining NATO made the Nordic countries "a legitimate target for Russian retaliatory measures, including those of a military nature". A Swedish foreign ministry spokesperson told Reuters the ambassador would be summoned. "The foreign ministry is summoning the Russian ambassador to protest this obvious attempt at interference," Swedish Foreign Minister Tobias Billstrom separately told news agency TT.

[1/3] Turkey's President Tayyip Erdogan and Finland's President Sauli Niinisto shake hands during their meeting in Ankara, Turkey March 17, 2023. The parliaments of all 30 NATO members must ratify newcomers. "We have decided to initiate the ratification of Finland's accession process to NATO in our parliament," Erdogan told reporters after meeting with Niinisto, adding he hoped parliament would endorse the bid before May 14 elections. Amid simmering tensions with Sweden, Erdogan signalled in January that Turkey could endorse Helsinki ahead of Stockholm. Washington and other NATO members had hoped the two Nordic countries would join the alliance at a NATO summit set for July 11 in Vilnius.

[1/3] Turkey's President Tayyip Erdogan and Finland's President Sauli Niinisto shake hands during their meeting in Ankara, Turkey March 17, 2023. The parliaments of all 30 NATO members must ratify newcomers. "We have decided to initiate the ratification of Finland's accession process to NATO in our parliament," Erdogan told reporters after meeting with Niinisto, adding he hoped parliament would endorse the bid before May 14 elections. Washington and other NATO members had hoped the two Nordic countries would join the alliance at a NATO summit set for July 11 in Vilnius. Turkey's parliament is expected to ratify Finland before it closes in mid-April ahead of the parliamentary and presidential votes scheduled for May 14.

☆ Turkey plans to ratify Finland's NATO bid ahead of May polls, sources say
▼ + stars: | 2023-03-15 | by ( Orhan Coskun | ) www.reuters.com time to read: +4 min

A senior Turkish official told Reuters that Finland's bid would be approved independently from that of Sweden. Niinisto, who will visit Turkey on March 16-17, said he believed Turkish President Tayyip Erdogan will give his blessing to Finland's NATO bid when the two meet. Erdogan indicated that he would send ratification of Finland's NATO membership to parliament soon, saying that he would "keep his promise". After that, we will fulfil our promise," Erdogan told reporters on Wednesday, when asked whether he would send ratification of Finland's NATO bid to Turkish parliament next week. "Positive messages will be given to Finland's president during his visit," the second official said.

☆ Swedbank books $3.7 mln provision over US investigation
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 10 (Reuters) - Swedbank (SWEDa.ST) will book a provision of 40 million Swedish crowns ($3.72 million) related to an investigation by the U.S. Office for Foreign Assets Control (OFAC) over the bank's "historical shortcomings", the bank said on Friday. The U.S. Treasury's OFAC is investigating "transactions that the bank has notified the authority about", Swedbank said in a statement. "Swedbank is holding separate discussions with them through our U.S. legal advisors," it added. The investigations are at different stages and the bank cannot at this time determine any financial consequences, nor when the investigations will be completed. ($1 = 10.7476 Swedish crowns)Reporting by Terje Solsvik, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ Sweden to send up to 10 Leopard tanks to Ukraine
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Feb 24 (Reuters) - Sweden will donate up to 10 Leopard 2 tanks and HAWK anti-aircraft systems to Ukraine, the Nordic country's government said on Friday, in its latest tranche of military support to help Kyiv push back the Russian invasion. "The Swedish tanks reinforce the Leopard 2 contribution that other European countries make. Coordination of support is ongoing with international partners donating Leopard 2 or other tanks," the government said in a statement. Earlier on Friday, the one-year anniversary of the invasion, Poland said it had delivered four Leopard tanks to Ukraine already and was prepared to deliver more quickly. Warsaw's commitment to its neighbour has been instrumental in persuading European allies to donate heavy weapons to Ukraine, including tanks, a move opposed by several governments, including Berlin, until recently.

☆ Finland to send three Leopard tanks to Ukraine
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

HELSINKI, Feb 23 (Reuters) - Finland will send three Leopard 2 tanks suitable for mine clearing to Ukraine and provide training for their use, the Finnish defence ministry said on Thursday. Finnish president Sauli Niinisto in January said Finland would participate in a European donation of battle tanks, adding that Finland's contribution would be modest to avoid compromising its own security. "Finland's share of tanks to be donated to Ukraine cannot be very significant. We have a long eastern border to defend, we are still not NATO members and we cannot compromise our own security," Savola said. Finland has slightly fewer than 200 Leopard 2 tanks.

☆ Maersk nears complete Russia exit after selling logistics sites
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, Feb 20 (Reuters) - Shipping and logistics group A.P. Moller-Maersk (MAERSKb.CO) has agreed to sell its two logistics sites in Russia to IG Finance Development Limited, it said on Monday, nearly marking the end of its business activities in the country. "We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country," Chief Commercial Officer Karsten Kildahl said in a statement. IG Finance Development, a company registered in Cyprus, has made an agreement with Arosa, a large food importer in Russia, to operate the sites, Maersk said. After that, Maersk will not have any business in Russia.

☆ EU seeks to use frozen Russian funds to rebuild Ukraine
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

OSLO, Feb 14 (Reuters) - The European Union will on Wednesday launch an ad hoc group to investigate how billions of dollars in frozen Russian funds, including central bank reserves, can be used for reconstruction work in Ukraine, the Swedish government said on Tuesday. "The mandate is to contribute to mapping which funds have been frozen in the European Union ... and secondly how to legally proceed to access those funds," Swedish Prime Minister Ulf Kristersson told a news conference in Stockholm. "It's Russian tax payers, not all other tax payers, who must bear the cost of the necessary reconstruction work," Kristersson added. Among the key assets will be Russian central bank funds expected to amount to tens of billions of dollars, Ahnlid said. "The EU has never before used frozen funds for the reconstruction of a war-torn country, so we are in a sense chartering new territory," Ahnlid added.

☆ Key Finnish industries resolve wage disputes
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

HELSINKI, Feb 5 (Reuters) - Wage disputes in the Finnish technology and chemicals industries have been resolved, ending the risk of labour strikes that were due to begin next week, employers and a workers' union said on Sunday. The agreement is a key step in defining workers' pay rises in Finland as the tech industry has traditionally been considered a benchmark for other unions' demands. The Finnish Industrial Union said it had agreed to a two-year wage deal which will increase wages by 7% over two years for employees, including a one-off extra payment of 400 euros this year. The wage deal covers some 90,000 industrial employees, it said, adding a similar deal was reached for some 13,000 chemical industry employees. Reporting by Anne Kauranen and Essi Lehto, editing by Terje Solsvik and Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Finnish tech industry strike to begin on Wednesday
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: 1 min

HELSINKI, Jan 31 (Reuters) - Workers in several technology industry companies will go on strike in Finland from Wednesday to Friday this week after no solution was found to a wage dispute, Technology industry employers said in a statement on Tuesday. "This day did not bring a solution to the labour dispute between Industrial union and Technology industry employers," the Finnish national conciliator's office said in a tweet. The strike will hit 20 companies, including ABB (ABBN.S), Sandvik (SAND.ST) and Outokumpu (OUT1V.HE), that employ 11,000 workers, the employers' organisation said. Strikes could follow at several other industries if no solution is found to disputes over wage demands. Reporting by Essi Lehto, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Finland to stick with Sweden in NATO bid, hopes for green light by July
▼ + stars: | 2023-01-30 | by ( Essi Lehto | ) www.reuters.com time to read: +3 min

[1/2] A view of the flags of Finland, NATO and Sweden during a ceremony to mark Sweden's and Finland's application for membership in Brussels, Belgium, May 18, 2022. Sweden and Finland applied last year to join NATO following Russia's invasion of Ukraine, but Turkey raised objections. "Our strong wish is still to join NATO together with Sweden," Haavisto told a news conference in Helsinki. But Haavisto said he still hoped Finland and Sweden would become NATO members in the next few months. But Haavisto said security assurances from the United States, Britain and other NATO members meant that Finland could be patient.

☆ Germany agrees to send Leopard tanks to Ukraine, allies to follow
▼ + stars: | 2023-01-25 | by ( Andreas Rinke | ) www.reuters.com time to read: +5 min

Germany's decision paves the way for other countries such as Poland, Spain, Finland, the Netherlands and Norway to supply some of their Leopard tanks to Ukraine, going some way towards delivering the hundreds of tanks that Ukraine says it needs. "Germany will always be at the forefront when it comes to supporting Ukraine," Scholz told German parliament to applause. Germany aims to quickly establish two battalions with Leopard 2 tanks for Ukraine and initially provide 14 Leopard 2 tanks from its own inventory. A battalion normally comprises three or four companies with around 14 tanks each. Poland has also pledged 14 tanks and Britain has promised 14 of its own Challengers.

☆ Finland says timeout needed in talks with Turkey over NATO bid
▼ + stars: | 2023-01-24 | by ( Essi Lehto | ) www.reuters.com time to read: +1 min

HELSINKI, Jan 24 (Reuters) - Finland's foreign minister said on Tuesday a timeout of a few weeks is needed in the talks between Finland, Sweden and Turkey on the two Nordic nations' plans to join the NATO military alliance. Sweden and Finland applied last year to join North Atlantic Treaty Organization after Russia's invasion of Ukraine. They now need the backing of all current NATO states to progress with their application. Finland and Sweden have repeatedly said they plan to join the alliance simultaneously, and this has not changed, Haavisto said. "I do not see the need for a discussion about that," Haavisto said when asked whether Finland could potentially go ahead without Sweden.

☆ Nokia signs new 5G patent deal with Samsung
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: 1 min

[1/2] A view of the logo at the headquarters of the Finnish telecoms company Nokia in Espoo, Finland March 16, 2021. Lehtikuva/Heikki Saukkomaa via REUTERSOSLO, Jan 23 (Reuters) - Nokia (NOKIA.HE) said on Monday it has signed a new cross-license patent agreement with Samsung following the expiry of a previous agreement at the end of 2022. "Under the agreement, which covers Nokia's fundamental inventions in 5G and other technologies, Samsung will make payments to Nokia for a multi-year period beginning 1 January 2023," the Finnish company said. The agreement is consistent with Nokia's previous long-term outlook disclosure, the company said. Reporting by Terje Solsvik, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

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