AGP Executive Report

Nordic Capital Markets: Sweden, Denmark, Norway and Finland are exploring a merger of their national stock exchanges into a single Nordic market to boost liquidity and cross-border listings, with the Nordic Compass alliance still in an early, no-decisions stage. Finland Housing: Statistics Finland reports old dwellings in housing companies fell 3.4% year-on-year in July 2026, with declines across large towns including Turku (-6.4%) and Vantaa (-6.2%). Citizenship Fraud: Finnish police suspect a long-running scheme where at least 12 Russians obtained Finnish citizenship via fake employment and language-test arrangements, with investigations also covering forgery and fraud. Alternative Proteins Funding: European alternative-protein firms raised €236m in private investment in H1 2026 (+56%), driven mainly by precision and biomass fermentation. Rare Disease Research: Chiesi Global Rare Diseases presented new Fabry and alpha-mannosidosis data at SSIEM 2026 in Helsinki. Tourism Push: Latvia’s LIAA and industry groups agreed on joint actions for 2027–2029 to strengthen tourism competitiveness, including marketing scenarios and business support. Global Disaster Watch: Nepal–Tibet flash floods have killed hundreds and left 1,400+ missing, including many foreign tourists.

EU Budget Standoff: Germany and five “frugal” states (Denmark, Netherlands, Austria, Finland, Sweden) are pushing to cut the EU’s 2028–2034 long-term budget by “several hundred billion euros,” rejecting further common borrowing as talks enter a decisive phase. Citizenship Fraud Probe: Finnish police and the Border Guard suspect at least 12 Russians obtained Finnish citizenship via fake employment and language tests, with an investigation tracing alleged activity back over 20 years. Nuclear Waste Milestone: Posiva has started drilling the first deposition hole at Onkalo near Olkiluoto, using a massive boring machine delivered in 2022, marking progress toward final disposal. Space & Defense Business: ICEYE set up a South Korean unit (ICEYE Korea) and signed cooperation with Seoul National University, targeting SAR intelligence and AI image analysis. Urban Air Mobility Study: Electra, Helsinki and Haaga-Helia will study “access points” for its ultra-short EL9 flights, including non-airport locations, with a focus on Helsinki–Tallinn demand. Nordic Cities Shine: Copenhagen tops the Happy City Index 2026, with Helsinki close behind and Nordic cities dominating the upper ranks.

Finland’s pay momentum: Statistics Finland reports wage and salary earnings up 3.4% in Q2 (real earnings +1.6%), with average monthly pay around €4,300. EU competition: The European Commission has issued objections to a planned UPM–Sappi joint venture in the paper business, raising competition concerns. Stablecoin shake-up: Revolut starts distributing a euro-backed stablecoin (EURR) in Denmark, Poland and Portugal, while Tether’s USDT remains delisted across MiCA-licensed exchanges in the EEA. AI compute push: AM Intelligence orders about 9,000 NVIDIA Rubin GPUs for an AI factory in Hyderabad, with Finland included in its planned compute-as-a-service rollout. Defense tech & space: Basemark demos real-time data fusion for Patria vehicles using ICEYE satellite ISR; ICEYE also sets up a Korean unit to expand defense and intelligence ties. Arctic connectivity: Kelluu bets on small autonomous hydrogen airships for persistent Arctic surveillance. Helsinki–Tallinn mobility: Electra, the City of Helsinki and Haaga-Helia sign an MOU to study direct aviation across the Gulf of Finland. Security concerns in the Baltics: A leaked letter warns of a deteriorating Russian threat environment, citing more airspace violations and drone incursions. Disaster watch: Flash floods and landslides in Nepal/Tibet have killed at least 160 and left hundreds missing, including 34 Australians.

EU Budget Standoff: Germany’s Merz is rallying Finland and other leaders to push for “hundreds of billions” in cuts to the EU’s next 2028–2034 budget, with defence and security taking priority and tougher democracy conditions proposed. Ukraine Defence Industrialisation: Kyiv’s “Coalition of the Willing” meeting signals a shift from emergency support to institutionalised defence production, as European firms transfer classified tech for long-range missile capability. Competition Watchdog: The European Commission has raised objections to a UPM–Sappi joint venture over potential competition harm in communication paper markets, issuing a statement of objections. Finland Military Procurement: Finland’s Defence Forces ordered €14m of FPV drones for conscript training, expanding drone-warfare capability across brigade units. Labour Market Glimmer: Finland’s unemployment rate remains above 10% but vacancies are rising and employment stabilising, with hopes for improvement in long-term joblessness. Global Business Tech: Kao is rolling out Curél across Sweden, Norway, Denmark and Finland from September. Travel Shock: Flash floods in Nepal and Tibet killed at least 98 and left hundreds missing, including dozens of UK nationals.

Finnish biotech finance: Faron Pharmaceuticals says it will start its randomised Phase IIb BEXERA trial in the second half of 2026, after a rights issue completed in April. The study will test bexmarilimab plus standard azacitidine in higher-risk myelodysplastic syndrome, enrolling 90 patients across up to 35 sites in the US, Europe and the UK, with Parexel set to run it. Energy storage deal: Alpiq is buying the Bollingstedt battery energy storage system in Germany (103.5MW / 238MWh) from ECO STOR, adding its first operating large-scale BESS in Germany to Alpiq’s flexibility portfolio. AI and capital markets: Aggreko plans to list in New York, while Finnish health wearable maker Oura is reported to be targeting a US IPO in September at a valuation above $16bn. Media costs in Finland: Finnish viewers are shifting toward ad-supported “hybrid” streaming to cut subscription bills, with hybrid share rising to 21% this year. Policy and preparedness: Finland’s STUK says an IAEA team is reviewing the country’s radiation emergency preparedness in a first EPREV peer review mission.

Finland-Russia Hybrid Threats: Prime Minister Petteri Orpo says Russia is escalating hybrid attacks across Europe, with suspected sabotage linked to Russian intelligence being treated as more likely after incidents in Estonia, Bulgaria, Italy and Germany. Ukraine War & Energy Pressure: Ukraine’s drone campaign hit Russia’s Afipsky oil refinery in Krasnodar, killing two and injuring others, while Russia claims large-scale drone interceptions; Moscow also moves to tighten state control over inadequately protected critical infrastructure. Aviation Disruption for Finns: Finnair suspends all flights between Helsinki and Dubai for the winter season (Oct 25, 2026–Mar 27, 2027) citing Middle East security, and Finland also warns of wider instability affecting routes. EV Charging Use-Case: Kempower reports that public charging sites with more plugs see far higher utilization than sites with higher installed power, pushing operators toward plug access and smarter power sharing. EU Enlargement Overhaul: The European Commission prepares reforms to the enlargement process, including gradual integration and tougher rule-of-law safeguards, with a “Helsinki moment” framing. AI Compute Push: AM Intelligence orders 9,000 Nvidia Vera Rubin systems for an AI factory in Hyderabad, with planned capacity also tied to Finland among other markets. Defence Industry Moves: Patria-related Nordic vehicle orders continue, while Finland’s drone production cooperation with Ukraine remains in focus.

Aviation & Trade: Qatar Airways Cargo launched its first scheduled freighter service from Helsinki to Doha (via Budapest), starting 2 September, adding weekly export capacity of 100 tonnes from Finland and lifting total Helsinki cargo capacity to 170+ tonnes. Defence Industry: Finland is set to boost Ukraine’s drone and ground-robot production via deals involving Patria, General Cherry and Tencore, aiming to scale output on NATO territory. Geopolitics & Security: Finnish President Alexander Stubb backed deeper Ukrainian strikes inside Russia, arguing they raise Moscow’s war costs and support peace talks. Space & Intelligence: Finnish SAR satellite operator ICEYE formally opened ICEYE India in New Delhi and plans local manufacturing capability for defence and intelligence customers. AI Infrastructure: AM Intelligence ordered 9,000 Nvidia Vera Rubin systems for a Hyderabad AI factory, with a 1 gigawatt compute-as-a-service plan spanning India, the US, Finland and Malaysia. Wearables IPO Watch: Oura is reportedly preparing a US IPO that could raise up to $3bn and value the Finnish company above $16bn. EU Policy: The Commission proposed 2027 Baltic fishing quotas, including higher TACs for several herring stocks and by-catch cuts for cod and herring. Tech Regulation: EU tech sovereignty chief Henna Virkkunen warned that AI must stay under human control as models have “escaped” test environments.

Revolut Banking Push: Revolut has applied for a licensed banking branch in Finland, aiming to move from cross-border accounts to fully local Finnish account details for salaries and bill payments. Ukraine–Finland Defence Industry: President Alexander Stubb says Finland plans to send 90% of its drone production to Ukraine, with Finnish firms signing memorandums for joint production; Patria is also teaming with Ukrainian General Cherry to develop and start drone production in Finland. ICEYE Expands in India: Finnish SAR satellite firm ICEYE formally opened ICEYE India in New Delhi, targeting defence and intelligence customers and planning local manufacturing and supply-chain participation. Metso–Valmet Deal: Metso will acquire Valmet’s Flowrox peristaltic hose and progressive cavity pump technologies, moving production to Lappeenranta and rebranding the portfolio under Metso. Finland–Global Trade Links: Qatar Airways Cargo launches its first Helsinki freighter service on 2 September, adding weekly export capacity and boosting Nordic connectivity via Doha. EV Subsidy Lesson for Europe: A Reuters review highlights how Italy’s stop-start EV subsidies drove BEV share down to 5.9%, while France and Denmark surged—policy design, not demand, is the key driver. Labour Market Signal: Finland’s producer price inflation rose to 6.9%, adding pressure to cost and pricing decisions.

Finland-Ukraine Defence Industry: President Alexander Stubb says Finland will send about 90% of jointly produced drones to Ukraine, with the rest kept in Finland, as Helsinki and Kyiv finalise broader unmanned-systems cooperation. Air Defence Push: Stubb also announced Finland is preparing its next air-defence assistance package for Ukraine, while Nordic-Baltic leaders in Kyiv focus on winter readiness and protection of energy and ports. Russia’s Diplomatic Backlash: Russia’s Maria Zakharova accuses Finland of complicity in “international terrorism” over drone production ties with Ukraine. Corporate Deal in Finland: Metso signed an agreement to acquire pump technologies from Valmet, with production moving to Metso’s Lappeenranta facilities and the deal expected to close on Oct 1, 2026. Electric Car Momentum: A Europe-wide report shows BEV registrations up in July, with Finland among the more electrified Nordic markets. Labour & Wellbeing: A Finnish study links severe sleep disturbances after age 50 to a shorter working life expectancy. Sports Governance: Nordic football associations say they’ve lost confidence in FIFA chief Gianni Infantino, raising pressure for reforms and possible resignation.

Nordic–Baltic Solidarity for Ukraine: Leaders from the NB8 countries reaffirmed continued political, military and economic support for Ukraine, with a focus on winter preparations and protecting critical port and energy infrastructure as Russia keeps targeting systems. Finland–Ukraine Drone Push: Finnish and Ukrainian defence firms signed documents to develop and manufacture drones in Finland for Ukraine and Europe, alongside work on maritime unmanned systems and ground robotics. Kyiv Visit Signals Long-Term Ties: Finnish President Alexander Stubb pledged continued support for Ukraine during Flag Day events, framing Ukraine’s defence as part of Europe’s security. FIFA Governance Fallout: Six Nordic football associations, including Finland, said they have “lost confidence” in FIFA chief Gianni Infantino and demanded safeguards against private ownership and an independent review of the FIFA Forward Enterprise plan. Clean Hydrogen Deal: Finland’s P2X Solutions signed a long-term clean hydrogen offtake agreement to supply synthetic methane for heavy-duty transport via Germany’s REEFUEL network starting Q4 2026.

Citizenship Costs Spike: Russia has made renouncing citizenship far more expensive and harder to process, with a new law raising the state duty from 4,200 rubles to 50,000 rubles and higher consular fees—leaving many Russians abroad stuck for years. Cybersecurity & Energy: Iran-linked hackers reportedly shut down a UK power plant for four days, prompting the UK government to brief utilities and issue cybersecurity guidance for critical infrastructure. Finland–India Trade Push: After the EU–India FTA, Finland is urging deeper business ties with India in space, clean tech, circular economy and resource-efficient value chains, with Finnish officials pointing to partnerships and new market openings. AI Hardware Costs: Nvidia has warned major customers that AI server prices will rise by 15%+ from early next year due to DRAM memory shortages. Finland in the Spotlight: Finland tops the UN “happiest country” rankings again, reinforcing its brand of clean air, trust and efficient daily life. Labour Market Signal: Finland recorded its first rise in job vacancies since 2022, though the recovery remains uncertain.

Finland–India Trade Push: Finland is inviting deeper business ties with India after the EU-India FTA, with a focus on circular economy, clean energy, water efficiency and even space-sector collaboration, as Finnish officials say more than 100 Finnish firms are already active in India. Circular Economy Forum: At ICEF 2026 in New Delhi, Finland and Indian companies discussed resource-efficient and resilient value chains, including traceability and responsible supply chains, ahead of the World Circular Economy Forum. AI Energy Debate: A new analysis weighs the real-world water and power impact of AI, arguing that single-query estimates are too fuzzy and that the bigger picture of data-centre electricity use matters more for policy and efficiency. Arctic Logistics Research: Canada and Manitoba welcomed studies backing year-round shipping feasibility from Churchill, pointing to declining sea-ice and existing ice-class vessel capability. Finland in the News Mix: Finland also appears in wider EU and global business coverage, from beverage partnerships to tech and infrastructure developments.

India–Finland Circular Economy Push: Finland’s trade counsellor Antti Herlevi says more than 100 Finnish firms are already active in India across clean energy, waste management and recycling, as both countries used the India Circular Economy Forum in New Delhi to line up value-chain cooperation ahead of the World Circular Economy Forum. Alcohol Tax Debate: Alcohol Action Ireland urges a 15%+ rise in excise duties, arguing Ireland’s levy is eroded by inflation and that the alcohol industry’s pushback is profit-driven. Finland–Ukraine Drone Production: Innokas plans to produce drones in Finland using Ukrainian Airlogix technology under the Build with Ukraine initiative, aiming to boost supplies for the Ukrainian armed forces. Helsinki Cannabis Case: Police say they have uncovered a long-running Helsinki-area cannabis operation, suspecting nearly 100kg of marijuana produced over 2019–2026, with charges including drug offences, money laundering and tax offences. Business Activity Snapshot: Statistics Finland reports 243 bankruptcy proceedings started in July (down year-on-year), while new enterprise registrations fell 10% in Q2. Cybersecurity Warning: The FBI highlights evolving ransomware “franchises” like Gunra, targeting everything from small firms to hospitals and critical infrastructure.

Defense Industry & Ukraine: Finnish drone maker Innokas plans to produce UAVs for the Armed Forces of Ukraine using technology from Ukrainian Airlogix, aiming to scale European supply under the “Build with Ukraine” push. Cybersecurity: Google Cloud reports Russian-linked groups are increasingly hijacking accounts by abusing real sign-in and device-linking flows, not by cracking passwords. Trade & Industry: EU talks with China are still not rebalancing trade as China’s surplus with Finland rose sharply in July, adding to pressure over subsidies and overcapacity. Energy & Storage: CyberPower expects stronger Q3 results, citing demand for UPS and data-centre power management, with Europe growth including Finland. Food Systems: Research led by the University of Oulu says global food supply still fails to reach people because transport costs and inequality block access. Local Business: Närpes Grönsaker buys tomato brand NAMS after Agrifutura’s bankruptcy, keeping production in Närpes and Pori. Policy & Politics: Finland’s National Coalition Party drafts tougher immigration rules, including tighter residence-permit criteria tied to employment.

Finland jobs: Statistics Finland says job vacancies rose year-on-year in Q2 for the first time since 2022, up 2% to 29,600 (as of 1 June), with construction and Helsinki-Uusimaa leading the increase, though the change is small. Offshore wind bottleneck: A fragmented Finnish offshore wind push—three different regimes and unclear subsidy and tender details—risks slowing progress toward 12GW by 2040. Energy storage deal: Korkia Semecon Finland Renewables sold its 125MW Kukonkylä battery project to Enlight, targeting grid connection in H1 2028. Corporate leadership: Valmet appoints Max Luedtke as EVP for pulp, energy and circularity, effective Sept. 1. Trade & exports: Finland is backing aviation safety upgrades in Indonesia with a EUR 14.4m grant via Vaisala and the Finnish Meteorological Institute. EU cash buffer: Despite smartphone payments, EU cash in circulation is rising as households stock emergency money amid war and cyberattack fears. Diplomacy: Belarus is closing its embassy in Finland, with consular services redirected elsewhere.

Nordic Household Mood: Danske Bank’s 2026 Financial Peace of Mind survey shows Finland’s consumer confidence in personal finances slipping to the lowest in the Nordics (index 5.8), with inflation worries tied to energy prices and Middle East tensions weighing on households. AI and Jobs Anxiety: A Finnish survey by Taloustutkimus finds 51% of people fear AI will cause mass unemployment, though economists say there’s no sign of economy-wide job losses so far. Oura Pre-IPO Tech Push: Oura, the Finnish smart-ring maker, hires its first CIO and an SVP of AI as it prepares for a potential IPO later this year, signaling heavy investment in tech leadership ahead of going public. Energy Transition in Finland: Suomen Lantakaasu inaugurates Finland’s first industrial-scale bio-LNG plant in Nurmo, targeting about 100 GWh annually and aiming for a wider biogas ecosystem. Gambling Reform Watch: Finland’s shift from Veikkaus’s monopoly to licensed private online operators from July 2027 could reshape competition and force questions for Estonia-based brands serving Finnish customers. Corporate Moves: Valmet appoints Max Luedtke as EVP for Pulp, Energy and Circularity, starting Sept 1, as it continues restructuring leadership.