Domestic outlets dig into minerals, jobs and savings in Finland.
Could a deep rare earth mineral deposit boost Finland’s economy? Helsingin Sanomat travels to Sokli in eastern Lapland, which is home to a unique mineral deposit, carbonatite, that could provide a significant boost to the region.
In addition to phosphate and iron, the site contains a variety of other raw materials, including rare earth elements, now central to geopolitical competition.
Sokli is owned by the state-run Finnish Minerals Group.
The hurdle, according to HS’ top read story, is that deposits are hundreds of metres down, and the big question is whether engineers can develop a technical process to efficiently extract and refine these metals in a way that makes mining in Sokli economically viable.
Finnish Minerals Group CEO Matti Hietanen told the paper he believes the mine would stimulate economic growth and improve employment, particularly in Lapland.
Employment efforts
Talouselämä‘s story about a failed government initiative to get people into jobs is drawing readers.
Työkanava ( “jobs channel”), set up by Prime Minister Sanna Marin‘s (SDP) government to help people with partial work ability find jobs, was shut down last spring after failing to deliver results.
The company was supposed to employ 400 people with partial work ability by the end of 2023. Instead, only 17 found jobs by the end of that year, while 1.5 million euros had been spent on running the programme.
The business magazine highlights that Työkanava’s management was paid a salary of 840,000 euros over the 2022-2025 period.
The company was dissolved this year.
Cash is king?
A record 114.7 billion euros is sitting in Finnish bank accounts, despite the lacklustre economy, Hufvudstadsbladet reports.
The steady rise in savings has continued since mid-2023, even as the economy struggles with high unemployment and low consumer confidence.
Sven-Eric Holmström, who chairs a group for retail investors, told HBL that while more people are investing in stocks and funds, most extra cash still sits in savings accounts owing to general risk aversion.
He warns that avoiding risk entirely could widen wealth gaps, as only those who invest stand to benefit from capital returns. Holmström said he believes polarisation is growing, with some holding very large sums while others lack sufficient reserves.
But what counts as a sufficient financial buffer?
“When we’re talking about an ordinary middle-income earner, it’s rarely necessary to need a buffer of more than 15,000 euros,” he told the daily.
