Inflation is easing in the US, but interest rates are still rising
of the United States the central bank Fed still plans to continue raising the key interest rate, even though based on the figures published on Wednesday, the country’s worst inflation peak seems to have subsided.
The inflation rate was 8.5 percent in July, while in June it was 9.1 percent. The inflation rate was slowed down by energy prices, which fell from the previous month.
Currently, the key interest rate is in the range of 2.25–2.50 percent. The Fed can raise the key rate to 3.9% by the end of the year and to 4.4% by the end of 2023.
The central bank has raised the key interest rate four times this year. The key interest rate was raised by 0.75 percentage points in July and by the same amount in June.
In May, the interest rate was raised by 0.50 percentage points and in March by 0.25 percentage points.
Olkiluoto is in trouble again: The test operation of Olkiluoto 3 is delayed by a couple of weeks due to an automation update
OLKILUODON The test operation of the third plant unit of the nuclear power plant will be delayed by about two weeks due to the automation update on the turbine side, says Teollisuuden Voima (TVO) in a press release.
According to TVO, the delay has no effect on the overall schedule of Olkiluoto 3’s trial operation. Regular electricity production is still scheduled to start in December.
On Monday, it was reported that the trial run has finally been able to continue after it had to be stopped due to a technical fault in June.
According to estimates, when operating at full power, the reactor produces approximately 14 percent of all electricity produced in Finland. It has been hoped that reactor production would be part of Finland’s energy palette next winter.
According to the original plans, the Olkiluoto triple reactor was supposed to be ready in 2009.
Kempower, which manufactures charging equipment for electric cars, is growing rapidly and plans to conquer the United States
ELECTRIC CARS Kempower, which manufactures charging equipment, reported strong growth and improved prospects in its interim report on Thursday.
The turnover of the Lahtai company increased by 225 percent to 21.6 million euros in April–June from a year ago. Kempower’s operating profit was 1.8 million euros, while a year earlier it was 0.7 million euros.
The order book for charging devices multiplied to 62.4 million euros and the order intake grew to 55 million euros. In addition, the number of personnel increased considerably. At the end of March, the number of personnel was 87 and at the end of June, 260.
In June, Kempower said that it would aim to enter the US market by the end of next year, i.e. two years ahead of its previous goal. At the beginning of the year, Kempower launched two charging systems on the US market.
Technology industry: The threat of a recession is growing in Finland
FINLAND the order and demand situation of export companies is strong so far, but the signs of fading are in the air, says Teknologiateollisuus ry based on a survey conducted by Teknologiateollisuus ry.
The value of new orders from export companies was 12 percent higher in April–June than a year earlier and ten percent higher than in January–March. Rapidly increased producer prices have increased the value of orders.
At the end of June, the value of the order book was two percent higher than at the end of March and eight percent higher than a year earlier.
However, the export orders of the largest branch of the technology industry, i.e. the machinery and metal products industry, have clearly decreased, which signals a decline in demand.
Chief economist of the technology industry Petteri Rautaporras states that the messages coming from the euro area are now very worrying for Finland as well. The slowdown in economic growth in the world usually affects Finland with a small delay.
Elon Musk sold Tesla shares for seven billion dollars, prepares for Twitter’s forced purchase
WORLD the richest man Elon Musk has sold shares in the electric car company Tesla for $6.9 billion. The transactions are revealed in Tesla’s documents submitted to the US Securities and Exchange Commission (SEC).
Tesla CEO and major owner Musk says that he may have to use the money to finance the Twitter deal if he loses the lawsuit against Twitter.
“There [toivottavasti epätodennäköisessä] in a situation where Twitter forces the deal to be completed and some of the equity partners back out, it is important to avoid an emergency sale of Tesla shares,” Musk stated in his tweet.
In April, Musk sold Tesla for $8.5 billion. At that time, he said that he did not plan to sell more shares. The most recent trades of more than 7.9 million shares were made on the 5th to the 9th. August. Musk now owns about 15 percent of Tesla.
The restaurant company Noho Partners made a record result in April–June
FOOD COMPANY In April–June, Noho Partners had the best quarter in its history, when both profitability and turnover were at record levels.
The company’s operating profit in April–June was 16.1 million euros, while a year earlier the company made a loss of 1.8 million euros.
Noho Partners’ turnover was 90.2 million euros, compared to 34.5 million euros a year earlier.
Construction company SRV cancels Fennovoima deals with Russian Raos Voima
CONSTRUCTION COMPANY SRV will not sell its ownership of the energy company Fennovoima to the Russian Raos Voima.
At the beginning of February, SRV announced that it would sell its stake in Fennovoima to Raos Voima. SRV’s share of Fennovoima was 1.8 percent.
The intention was that SRV’s share would have been transferred to Raos Voima, part of the Rosatom group. The arrangement required permission from the Ministry of Labor and Economy (TEM).
On Monday, SRV said that there are no longer any conditions for TEM’s permission.
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