Latest news with #PetteriOrpo
The Star
2 days ago
- Business
- The Star
Fitch cuts Finland's credit rating amid rising debt
FILE PHOTO: A Finnish flag flies over the City Hall in Helsinki, Finland, February 10, 2024. REUTERS/Tom Little/File photo HELSINKI: Finland suffered its first downgrade in almost a decade after Fitch Ratings cut the Nordic country's credit rating over its failure to rein in ballooning debt. Fitch late last Friday lowered Finland's long-term rating by one level to AA from AA+, the lowest credit grade among the top three rating companies, almost a year after it issued a negative outlook on the debt. Finland's rating at Fitch is now the third-highest, eight levels above junk. 'Finland's high government debt remains on an upward trajectory, and we do not anticipate sufficient fiscal consolidation to stabilise debt over the medium term,' Fitch said in a statement. The news comes as the government of Prime Minister Petteri Orpo is attempting to right the course of public finances, which have suffered from consecutive deficits since 2009. The Cabinet's stated target is to stabilise the debt-to-gross domestic product (GDP) ratio in 2027. In April, the coalition Cabinet unveiled a €2.3bil (US$2.7bil) package of measures to kickstart growth and investment in the subdued economy. Lower income and corporate tax rates, as well as a smaller levies on food and medicines, are aimed at boosting purchasing power as the economy gradually recovers from two years of contraction, helped by a series of interest-rate cuts by the European Central Bank. Underlying the efforts is an unaddressed structural shift in the export-led country's industries. Successive governments have failed to rein in spending to match the loss of income from key industries, including papermaking and consumer electronics. 'Fitch assesses that the measures already decided are insufficient to stabilise the debt ratio over the medium term, given the high level of government spending (57.7% of GDP in 2024) due to ageing-related costs, social spending and increased defence spending,' it said. — Bloomberg
Daily Record
03-07-2025
- Daily Record
Several people stabbed outside shopping centre in horror rush hour attack
"Blood is splattered on the ground for several meters and in one place, there is a lot of it." A reported mass stabbing outside a shopping centre left blood "splattered on the ground" as an investigation is launched. The horror incident occurred at the Ratina shopping centre in Tampere, Finland, at around 4.40pm local time on Thursday, July 3. Victims have since been given first aid, with one person arrested in connection. Emergency services are still on scene, with Ratina Square cordoned off by police and the centre's doors facing the square closed. At 5.10pm, it was announced those who witnessed the incident would be moved to its second floor, the Mirror reports. Local news outlet Ilta-Sanomat reported seeing a video and an image from the scene showing a lot of blood stains outside the building. It said: "Blood is splattered on the ground for several meters and in one place, there is a lot of it." The person who took the video told the outlet: "No one should see something like that." This is the second similar incident at Ratina shopping centre in the last year. In July 2024, one person was injured after being stabbed outside the building, which reportedly followed an argument between two people. Last June, a man was arrested on suspicion of two counts of attempted murder after a knife attack in the Finnish city of Oulu left a 12-year-old boy with serious injuries. The National Bureau of Investigation said at the time: "The stabbing rampage took place at a shopping centre in Oulu with authorities saying the man, in his 30s, had a background where he has been involved in far-right political activities. 'The criminal investigation is still at an early stage and the police do not know the exact motive for the act. They know, however, that the suspect has a background in extreme right activities." Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. The country's Prime Minister Petteri Orpo said on social media: "I condemn Oulu's brutal attack on children. Far-right violence is a real threat in Finland. "There is no room for extremism of any kind in this country. The government acts determinedly against extremism and violence." Finance Minister Riikka Purra commented: 'In the middle of the day, in the middle of the shopping center, the stabbing of a young person. I hope the victim survives.' She added in a separate post on X: 'Extremist movements, drugs, robberies, gangs - the problems are growing. "The deterioration of security must be taken seriously, the punishments must be increased and the indifference in the face of all kinds of violence must be stopped.'
Yahoo
08-06-2025
- Business
- Yahoo
Finland to raise defence spending by billions of euros amid Russian threat
Finland's Prime Minister Petteri Orpo has announced plans to significantly increase the country's defence budget in response to the persistent threat posed by Russia. Source: Orpo in an interview with Yle, a Finnish public service media company, as reported by European Pravda Details: Orpo stressed that Finland needs to strengthen its defence due to the constant danger coming from Russia. Quote: "I am glad there is near-total agreement among all parties in Finland on this issue." Read also: No promises, just funding: NATO Hague summit to approve new ways to support Ukraine in fight More details: The prime minister explained that the only sustainable way to fund this increase is through accelerating economic growth and boosting employment, though he admitted that doing so will not be easy. Orpo recalled that the current defence spending plan runs until 2032, meaning that future governments will also have to find financing solutions. The Finnish government intends to raise its defence budget to three per cent of GDP by 2029, which implies an annual increase of €1.5-2 billion. The funds will primarily be allocated to the land forces, eastern border protection and air defence systems. Background: The US has recently called on NATO countries to move quickly towards spending five per cent of GDP on defence, citing Russia as the "greatest threat" in the Euro-Atlantic region. The support for Ukraine's Armed Forces is expected to help NATO countries meet this requirement. Support Ukrainska Pravda on Patreon!
Yahoo
08-06-2025
- Business
- Yahoo
Finnish PM criticizes reported attempts by Trump to weaken Russia sanctions bill
Finnish Prime Minister Petteri Orpo on June 7 criticized a weakened Russia sanctions bill amid reports that U.S. President Donald Trump is pressuring the Senate to weaken the legislation. "We need to force (Russian President Vladimir) Putin to the negotiating table," Orpo said at the Finnish National Coalition Party's assembly on June 7. "I hope that the United States passes it as quickly and as completely as possible," Orpo told reporters at the assembly in Helsinki. The White House is urging Republican Senator Lindsey Graham to soften a Russia sanctions bill he is leading, the Wall Street Journal (WSJ) reported on June 6, citing congressional staffers. The bipartisan sanctions bill could introduce a 500% tariff on imports from countries that continue purchasing Russian oil and raw materials. "We will discuss these issues at the (NATO) summit... We should get decisions now," Orpo said. A NATO summit is slated to take place June 24-26 in the Netherlands. The important meeting is expected to cover a wide range of issues, including defense spending and Russia's war against Ukraine. At a June 5 joint press conference alongside German Chancellor Friedrich Merz, Trump said lawmakers were waiting for his approval before advancing the Russian sanctions bill. "They'll be guided by me. That's how it's supposed to be," Trump said. "They're waiting for me to decide on what to do." Senate Democrat Richard Blumenthal, who also leads the sanctions bill, has confirmed that negotiations have been taking place behind the scenes with White House officials. Read also: Operation Spiderweb 'gave Putin a reason to bomb the hell out of them,' Trump says, following large-scale attacks on Ukrainian cities We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Asharq Al-Awsat
27-05-2025
- Politics
- Asharq Al-Awsat
Germany's Merz Anticipates Prolonged Ukraine War Due to Russia's Reluctance for Talks
Germany's Chancellor Friedrich Merz said on Tuesday that the war in Ukraine is expected to persist due to Russia's reluctance to enter negotiations. "Wars typically end because of economic or military exhaustion on one side or on both sides and in this war, we are obviously still far from reaching that (situation)", Merz said at a joint press conference with Finnish Prime Minister Petteri Orpo in Turku. "So, we may have to prepare for a longer duration," he added.
