The Finnish government will on Thursday give the green light for Terrafame to start mining and refining uranium at an existing mine in eastern Finland, a government source told Reuters on Wednesday, Reuters reported. The permit will allow Terrafame, which is majority state-owned, to become the first miner to extract uranium on a commercial scale in Finland. Terrafame took over the nickel mine, previously known as Talvivaara, in the Kainuu region back in 2015, after environmental hurdles had led it to file for bankruptcy.
Swedish oil refiner Nynas, which is owned by Venezuela’s state-run PDVSA and Finland’s Neste Oil, said on Tuesday it planned to reorganize its business in an attempt to disentangle itself from U.S. sanctions imposed on Venezuela, Reuters reported. Nynas said the proposed changes to its ownership structure, backed by both PDVSA and Neste Oil, were filed with the United States’ Office of Foreign Assets Control (OFAC) on January 17.
Investors have poured more than $10bn into junk bond funds since early June, highlighting the intensity of their hunt for yield amid a big rally in the bond market. Net inflows into the asset class registered $2.3bn in the week to Wednesday, according to EPFR data, the Financial Times reported. That brought the boost over the past five weeks to $10.6bn, the largest increase over any such period since 2017.
The two biggest banks in the Nordic region saw their market values shrink on Tuesday after publishing first-quarter results that disappointed investors, Bloomberg News reported. Danske Bank A/S said it now expects net interest income to be lower this year than in 2018 as the higher cost of funding brought on by its money-laundering scandal erodes its top line. Its shares plunged more than 7 percent after the market opened in Copenhagen. At Nordea Bank Abp, net interest income missed market expectations amid growing pressure from its biggest investors to boost revenue.
A total of 10 former employees of Danske Bank A/S in Estonia were apprehended over the course of Tuesday and Wednesday, Bloomberg News reported. Estonian prosecutors suspect they deliberately helped criminals from the former Soviet Union launder money, for personal gain. In Denmark, where Danske is the biggest bank, the government made clear it’s not in favor of clemency. “It’s very important to come down hard on this case,” Danish Business Minister Rasmus Jarlov told Bloomberg.