A complete rejection of the free market…
Where the free market rewards success and punishes failure (that’s why we have a modern successful economy and market), the government punishes success (with tax rates) and rewards failures (if your business is heavily favored by political apparatchiks).
Finnish gov’t approves €1.5m subsidy for struggling news agency STT
The Finnish government agreed on Thursday to grant a one-time 1.5-million-euro subsidy to the financially troubled domestic news agency STT.
Finnish news agency STT’s headquarters in Helsinki. Image: Irene Stachon / Lehtikuva
Government said it has agreed to grant Finnish news agency STT a cash injection to ensure that the country continues to have a round-the-clock news service and to help the firm reorganise and stabilise its financial position.
Founded in 1877, the Helsinki-based agency is one of the oldest news agencies in the world, but it has struggled with financial difficulties for the past several years, troubles mainly attributed to a gradual loss of its client base.
The biggest STT shareholder is Sanoma Media, which owns some 75.4 percent of the firm, followed by newspaper company Keskisuomalainen which has 6 percent. National broadcaster Yle owns 1.7 percent of STT.
Last June Alma Media and TS Group divested its shares in the company, selling their respective stakes to Sanoma Media.