“Finland’s prime minister suggested on Monday that Apple could be to blame for the demise of its two biggest industries, which in turn led to an economic downturn and a ratings downgrade for the Nordic country,” Matt Clinch reports for CNBC. “‘We have two champions which went down,’ Alexander Stubb told CNBC Monday. As well as the technology firm Nokia, he explained that the paper industry in Finland had fallen on hard times.”
“‘A little bit paradoxically I guess one could say that the iPhone killed Nokia and the iPad killed the Finnish paper industry, but we’ll make a comeback, [Stubb said],” Clinch reports. “Ratings agency Standard & Poor’s downgraded Finland’s sovereign debt rating to AA+ from AAA on Friday. It cited weak development, exposure to sanctions-hit Russia and said it could experience “protracted stagnation” due to its aging population, shrinking workforce and weakening external demand.”
Clinch reports, “Stubb told CNBC that his government needed to work harder and quicker and continue the structural reforms. Health care, pensions and municipal budgets are three areas which are key and have already seen some reform, according to Stubb. ‘We just have to keep at it,’ he said.”
Read more in the full article here.
MacDailyNews Take: Which reminds us:
Apple’s iPhone is a “niche product.” — Nokia’s then-CEO Olli-Pekka Kallasvuo, April 17, 2008