The economy has been on everyone’s agenda recently, with Finland’s seemingly intractable problems occupying policy-makers’ minds. One creative solution to sluggish world growth is the creation of so-called ‘helicopter money’—that is, the distribution of free cash to individuals in the hope they’ll spend it and boost businesses.
That demands action from central banks, and Nordea analyst Jan von Gerich apparently thinks that the European Central Bank could afford to distribute 1,300 euros to each and every one of the Eurozone’s citizens.
"Go back a couple of years and QE buying of government bonds seemed impossible for the ECB," said Von Gerich. "We are increasingly in an environment where central banks have to try something new."
Von Gerich made the comments to Reuters, and Helsingin Sanomat reports on the story.
Corporate scandal at training firm
Iltalehti follows up on a story that broke yesterday in Kauppalehti, regarding the training company Soprano’s payments to board members. The company - which is listed on the Helsinki Stock Exchange - currently pays chair Arto Tenhunen 6,000 euros a year for chairing the board, along with a 500 euro a month
That is set to increase to 190,000 euros for Tenhunen, who previously served as the firm’s CEO. The company’s market capitalisation is currently 7.2 million euros, making his pay seem out of whack with other similar roles.
For comparison, Björn Wahlroos makes 282,000 a year from his gig chairing Nordea, which has a 34 billion euro market capitalisation. IL spoke to white collar union boss Antti Palola - who was proposed as a Soprano board member - and discovered that he would be paid in shares for his director’s role, and that Tenhunen’s salary came as a surprise to him.
Football fans told to calm down
The Finnish football league season starts this weekend and there is discord in the air. Clubs, media and fans are up in arms about new rules imposed by the Football Association which appear to suggest that players and fans can no longer come into close contact when celebrating a goal. That means no more high fives, no more group hugs, and - clubs say - a much worse atmosphere.
Ilta-Sanomat spoke to several club chairmen who did not mince their words.
"It's the most idiotic thing possible," said RoPS chair Risto Niva.
Many suspect that the FA will slap clubs with hefty fines, and RoPS coach Juha Malinen was scathing in his assessment of the governing body’s plans, according to the paper.
"If the rules aren’t followed then the FA will surely demand we install seatbelts in the stands," said Malinen. "Then before the game there'll be an announcement: 'Please, fasten your seatbelts!' This is really ridiculous."