BUSINESS WEDNESDAY, MARCH 18, 2015 Opposed to EU bailouts, Finland’s populists eye power HELSINKI: Finland’s populist opposition leader continues.” “The way I see it, the minimum is that if could join a new government after April’s general this (bailout) policy continues, Finland stays out of election with his calls to end bailouts and kick it,” Soini said. “The euro-zone, as it is now, does not Greece out of the euro likely to ensure Helsinki sticks work. Let’s start by Greece and perhaps Cyprus leav- to its tough line on EU affairs. The Finns party, for- ing the euro, then we could take a look and draw merly known as True Finns, rose from obscurity to conclusions for Finland,” he added. come third in the 2011 vote, spooking markets but In Finland, no political party has much power on winning over voters with criticism of EU financial its own, so Soini would probably end up in a com- rescues for fellow members of the euro during the promise in the next coalition, which will likely debt crisis. Finland has taken one of the hardest lines include 3-5 parties. in negotiations with Greece but party leader Timo “Having The Finns in the government would Soini refused to join the pro-bailout government probably mean that national interests would be coalition, a move many saw as a mistake as it threw emphasized (in EU), and Finland would continue its the party into ineffective opposition for four years. tough line towards aid packages,” said Tapio Raunio, He now wants to leave the political wilderness. professor of politics at University of Tampere. A fan While still opposed to the aid packages he calls of London football club Millwall, Soini is a charis- “pyramid schemes”, Soini has toned down his rheto- matic speaker who has won over voters with his ric in other areas - perhaps realizing it is now or nev- man-on-the-street image. But he has often strug- er for the 52-year-old who started in politics as a gled with controlling grassroots members, includ- teenager and has steered the party for 17 years. “It is ing one lawmaker who photographed a friend giv- important that the party moves to a next stage. That ing a Nazi salute in parliament, and was expelled is what our members and supporters want, the pow- from the party. er is in the government,” Soini said. Polls point to an But he has distanced The Finns from EU far-right election win for opposition Centre party leader Juha parties and last year changed his party’s EU group Sipila, with around 25 percent. But Soini is battling from EFD, which includes Britain’s UKIP, to ECR, home for second place with the ruling centre-right to the Britain’s Conservatives. He has also toned National Coalition and the Social Democrats, each down rhetoric on topics such as immigration, even with 14-17 percent. BRUSSELS: German Finance Minister Wolfgang Schauble (left) speaks with Finland’s Finance Minister though his party is still seeking tougher restrictions. He may benefit from the unpopularity of Prime Antti Rinne during an economic and financial affairs council (ECOFIN) at the European Council in Soini, a former EU lawmaker and current chairman of minister Alexander Stubb and his quarrelsome coali- Brussels. — AFP the Finnish parliament’s foreign policy committee, tion. Finland has been in recession for three years, its governments to show solidarity with Greece. The No more for Greece has also highlighted his international experience. “It’s flagship Nokia company has shed thousands of jobs current government in Finland angered other Soini said Finland should not be involved in any now or never for Soini. He has led the party for and it has lost competitiveness to other EU European countries by demanding collateral before more aid packages and Greece should leave the almost 18 years, there is some criticism towards him economies. Economic stagnation may make bailouts agreeing to help Greece and Spain and maintained a euro zone. “We need a Grexit,” he said. “There are no inside the party, so this is his chance to win a promi- even more unpopular in Finland just as EU chief tough line in negotiations on an extension to easy solutions, but if Greece continues in the euro, it nent minister post,” said senior researcher Mari K executive Jean-Claude Juncker called for European Greece’s financial rescue agreed last month. means more aid packages and the pyramid scheme Niemi from University of Turku. — Reuters Frankfurt braces for anti-austerity demos ECB launches new headquarters FRANKFURT: When the European Central Bank officially inaugurates its new headquarters in Frankfurt today, as many as 10,000 people from around Europe are expected to show up to join an anti-austerity demonstration. Organizers say protesters will converge on Germany’s financial capital to march against austerity policies which the ECB-as part of the much-hated “troika” of creditors - helps to oversee in return for bailout money for crisis-hit euro-zone countries. “We’re SHANGHAI: A man rides his tricycle loaded with polystyrene boxes on a sunny day in expecting several thousand people from all over Shanghai yesterday. The world’s second-largest economy expanded 7.4 percent last Europe in a clear sign against these crisis poli- year, the slowest since 1990, as authorities try to transform the growth model to one cies,” said a spokesman for the anti-capitalist in which consumer spending takes over as the key engine. — AFP group Blockupy. Frankfurt police are bracing for possible vio- China’s luxury big spenders: lence, using barbed wire and barriers to erect a security zone around the ECB’s spectacular 1.3- young, trendy and not so rich billion-euro ($1.4-billion) twin-tower skyscraper in the east of the city. At the height of today’s SINGAPORE: Global luxury brands expanding in mix niche labels with big brands. Labels consid- rally, thousands of officers will be deployed with China are better off targeting the HENRYs - “high ered niche such as Celine and 3.1 Phillip Lim are water cannons, helicopters and aircraft standing earners, not rich yet” - instead of the ultra- among the “hottest” sectors, according to a by in case the situation turns violent, police said. wealthy, as a slowing economy and a govern- report last week by online luxury magazine Jing “While most marchers are politically moderate ment that frowns on official excesses usher in an Daily, citing branding and marketing experts. and are expected to remain peaceful, there was era of less showy spending. HENRYs believe less Affordable labels like Tory Burch, Longines a ‘high possibility’ that there could be violence,” is more. These younger spenders pride them- and Michael Kors are also in demand, while selves on their individualism and snub the pricier, more conventional labels including the regional state police warned on its website. ostentatiously branded handbags and acces- Cartier, Louis Vuitton and Gucci have been hit by sories loved by the “secretary” types. a “cold front”, the Jing Daily report added. “The ‘Scaremongering’ FRANKFURT AM MAIN: Police cars stand in front of the new building of the European Central Fuelling their shopping habits are social Chinese consumer is now more educated and The organizers, grouped together under the Bank (ECB) in Frankfurt am Main, western Germany. — AFP media, multi-brand retail websites such as less conformist, which means they are less Blockupy banner, have accused the police and there were around 20,000 marchers, but the rally tively low key with only a modest number of Beijing-based ShangPin.com and Italy’s Yoox, inclined to look like a secretary and go for luxury city authorities of “scaremongering”. One of the remained mostly peaceful as more than 5,000 invited guests, including Frankfurt’s mayor Peter eclectic boutiques, and high-end department brands that are overdeveloped,” said Lionel movement’s spokesmen, Frederic Wester, said police sealed off large parts of the city. Until last Feldmann. In the current times of crisis, it was stores like Lane Crawford and Galeries Lafayette. Roudaut, head of fashion design and textile at police were drawing up an “absurd civil war sce- year, the ECB, which took over monetary policy in decided that the size of the inauguration would Chinese customers aged 25-35 are Yoox’s top Singapore’s LASALLE College of the Arts. “The nario”. Another spokesman described the mas- the single currency area in 1998, has been housed remain “appropriate”, an ECB spokesman said. spenders, International Markets Director Luca Internet has also given them access to products sive police deployment-one of the largest ever in a skyscraper, known as the Eurotower, in down- Against the backdrop of tense talks over a Greek Martines said, adding that they are willing to not available before.” — Reuters in Frankfurt-as “a scandal”. But Hannah Eberle for town Frankfurt. But work began on a new head- debt deal, the ECB is a favorite target for anti- the Interventionistische Linke (Interventionist quarters-designed by Vienna-based architects austerity protesters. Earlier this year, the ECB Left) vowed that demonstrators “will not allow Coop Himmelb(l)au-in 2008. Incorporating the stopped accepting Greek bonds as security in China’s overseas investment the police to get in their way”. “We’re fighting for historic Grossmarkthalle, a wholesale food mar- return for funding, when Greece’s new hard-left a different, a democratic and social Europe,” said ket, in the east of the city, the building was com- government under Alexis Tsipras was elected on jumps on Dutch transaction Roland Suess of the anti-capitalist group Attac.