Helsingin Sanomat probes the cost savings facing Finnish Innovation Fund Sitra, which is facing cutbacks like many other publicly funded organisations.
HS' story suggests that Sitra's administration has inflated, while the think tank's activities have drawn criticism for lacking tangible results. Today, personnel costs account for over half of Sitra's budget, up from a sixth in the early 2000s.
Established by Parliament in 1967, Sitra was a gift to the nation on its 50th anniversary of independence. In its early decades, Sitra focused on improving Finland's competitiveness and economic growth. A key tool in achieving this was providing venture capital to companies expanding internationally. By the 1990s, this approach had made Sitra Finland's largest venture capital investor.
More recently, Sitra has focused on shaping societal impact and analysing emerging "future megatrends." In 2023, some 40 percent of respondents in a Sitra stakeholder survey said the group's activities were ineffective.
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Stuck in real estate
The real estate sector has seen a grim start to the year, according to Kauppalehti, which digs deeper into recent news regarding real estate funds.
Last week, OP announced it temporarily suspended redemptions and subscriptions for two of its real estate funds.
"We saw a similar crisis in the US during the financial crisis. It also started in the housing market. The reasons may be different now, but the phenomenon is the same: when homes don’t sell, prices drop, and the value of the funds follows suit. People want their money out, but it's no longer possible," Vaasa University finance professor Timo Rothovius told the business daily.
Snow moves south
A snowstorm is hitting southern Finland on Friday, reaching southeastern parts of the country by Saturday, according to Maaseudun Tulevaisuus. The snow is expected to linger until Saturday evening.
Wind will also cause snow to drift, likely making road conditions even more challenging. Forecasters say temperatures are dropping this weekend too, with the mercury going down to -10 degrees Celsius in southern Finland by Sunday. Meanwhile, a high-pressure system over central and northern Finland will bring dry weather over the weekend, and it will be cold there, too.
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