research on bank holiday

Author: William L. Silber

After a month-long run on American banks, Franklin Delano Roosevelt proclaimed a Bank Holiday, beginning March 6, 1933, that shut down the banking system. When the banks reopened on March 13, depositors stood in line to return their hoarded cash. This article attributes the success of the Bank Holiday and the remarkable turnaround in the public’s confidence to the Emergency Banking Act, passed by Congress on March 9, 1933. Roosevelt used the emergency currency provisions of the Act to encourage the Federal Reserve to create de facto 100 percent deposit insurance in the reopened banks. The contemporary press confirms that the public recognized the implicit guarantee and, as a result, believed that the reopened banks would be safe, as the President explained in his first Fireside Chat on March 12, 1933. Americans responded by returning more than half of their hoarded cash to the banks within two weeks and by bidding up stock prices by the largest ever one-day percentage price increase on March 15—the first trading day after the Bank Holiday ended. The study concludes that the Bank Holiday and the Emergency Banking Act of 1933 reestablished the integrity of the U.S. payments system and demonstrated the power of credible regime-shifting policies.

• Request a Speaker
• International Seminars & Training
• Governance & Culture Reform
• Data Visualization
• Economic Research Tracker
• Markets Data APIs
• Terms of Use

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

What Is a Bank Holiday?

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

What is a bank holiday?

A bank holiday is when banks are closed on a business day in observance of a federal or local holiday. There are 11 federal bank holidays per year in the United States.

How do bank holidays work?

When a bank is closed for a holiday, branches and remote customer service options — such as customer service by phone or live online chat — are unavailable until the next business day. If the holiday falls on a Sunday, the bank will usually be closed on Monday. Online banking will typically still be available during the bank holiday, but it will be self-service.

» Looking for online services? Check out NerdWallet's picks for best online banks

Member FDIC

SoFi Checking and Savings

4.60% SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

EverBank Performance℠ Savings

Barclays Tiered Savings Account

4.80% 1.00% APY for <$10k balance; 4.00% APY for $10k to <$50k balance; 4.50% APY for $50k to <$250k; 4.80% APY for $250k+ balance

on Wealthfront's website

Wealthfront Cash Account

on Betterment's website

Betterment Cash Reserve – Paid non-client promotion

5.50% *Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.

Marcus by Goldman Sachs High-Yield CD

5.10% 5.10% APY (annual percentage yield) as of 06/25/2024

Bask Bank CD

5.30% The annual percentage yield is effective as of Thursday, June 25, 2024. APY is a fixed rate and a $1,000 minimum balance is required. Bask Bank will pay this rate and APY through your CD maturity date. Fees could reduce the earnings on your account, and an early withdrawal penalty may be imposed for early withdrawal. If your CD is not funded with at least $1,000 within 10 business days after the date the account is opened, it will automatically be closed. Read the full terms here: https://www.baskbank.com/terms-and-disclosures.pdf

5.15% 5.15% APY (annual percentage yield) as of 06/25/2024

Discover® Cashback Debit

Chase Total Checking®

Deposits are FDIC Insured

Chime Checking Account

Discover® Money Market Account

List of bank holidays in the U.S. in 2024 and 2025

You may want to check your bank’s holiday closure schedule — especially if your bank operates internationally — but here are the typical bank holidays observed in the United States according to the Federal Reserve .

Does money go out on a bank holiday?

If you have an electronic payment that might be delayed by a bank holiday — such as a direct deposit, online payment or money transfer — you may need to plan to pay for something early. For example, if your rent is due on a particular day of the month, look ahead to any bank holidays that might disrupt your payment and try to schedule your payment accordingly. Sometimes your employer or bank might also send your paycheck before a bank holiday.

How to access your money during a bank holiday

Even if your bank’s branches and customer service phone lines are closed during a bank holiday, you can still typically access your money online and through your bank’s ATM network . Most banks allow their customers to manage their money with a mobile app or by logging in to their accounts on a computer. You can send money through Zelle if your bank offers that service , transfer money to other accounts and make bill payments online, and you can use ATMs to withdraw and deposit cash.

On a similar note...

Are Banks Open Today? Full List Of US Holidays 2024

Fact Checked

Updated: Mar 21, 2024, 2:10pm

If you’re planning to handle your personal finances on a holiday, you might be surprised to find your bank is closed. Many banks observe federal holidays just as you do, so here’s a comprehensive list of traditional bank holidays and information about when banks are open to help you in 2024.

What Holidays Are Banks Closed?

National holidays are those commonly celebrated throughout the country, while a federal holiday is one recognized by the government. In the U.S., certain institutions—such as banks, post offices, government offices and most schools—are closed during federal holidays. Here’s a list of those holidays with their dates observed.

Bank Holidays Calendar for 2024

Are the banks open today? If it’s a federal holiday, chances are your bank will be closed. See below for the list of bank holidays in 2024. Note that when a holiday falls on a Saturday, banks will close the Friday before. And if it falls on a Sunday, banks close the following Monday. If you need to plan even further ahead, you can visit the Federal Reserve website to see which holidays will be observed, along with their corresponding dates, for the next few years.

What To Do if Your Bank Is Closed

If your bank is closed on a federal holiday—or because of special circumstances like an emergency situation or global pandemic—you can still fulfill most of your banking needs by visiting ATMs and accessing your bank account online or through your bank’s mobile app. Check your bank’s website or call ahead to find out if it’s closed on a particular day.

If you discover your bank is closed for the holiday, any deposits you make won’t be posted until the next business day. The upside to this is that withdrawals will also be suspended.

Bill Payments on Bank Holidays

If your bill due date falls on a federal holiday, your payment will be processed the following business day. In this instance, your payment will be considered on time as long as you made the payment before the bill cut-off time, which cannot be before 5 p.m. on the bill due date.

For example, let’s say your credit card bill is due on Monday, September 2nd or Labor Day, and you pay it at 3 p.m. Your transaction will be processed on September 3rd, the following business day. You won’t be charged a late fee because you made your payment on the credit card’s due date.

Why Do Banks Close for Federal Holidays?

Most banks belong to the private sector. However, given that bank activities rely on the Federal Reserve—a government agency—banks follow the calendar for federal holidays, which originally started in 1870 as a way to grant federal employees paid time off. The U.S. currently recognizes the ten federal holidays listed above. The most recent change to this list was the addition of Juneteenth in 2022.

Find The Best Online Banks Of 2024

What banks are open today.

Most banks, especially smaller and regional institutions, follow the federal holiday calendar. There are a few exceptions—some banks may be open on Presidents Day or Columbus Day/Indigenous Peoples’ Day, often with limited banking hours. Even if your bank is open on a banking holiday, your transaction won’t post until the next business day.

Another exception may be bank branches located inside grocery stores but with limited hours. If you need in-person banking with more flexible hours, check to see if your financial institution happens to have a branch inside a store.

Here is a list of banks open on either Presidents Day or Columbus Day/Indigenous Peoples’ Day. Keep in mind that even though these banks are open, the Federal Reserve is closed, so any transactions received on those dates will be posted the following business day.

Are Online Banks Open During Bank Holidays?

If you use an online bank that doesn’t have brick-and-mortar locations, online banking services will be available on bank holidays, but transactions likely won’t post until the next business day.

Bottom Line

If it’s a federal holiday, it’s likely a bank holiday too. But it’s still worth checking your bank’s website for additional options and holiday hours when your needs exceed regular online banking and mobile app options.

Find The Best Bank Bonuses & Promotions Of 2024

Frequently Asked Questions (FAQs)

What happens to transactions on a bank holiday.

Although banks have the authority to follow their own schedules, most will hold transactions on a bank holiday, posting them on the next business day.

What if a holiday falls on a weekend?

If a holiday falls on a Saturday, banks will often be closed the Friday before. And if a holiday falls on a Sunday, banks will be closed the following Monday.

Are banks open on Christmas Eve?

Christmas Eve is not a federal holiday, but some bank branches do choose to close their doors early. Check your bank’s holiday hours to be sure.

What about payroll during bank holidays?

Although they’re not required to do so, employers can schedule payroll to go out early, before a bank holiday—and thankfully, many do. Otherwise, payroll can be paused for a bank holiday.

• Best CD Rates
• Best High-Yield Savings Accounts
• Best Online Banks
• Best Checking Accounts
• Best Money Market Accounts
• Best Budgeting Apps
• Best Credit Unions
• Best 5% Interest Savings Accounts
• Best Business Savings Accounts
• Best Savings Accounts For Kids
• Best No-Fee Savings Accounts
• Best Savings Accounts With Debit Cards
• Best Student Savings Accounts
• Best 1-Year CD Rates
• Best 5-Year CD Rates
• Best 3-Month CD Rates
• Best 6-Month CD Rates
• Best Jumbo CD Rates
• CD Interest Rates Forecast
• Best High-Yield Checking Accounts
• Best Business Checking Accounts
• Best Teen Checking Accounts
• Best Joint Checking Accounts
• Best No-Fee Checking Accounts
• Best Student Checking Accounts
• Best Bank Bonuses and Promotions
• Capital One Promotions
• Chase Bank Promotions
• U.S. Bank Promotions
• CIT Bank Review
• Marcus By Goldman Sachs Review
• SoFi Bank Review
• Chime Review
• Discover Bank Review
• Axos Bank Review
• Best Allowance And Chore App For Kids
• Best Debit Cards For Kids
• CD Calculator
• Budget Calculator
• Emergency Fund Calculator
• Best Places To Keep Emergency Fund

Next Up In Banking

• Best Online Banks Of July 2024
• ATM Withdrawal Limits: What You Need To Know
• Capital One Checking And Savings Bonuses
• How To Switch Banks: A Step-By-Step Guide
• 5 Places To Save Money And Earn Interest

9 Best Money Market Accounts July 2024: Up To 5.48%

10 LGBTQ-Friendly Banks Of 2024

BMO Alto Review of 2024

Best Savings Accounts Of July 2024

Quicken Simplifi Review 2024

Credit Karma App Review 2024

Bonnie Honeycutt is a New York Times best-selling editor who also works as a freelance journalist, ghost writer, and writing coach. She has managed academic and scientific journals, and worked as an editor and writer for various magazines and newspapers, though remains most at home collaborating on projects in the lifestyle and wellness space. She currently works full-time as a senior editor at a major book publisher and resides in Nashville, Tennessee.

Holiday schedule

The Federal Reserve Bank of Dallas and its branches at El Paso, Houston, and San Antonio, Texas, will observe the following holidays:

*Saturday **Sunday Holiday policy: When holidays fall on Saturday, Federal Reserve Banks and branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve offices will be closed the following Monday.

Why Do We Have Bank Holidays? Their History and Origin

This is it folks. The definitive guide to UK bank holidays . What they are, why we have them, the history of bank holidays etc. etc.. The whole kit and caboodle.

What is a Bank Holiday?

The definition of a bank holiday is “a weekday on which banks are closed by law; legal holiday”.

The term is used in the UK, its former territories, and a small handful of other European countries, and while both ‘bank holiday’ and ‘public holiday’ can both be days off and used interchangeably there is a technical difference: a ‘bank holiday’ is derived from statute law and a ‘public holiday’ is derived from common law.

To you, me and the next man though there’s no difference. Whichever term is used may only really matter in academia and perhaps the banking and legal professions.

However, before we begin, an important point needs to be made: that of whether you can take a day off work, or not. This depends on your contract with your employer. It is not an automatic right. Find out if you can  take a day off on a bank holiday .

The History of Bank (Public) Holidays

In the UK ‘bank’ or ‘public’ holidays have become a highlight of the calendar year evolving over centuries of cultural and political change, and a combination of tradition, religion, days of historic significance, legislation, and a more practical approach to work and life.

Some holidays may seem obvious: Easter and Christmas for example are important (pre-)Christian festivals. Others may seem a little more esoteric and you may wonder why we have an  Early May  or  late August Bank Holiday , but no public holidays in England and Wales on the  patron saint’s days ?

Well, read on …

In the days of yore when Britain was largely an agricultural economy and less urbanised life revolved very much around the family, village, farm, and seasons. People celebrated the natural cycle of life such as the end of winter, the coming of summer, the summer solstice, and harvests. They prayed for a bounteous crop and were genuinely thankful when it happened.

Livelihoods depended on the seasons and the prospect of a poor harvest, flood, long winter, or wet summer was potentially disastrous. As such the arrival and passing of these important times of year were significant dates in the agricultural calendar and people’s lives, and festivals became a customary way to mark them. As such many northern European countries share similar traditions and festivals at similar times of year.

Many traditions are in fact pagan or pre-Christian in origin but as Christianity spread throughout the kingdom it wasn’t long before new, religious festivals began to merge with existing traditional festivals, or develop anew around the Christian calendar.

Work was hard in the early nineteenth century – really hard – usually manual whether in a factory, mill or on the land, and people worked long hours. But they did take holidays – not quite in the same fashion we do today (two weeks holiday would have been unheard of, and foreign holidays were reserved only for the wealthy) but they tended to be religious, seasonal and often localised, and spread throughout the year.

Pretty much the only nationwide days off people had were Sundays, Good Friday and Christmas Day.

In fact the word ‘holiday’ itself derives from it being a holy day. As the  Online Etymology Dictionary  defines it a holiday is:

1500s, earlier haliday (c. 1200), from Old English haligdæg “holy day, consecrated day, religious anniversary; Sabbath,” from halig “holy” (see  holy ) +dæg “day” (see  day ); in 14c. meaning both “religious festival” and “day of exemption from labor and recreation,” but pronunciation and sense diverged 16c.

According to  Wikipedia  and  Wikisource  by 1834 the Bank of England observed around 33 saints’ days and religious festivals as holidays, but reduced these to just four in 1834: 1 May (May Day), 1 November (All Saints Day), Good Friday, and Christmas Day. Similarly the  Encyclopaedia Britannica  states that “Before 1830 the Bank of England closed on approximately 40 saints’ days and anniversaries, but that year the number was reduced to 18 days.”

Given the casual approach to research most other sources have adopted the inference here is that the rest of the country also followed suit and took time off at the same time as the Bank of England. There is little evidence to support this though, as H. Cunningham points out below, as these holidays were confined to the Bank and not explicitly stated to refer to the general population as well.

In  The Cambridge Social History of Britain, 1750-1950 , H. Cunningham says “There may have been a reduction in holiday time in the early nineteenth century, though the evidence on which this is based is confined to the Bank of England which closed on 44 days in 1808 and on only four in 1834. By 1845, however, the trend had been reversed and Bank workers were getting six to eighteen days’ annual leave …”

Whether the general populace also had a holiday at the same time is unclear as official legislation on nationwide holidays wouldn’t exist for another 37 years until the passing of the Bank Holidays Act 1871.

In addition, with such a yo-yoing in the number of holidays the Bank took, it seems quite plausible that it would be difficult for businesses across the country to follow suit.

H. Cunningham continues: “Regional variations were of crucial importance in the evolution of holiday habits. In most parts of the country holidays had always been considered as particular days rather than as a stretch of days. Such holidays were the most vulnerable; they could be picked off one by one, especially in areas where labour organisation was weak …”

It wasn’t until 1871 that ‘bank holidays’ for the whole country were officially recognised in law as a nationwide holiday as you’ll see below.

Bank Holidays Act 1871

Bank holidays only came into existence in 1871 when the banker-turned-politician Sir John Lubbock, the first Lord Avebury, introduced the Bank Holidays Act.

According to Horace G. Hutchinson in the  Life of Sir John Lubbock, Lord Avebury, Volume 1 , his political aims were threefold:

• To promote the study of Science, both in Secondary and Primary Schools
• To quicken the repayment of the National Debt
• To secure some additional holidays, and to shorten the hours of labour in shops

So popular was he, as Hutchinson continues, that the  Daily Telegraph  suggested naming the August holiday “St. Lubbock’s Day”.  Bell’s Life  exclaimed “A Statute Holiday! A holiday by Act of Parliament!”

The  News of the World  was head over heels about him: “Blessings on the head of Sir John Lubbock, who invented a decent excuse for holidays to Englishmen. We never wished for a revival of Saint’s days, but we certainly did wish that some great inventive genius could discover a reason why the people should not work all the year round, Sundays, Good Fridays, and Christmas days excepted … Sir John has shown of himself to be an inventor of the highest order, and his great reputation as a man of science has been enhanced by the invention of Bank Holidays.”

As for why they might be called ‘bank holidays’ Doug Pyper explains in the  House of Commons’ Briefing Paper, December 2015, on Bank and Public Holidays : “while most employers were able to give their workers days off on “public” holidays, it was difficult for banks to do so because the holders of bills of exchange had the power to require payment on those days”.

Quoting the Parliamentary Debates, 3rd Series, Vol. 206, 4 May 1871, he continues:

“The question of holidays was generally left to be settled between employers and employed, and it was very easy for most employers who desired it, to give their men a holiday at a small pecuniary sacrifice to themselves; but that was impossible in the case of banks so long as the holders of bills of exchange and promissory notes had power to require payment on those days. In order to avoid bankruptcy it was necessary that banks should be kept open on those days, and thus the clerks could not have holidays on – such occasions. He believed a feeling was generally growing that work in England was quite hard enough, and that additional holidays would not be unwelcome to those to whom they were given, nor unpopular with the general community.”

When legislation was drawn up an important part included that “no person was compelled to make any payment or to do any act upon a bank holiday which he would not be compelled to do or make on Christmas Day or Good Friday, and the making of a payment or the doing of an act on the following day was equivalent to doing it on the holiday.” This basically meant that everyone was entitled to time off.

The bank holidays introduced were:

* If Christmas Day and New Year’s Day fall on a Sunday, the following Monday is the bank holiday

An Act of 1875 later proclaimed 27 December to be a holiday in England, Wales and Ireland when 26 December falls on a Sunday, i.e. the first weekday after Christmas, Boxing Day.

To quote Wikipedia “The Act did not include Good Friday and Christmas Day as bank holidays in England, Wales, or Ireland because they were already recognised as common law holidays: they had been customary holidays since before records began.”

Later on in 1903 the Bank Holiday (Ireland) Act added 17 March, Saint Patrick’s Day, as a bank holiday for Ireland only. It’s included here as Ireland was then part of the UK and Northern Ireland retained the holiday after Irish independence.

Banking and Financial Dealings Act 1971

Commencing in 1965, stemming from a White Paper on Staggered Holidays, and on an experimental basis,  the government  proposed to change the Whit May bank holiday and August bank holiday upon “a general desire that everything possible should be done to alleviate the growing congestion at the peak of the holiday season.”

“Our further consultations have confirmed the view that a fixed Spring Bank Holiday and a later August Bank Holiday could make a worthwhile contribution to the extension of the holiday season and to the avoidance of congestion for holidaymakers at peak holiday times. The Government have, therefore, decided, after full consultation with the interests concerned, that the August Bank Holiday for the next two years, 1965 and 1966, should be on the last Monday in August. The Government would have wished to combine this experiment of moving the August Bank Holiday to the end of the month with a fixed spring holiday on the last Monday in May, 1965 and 1966, to replace the present Whit Monday Bank Holiday. This is not possible in 1965 because of the arrangements which have already been made for school examinations. These cannot now be changed without serious inconvenience. In 1966 the Whit Monday Bank Holiday will in any case fall on the last Monday in May.”

Upon the success of the trial the next official overhaul came in 1971 with a revision to the 1871 Act.

The new 1971  Banking and Financial Dealings Act  was incorporated therefore and moved the August Bank Holiday from the first Monday to the last, and the Whitsun holiday to the last Monday in May.

Further revisions included New Year’s Day being proclaimed a bank holiday in England, Wales and Northern Ireland in 1974, the first Monday in May (excl. Scotland) in 1978, and the final Monday of May (Scotland) were designated as bank holidays.

In January 2007, the St. Andrew’s Day Bank Holiday (Scotland) Act 2007 was given royal assent, making 30 November (or the nearest Monday if a weekend) a bank holiday in Scotland but banks and other organisations are not compelled to take it.

Royal Proclamations

The 1971 Act also gives Her Majesty the power to appoint additional days as bank holidays by Royal Proclamation. This basically means if a bank holiday falls on a weekend she legislates for the following Monday to be the bank holiday instead (if not already stated in law).

There are a few instances when holidays were added or subtracted such as the Queen’s Silver Jubilee in 1977 but the definitive list of bank holidays is below.

The Definitive List of UK Bank Holidays

By 1978 the land lay as follows with eight holidays a year in England and Wales, nine in Scotland and ten in Northern Ireland:

1) Banking and Financial Dealings Act 1971

2) Royal Proclamation under 1971 Act

3) Common law public holiday

4) Proclaimed by Secretary of State for Northern Ireland

• Library of Congress
• Research Guides

This Month in Business History

1933 bank holiday.

• Introduction
• The Year 2000 : Y2K
• Salmon P. Chase, Lincoln's Secretary of the Treasury Born
• Alexander Hamilton, First Secretary of the Treasury Born
• Albert Gallatin, the 4th Secretary of the Treasury Born
• Prohibition Begins
• Standard Oil Established
• Labor Leader Samuel Gompers Born
• Woolworth's Five and Dime
• The Flint, Michigan, Sit-Down Strike
• First Bank of the United States Chartered
• Department of Commerce Founded
• Patent for the Air Conditioner Issued to Willis H. Carrier
• Frances Perkins became the First Female Cabinet Member
• Production on the Sholes and Glidden Type-Writer Began
• The Triangle Shirtwaist Fire
• Debut of the Standard & Poors 500 Index
• Founding of the Department of Labor
• Cesar Chavez: Labor Leader Born
• Income Tax Day
• Banker J. P. Morgan Born
• The Founding of Apple Computer, Inc.
• United States Mint Founded
• Dolores Huerta, Labor Activist Born
• A. Philip Randolph, Labor & Civil Rights Activist Born
• Completion of the Transcontinental Railroad
• Dow Jones Industrial Average First Published
• First Fortune 500 List Published
• Nannie Helen Burroughs Born
• World’s First Coca-Cola was Served
• CNN Launched 6/1/1980
• Black Wall Street in Tulsa, OK Destroyed on 6/1/1921
• Fair Labor Standards Act Signed
• Signing of the Securities Exchange Act of 1934
• Founding of the Bureau of Labor Statistics
• Alonzo Herndon, Founder of Atlanta Life Born
• Federal Deposit Insurance Corporation (FDIC) Established
• Founding of The International Ladies' Garment Workers' Union (ILGWU)
• National System of Interstate and Defense Highways Act Signed into Law
• Fireworks: Beyond the Fourth of July
• Dun & Bradstreet Founded
• ZIP Code Introduced
• Bretton Woods Conference & the Birth of the IMF and World Bank
• Renewal of the Second Bank of the United States Vetoed
• Sherman Anti-Trust Act Signed into Law
• The Lanham Act Lays the Foundation for Modern Trademark Law
• Butterfield Overland Mail Awarded Contract for Western Mail Delivery
• The Whiskey Rebellion
• Opening of the Panama Canal
• The Bell System
• Founding of the National Labor Union and the 1st National Call for a 8-Hour Work Day
• United Farm Workers Organizing Committee Recognized by AFL-CIO
• Brotherhood of Sleeping Car Porters Union Formed
• Homeowners Insurance
• The Panic of 1873
• Patent for the XEROX Machine Issued
• John Merrick, Entrepreneur and Community Leader, Born
• Patent for the Cash Register Issued
• New York City's Independent Subway System Opened
• Walter P. Reuther, Labor Leader, Born
• Opening of the Erie Canal
• The Black Monday Stock Market Crash
• Clayton Antitrust Act Enacted
• Birth of Ybor City, the Cigar Capital of the World
• Maggie L. Walker, First Black Woman to Charter a Bank
• Macy's Thanksgving Parade
• Industrialist Andrew Carnegie Born
• The Day of Two Noons
• Hetty Green, the “Witch of Wall Street” was Born
• Labor Activist Mother Jones Dies
• Ida Tarbell, Author of "History of the Standard Oil Company" was Born
• The Man Who Saved Christmas
• The Game of Monopoly is Patented
• Federal Reserve Act Signed
• Cosmetic Entrepreneur Elizabeth Arden Born
• Formation of the American Federation of Labor

Business Reference : Ask a Librarian

Have a question? Need assistance? Use our online form to ask a librarian for help.

Authors: Ellen Terrell, Business Librarian, Science & Business Reading Room

Created: February 2023

Updated:  February 2024

The United States was in the grip of what is now called the Great Depression that began in 1929. People were out of work and scared about the economy. Belief in Wall Street and the country's banking system was shaken and the banking system was buckling under the pressure. For three years, hundreds of banks failed and other issues were appearing that were straining the system further. Franklin D. Roosevelt was inaugurated on March 4, 1933 and got right to work.

Less than 48 hours into his presidency, he issued Proclamation 2039 which suspended all banking activity. It said in part:

Now, Therefore I, Franklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said Act and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the Sixth day of March, to Thursday, the Ninth day of March, Nineteen Hundred and Thirty-three, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, a bank holiday, and that during said period all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof; nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever. 1

This meant for days, there were no withdrawals, transfers, or deposits.

On March 9th, another Proclamation was issued continuing the closure. That one day extension wasn't wasted—the Emergency Banking Act or the Emergency Banking Relief Act ( Public Law 73-1, 48 Stat. 1 ) was passed on March 9, 1933, in an attempt to stabilize the banking system. Once the legislation was passed, the President issued Executive Order 6073 on March 10, 1933:

The Secretary of the Treasury is authorized and empowered under such regulations as he may prescribe to permit any member bank of the Federal Reserve System and any other banking institution organized under the laws of the United States, to perform any or all of their usual banking functions, except as otherwise prohibited. The appropriate authority having immediate supervision of banking institutions in each State or any place subject to the jurisdiction of the United States is authorized and empowered under such regulations as such authority may prescribe to permit any banking institution in such State or place, other than banking institutions covered by the foregoing paragraph, to perform any or all of their usual banking functions, except as otherwise prohibited. All banks which are members of the Federal Reserve System, desiring to reopen for the performance of all usual and normal banking functions, except as otherwise prohibited, shall apply for a license therefor[e] to the Secretary of the Treasury. 2

And with that, the banks began to reopen. The president had more to say about the situation on March 12th, when he gave his first Fireside Chat and devoted the entire discussion to the banking crisis and the Bank Holiday:

What, then, happened during the last few days of February and the first few days of March? Because of undermined confidence on the part of the public, there was a general rush by a large portion of our population to turn bank deposits into currency or gold—a rush so great that the soundest banks could not get enough currency to meet the demand. The reason for this was that on the spur of the moment it was, of course, impossible to sell perfectly sound assets of a bank and convert them into cash except at panic prices far below their real value. By the afternoon of March 3d scarcely a bank in the country was open to do business. Proclamations temporarily closing them in whole or in part had been issued by the Governors in almost all the States. It was then that I issued the proclamation providing for the nationwide bank holiday, and this was the first step in the Government's reconstruction of our financial and economic fabric. 3

The federal government did turn to the question of regulating banks later that year when the Banking Act of 1933 ( Pub. L. 73–66, 48 Stat. 162, enacted June 16, 1933 ) was signed into law. This law created the Federal Deposit Insurance Corporation (FDIC) as a temporary agency, and two years later the Banking Act of 1935 ( Pub. L. 305, 49 Stat. 684, enacted August 23, 1935 ) was passed which made the FDIC a permanent agency.

Print Resources

The following titles link to fuller bibliographic information in the Library of Congress Online Catalog . Links to digital content are provided when available.

Library of Congress Digital Resources

The following resources created and digitized by the Library of Congress can be used to find out more about the situation as well as the events of the day.

Internet Resources

The links below are for content more generally on the Internet.

• "The 1933 Bank Holiday" External This is an article from the Financial History Magazine.
• "Why Did FDR’s Bank Holiday Succeed?" External This is a piece from the New York Federal Reserve Bank branch's Economic Policy Review from July 2009.
• American Presidency Project - Franklin Delano Roosevelt External Includes documents like Fireside Chats, inaugural addresses, speeches, Executive Orders, memos, convention speeches, debates, etc.
• Bank Holiday of 1933 External This is a short piece on the Bank Holiday from the Federal Reserve.
• "Celebrating the First Fireside Chat" This page from the National Archives has information about the first fireside chat and includes a recording.
• The Depths of Depression (Today in History) This guide has links to various items related to the Great Depression within the Library of Congress collections.

• Franklin D. Roosevelt Presidential Library and Museum External Includes digital collection and content related to Franklin Roosevelt during his years in the White House and is part of the National Archives presidential libraries system.
• FRASER External The St. Louis Federal Reserve has digitized a wealth of documents that cover banking and economic history. Search on Banking Emergency or Emergency Banking Relief Act. It includes Documents and Statements Pertaining to the Banking Emergency, Recollections of the banking crisis in 1933, Interpretation of Banking Act of 1933, etc. Also, see related content like Banking Act of 1933 and other Depression era content.
• The Great Depression. Federal Reserve. External This is a history article on the Great Depression from the Federal Reserve.
• The Great Depression. Library of Economics and Liberty External This is an article on the Great Depression.
• National Bureau of Economic Research (NBER) External The NBER publishes a wealth of information on the United States economy including the Great Depression and banking including "Bank Failures and Output During the Great Depression," "The Great Depression," and "New Deal Changes in the Banking Structure and Monetary Standard".

Search the Library's Catalog

Additional works on this topic in the Library of Congress may be identified by searching the Library of Congress Online Catalog under appropriate Library of Congress subject headings. Choose the topics you wish to search from the following list of subject headings to link directly to the Catalog and automatically execute a search for the subject selected. Please be aware that during periods of heavy use you may encounter delays in accessing the catalog. For assistance in locating other subject headings that may relate to this subject, please consult a reference librarian .

• Bank failures--United States--History--20th century.
• Banks and banking--United States--History--20th century.
• Depressions--1929--United States.
• Financial crises--United States--History--20th century.
• United States--Economic conditions--1918-1945.
• Proclamation 2039—Bank Holiday, March 6-9, 1933, Inclusive External  (March 06, 1933).  Back to text
• Executive Order 6073,  External  (March 10, 1933).  Back to text
• First Fireside Chat,  External  (March 12, 1933).  Back to text
• << Previous: Cesar Chavez: Labor Leader Born
• Next: April >>
• Last Updated: Jul 19, 2024 3:30 PM
• URL: https://guides.loc.gov/this-month-in-business-history

• Bank Holidays

Today's and Upcoming Holidays in the United States

All Holidays in the United States 2024 All Holidays in the United States 2025

Holidays Today in the United States

There are no holidays in the United States today.

There are no holidays today for the holiday type you chose. Please change the filter above to see different holiday types.

See all holidays worldwide

Holidays are calculated using the local time in New York.

Upcoming Holidays (July to August 2024)

No holidays shown? Please select at least one of the boxes above to show your chosen holiday types.

While we diligently research and update our holiday dates, some of the information in the table above may be preliminary. If you find an error, please let us know .

• 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Today 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Unable to find that country

You might also like.

Pioneer Day

Pioneer Day is an annual state holiday in Utah in the United States. It is celebrated to honor the pioneers who demonstrated industry and bravery when they ventured to settle in a place that is now Salt Lake City.

Parents' Day

Parents’ Day is celebrated in the United States on the fourth Sunday of July each year to recognize and promote parenting as a crucial part of families and the wider community.

Colorado Day

Colorado Day is an annual observance that commemorates the state’s birthday on August 1, 1876, and its history.

Purple Heart Day

Purple Heart Day on August 7 commemorates the day in 1782 when General George Washington created the Purple Heart Medal – a military decoration that is awarded to those wounded or killed while serving in the United States Armed Forces.

Numbers, Facts and Trends Shaping Your World

Read our research on:

Full Topic List

Regions & Countries

• Publications
• Our Methods
• Short Reads
• Tools & Resources

Read Our Research On:

More than half of states will recognize Juneteenth as an official public holiday in 2023

The newest federal holiday, Juneteenth National Independence Day, celebrates the end of slavery  in the United States. But at the state level, governments vary considerably in whether they commemorate it as an official holiday, a day of observance or something in between.

This year, at least 28 states and the District of Columbia will legally recognize Juneteenth as a public holiday – meaning state government offices are closed and state workers have a paid day off – according to a Pew Research Center analysis of state human resources websites, state legislation and news articles. Connecticut , Minnesota , Nevada and Tennessee have made Juneteenth a public holiday at the state level starting this year.

Juneteenth is the newest federal holiday in the United States, and one that is celebrated differently across the states. Pew Research Center took a look at how each state commemorates the day.

We focused on states that observe Juneteenth as an official public holiday – meaning state offices are closed and state workers get a paid day off. Our main sources for this analysis were state administrative, personnel and human resources websites, most of which post lists of official state holidays. We supplemented those lists with an analysis of news reports about local observances of Juneteenth and, where relevant, state legislation.

New Mexico’s Legislature added Juneteenth as an official state holiday in 2006, observed on the third Saturday of June;  it became a paid holiday  for state workers for the first time in 2022. In Illinois, state workers get a paid holiday for Juneteenth only if it falls on a weekday. Governors in Alabama and West Virginia authorized Juneteenth as a holiday for state workers this year, last year and in 2021. Legislatures in each state must pass a law for it to become a permanent official state holiday. The governors’ proclamations must be issued annually in the absence of permanent legislation.

In most of these states, Juneteenth is designated as a permanent state holiday and commemorated annually. In Alabama and West Virginia, Juneteenth has been authorized as a state holiday for this year by a governor’s proclamation; the holiday can become permanent in these states if their legislatures pass bills to make it so.  

In addition to D.C. and the states where Juneteenth is an official public holiday, other states give certain government workers the day off but haven’t declared Juneteenth a holiday at the state level.

Starting this year, California state employees can choose to take Juneteenth off in lieu of a personal holiday. In Pennsylvania, the day is designated as an “official annual observance”  and a paid day off for state employees under the governor’s jurisdiction. And in North Carolina, some state workers can  choose to take a floating holiday  on a day of “cultural, religious or personal significance,” including Juneteenth.

Juneteenth is a combination of the words June and nineteenth. It commemorates the day more than two months after the end of the Civil War – and more than two years after Abraham Lincoln issued the Emancipation Proclamation – when enslaved Black Americans in Galveston, Texas, were informed of their freedom.

It is one of 11  official federal holidays  – or 12 for federal workers in the District of Columbia and surrounding areas during presidential inauguration years – meaning that federal workers get a paid day off and there’s  no mail delivery . Most federal offices are closed on federal holidays,  along with most banks  and the bond markets that trade in U.S. government debt. The  stock markets  generally remain open, as do most retailers and other businesses, though these vary by federal holiday.

Most states where Juneteenth is a public holiday added it to their calendars in 2020 or later. The exception is Texas,  where the holiday originated  and where it is also known as Emancipation Day. Juneteenth has been celebrated locally in Texas since the 1860s and became an official state holiday there in 1980.

Public  awareness of Juneteenth  grew in 2020 amid nationwide protests after the police killings of several Black Americans, including George Floyd and Breonna Taylor. President Joe Biden  signed the legislation  that made Juneteenth a federal holiday in June 2021.

Every state has at some point passed a resolution recognizing Juneteenth at least as a day of observance – even those that do not count Juneteenth among their official public holidays. An observance is a day of awareness that isn’t accompanied by a day off.

In fact, except for Texas, all states that currently recognize Juneteenth as a public holiday commemorated it as a day of observance years before it became an official state holiday. Florida, Oklahoma and Minnesota were the first states outside Texas to commemorate Juneteenth as a day of observance in the 1990s. New Mexico has recognized Juneteenth as a state holiday since 2006, observed on the third Saturday of June;  it became a paid holiday  for state workers for the first time in 2022.

South Dakota, North Dakota and Hawaii  were the last states to give Juneteenth any formal recognition  as an important date. The day was not observed in South Dakota until 2020, when the governor proclaimed it a state holiday. In  Hawaii  and  North Dakota , Juneteenth has been a day of observance since 2022 but is not considered a state holiday.

Juneteenth is catching on as a holiday in major U.S. cities as well. Last year, cities including  New York ,  Los Angeles  and  Phoenix  declared the day an official paid holiday for city workers. In addition to Juneteenth, the District of Columbia celebrates Emancipation Day  on April 16 in honor of the day Lincoln freed the enslaved people living in D.C., almost nine months before the Emancipation Proclamation.

Note: This is an update of a post originally published June 17, 2022.

• Black Americans
• Business & Workplace
• Employee Benefits
• State & Local Government

Katherine Schaeffer is a research analyst at Pew Research Center .

Most Black Americans Believe U.S. Institutions Were Designed To Hold Black People Back

An early look at black voters’ views on biden, trump and election 2024, a look at black-owned businesses in the u.s., 8 facts about black americans and the news, black americans’ views on success in the u.s., most popular.

1615 L St. NW, Suite 800 Washington, DC 20036 USA (+1) 202-419-4300 | Main (+1) 202-857-8562 | Fax (+1) 202-419-4372 |  Media Inquiries

Research Topics

• Email Newsletters

ABOUT PEW RESEARCH CENTER  Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of  The Pew Charitable Trusts .

© 2024 Pew Research Center

Research: Government overestimates the cost of bank holidays

Businesses across England and Wales are calling for the bank holiday celebrating the Queen’s platinum jubilee to be made permanent. While the Government anticipates any such change as coming at the expense of the economy, new research suggests there may be benefits which it has not considered, too.

England and Wales currently have eight bank holidays annually, in comparison with the European Union average of 11. This currently sees the countries rank outside the top 30 countries for public holidays – both in terms of  pay and number of holidays – while 15 other European countries rank higher.

For years, the UK Government has resisted calls to change this – arguing that giving the nation’s workforce a day off would reduce productivity, and result in slowed economic growth.

Government modelling currently puts the cost of an extra bank holiday at £1.36 billion to that end. However, new research from Big Four firm PwC suggests that this may be an over-estimation, while it may also exclude other benefits of an extra day’s rest.

2022 sees the 3rd of June become a temporary bank holiday, in celebration of the Queen’s platinum jubilee. Business leaders have urged Prime Minister Boris Johnson to make it permanent, though, with a host of entities including the CBI, UK Hospitality, the Campaign for Real Ale, and Siemens each signing an open letter calling for a “thank holiday.” Such an initiative, they said, could honour public services after a difficult few years, as well as providing an economic boost after the pandemic.

PwC research commissioned by the campaigners suggests that the economic hit of a new holiday would be much smaller than the Government expects. Taking into account the impact on business of closures, disruption to production schedules, and premium payments to staff working on the bank holiday, the Big Four estimated the cost to be closer to £831 million – around £500 million short of Government forecasts. This could be even lower if the new bank holiday were scheduled for a Friday, the study added, as fewer hours are actually worked that day on average anyway.

At the same time,  PwC pointed out that social positives might have been missed out by the Government’s analysis. Alongside the boost it would give to many workers who have been working under pressure for some time – potentially enhancing their productivity in the long-term – sectors such as retail and hospitality, which were badly impacted by decreased footfall during the pandemic, would likely enjoy an uplift in demand.

Since the relaxation of lockdown rules, many professional services firms have been readjusting their working week, to accommodate to the changing expectations of their staff. PwC  and its competitors have notably offered their UK staff the chance to choose when they take leave from public holidays.

Subscribe to our newsletter.

Economy news.

• Top businesses of South Wales hit £11 billion in turnover South Wales’ top 200 privately-owned businesses are going from strength to strength despite recent economic challenges. 12 July 2024
• Economic impact of University of Suffolk over £860 million The University of Suffolk’s national gross value added has been estimated at more than £860 million, by a new white-paper. 17 June 2024
• Medium-sized firms in UK call for government support Labour productivity among mid-sized businesses has outshone other market segments for the past six years, according to new research from Grant Thornton. 12 June 2024
• Consultants have their say on Labour landslide In the wake of a decisive electoral victory, some professional services leaders have been swift to congratulate new Prime Minister Keir Starmer. 09 July 2024
• PwC recruits Jamie Peel as director in deal team Jamie Peel has joined PwC as a director. He will boost the firm’s deals practice, and draw on 16 years of professional services experience. 25 June 2024
• PwC to help UK and US clients adopt ChatGPT Enterprise PwC has announced a landmark deal with ChatGPT Enterprise. The Big Four consulting firm is the first reseller for ChatGPT Enterprise. 03 June 2024
• News archive
• Privacy Policy
• Terms of Use
• Consulting.us
• Consulting.ca
• Consultancy.uk
• Consultancy.in
• Consultancy.nl
• Consultancy.co.za
• Consultancy.eu
• Consultancy.asia
• Consultancy-me.com
• Consultancy.lat
• Consultancy.africa
• Consultancy.com.au

Cookies on GOV.UK

We use some essential cookies to make this website work.

We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.

We also use cookies set by other sites to help us deliver content from their services.

You have accepted additional cookies. You can change your cookie settings at any time.

You have rejected additional cookies. You can change your cookie settings at any time.

• Working, jobs and pensions
• Holidays, time off, sick leave, maternity and paternity leave

UK bank holidays

• England and Wales
• Northern Ireland

The next bank holiday in England and Wales is 26 August Summer bank holiday

Upcoming bank holidays in england and wales.

If a bank holiday is on a weekend, a ‘substitute’ weekday becomes a bank holiday, normally the following Monday.

Your employer does not have to give you paid leave on bank or public holidays .

Bank holidays might affect how and when your benefits are paid .

Past bank holidays in England and Wales

The next bank holiday in Scotland is 5 August Summer bank holiday

Upcoming bank holidays in scotland.

Past bank holidays in Scotland

The next bank holiday in Northern Ireland is 26 August Summer bank holiday

Upcoming bank holidays in northern ireland.

Past bank holidays in Northern Ireland

Related content

Is this page useful.

• Yes this page is useful
• No this page is not useful

Help us improve GOV.UK

Don’t include personal or financial information like your National Insurance number or credit card details.

To help us improve GOV.UK, we’d like to know more about your visit today. Please fill in this survey (opens in a new tab) .

• Information for...

What are you looking for?

Domestic bank holiday trip tracker, released on:.

21 March 2024

Next release:

August 2024

For further information, please contact r [email protected] .

Report highlights

Before the Easter Bank Holiday weekend in 2024, we found that:

20% of adults in Britain ‘definitely’ planned to take a holiday in the UK over Easter, which equates to 11 million adults in Britain.

18% of adults in Britain ‘definitely’ planned to take a holiday in England over Easter, which equates to 9.9 million adults in Britain.

View the latest reports

Easter 2024.

Published: 21st March 2024

Christmas and New Year 2023

Published: 20th December 2023

Trip Tracker August 2023 Report

Published: 21st August 2023

Coronation 2023

VisitEngland commissions online omnibus surveys periodically in order to collect data on the number of GB consumers who plan to take an overnight trip at key times throughout the year. In this Coronation 2023 edition, the survey was carried out on an online omnibus by the research agency Kantar, with a representative sample of 1251 adults aged 16 and over in Great Britain.

Easter 2023

VisitEngland commissions online omnibus surveys periodically in order to collect data on the number of GB consumers who plan to take an overnight trip at key times throughout the year. In this Easter 2023 edition, the survey was carried out on an online omnibus by the research agency Kantar, with a representative sample of 1,239 adults aged 16 and over in Great Britain.

About the survey

This survey has been running for a number of years and provides insight into trip intentions for bank holiday periods.

Easter, August bank holiday and Christmas mark peak opportunities for domestic tourism. This survey helps us to find out more about who is planning to travel, where they are going, and why.

Shortly before each bank holiday, about 1,200 British adults aged 16 and over are asked if they are taking any overnight trips over the upcoming bank holiday. They are asked if the trip will be in the UK or abroad and whether it is for a holiday, business, or a trip to visit friends and relatives.

Please note: this survey was carried out less frequently during 2020 and 2021 due to COVID-19 travel restrictions. 

In 2022 there were improvements to the questionnaire meaning that it is not recommended to compare at a UK/England level pre and post 2022. 

View previous reports

• Christmas 2022 (PDF, 188.76 KB)
• August 2022 (PDF, 137.58 KB)
• Platinum Jubilee 2022 (PDF, 129.7 KB)
• Easter 2022 (PDF, 116KB)
• August 2021 (PDF, 315.7 KB)
• August 2020 (PDF, 154.28 KB)
• Christmas 2019 (PDF, 306.93 KB)
• August 2019 (PDF, 265.92 KB)
• Easter 2019 (PDF, 249.28 KB)
• Christmas 2018 (PDF, 307.8 KB)
• August 2018 (PDF, 262.45 KB)
• Easter 2018 (PDF, 185.77 KB)
• Christmas 2017 (PDF, 304.66 KB)
• August 2017 (PDF, 250.04 KB)
• Easter 2017 (PDF, 244.59 KB)
• Christmas 2016 (PDF, 314.47 KB)
• Additional questions on domestic overnight tourism behaviour (PPTX, 314.78 KB)
• August 2016 (PDF, 218.22 KB)
• Easter 2016 (PDF, 128.84 KB)
• Christmas 2015 (PDF, 158.05 KB)
• August 2015 (PDF, 202.44 KB)
• Easter 2015 (PDF, 162.91 KB)
• Christmas 2014 (PDF, 153.99 KB)
• August 2014 (PDF, 202.44 KB)
• Easter 2014 (PDF, 159.44 KB)
• Christmas 2013 (PDF, 171.52 KB)
• August 2013 (PDF, 209.8 KB)
• Easter 2013 (PDF, 159.79 KB)

Explore our curated information for...

Everything you need to inspire your clients. Discover new products, experiences and itinerary ideas – plus useful resources and the latest market insights.

Reach new customers and increase your profitability. Drive sales with our tools, events and training, find out about quality assessment and get expert guidance from the England Business Advice Hub.

Build sustainable and valuable growth. Learn about England’s new destination management structure, find expert advice, and boost your proposition with our training and toolkits.

Access resources for business events to support your business development and event strategy. Discover England, Scotland and Wales' business event offering for your next conference, incentive, exhibition or event.

Discover our media centres, image and video library and latest press releases, plus contacts for our corporate and consumer press teams.

Studying tourism at school, college or university? We’ve gathered essential resources and data for students of tourism, plus information about our internships.

• Today's news
• Reviews and deals
• Climate change
• 2024 election
• Fall allergies
• Health news
• Mental health
• Sexual health
• Family health
• So mini ways
• Unapologetically
• Buying guides

Entertainment

• How to Watch
• My watchlist
• Stock market
• Biden economy
• Personal finance
• Stocks: most active
• Stocks: gainers
• Stocks: losers
• Trending tickers
• World indices
• US Treasury bonds
• Top mutual funds
• Highest open interest
• Highest implied volatility
• Currency converter
• Basic materials
• Communication services
• Consumer cyclical
• Consumer defensive
• Financial services
• Industrials
• Real estate
• Mutual funds
• Credit cards
• Balance transfer cards
• Cash back cards
• Rewards cards
• Travel cards
• Online checking
• High-yield savings
• Money market
• Home equity loan
• Personal loans
• Student loans
• Options pit
• Fantasy football
• Pro Pick 'Em
• College Pick 'Em
• Fantasy baseball
• Fantasy hockey
• Fantasy basketball
• Download the app
• Daily fantasy
• Scores and schedules
• GameChannel
• World Baseball Classic
• Premier League
• CONCACAF League
• Champions League
• Motorsports
• Horse racing
• Newsletters

New on Yahoo

• Privacy Dashboard

When is Labor Day? History of the holiday, what offices are closed and what's there to do

Labor Day weekend usually means the last hurrah before the end of summer and the beginning of school. But the reasons for the observance started with labor activists and unions calling for a national holiday in honor of American workers.

When is Labor Day 2024?

Labor Day is observed on the first Monday in September. This year it will be Monday, Sept. 2, a federal and state holiday. Most government offices are closed including in counties, cities and towns.

Will trash be collected on Labor Day?

Trash collection in most areas will be delayed a day this week with no collection on Labor Day, but check with your trash collector for details in your area.

Will there be mail delivery on Labor Day?

No. Post offices are closed and there won’t be regular mail delivery on Monday, Sept. 2. For a list of the U.S. Postal Service holidays, see the USPS website .

Are banks closed on Labor Day?

Most banks are closed on Monday, Sept. 2 which is a federal bank holiday when the Federal Reserve System, which regulates banks, is closed. While banks aren’t required to close on Federal Reserve holidays, most do. Transactions made on Federal Reserve holidays won’t be processed until the next business day, according to bankrate.com .

Does school start the day after Labor Day?

Starting dates for schools vary across Delaware, with some opening at the end of August and others waiting until after Labor Day. Some districts have orientation days for certain grades such as kindergarten and ninth grade before Labor Day and then all grades are in session after the holiday.

The Delaware Department of Education website has a list of starting days for all public school districts, but for the most specific information, check with your school district.

Recent school news: What's going on in Christina? Catch up as board pushes out superintendent, faces FOIA probe

How did the Labor Day holiday start?

In the late 1800s, “labor activists pushed for a federal holiday to recognize the many contributions workers have made to America’s strength, prosperity and well-being,” according to the U.S. Department of Labor website .

Before it was a federal law, a day to recognize the contributions of workers was observed by labor groups and some states. The first state to pass a law in honor of Labor Day was Oregon on Feb. 21, 1887.

“By 1894, 23 more states had adopted the holiday, and on June 28, 1894, Congress passed an act making the first Monday in September of each year a legal holiday,” the Department of Labor reported.

History from The News Journal archives: Week of July 14-21: trooper dies in collision, miners' strike turns violent

Two men have been credited with starting the movement for a national Labor Day as early as 1882, the Department of Labor said.

One is Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor.

The other is Matthew Maguire, when he was secretary of the Central Labor Union in New York and later the secretary of Local 344 of the International Association of Machinists in Paterson, New Jersey.

Both Maguire and McGuire attended the country’s first Labor Day parade in New York City on Tuesday, Sept. 5, 1882.

That morning, a crowd of spectators filled the sidewalks of lower Manhattan near city hall and along Broadway.

By 10 a.m., the parade's grand marshal, William McCabe, his aides and their police escort were ready to start the event, but no bands had arrived to provide music and a drumbeat to march to.

A short time later, 200 marchers from the Jewelers Union of Newark 2 arrived with a band. When the group turned onto Broadway, they were playing "When I First Put This Uniform On" from “Patience,” an opera by Gilbert and Sullivan. McCabe and his aides followed the band and then workers and spectators joined, with estimates of more than 10,000 participating in the parade through lower Manhattan.

The New York Tribune reported: “The windows and roofs and even the lamp posts and awning frames were occupied by persons anxious to get a good view of the first parade in New York of workingmen of all trades united in one organization.”

The parade ended at Reservoir Park.

“While some returned to work, most continued on to the post-parade party at Wendel's Elm Park at 92nd Street and Ninth Avenue; even some unions that had not participated in the parade showed up to join in the post-parade festivities,” the Department of Labor said, with a crowd estimated at nearly 25,000.

Labor Day weekend celebrations in Delaware

In the First State, the biggest Labor Day-related celebrations are usually at the beaches with a flood of residents and tourists visiting for the three-day holiday. Lots of families and groups hold picnics and get-togethers during the weekend, while many businesses try to lure shoppers with Labor Day sales.

Here are a few examples of the festivals and concerts in Delaware during the weekend:

Arden Fair and Antiques Market Saturday, Aug. 31 in Arden, near Claymont, with crafts, vendors, an art exhibit, live music, food, refreshments, children’s games and rides

Hickory Ridge Farm Show near Milford Friday, Aug. 30 through Sunday, Sept. 1 with tractors, farm machines and engines, food, crafts, a flea market music and pro wrestling

Bethany Beach bandstand concerts at 7:30 p.m. Saturday, Aug. 31 with Jesse Garron’s Tribute to Elvis and 7:30 p.m. Sunday, Sept. 1 with Jimmy Buffet tribute band Parrotbeach

Reach reporter Ben Mace at [email protected].

This article originally appeared on Delaware News Journal: When is Labor Day 2024 and what offices are open/closed?

Holiday Schedule of the Bank

The Bank's offices in Japan -- Head Office, branches, and local offices -- are closed on Saturdays, Sundays, and the following days:

• National holidays (as defined in Act No. 178 of 1948) and Substitute holidays
• December 31 to January 3

National and other holidays observed by the Bank

• Note: National holidays and observances are subject to change.

• Skip to Content

Benefits Links

Home (Benefits)

Announcements (Benefits)

Contacts (Benefits)

Forms (Benefits)

Health & Wellness Plans for Employees

Life Events & Job Changes

Life and Disability Insurance Plans

Required Notices

Retirement Plan Opportunities for Employees

Voluntary Employee Paid Plans

Contact Information

• Human Resources SDSU Research Foundation Gateway Center Building, 3rd Floor Mail Code: 1945 Phone: 619-594-4139 Fax: 619-594-3177 Email: [email protected]

SDSURF  ›  Home (Human Resources)  ›  Benefits  ›  Holidays

Generally, SDSU Research Foundation attempts to follow a calendar of holidays similar to the one established by San Diego State University. The University observes some holidays on their recognized calendar dates and observes other holidays on a different date, such as the day after Thanksgiving and days off during Winter Break. SDSU Research Foundation's calendar of holidays therefore necessitates that employees work on some traditional holidays, but allows employees to be off work on non–traditional dates. There are fourteen and a half holidays a year recognized by SDSU Research Foundation. SDSU Research Foundation's Office of Human Resources publishes the exact schedule of holidays on the web.

If a holiday is assigned by the SDSU Research Foundation to be observed (taken off) on a date that is different from the date traditionally recognized, no holiday time or pay accrues on the holiday date that is traditionally recognized. Holiday time or pay only accrues on the date that the holiday is actually observed by the SDSU Research Foundation.

Holiday pay is based on the employee's percentage of time (i.e., full-time employees who are regularly scheduled to work forty (40) hours per week receive eight (8) hours, half–time employees receive four (4) hours). For an eligible part–time employee to receive holiday pay or credit, the holiday must fall on one of the employee's regularly scheduled workdays.

If a holiday is observed on a scheduled workday during an employee's vacation or sick leave, the employee will be paid holiday pay. The time off will not be charged to sick leave or vacation time. Employees who are absent from work due to an unpaid leave of absence on a day that a holiday is observed by the SDSU Research Foundation shall not be eligible to receive holiday pay or credit.

Holiday Accrual Banks: If an employee works on a SDSU Research Foundation holiday, the employee is paid his or her regular rate of pay for the time actually worked and the holiday time that would have been paid is placed in an eligible employee's holiday accrual bank. Management and other eligible exempt employees may also “bank” personal holiday time for hours worked on the date that a holiday is actually observed by SDSU Research Foundation. Holidays that have been “banked” may be used only with the prior approval of the employee's supervisor. Holiday time may not exceed eight (8) hours in a day.

In addition to the fourteen (14) holidays that SDSU Research Foundation observes, eligible employees are also awarded a Personal Holiday each calendar year to take for any personal reason. Personal Holidays are automatically added to each eligible employee's holiday accrual each January.

Accrued but unused personal holidays and banked holidays will be paid at an employee's end of employment or change in status to an employee class that is ineligible for vacation or personal holiday. However, employees ending employment may not elect to “run out” their time to include imminent holidays.

Related Information

Mission & values.

• User section
• News archive
• About the CNB
• The mandate of the Czech National Bank
• CNB offices
• Organisational structure
• Performance
• International relations, technical assistance
• Publications
• The Congress Centre
• CNB Visitor Centre
• CNB special library
• The code of ethics
• Monetary policy
• Monetary policy objective
• Bank Board decisions
• Monetary Policy Reports
• Central Bank Monitoring
• Global Economic Outlook
• Balance of Payments Reports
• Bank Lending Survey
• Euro adoption
• Financial stability
• Macroprudential policy
• CNB Board decisions
• Financial stability reports
• Thematic articles on financial stability
• Stress testing
• Bank lending survey
• ESRB Warnings and Recommendations
• Supervision, regulation
• The Supervisory Strategy of the Czech National Bank
• Long-term supervisory strategy of the Czech National Bank
• What’s new in supervision
• Legislation
• Conduct of supervision
• Lists and registers
• Aggregate information on the financial sector
• Information published by issuers
• Information on Short Positions
• Central Credit Register
• Financial innovation
• Banknotes and coins
• Czech banknotes
• Czech coins
• Currency in circulation
• Numismatics
• Regulations
• Directories, Lists and Registers
• Services for clients
• CERTIS – the Interbank Payment System
• Financial markets
• Foreign exchange market information
• Money market information
• Treasury securities market
• Financial market inflation expectations
• SKD - Short-Term Bond System
• Euro Survey
• Contributions to resolution financing arrangement
• Resolution execution
• Resolution planning
• ARAD – time series system
• Monetary and financial statistics
• Balance of payments statistics
• Supervisory statistics
• Financial accounts statistics
• General economic statistics
• Government finance statistics
• Data publishing schedule
• Reporting and data collection
• Other CNB statistics
• Research and peer-review process
• CNB research economists
• Research publications
• Conferences, workshops and seminars
• The Bank Board of the Czech National Bank
• Current members of the CNB Bank Board
• The Czech Republic’s integration into the EU – monetary and economic policy
• ECB and ESCB
• ESRB and ESFS
• Relations with the IMF
• Central banks and international institutions
• Rating agencies
• The archive library
• Use of the archive by the public
• The Czech National Bank – Archive – introduction
• Overview of representatives of the CNB
• EABH – European Association for Banking and Financial History
• Banking sector
• Insurance sector
• Pension management companies sector
• Investment funds sector
• Public finance sector
• Household sector
• Non-financial corporations sector
• Banks and credit unions
• Insurance and reinsurance companies and insurance intermediaries
• Pension management companies and funds, pension intermediaries
• Investment firms and investment intermediaries
• Management Companies and Investment Funds
• Payment institutions,electronic money institutions, small-scale payment service providers and small-scale electronic issuers
• Financial conglomerates
• Trading venues, settlement, registration of securities and regulated market protection
• Issuance, takeover bids and squeeze-outs
• Bureaux de change
• Money laundering
• OTC derivatives and securitisation
• Other (auditing, rating agencies, indices)
• Recovery and resolution
• Consumer protection and consumer credit
• Non-performing credit servicing
• Key Information Documents (PRIIPs)
• Sustainable finance
• Pan-European Personal Pension Product (PEPP)
• Public notices
• Status of supervision
• Licensing and approval proceedings conducted by the Czech National Bank
• Final administrative decisions of the Czech National Bank
• Information duties of financial market entities vis-à-vis the Czech National Bank
• Takeover bids and tender offers
• International activities
• Memoranda of understanding
• Supervisory disclosure pursuant to EU directive
• Supervisory official information and benchmarks
• Web services WS JERRS
• Regulated institutions and registered financial market entities lists
• The list of credit assessment institutions
• Prospectuses and supplements
• Final terms of base prospectuses
• Other lists
• Financial market supervision reports
• Basic indicators of the financial market sectors
• Financial Soundness Indicators (FSIs IMF)
• Other publications and documents
• What the CCR contains
• Extracts from the CCR
• Information for new banks
• CCR2 Project
• Information on termination of validity – banknotes
• Information on new versions
• Information on termination of validity - coins
• Structure of currency in circulation
• Issuance of banknotes and coins
• Equipment testing
• Commemorative silver coins issued since 1993
• Commemorative bi-metal coins issued since 1993
• Commemorative banknotes
• IBAN calculator - Czech Republic
• Short-term bonds (T-bills)
• Medium- and long-term bonds
• SKD Statistics
• The short-term bond system
• Business Continuity Plan
• Rules of the Short-term bonds system - SKD
• Short-term Bond System in accordance with the Principles for Financial Market Infrastructures (FMI) in accordance with Key Considerations (KC)
• Report on Settlement Fails
• Change in withholding tax payment
• Master agreement for financial transactions
• Reporting to AnaCredit
• Legislative framework for supervisory statistics
• Methodological information on supervisory statistics
• Operational information on supervisory statistics
• Frequently asked questions
• Reporting of banks and branches of foreign banks
• Reporting of investment firms and branches of foreign investment firms
• Working paper
• Research and Policy Notes
• CNB Research News
• Media service
• Schedules and other info

Bank holidays in the Czech Republic

There are 13 bank holidays in the Czech Republic. Except for Good Friday and Easter Monday, the dates of the holidays are fixed. The "sliding holiday" concept is not applied, i.e. when a holiday falls on a Saturday/Sunday, the following Monday is a normal business day.

1 January – New Year's Day (Monday)

29 March – Good Friday (Friday)

1 April – Easter (Monday)

1 May – May Day (Wednesday)

8 May – Liberation from Fascism (Wednesday)

5 July – Cyril and Methodius (Friday)

6 July – Burning at Stake of Jan Hus (Saturday)

28 September – Czech Statehood Day (Saturday)

28 October – Establishment of the Czechoslovak Republic (Monday)

17 November – Freedom and Democracy Day (Sunday)

24 December – Christmas Eve (Tuesday)

25 December – Christmas Day (Wednesday)

26 December – Christmas Day (Thursday)

1 January – New Year's Day (Wednesday)

18 April – Good Friday (Friday)

21 April – Easter (Monday)

1 May – May Day (Thursday)

8 May – Liberation from Fascism (Thursday)

5 July – Cyril and Methodius (Saturday)

6 July – Burning at Stake of Jan Hus (Sunday)

28 September – Czech Statehood Day (Sunday)

28 October – Establishment of the Czechoslovak Republic (Tuesday)

17 November – Freedom and Democracy Day (Monday)

24 December – Christmas Eve (Wednesday)

25 December – Christmas Day (Thursday)

26 December – Christmas Day (Friday)

Official websites use .gov

Secure .gov websites use HTTPS

2024 Investment Climate Statements: Finland

• EXECUTIVE SUMMARY

Finland is a Nordic country situated north of the Baltic states, bordering Russia, Sweden, and Norway. It has excellent transportation links within the Nordic-Baltic region and is a member of the Schengen Zone within which internal border controls have been, for the most part, eliminated. In 2023, the population was around 5.6 million, with over 85 percent residing in cities in the country’s south. Helsinki is the capital and largest city, with a population of around 675,000 in the city and 1.5 million in the metropolitan area.

Finland is a member of the European Union and a part of the Euro area. In 2023, Finland joined NATO and concluded negotiations on a bilateral Defense Cooperation Agreement (DCA) with the United States. NATO membership and the DCA should benefit the country economically by increasing regional security and stability; and investments in the defense industry will create jobs and stimulate economic growth and trade. According to Finnish Customs, the United States was Finland’s biggest trading partner for exports in 2023.

As a modern, stable economy, Finland offers a well-developed digital infrastructure with stability, functionality, and a high standard of living. The country has a highly skilled, educated, and multilingual labor force with solid expertise in Information Communications Technology (ICT) and emerging technologies, including microelectronics; quantum and supercomputing; shipbuilding; forestry; and renewable energy. Finland and the United Sates are intensifying cooperation in various fields, including cybersecurity, 6G networks, nuclear, climate, energy, health, biotechnology, space, quantum technology, artificial intelligence, and other emerging technologies through bilateral joint statements and agreements.

In 2021, emerging from the pandemic, Finland’s economy recovered swiftly from recession to moderate growth of 2.6 percent, but growth slowed after Russia’s February 2022 full-scale invasion of Ukraine. The center-right government of Prime Minister Petteri Orpo, formed in June 2023 following parliamentary elections in April 2023, aims to improve weak economic growth through changes to structural policies, including balancing public finances; spurring investment in education, research, and development; accelerating the green transition; and introducing labor market reforms. Labor unions engaged in a series of political strikes aimed at blocking the implementation of the labor market reforms during the spring of 2024.

At the same time, an aging population and a shrinking workforce are the most pressing demographic concerns for economic growth. According to the Foreign Direct Investment (FDI) Barometer 2023, over three-quarters of businesses report experiencing a talent shortage, with large foreign-owned companies being most negatively affected. In response, Finland aims to increase work- and education-based immigration through the Talent Boost program, revised for the years 2023-2027. The aim is to attract and improve the employment of international specialists immigrating to Finland.

Finland has set a target of becoming carbon neutral by 2035. To accelerate the green transition, the government is prioritizing investment projects in renewable energy production, industrial electrification, hydrogen economy, carbon capture and storage, and battery production to grant quicker permit processing times. The current pipeline of green investments amounts to approximately 230 billion euros ($247 billion), including projects by domestic and multinational companies. The high share of carbon-free electricity production in the domestic energy mix, which was 94 percent in 2023, facilitates the green transition.

The European Central Bank has tightened monetary policy in the euro area in response to high inflation, which has also slowed economic growth in Finland during the past two years. Industrial production and construction are sensitive to interest rate movements, which have reduced private consumption, investment, and the demand for housing in Finland. The Bank of Finland’s interim forecast indicates Gross Domestic Product (GDP) will decrease by 0.5 percent in 2024. Economists predict the economy will bounce back towards the end of the year, and GDP will grow by 1.7 percent in 2025. Inflation is projected to decline to below one percent during 2024, improving employees’ actual earnings and consumers’ purchasing power.

Russia’s war against Ukraine has impacted Finland’s economic activity and inflation through higher energy and commodity prices, the disruption of international commerce, and weaker confidence in the economy. Finnish Customs indicates the value of Finland’s exports of goods to Russia and Central Asia amounted to 1.2 billion euros ($1.3 billion) in 2023, a decrease of 50.5 percent compared to 2022. The overall economic effects of the war on the private sector have remained relatively small as companies have replaced Russian trade with other markets.

1. Openness To, and Restrictions Upon, Foreign Investment

• Policies Towards Foreign Direct Investment

The Finnis government is open to foreign investment. As an EU member state, Finland is committed to the free movement of goods, capital, persons, and certain services. Companies benefit from trade arrangements through EU and World Trade Organization (WTO) membership, and the protection offered by Finland’s bilateral investment treaties with sixty-three countries.

Private ownership and the participation of foreign companies or individuals are unrestricted, and the government promotes trade and foreign direct investment. Business Finland helps foreign investors set up businesses and provides free services ranging from data collection and matchmaking to location management. The organization offers funding for research and development work carried out by companies, research organizations, and public sector service providers in Finland: https://www.businessfinland.com/  

• Limits on Foreign Control and Right to Private Ownership and Establishment

The Act on Monitoring Foreign Corporate Acquisitions (172/2012) governs foreign investments in Finland. The Ministry of Economic Affairs and Employment monitors and confirms foreign corporate acquisitions and decides whether an acquisition conflicts with securing national defense and safeguarding public order and security. If the ministry finds a critical national interest jeopardized, it must refer the matter to the Council of State, which may refuse to approve the acquisition. For more information: https://tem.fi/en/acquisitions  

In the non-military sector, Finnish companies considered critical for securing vital functions are subject to screening, which applies to foreign owners residing or domiciled outside the EU or the European Free Trade Association (EFTA). The Ministry of Economic Affairs and Employment provides instructions for preparing the application/notification. The application and statement must also be accompanied by a form containing specific information required by EU regulation.

For defense acquisitions, monitoring applies to all foreign owners, who must apply for prior approval. “Defense” includes all entities that supply or have supplied goods or services to the Finnish Ministry of Defense, the Finnish Defense Forces, and the Finnish Border Guard, as well as entities dealing in dual-use goods.

Finland requires non-EU/European Economic Area (EEA) foreign individuals or entities to receive Defense Ministry permission before they purchase real estate. Companies registered in Finland with decision-making bodies of at least one-tenth non-EU/EEA origin must seek a permit. More information is available here: https://www.defmin.fi/en/licences_and_services/authorisation_to_non-eu_and_non-eea_buyers_to_buy_real_estate#a6591279  

In 2022, the European Commission published guidance for EU member states on assessing and preventing threats to EU security and public order from Russian and Belarusian investments. The direction highlights the increased risk from investments subject to Russian or Belarusian government influence in the context of Russia’s invasion of Ukraine and calls for close cooperation between authorities involved in investment screening and those responsible for enforcing sanctions.

• Other Investment Policy Reviews

Finland is considered one of the most open economies in the OECD area with a stable economy and society, strong institutions, and low corruption that attracts foreign investors. Knowledge and innovation capacity are among the most critical factors bringing foreign firms to the Finnish economy, and salaries for high-skilled workers are considered relatively competitive compared to other Nordic states.

In 2021, the OECD launched the Impact of Regulation on International Investment in Finland report to analyze FDI flows toward Finland and other Nordic-Baltic countries and discuss the benefits of foreign investment for the Finnish economy. The OECD noted that several challenges may prevent Finland from exploiting its full potential as a destination for FDI.

The OECD recommended reviewing and streamlining inefficient and burdensome policies, diminishing red tape, and fostering competition to encourage new international investment and enhance the economic performance of existing players. Complex administrative procedures to recruit foreign talent and stringent labor market conditions affect growth prospects. Further policy responses that help businesses deal with skill shortages are essential to ensure attractiveness as an investment location. More information is available here: https://www.oecd.or g/publications/the-impact-of-regulation-on-international-investment-in-finland-b1bf8bee-en.htm  

Over the past three years, Finland has not undergone an investment policy review by the WTO or the United Nations Committee on Trade and Development (UNCTAD).

• Business Facilitation

All businesses in Finland must be publicly registered at the Finnish Trade Register. The website is: https://www.prh.fi/en/kaupparekisteri.html .

The Business Information System (BIS) is an online service enabling investors to start a business or organization, report changes, close down a business, or conduct searches: https://www.prh.fi/en/kaupparekisteri/rekisterointipalvelut/ytj.html  

All businesses must also enter the VAT, Prepayment, and Employer Registers of Tax Administration. Instructions for registering a company can be found at this website: https://www.vero.fi/en/businesses-and-corporations/business-operations/tax-administrations-registers–business/  

Entrepreneurs can apply for a residence permit in Finland. Before a permit can be issued, entrepreneurs usually need to enter their business in the Trade Register maintained by the Finnish Patent and Registration Office. https://migri.fi/en/entrepreneur  

In 2022, Finland introduced a long-term “D” visa for students, researchers, persons in managerial positions in companies, and their family members to increase the immigration of skilled labor. With a “D” visa, applicants can enter Finland immediately after receiving a favorable decision on the residence permit application, and the “D” visa sticker has been attached to the passport. For more information: https://migri.fi/en/d-visa  

• Outward Investment

International trade and external economic relations are central to Finland’s foreign and security policy. The Ministry for Foreign Affairs prepares and implements Finland’s trade policy within the framework of the EU.

Team Finland is a network of public sector bodies dedicated to helping Finnish companies grow and be successful in their dealings abroad. It also promotes the country’s image and attracts foreign investments and experts to Finland. The network offers tailor-made service packages for companies’ internationalization needs based on the services provided by the network actors. Service packages typically combine services provided by the Center for Economic Development, Transport and the Environment, Business Finland, Finnvera, and the Ministry for Foreign Affairs. https://www.team-finland.fi/en/network-services-for-companies  

Business Finland is a public-sector operator and part of the Team Finland network. It helps Finnish Small- and Medium-Sized Enterprises (SMEs) go international, encourages foreign direct investment in Finland, and promotes tourism. The organization focuses on agricultural technology, clean technology, connectivity, e-commerce, education, information and communication technology, digitalization, mining, and mobility. While many of Business Finland’s programs are export-oriented, they also seek to offer business and network opportunities within Finland that are not necessarily focused on exports. The organization employs 760 specialists at 40 foreign locations and 16 offices in Finland. https://www.businessfinland.fi/en/for-finnish-customers/home  

The government generally allows domestic investors to invest abroad, with some exceptions. The defense ministry approves arms exports for military use, the National Police Board grants permission to export civilian weapons, and the foreign ministry oversees exports of dual-use products.

• 2. Bilateral Investment and Taxation Treaties

Finland has 55 Bilateral Investment Treaties in force but does not share a BIT or Free Trade Agreement (FTA) with the United States. As an EU member state, Finland is a signatory to any treaty or agreement signed by the EU, including free trade agreements. A complete list of Finland’s investment agreements can be found at: https://investmentpolicy.unctad.org/international-investment-agreements/countries/71/finland  

Finland and the United States signed a convention to avoid double taxation and prevent fiscal evasion concerning taxes on income and capital (TIAS 12101) that entered into force in 1990. In 2014, the two countries signed an intergovernmental agreement to implement the U.S. Foreign Account Tax Compliance Act (FATCA), which fights tax evasion and fraud. For more information: https://www.vero.fi/en/businesses-and-corporations/business-operations/financial-sector/fatca-crs-and-dac2/general-information/   https://home.treasury.gov/system/files/131/FATCA-Agreement-Finland-3-5-2014.pdf

Finland is a member of the OECD Inclusive Framework on Base Erosion and Profit Shifting and a party to the two-pillar plan to address the tax challenges arising from the digitalization of the economy. For a list of Finland’s bilateral tax agreements, see: https://www.vero.fi/en/detailed-guidance/guidance/49062/tax_treatie/  

3. Legal Regime

• Transparency of the Regulatory System

In Finland, competition policy aims to create and maintain an environment where enterprises have a level playing field and an opportunity to succeed due to their expertise. The Competition Act (948/2011) is the base for the national competition policy, seeking to ensure sound and effective economic competition. The Finnish Competition and Consumer Authority is responsible for applying the legislation. For more information: https://www.kkv.fi/en/competition-affairs/competition-act/  

Finland is subject to accounting, auditing, and financial reporting requirements established through EU regulations and directives as transposed into national laws and regulations. Finland has fully aligned its legal framework with the EU acquis communitaire related to accounting and auditing. For more information: https://www.ifac.org/about-ifac/membership/profile/finland#:~:text=In%20Finland%2C%20the%20Accounting%20Act,European%20Commission%20(EC)%20Regulations  

Finnish law does not require institutional investors and financial intermediaries to consider Environmental, Social, and Governance (ESG) factors when making investment decisions. Most institutional investors and financial intermediaries have signed the UN Principles for Responsible Investment and also consider sustainable development goals in their investment decisions. However, the Finnish Corporate Governance Code considers certain ESG factors in its recommendations, such as the composition of the company’s board of directors concerning gender. The Corporate Governance Code applies to all companies listed on Nasdaq Helsinki. https://cgfinland.fi/en/corporate-governance-code/  

In September 2021, the Ministry of Economic Affairs and Employment released a Sustainable Development Goals (SDG) finance roadmap, called the “Finnish Roadmap for Financing a Decade of SDG Action 2021.” The roadmap aims to support Finnish stakeholders with a goal of increasing financing for solutions to reach the SDGs in Finland and globally. More information can be found here: https://tem.fi/en/developing-finlands-sustainable-finance-ecosystems  

The Act on the Openness of Public Documents establishes the openness of all records in the possession of officials of the state, municipalities, registered religious communities, and corporations that perform legally mandated public duties, such as pension funds and public utilities. Exceptions can only be made by law or by an executive order for reasons such as national security. https://oikeusministerio.fi/en/act-on-the-openness-of-government-activities  

The Ministry of Justice maintains an online Finlex Data Bank database of up-to-date legislative and judicial information. Most of the databases are only available in Finnish and Swedish, but some translations of Finnish acts and decrees are also available in English and other languages. Case law in the legal literature database is also available in English. https://finlex.fi/en/  

The Ministry of Justice provides an online service to request and give statements electronically in connection with draft regulations, legislation, and other government documents. Public administration authorities can publish draft bills and regulations for public consultation. The service is available in Finnish and Swedish: https://www.lausuntopalvelu.fi/FI  

The Parliamentary Ombudsman exercises oversight to ensure that those who perform public tasks comply with the law and fulfill their responsibilities. The Ombudsman investigates complaints, conducts on-site inspections, and makes statements on legislative proposals. The scope of the Ombudsman’s oversight includes courts, authorities, and public servants, as well as other persons and organizations that perform public tasks. The Ombudsman submits an annual report to Parliament, including observations on the state of the administration of justice and any shortcomings in legislation. https://www.oikeusasiamies.fi/en/eoa  

The status of Finland’s public finances is available at Statistics Finland, Finland’s official statistics agency: https://www.stat.fi/en/topic/national-economy  

The status of Finland’s national debt is available at the State Treasury: https://www.treasuryfinland.fi/statistics/statistics-on-central-government-debt/  

• International Regulatory Considerations

Finland follows EU internal market practices, which define Finland’s trade relations both inside the EU and with non-EU countries. As a member of the WTO, Finland reports under the Agreement on Technical Barriers to Trade (TBT Agreement) all proposed technical regulations that could affect trade with other member countries. In 2021, Finland submitted two notifications of technical regulations and conformity assessment procedures to the WTO. It has submitted 105 notifications since 1995. Finland is a signatory to the WTO Trade Facilitation Agreement (TFA), which entered into force on February 22, 2017.

• Legal System and Judicial Independence

Finland has a civil law system. European Community (EC) law is directly applicable in Finland and takes precedence over national legislation. The Market Court is a special court for rulings in commercial law, competition, and public procurement cases, and may issue injunctions and penalties against the illegal restriction of competition. It also governs mergers and acquisitions, may overturn public procurement decisions, and require compensatory payments. More information about the court is available here: https://oikeus.fi/tuomioistuimet/en/index.html  

Finland has been a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards since 1962. The provisions of the convention have been included in the Arbitration Act (957/1992).

The Oikeus.fi website https://oikeus.fi/en/index.html   contains information about the Finnish judicial system and links to the websites of the independent courts, the public legal aid and guardianship districts, the National Prosecution Authority, the National Enforcement Authority Finland, and the Criminal Sanctions Agency.

• Laws and Regulations on Foreign Direct Investment

The Ministry of Economic Affairs and Employment monitors foreign corporate acquisitions and is a national contact point for the EU screening regulation. The purpose of the Act on the Monitoring of Foreign Corporate Acquisitions in Finland (127/2012) (hereafter the Act) is to monitor and, if vital national interests so require, to restrict the transfer of influence to foreigners and foreign organizations and foundations. More information about the Act is available here: ihttps://tem.fi/en/acquisitions.

Under the Act, corporate acquisition refers to activities in which a foreign owner gains control of at least one-tenth, at least one-third, or at least one-half of the aggregate number of votes conferred by all shares in the company or a holding that otherwise corresponds to decision-making authority in a limited liability company or other monitored entity. For more information: https://tem.fi/documents/1410877/0/Kysymyksi%C3%A4+ja+vastauksia_en.pdf/0ef51799-6c84-9251-6cfe-188bc91c6f83/Kysymyksi%C3%A4+ja+vastauksia_en.pdf?t=1636548655250  

There is no primary or “one-stop-shop” website that provides all relevant laws, rules, procedures, and reporting requirements for investors. A non-European Economic Area (EEA) resident (persons or companies) operating in Finland must obtain a license or a notification when starting a business in a regulated industry. For more information: https://tem.fi/en/regulation-of-business-operations  

• Competition and Antitrust Laws

The Finnish Competition and Consumer Authority (FCCA) protects competition by intervening in cases regarding restrictive practices, such as cartels and abuse of dominant position, and violations of the Competition Act and the Treaty on the Functioning of the European Union (TFEU). Investigations occur both on the FCCA’s initiative and based on complaints. Where necessary, the FCCA makes proposals to the Market Court regarding penalties.

The FCCA requires notification on mergers and acquisitions that exceed certain turnover thresholds. The FCCA will intervene in the transaction if it deems it to prevent effective competition in Finland. The FCCA would investigate transactions where the parties’ combined turnover generated in Finland exceeds EUR 100 million and the total turnover generated in Finland of at least two parties exceeds EUR 10 million per party.

In international competition matters, the FCCA’s key stakeholders are the European Commission (DG Competition), the OECD Competition Committee, the Nordic competition authorities, and the International Competition Network (ICN). FCCA rulings and decisions can be found in the archive in Finnish. More information is available at: https://www.kkv.fi/en/facts-and-advice/competition-affairs/

• Expropriation and Compensation

Finnish law protects private property rights. Citizen property is protected by the constitution, which includes basic provisions in the event of expropriation. Private property is only expropriated for public purposes (eminent domain), in a non-discriminatory manner, with reasonable compensation, and in accordance with established international law.

Expropriation is usually based on a permit given by the government or on a confirmed plan and is performed by the District Survey Office. An expropriation permit granted by the government may be appealed to the Supreme Administrative Court. Compensation is awarded at full market price but may exclude the rise in value due only to planning decisions.

Besides normal expropriation according to the Expropriation Act, a municipality or the state has the right to expropriate land for planning purposes. Expropriation is mainly for acquiring land for common needs, such as street areas, parks, and civic buildings. The method is rarely used: less than one percent of land acquired by the municipalities is expropriated. Credendo Group ranks Finland’s expropriation risk as low (1), on a scale from 1 to 7: https://credendo.com/en/country-risk/finland  

Dispute Settlement

• ICSID Convention and New York Convention

In 1969, Finland became a member state of the World Bank-based International Center for Settlement of Investment Disputes (ICSID; Washington Convention). Finland is a signatory to the Convention of the Recognition and Enforcement of Foreign Arbitral Awards (1958 New York Convention).

• Investor-State Dispute Settlement

The Finnish Arbitration Act (967/1992) applies to domestic and international arbitration without distinction. Sections 1 to 50 apply to arbitration in Finland, and Sections 51 to 55 apply to arbitration agreements providing for arbitration abroad and the recognition and enforcement of foreign arbitral awards in Finland. Of 229 parties in 2021, the majority (208) were from Finland.

In 2021, a Chinese investor brought the first known investment treaty claim against Finland. He was detained and had his business center raided and shut down on suspicion it was facilitating illegal immigration. The proceedings were ultimately settled between Finland and the claimant. For more information: https://investmentpolicy.unctad.org/investment-dispute-settlement/cases/1192/wang-v-finland  

• International Commercial Arbitration and Foreign Courts

Finland has a long tradition of institutional arbitration, and its legal framework dates to 1928. Today, arbitration procedures are governed by the 1992 Arbitration Act (as amended), which largely mirrors the UNCITRAL Model Law on International Commercial Arbitration of 1985 (with amendments, as adopted in 2006). However, the UNCITRAL Model law has yet to be incorporated into Finnish law.

Finland’s Act on Mediation in Civil Disputes and Certification of Settlements by Courts (394/2011) aims to facilitate alternative dispute resolution (ADR) and promote amicable settlements by encouraging mediation and applies to settlements concluded in other EU member states: https://www.finlex.fi/en/laki/kaannokset/2011/en20110394.pdf

In June 2016, the Finland Arbitration Institute of the Chamber of Commerce (FAI) launched its Mediation Rules under which FAI will administer mediation: https://arbitration.fi/mediation/mediation_rules/  

Any dispute in a civil or commercial matter, international or domestic, which can be settled by agreement may be referred to arbitration. Arbitration is frequently used to resolve commercial disputes and is usually faster than court proceedings. An arbitration award is final and binding. FAI promotes the settlement of disputes through arbitration, commonly using the “FAI Arbitration/Expedited Arbitration Rules,” which were updated in 2020: https://arbitration.fi/en/arbitration/rules-and-guidelines/  

The Finland Arbitration Institute (FAI) appoints arbitrators both to domestic and international arbitration proceedings and administers domestic and international arbitrations governed by its rules. It also appoints arbitrators in ad hoc cases when the arbitration agreement provides and acts as appointing authority under the UNCITRAL Arbitration Rules. The Finnish Arbitration Act (967/1992) states that foreign nationals can act as arbitrators. For more information: https://arbitration.fi/en/arbitration/  

Finland signed the UN Convention on Transparency in Treaty-based Investor-State Arbitration (“Mauritius Convention”) in March 2015. Under these rules, all documents and hearings are open to the public, interested parties may submit statements, and protection for confidential information has been strengthened.

• Bankruptcy Regulations

The Bankruptcy Act (120/2004) governs bankruptcy proceedings aimed at liquidating the assets of an insolvent company to satisfy its creditors and dissolve the company. The act was amended in 2019 to simplify, digitize, and speed up bankruptcy proceedings. The amended act allows administrators to send notices and invitations to creditor addresses registered in the Trade Register. This improves accessibility for foreign companies that have established a branch in Finland. For more information: https://www.finlex.fi/en/laki/kaannokset/2004/en20040120.pdf

The Bankruptcy Ombudsman is an independent authority that supervises the administration of bankruptcy estates in Finland . The Office of Bankruptcy Ombudsman is a member of the International Association of Insolvency Regulators (IAIR). For more information: https://www.konkurssiasiamies.fi/en/index.html  

The Reorganization of Enterprises Act (1993/47) establishes a legal framework for reorganization with the aim to provide an alternative to bankruptcy proceedings. The act excludes credit and insurance institutions and certain other financial institutions. Recognition of restructuring or insolvency processes initiated outside of the EU requires an exequatur from a Finnish court. https://www.finlex.fi/fi/laki/kaannokset/1993/en19930047  

4. Industrial Policies

• Investment Incentives

Foreign-owned companies in Finland are eligible for government and EU incentives on an equal footing with Finnish-owned businesses. Companies receive support through grants, loans, tax benefits, equity participation, guarantees, and employee training.

The income tax rate for limited liability companies and other corporate entities is 20 percent. According to the 2023 International Tax Competitiveness Index, the Finnish tax system is the 19th best tax code among 38 OECD countries. For more information: https://www.vero.fi/en/businesses-and-corporations/business-operations/foreign-business-in-finland/taxation-in-finland/   and https://taxfoundation.org/location/finland/  

Startups, SMEs, and large companies can benefit from Business Finland’s incentives: https://www.businessfinland.fi/en/do-business-with-finland/invest-in-finland/business-environment/incentives/incentives-short   and https://www.businessfinland.fi/48d8e1/globalassets/julkaisut/invest-in-finland/business-guides-and-fact-sheets/iif_factsheet_incentives.pdf

Centers for Economic Development, Transport, and the Environment (ELY Centers) support the establishment, growth, and development of SMEs by providing advisory, training, and expert services, and by granting funding for investment and development projects. Large companies may also qualify for assistance or funding if they significantly increase employment in their region of operation. Startups can receive subsidies to establish and expand business operations during their first 24 months. For more information: http://www.ely-keskus.fi/en/web/ely-en/business-and-industry;jsessionid=0B09A1B237B74FAC485AAD7C8E068DBF  

As part of its Sustainable Growth Program, which is funded by the EU Recovery Plan, Finland is promoting energy investments and energy infrastructure projects that reduce greenhouse gas emissions in Finland and support Finland’s target to be carbon neutral by 2035. For more information: https://tem.fi/en/-/energy-investments-of-finland-s-sustainable-growth-programme-promote-the-green-transition   and https://www.businessfinland.fi/en/for-finnish-customers/services/funding/energy-aid  

Government aid is available for the implementation of energy audits, investments that conserve energy, and investments related to the use of renewable energy, as well as for European Skills, Competences, Qualifications and Occupations (ESCO) projects. For more information: https://www.motiva.fi/en/solutions/policy_instruments/energy_aid  

Finnvera offers loans, domestic guarantees, export credit guarantees, and other services associated with financing exports: https://www.finnvera.fi/eng  

• Foreign Trade Zones/Free Ports/Trade Facilitation

The EU Customs Code (UCC), which entered into force on May 1, 2016, harmonized free trade zone area regulations in the EU.

The Åland Islands are one of the unique fiscal territories within Finland and the EU. The tax border separates the Åland Islands from the VAT and excise territory of the EU. VAT and excise are levied on goods imported across the tax border, but no customs duty is levied. In tax border trade, goods can be sold with a tax-free invoice in accordance with the detailed taxation instructions of the Finnish Tax Administration. Trade between Åland and non-EU countries is subject to the same regulations and instructions as trade between the EU and third countries. For more information: https://tulli.fi/en/businesses/aland-businesses  

• Performance and Data Localization Requirements

As an EU member state, Finland adheres to the General Data Protection Regulation (Regulation (EU) 2016/679) (GDPR), an EU law that entered into force in 2016, and, following a two-year transition period, became law on May 25, 2018, without requiring EU member states to change national laws.

Finland’s Data Protection Act (1050/2018) supplements the GDPR. The Data Protection Ombudsman is a national supervisory authority that supervises compliance with data protection legislation. The office has approximately 45 specialists, including the Data Protection Ombudsman and two Deputy Data Protection Ombudsmen. For more information: https://tietosuoja.fi/en/home   and https://www.finlex.fi/en/laki/kaannokset/2018/en20181050.pdf

5. Protection of Property Rights

• Real Property

The Finnish legal system protects and enforces property rights and secured interests in property, both movable and real. Mortgages exist in Finland and can be applied to both owned and rented real estate. In Finland, real property formation, development, land consolidation, cadastral or boundary mapping, registration of real properties, ownership and legal rights, real property valuation, and taxation are all combined within one basic cadastral system (i.e. real estate register) maintained by the National Land Survey: https://www.maanmittauslaitos.fi/en/apartments-and-real-property  

Finland is not a contracting party to the 2001 Cape Town Convention on Mobile Equipment (CTC) and the Protocol on Matters Specific to Aircraft Equipment (Aircraft Protocol).

• Intellectual Property Rights

Finland is not included on USTR’s Special 301 Report or Notorious Markets List..

USTR’s 2022 Notorious Markets List mentions Finland for reportedly hosting a Flokinet server associated with infringing activity and reportedly hosting an FLVTO web server, a platform that allows the user to download music from YouTube and convert it to an mp3.

The Finnish legal system protects intellectual property rights (IPR), and Finland adheres to numerous international agreements. Finland ranked first among 129 countries in the Property Rights Alliance 2023 International Property Rights Index (IPRI), which concentrates on a country’s legal and political environment, physical property rights, and IPR: https://www.internationalpropertyrightsindex.org/  

IPR enforcement in Finland is based on EU Regulation 608/2013. For more information, see: https://taxation-customs.ec.europa.eu/customs-4/prohibitions-and-restrictions/counterfeit-piracy-and-other-ipr-violations_en  

IPR must be registered in Finland to be enforced under local laws, such as the Copyright Act, the Registered Designs Act, and the Patents Act. Patent rights in Finland are consistent with international standards, and a granted patent is valid for 20 years. The Finnish Patent and Registration Office (PRH) website contains unofficial translations in English of the Patents Act, Patents Decree, and Patent Regulation. For more information: https://www.prh.fi/en/index.html  

The Finnish Trademarks Act was enacted in May 2019 to implement the revised EU Trademark Directive. The act includes provisions concerning collective marks and control marks. It includes amendments to related legislation such as the Finnish Company Names Act, the Criminal Code, and relevant procedural acts. Trademark applicants or proprietors not domiciled in Finland must have a representative resident in the European Economic Area. Finland is a party to the Madrid Protocol.

Finnish Customs supervises counterfeit products that are imported to, exported from, and transited via Finland and other products that violate IPR. Custom officers have the authority to seize and destroy counterfeit goods. Customs has intensified the control of counterfeit goods by conducting a risk analysis of postal traffic. The long-term trend indicates a decline in counterfeit goods detected in large-volume shipments: https://www.vero.fi/en/grey-economy-crime/prevention/preventionstatistics/  

Finland is a member of the World International Property Organization (WIPO) and party to a several other treaties, including the Berne Convention, the Paris Convention, the Patent Cooperation Treaty, the WIPO Copyright Treaty, the WIPO Performances and Phonograms Treaty, and the International Convention for the Protection of Performers, Producers of Phonograms and Broadcasting Organizations (Rome Convention). Finland is a party to the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at: https://www.wipo.int/directory/en/details.jsp?country_code=FI  

6. Financial Sector

• Capital Markets and Portfolio Investment

Finland is open to foreign portfolio investment and has an effective regulatory system. Credit is allocated on market terms and made available to foreign investors non-discriminately, and private sector companies have access to various credit instruments. Legal, regulatory, and accounting systems are transparent and consistent with international norms.

The Helsinki Stock Exchange is part of OMX, referred to as NASDAQ OMX Helsinki (OMXH). NASDAQ OMX Helsinki is part of the NASDAQ OMX Nordic division, together with the Stockholm, Copenhagen, Iceland, and Baltic (Tallinn, Riga, and Vilnius) stock exchanges.

Finland accepts the obligations under IMF Article VIII, Sections 2(a), 3, and 4 of the IMF Articles of Agreement. It maintains an exchange system free of restrictions on payments and transfers for current international transactions, except for those measures imposed for security reasons by the Regulations of the Council of the European Union.

• Money and Banking System

Finland has a resilient, digitally advanced, and well-capitalized banking sector characterized by cooperative banking and pan-Nordic groups. Banking is open to foreign competition, and the industry is one of Europe’s most prominent relative to the size of the national economy. Four significant banks (OP Financial Group, Nordea, Municipality Finance, and Danske Bank) dominate the banking sector, holding 80 percent of the market. The Bank of Finland is the national monetary authority and the central bank of Finland: https://www.suomenpankki.fi/en  

The Financial Supervisory Authority (FIN-FSA) supervises Finland’s financial and insurance sectors, including banks, insurance and pension companies, other companies operating in the insurance sector, investment firms, fund management companies, and the Helsinki Stock Exchange: https://www.finanssivalvonta.fi/en/  

In 2023, the financial sector’s capital position remained strong despite the gloomier economic environment. Finland’s banks met the requirements for liquid bank holdings under Basel III standards, which compare a bank’s assets with its capital to see if the bank would withstand a financial crisis. The sector’s operating environment weakened as the Finnish economy slid into a recession. Despite increased credit risks in corporate and household loans, the Finnish banking sector’s non-performing loans and loan losses were still among the lowest in Europe.

Foreign companies and nationals can, in principle, open bank accounts in the same manner as Finnish nationals. However, banks must identify customers, and this may prove more difficult for foreign nationals. In addition to personal and address data, the bank often needs to know the person’s identifier code (i.e. social security number). Several banks require a work permit, a certificate of studies, a letter of recommendation from a trustworthy bank, and details regarding the nature of transactions to be made with the account. All authorized deposit-taking banks are members of the Deposit Guarantee Fund, which guarantees customers’ deposits to a maximum of EUR 100,000 ($109,000) per depositor.

The Act on Virtual Currency Providers (572/2019) entered into force in May 2019. FIN-FSA is the registration authority for virtual currency providers. The primary objective of the act is to introduce virtual currency providers into the scope of anti-money laundering regulation. Only virtual currency providers meeting statutory requirements can carry on their activities in Finland, and only a FIN-FSA registered virtual currency provider may market its currency and services in Finland. The Finnish Tax Administration released guidelines on the taxation of cryptocurrency, available here: https://www.vero.fi/en/detailed-guidance/guidance/48411/taxation-of-virtual-currencies3/  

Foreign Exchange and Remittances

• Foreign Exchange

Finland adopted the Euro as its official currency in January 1999. Finland maintains an exchange system free of restrictions on making payments and transfers for international transactions, except for those measures imposed for security reasons. Currency transfers are protected by Article VII of the IMF Articles of Agreement: http://www.imf.org/External/Pubs/FT/AA/index.htm#art7  

• Remittance Policies

There are no legal obstacles to direct foreign investment in Finnish securities or exchange controls regarding payments into and out of Finland. Banks must identify their customers and report suspected cases of money laundering or the financing of terrorism. Banks and credit institutions must also report single payments or transfers of EUR 15,000 ($16,000) or more. If the origin of funds is suspicious, banks must immediately inform the National Bureau of Investigation. There are no restrictions on current transfers or repatriation of profits. Residents and non-residents may hold foreign exchange accounts. There is no limit on dividend distributions as long as they correspond to a company’s official earnings records. Travelers carrying more than EUR 10,000 ($11,000) must make a declaration upon entering or leaving the EU.

• Sovereign Wealth Funds

Solidium is a holding company fully owned by the Finnish government. It is a minority owner of nationally listed companies operating in clusters significant to the national economy, such as the forest industry. Solidium’s ownership stake of these companies is usually over 10 percent but rarely exceeds 20 percent. According to Solidium’s investment strategy, future investments may include companies that seek to implement green transition strategies or solutions related to the platform economy. Solidium aims to strengthen and stabilize Finnish ownership in the companies and increase the value of their holdings. In 2023, Solidium paid the Finnish government approximately $374 million as a dividend. For more information: https://www.solidium.fi/en/  

7. State-Owned Enterprises

The government of Finland owns directly or through Solidium the shares of 15 listed companies on the Helsinki stock exchange. In general, State-Owned Enterprises (SOEs) are open to competition except where they have a monopoly position, namely in alcohol retail and gambling. SOEs in Finland operate in chemicals, petrochemicals, plastics, and composites; energy and mining; environmental technologies; food processing and packaging; industrial equipment and supplies; marine technology; media and entertainment; metal manufacturing and products; services; and travel. The market value of all state direct shareholdings was approximately $24 billion as of March 2024. For more information, see: https://vnk.fi/en/government-ownership-steering/companies   https://vnk.fi/en/government-ownership-steering/value-of-state-holdings  

The Ownership Steering Department in the Prime Minister’s Office has ownership steering responsibility for Finnish SOEs, and is responsible for Solidium. The State Shareholdings and Ownership Steering Act (1368/2007) and the Act Amending the State Shareholdings and Ownership Steering Act (1315/2016) regulate the administration of state-owned companies. For more information, see: https://www.finlex.fi/en/laki/kaannokset/2007/en20071368   https://www.finlex.fi/fi/laki/alkup/2016/20161315  

Finnish state ownership steering complies with the OECD Principles of Corporate Governance. The Parliamentary Advisory Council in the Prime Minister’s Office serves in an advisory capacity regarding SOE policy; it does not make recommendations regarding any business in which the individual companies are engaged. The government has proposed changing its ownership levels in several companies and increasing the number of companies the Prime Minister’s Office steers. Parliament decides from which companies the state may relinquish its sole ownership (100 percent), its control of ownership (50.1 percent), or minority ownership (33.4 percent of votes). For more information: https://vnk.fi/en/government-ownership-steering/ownership-policy  

Finland opened domestic rail freight to competition in early 2007, and in July 2016, Fenniarail Oy, the first private rail operator on the Finnish market, began operations. In November 2020, Estonian-based Operail, which works in Finland’s rail freight operations, started a subsidiary in Finland as Operail Finland. In 2023, Operail Finland’s share was sold to Nurjminen Logistics. Passenger rail transport services will be opened to competition in stages, starting with local rail services in southern Finland. Based on an agreement between Finnish State Railways (VR) and the Ministry of Transport and Communications, VR has exclusive rights to provide passenger transport rail services in Finland until the end of 2030. For more information, see: https://lvm.fi/en/-/nine-year-contract-between-the-ministry-of-transport-and-communications-and-vr-for-purchasing-rail-transport-services-1643706  

The exclusive right applies to all passenger rail transport in Finland, excluding the commuter train transport services provided by the Helsinki Regional Transport Agency (HSL). In February 2020, HSL put its commuter train transport services out for tender; VR won the tender and will continue to provide passenger rail service for the next ten years. The value of southern Finland commuter train services is $67 million per year, with 200,000 daily passengers.

• Privatization Program

Parliament makes all decisions identifying the companies in which the state may relinquish sole ownership (100 percent of the votes) or control (minimum of 50.1 percent of the votes), while the government decides on the actual sale. The state has privatized companies by selling shares to Finnish and foreign institutional investors through both public offerings and directly to employees. Sales of the state’s direct holdings totaled $2.89 billion (2007 – 2018).

The government issued a new resolution on state-ownership policy in April 2020, seeking to maximize overall social and financial benefits; use corporate assets to promote domestic ownership; and diversify the economy, create innovations, and support sustainable structural change. For more information, visit https://vnk.fi/en/government-ownership-steering  

8. Responsible Business Conduct

Finland has long traditions in compliance with labor, occupational safety, health, and environmental legislation. Finnish companies recognize that their due diligence to comply with laws and regulations is central to responsible business conduct and corporate responsibility. The Finnish Business & Society (FIBS) is the largest corporate responsibility network in the Nordic countries and has more than 300 members: https://www.fibsry.fi/briefly-in-english/  

Finland is committed to implementing the OECD Guidelines for Multinational Enterprises, the ILO Declaration on Fundamental Principles and Rights at Work, and the ILO’s tripartite declaration of principles concerning multinational enterprises and social policy. The government promotes Corporate Social Responsibility (CSR) through the Ministry of Employment and the Economy CSR Guidelines. or more information: https://tem.fi/en/key-guidelines-on-csr  

Finland ranks first in the UN’s Sustainable Development Report, which compares 193 UN member states based on 17 sustainability goals. Finland launched a new sustainable development strategy built around the UN’s Sustainable Development Goals (SDG). More information is available here: https://dashboards.sdgindex.org/profiles/finland  

The Directive of the European Parliament and the Council on the disclosure of non-financial information has been implemented via amendments to the Finnish Accounting Act, requiring affected organizations to report on their CSR. The obligation to report non-financial information and corporate responsibility reports applies to significant public interest entities, i.e., listed companies, credit institutions, and insurance companies with more than 500 employees. In addition, turnover must be greater than $45.4 million, or the balance sheet must exceed more than $22.7 million. For more information: https://tem.fi/en/accounting  

Currently, there are no other mandatory human rights-related due diligence requirements apart from those set out in the Act on the Placing on the Market of Conflict Minerals and Their Ores (1196/2020) (the Conflict Minerals Act), which improved the transparency of supply chains and brought Finland’s conflict minerals regime into line with EU regulations. Businesses importing conflict minerals (tin, tantalum, tungsten, and gold) from conflict-affected areas into the EU that exceed certain volume thresholds are subject to due diligence requirements. The Finnish Safety and Chemicals Agency and Finnish Customs are competent authorities in implementing the act. For more information: https://tukes.fi/en/industry/conflict-minerals  

Finland has joined the Extractive Industries Transparency Initiative (EITI), which supports improved governance in resource-rich countries. Finland is not a member of the Voluntary Principles on Security and Human Rights Initiative. The Human Rights Center (HRC), administratively linked to the Office of the Parliamentary Ombudsman, encourages foreign and local enterprises to follow the most important international norms: https://www.humanrightscentre.fi/  

Finland participates in the Montreux Document on pertinent international legal obligations and good practices for states related to private military and security company operations during armed conflict. However, Finland is not a member of ICoCA, the International Code of Conduct for Private Security Service Providers’ Association.

• Additional Resources

Department of State

• Country Reports on Human Rights Practices ;
• Trafficking in Persons Report ;
• Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities
• U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises ; and;
• Xinjiang Supply Chain Business Advisory 

Department of the Treasury

• OFAC Recent Actions

Department of Labor

• Findings on the Worst Forms of Child Labor Report ;
• List of Goods Produced by Child Labor or Forced Labor ;
• Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World and;
• Comply Chain .

Finland participates in international climate negotiations as an EU member state. It is firmly committed to the EU’s joint reduction target under the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The core elements of EU climate policy are the EU Emissions Trading System (EU ETS); national targets for sectors excluded from EU ETS (effort sharing); and obligations concerning the Land Use, Land-Use Change, and Forestry sector (LULUCF). The EU ETS covers more than 40 percent of the total greenhouse gas emissions in the EU and just under half of the greenhouse gas emissions in Finland. For more information, see: https://tem.fi/en/emissions-trading  

The National Climate Act is another fundamental pillar of Finland’s climate policy. The act aims to reduce greenhouse gas emissions for 2030 (-60 percent), 2040 (-80 percent), and 2050 (-95 percent) compared to 1990 levels. According to the act, Finland must be carbon neutral by 2035. For more information, see: https://ym.fi/en/climate  

Finland reduces carbon emissions by increasing clean energy production, investing in the hydro economy, and augmenting the carbon sequestration of the industrial and land use sectors. Renewables have replaced imported fossil fuels in domestic electricity production. In 2023, the share of carbon-free electricity production was 94 percent. The primary energy sources of electricity production were nuclear power at 41 percent, hydropower at 18.8 percent, wind at 18.1 percent, and biomass at 13.3 percent, while the share of imported electricity was 2.2 percent.

In 2024, the government reserved EUR 14.1 million ($15.3 million) in national energy aid to promote the production of renewable energy, renewable hydrogen and hydrogen-refined fuels, energy saving or more efficient energy production or use, utilization of waste heat, and the transition towards a low-carbon energy system. The government will prioritize investment projects promoting new technology, its commercialization, and the capacity of the electricity system. In addition, REPowerEU aid supports investments in new energy technology and the production and storage of renewable hydrogen, funded by the EU Recovery and Resilience Facility. REPowerEU aims to reduce dependence on Russian fossil fuels by fast forwarding the clean transition and joining forces to achieve a more resilient energy system and a true Energy Union. For more information, see: https://tem.fi/en/-/ministry-of-economic-affairs-and-employment-sets-energy-aid-priorities-for-2024  

The Finnish Climate Fund is a state-owned company that focuses on combating climate change, boosting the low-carbon industry, and promoting digitalization. Companies targeted by the fund typically receive the funding in installments over several years when meeting conditions specified in the financing agreements. For more information, see: https://www.ilmastorahasto.fi/en/  

The National Forest Strategy contains the critical outlines of Finland’s forest policy. For more information, see: https://mmm.fi/en/forests/strategies-and-programmes  

Finland also aims to increase ecological public procurement. Finland’s first National Public Procurement Strategy, launched in September 2020, focuses on developing strategic management and promoting procurement expertise. For more information, see: https://vm.fi/en/-/national-public-procurement-strategy-identifies-concrete-ways-in-which-public-procurement-can-help-achieve-wider-goals-in-society  

On MIT’s Green Future Index 2023, Finland ranked second among 76 leading countries and territories. The index measures progress and commitment towards building a low-carbon future. According to the index, Finland fosters an extensive green tech R&D ecosystem with leading-edge renewables and food tech.

9. Corruption

Corruption in Finland is covered by the criminal code and penalties range from fines to imprisonment of up to four years. The bribery offenses criminalized in the criminal code are electoral bribery, bribery violation, the giving of bribes, the acceptance of a bribe, providing bribes to a Member of Parliament, accepting a bribe as a Member of Parliament, giving of bribes in a business transaction, and accepting a bribe in a business transaction. For more information, see: https://korruptiontorjunta.fi/en/national-legislation  

Finland does not have an authority specifically charged to prevent corruption. Instead, several authorities and agencies contribute to anti-corruption work. The Ministry of Justice coordinates anti-corruption matters, but Finland’s EU anti-corruption contact is the Ministry of the Interior. The National Bureau of Investigation also monitors corruption, while the tax administration has guidelines obliging tax officials to report suspected offenses, including foreign bribery, and the Ministry of Finance has guidelines on hospitality, benefits, and gifts. The Ministry of Justice describes its anti-corruption efforts at https://oikeusministerio.fi/en/anti-corruption-activities.

The EU Directive on non-financial reporting supports action against corruption. Implementation of the EU Directive in Finland led to the amendment of the Accounting Act in December 2016. Current legislation imposes obligations on large companies to report on anti-bribery and anti-corruption action policies.

The Ministry of Justice is responsible for monitoring and developing the Transparency Register legislation. The Transparency Register Guide contains a general description, key concepts, related procedures, and published actors. The guide answers questions such as who is subject to the obligation to provide information to the Transparency Register, what kind of information must be provided to the register and when, and how the Transparency Register is monitored. The guide is available in Finnish, Swedish, and English: https://julkaisut.valtioneuvosto.fi/handle/10024/164813  

In 2020, the Ministry of Employment and Economy released an anti-corruption guide intended for companies, especially SMEs, to provide them with guidance and support for promoting sound business practices and corruption-free business relations both in Finland and abroad. Large companies must publish corporate responsibility reports. These reports must briefly describe their business model, explain the risks related to their policies, and describe how they manage these risks. The reporting obligation applies to public interest entities with over 500 employees and a turnover of over 40 million euros ($43 million) or an annual balance sheet of over 20 million euros ($22 million). Smaller companies can report voluntarily. The report can be part of yearly reports or reports on corporate social responsibility. For more information: https://tem.fi/en/-/guide-offers-smes-practical-anti-corruption-tips  

Finland has ratified the following anti-corruption conventions: the Convention on Laundering, Search, Seizure, and Confiscation of the Proceeds from Crime; the Council of Europe Civil Law Convention on Corruption; the Criminal Law Convention on Corruption; and the UN Convention against Transnational Organized Crime. Finland has become the 32nd country to sign the United Nations Convention against Corruption (UNCAC) Coalition’s Transparency Pledge, voluntarily committing to a high level of transparency and civil society inclusion in the second cycle of the UNCAC implementation review. Finland is a member of the European Partners against Corruption (EPAC).

Finland is a signatory to the OECD Convention on Anti-Bribery. In October 2020, the OECD working group on bribery said it recognizes Finland’s commitment to combat corruption but is concerned about lack of foreign bribery enforcement. For more information: https://www.oecd.org/daf/anti-bribery/finland-oecdanti-briberyconvention.htm  

• Resources to Report Corruption

Jaakko Christensen Head of Financial Crime Division National Board of Investigation P.O. Box 285, 01310 Vantaa, Finland [email protected]

Jaakko Korhonen Chairperson Transparency Finland [email protected]

• 10. Political and Security Environment

Finland acceded to NATO in April 2023 and signed a bilateral Defense Cooperation Agreement with the United States in December 2023. The Finnish Security and Intelligence Service (SUPO) estimated in the National Security Overview 2023, the most current version released, that Russia’s actions remain the greatest threat to Finland’s national security, with Russia treating Finland as an unfriendly state, and as a target for espionage and malign influence activities. According to SUPO, NATO membership protects Finland from Russia’s measures. SUPO assesses Russia’s use of irregular migration as a way for Russia to indicate its dissatisfaction with Finland’s NATO membership and generally sow the consequences of actions Russia perceives as unfriendly.

SUOP assesses that no significant changes have occurred in the threat of terrorism faced by Finland. The threat of terrorism in Finland remains at level 2, ‘Elevated’, on the four-tier scale. There are probably far-right and radical Islamist operators in Finland with the desire and capacity to carry out violent attacks. Supporters of these ideologies pose the most likely threat, either as individuals or in small groups. Attacks remain unlikely in the short term. .For more information, see: https://supo.fi/en/terrorism-overview  

While instances of political violence in Finland are rare, extremism exists, and anti-immigration and anti-Semitic incidents do occur. The Central Council of Finnish Jewish Communities has noted a rise in anti-Semitism in Finland over the past two decades, with reported instances likely underestimating the prevalence of such cases. Targeted acts of vandalism against the synagogue and property of the Israeli Embassy and random acts of vandalism featuring anti-Semitic language and images have become more common. Hate groups and far-right political parties use anti-Semitic language and Nazi iconography in both online publications and public events. SUPO considers Racially or Ethnically Motivated Violent Extremism (REMVE) online platforms a significant source of radicalization in Finland, and Jewish and Muslim community leaders have identified these websites as contributors to increases in public anti-Semitism.

In 2022, The Ministry of the Interior published the National Counterterrorism Strategy 2022–2025 to guide national and international counterterrorism activities. Finland combats terrorism, violent radicalization, and extremism to safeguard national interests and foster the safety and security of the country and its population. The Ministry of the Interior monitors the achievement of objectives and will prepare an interim report in 2024. For more information, see: https://intermin.fi/en/publication?pubid=URN:ISBN:978-952-324-578-5  

• 11. Labor Policies and Practices

According to Statistics Finland, the population was approximately 5.6 million, and the average number of employed persons aged 15 to 74 was 2,628,000 in 2023. The number of unemployed persons was 204,000. Men’s unemployment rate was 7.9 percent, while women’s unemployment rate was 6.5 percent. In January 2024, the number of unfilled vacancies was 133,400. The working-age population will decrease in the years to come due to an increasing retirement rate caused by Finland’s aging population. At the same time, the number of immigrants is growing, and people are working to a later age in life. In Finland, most job vacancies advertised are in the social healthcare services sector, the construction industry, and the service and retail sectors.

Finland has a long tradition of trade unions. The country has a 60 percent unionization rate, and approximately 90 percent of employees have participated in the collective bargaining system. Extensive tripartite cooperation between the government, employers’ groups, and trade unions characterizes the labor market system in Finland. Trade unions and employers’ associations may make collective agreements, and the ministry decides on the agreements’ validity, determining minimum wages, working hours, and working conditions. The Ministry of Employment and the Economy is responsible for drafting labor legislation, and the Ministry of Social Affairs and Health is responsible for enforcing labor laws and regulations via the Occupational Safety and Health (OSH) authorities of the OSH Divisions at the Regional State Administrative Agencies, which operate under the Ministry of Social Affairs and Health.

To increase the labor market’s flexibility, the government of Prime Minister Petteri Orpo aims to reform the labor market legislation in 2024. As part of the proposed reforms, the government intends to increase local bargaining, which refers to workplace-level agreements on working hours, annual holidays, or wages; tie all sectors’ wage increases to export industry levels; restrict the right to political strikes, including limiting political strikes to 24 hours; and cut social welfare and benefits programs, including unemployment benefits. The government’s proposed labor reforms launched a wave of political strikes in Finland.

In the March 2024 IMF Article IV consultation with Finland, the IMF commended the government’s efforts to boost employment through social benefit reforms, greater flexibility in the labor market, and lowering the labor tax wedge. According to the IMF, the government should establish robust systems to monitor the impact of these reforms on employment closely. Additionally, government policies and procedures should aim to improve higher education, lower skill mismatches, and more effectively attract and integrate international talent.

Finland adheres to most ILO conventions; and enforcement of worker rights is effective. Freedom of association and collective bargaining are guaranteed by law, providing the right to form and join independent unions, conduct legal strikes, and bargain collectively. The law prohibits anti-union discrimination and any obstruction of these rights. The National Conciliator under the Ministry of Employment and the Economy assists negotiating partners with labor disputes. The arbitration system is based on the Act on Mediation in Labor Disputes, and the Labor Court is the highest body for settlement. The ILO’s Finland Country profile can be found here: http://www.ilo.org/dyn/normlex/en/f?p=1000:11110:0::NO:11110:P11110_COUNTRY_ID:102625  

• 12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs

The U.S. International Development Finance Corporation, DFC, does not operate in Finland.

• 13. Foreign Direct Investment Statistics

* Source for Host Country Data: Statistics Finland

• 14. Contact for More Information

[email protected]  

On This Page

U.s. department of state, the lessons of 1989: freedom and our future.

• Search Search Please fill out this field.
• Company News
• Earnings Reports and News

What We Learned From Big Bank Earnings Friday

Income statements reflected economic concerns, interest-rate hurdles

Michael Nagle / Bloomberg / Getty Images

• Mixed results from large U.S. banks kicked off the financial world's second-quarter earnings season.
• As the focus remains on potential Federal Reserve rate cuts, high interest rates remain an income hurdle for banks.
• Meanwhile, the big banks' profit statements exhibit growing concern about a cooling economy.

Earnings at two of the three large U.S. banks that traditionally launch the financial sector's quarterly earnings season exceeded investors' expectations Friday. But their income statements revealed the ongoing toll of higher interest rates and reflected concerns about a cooling economy.

Citigroup ( C ) surpassed consensus projections with net income that rose 10% from the same period a year ago. But excluding one-time items, profit at both JPMorgan Chase ( JPM ) and Wells Fargo ( WFC ) declined from a year ago, even as Wells Fargo also topped analysts' consensus forecasts.

Shares of all three struggled after they reported earnings . JPMorgan's shares dropped 1.2%, Citigroup's fell 1.8% and Wells Fargo's plunged 6%, making it the biggest decliner on the S&P 500 Friday.

Net interest income , a key driver of banking profitability, fell sequentially from the first quarter at all three banks. Loan balances stagnated or dropped, and all three set aside additional money for potential credit losses.

The results highlight how higher interest rates have turned from a boost to a burden for banks' profit growth. Moreover, they shed light on concerns banks have going forward as borrowing stalls and the economy slows.

Jeenah Moon / Bloomberg / Getty Images

Net Interest Income Weakness

The Federal Reserve's interest rate hikes beginning in early 2022 initially fueled strong net interest income growth for banks. But eventually, that growth decreased as higher deposit costs caught up with higher loan charges.

Net interest income fell for the second straight quarter at JPMorgan Chase to $22.8 billion, down from $23.1 billion in the first quarter and $24.1 billion in the fourth quarter. Wells Fargo reported a drop to $11.9 billion from $12.2 billion in the first quarter, and Citigroup's fell marginally to $2.7 billion.

Presumably, highly anticipated Fed rate cuts —perhaps as early as September—could boost net interest income in the near term as deposit costs reset more quickly than some loan rates.

Credit Loss Provisions Boosted

However, rate cuts would signal that the Fed foresees sufficient cooling in the economy to prevent inflation from reigniting. And as the economy cools, concerns about borrowers repaying loans increase.

In the second quarter, JPMorgan set aside $3 billion to cover potential credit losses, up from $1.9 billion in the first quarter. Likewise, Wells Fargo boosted its credit loss coverage to $1.2 billion from $938 million a quarter ago, and it wrote off $1.3 billion in bad loans, $146 million more than the first quarter.

Citigroup's credit loss provisions increased $112 million sequentially to $2.5 billion—36% more than the same period a year ago.

Large banks, of course, have broader loan books than smaller regional banks, which have greater exposure to the troubled commercial real estate sector. With that in mind, Friday's results may shine an even brighter light on credit loss provisions for regional banks when they report financial results later this month.

Loan Growth—Or Lack Thereof

As large banks brace for more defaults on existing loans, they're not lending additional money.

JPMorgan Chase reported $1.3 trillion in loans outstanding in the second quarter, a figure that remained essentially unchanged for the fourth straight quarter. Average loans outstanding at Wells Fargo slipped for the fourth straight quarter to $917 billion, down $11 billion from the first quarter. Loans at Citigroup rose 2% to $688 billion but declined by $1 billion from the end of 2023.

Fed rate cuts could spur loan growth by making borrowing more affordable. The challenge for banks, though, will consist of issuing enough new loans to compensate for the lower interest rates they'll receive for them.

Citigroup. " Second-Quarter 2024 Results and Key Metrics ."

Wells Fargo. " 2Q24 Financial Results ."

JPMorgan Chase. " EARNINGS RELEASE FINANCIAL SUPPLEMENT SECOND-QUARTER 2024 ."

Citigroup. " FOURTH-QUARTER AND FULL-YEAR 2023 RESULTS AND KEY METRICS ."

• Terms of Service
• Editorial Policy
• Privacy Policy

Money blog: Budget airline set to slash fares as profits slump

Welcome to the Money blog, your place for personal finance and consumer news and tips. Share your Money Problem or consumer dispute below along with your email address and we'll get answers from an expert - today we're helping a reader having trouble with a neighbour.

Monday 22 July 2024 20:12, UK

• 'I constantly smell smoke from my neighbour's log burner - what can I do?'
• Popular European city to 'substantially' raise tourist tax for cruises
• Budget airline set to slash fares as profits slump
• Biden bombshell fails to move markets - here's why

Essential reads

• What happens when our gold mines run dry?
• Cheapest ways to get your holiday money
• We tried UK's cheapest three-course dinner* - here's what you get for £4 (or £5 if you want to splash out)
• Women in Business: 'I set up business with £200 and went on Dragons' Den - now it's worth £1.5m'
• Basically... What happens when you go bankrupt?
• Best of the Money blog - an archive of features

Ask a question or make a comment

By Mark Kleinman , city editor

Nadhim Zahawi, the former Conservative chancellor, is assembling a £600m bid for The Daily Telegraph that could up-end the auction of some of Britain’s most influential media assets.

Sky News has learnt that Mr Zahawi, who left parliament in May after opting not to stand again in his Stratford-on-Avon seat, has approached a number of billionaire backers about helping to finance an offer for the daily newspaper, its Sunday sister title and The Spectator magazine.

City sources said the Reuben family, which owns a vast swathe of property assets and a stake in Newcastle United Football Club, was among those to have been sounded out by Mr Zahawi in recent weeks.

The former cabinet minister, who also spent time as business secretary, education secretary and as the government's vaccines minister during the Covid-19 pandemic, is said to believe the Telegraph has significant scope to boost its profitability by expanding in the US.

Read more here .

Online grocery retailer Ocado has struck a deal with a company that will oversee its warehouses controlled mainly by robots .

Ocado told shareholders today that US firm Kroger will roll out its "Re:imagined" tech across "multiple" fulfilment centres, as well as "future" ones.

"The technologies include proprietary Ocado innovations such as On-Grid Robotic Pick and Automated Frameload, which will bring new levels of efficiency and labour productivity to the Kroger Delivery network," Ocado said.

"These innovations will enable Kroger to further drive down their cost to serve from CFCs, and enhance an already market-leading customer proposition."

Lucozade has added to its "Alert" energy drink range with two new flavours .

Coming in 250ml cans, Lucozade Alert Ultimate Energy (guarana-flavoured) and Lucozade Alert Mango Peachade are set to roll out from next month.

RRP is £1 a can.

Carpetright's future is understood to have been secured but the majority of its 1,800 staff are set to lose their jobs under a limited rescue deal.

It is believed that rival floorings retailer Tapi will confirm it is buying just 54 of 272 stores and two warehouses in a so-called pre-pack administration that allows a buyer to cherry-pick assets.

The deal would see, however, only 300 staff retained.

The brand and Carpetright's intellectual property rights are also believed to be included in the sale.

Read more here :

Families paying for holiday clubs this summer now face a bill of £1,045 for six weeks' care for one child, a study has found. 

A survey of councils across the UK by charity Coram Family and Childcare found that represented a rise of 6% on last year's costs.

Providers say they are trying to keep costs down as they struggle with staff shortages.

This table shows how prices have increased in the past 12 months in England, Scotland and Wales... 

"Too many families dread the onset of the summer holidays," Coram Family and Childcare managing director Ellen Broomé said.

"Finding a place will be a challenge this summer, particularly for children with special educational needs and disabilities."

Lending for buy-to-let (BTL) house purchases has more than halved over the past year, a banking and finance industry body has said.

New mortgage deals granted for this purpose fell from 25,280 in the fourth quarter of 2022 to 12,422 in the first quarter of this year.

The market also shrank - from 2.04 million outstanding BTL mortgages in the first quarter of 2023 to 1.98 million in the first quarter of this year. 

This has been put down to rapidly rising interest rates, which made it harder for those looking to buy a BTL property to pass bank affordability tests, UK Finance said.

Stamp duty surcharges on second and subsequent properties also played a part.

James Tatch, head of analytics at UK Finance, said: "Without more unexpected negative shocks, strong rental demand and strong lending standards could mean the buy-to-let sector emerges from last year's downturn sooner than previously expected, also that further rises in arrears are limited.

"Lenders continue to offer a range of support to anyone who's worried about their finances, with teams of trained experts ready to help. If you are struggling, please reach out to your lender as soon as possible to discuss the support options available."

Are you struggling because of high interest rates? Sky News is keen to hear from people who are due to refix their mortgages, are on variable rates or are trying to get on the housing ladder.

Email us your stories at [email protected]  or use the box at the top of this page. 

We've all heard of unusual jobs, but this may take the biscuit... 

A 72-year-old grandmother has been appointed theme park Alton Towers' first "chief thrillseeker". 

Jackie Smith, from Wiltshire, was the first female to join the Parachute Regiment in 1971 (at aged 19) and has led an adrenaline-fuelled life since. 

Her new role, which will last 12 months, will see her responsible for testing rides.

"It's my absolute honour to be appointed Alton Towers' first chief thrillseeker," she said.

"I can't wait to bring my expertise from a lifetime of adventure to help ensure they continue to set new standards."

She has already been on rides in the park, and offered her thoughts. 

"My first time on the iconic Nemesis Reborn definitely met my high standards for thrills - it felt like my first jump all over again."

Ms Smith has completed some 5,000 parachute jumps in her career and has previously been nominated for the BBC Sports Personality of the Year award.

Gin & Juice by Dre and Snoop, the pre-mixed cocktail brand created by legendary American rappers Dr Dre and Snoop Dogg, is launching in the UK. 

The drinks take their name from Snoop Dogg's 1994 single (which was produced by Dr Dre) and will be available via independent retail, DTC and Amazon.

Drinkers can choose from citrus, melon, passionfruit and apricot flavours.

Gin & Juice are 5.9% abv, costing £2.50 per 250ml can and made from a "premium light gin base" with real fruit, the brand said. 

Gin & Juice launched in the US in February.

Barcelona is set to "substantially" raise the tourist tax for cruise passengers visiting the city for less than 12 hours.

It comes as anti-tourism protests have taken place across parts of Spain in recent weeks.

Jaume Collboni, the mayor of Barcelona, has confirmed the charge will be increasing but hasn't said by how much.

The tourist tax for stopover cruise passengers is currently €7 (£6).

Mr Collboni said in an interview with El Pais newspaper: "We are going to propose... substantially increasing the tax for stopover cruise passengers.

"In the case of stopover cruise passengers (less than 12 hours) there is intensive use of public space without any benefit for the city and a feeling of occupation and saturation. We want to have tourism that is respectful of the destination."

Mr Collboni said tourists, not local taxpayers, should pay for local projects like air-conditioning in schools.

The proposal will have to be agreed with the Catalan regional government, he added.

You can read more here : 

By James Sillars , business reporter

The widely expected (but nevertheless bombshell) news that Joe Biden had pulled out of the US presidential race failed to produce a crater on financial markets.

US stock market futures gained slightly but the dollar and US bond yields were static as the trading week opened in Asia.

Market analysts said the election development was largely inconsequential as a win for Donald Trump remained priced in.

A big sympathy vote was anticipated after the failed assassination attempt earlier in the month.

In London, the FTSE 100 gained back most of the losses seen on Friday when dealing began.

It was 0.5% higher at 8,196.

Utilities and real estate stocks were leading the charge.

The big story, however, was in Ireland, where Ryanair shares fell by more than 12% at the open.

Investors were reacting to a slump in first quarter profits and the revelation of big discounting to drive ticket sales.

You can read more about the budget airline's fortunes in our previous post...

Ryanair fares will likely be lower than those we saw last summer, the airline has said. 

The average fare is 15% cheaper this summer, with Europe's largest carrier (by passenger numbers) engaging in significant discounting in an attempt to keep customers interested. 

Reporting weaker profits, which the company blamed on heightened consumer caution, group chief executive Michael O'Leary warned shareholders that fares over the key summer holiday months would be significantly down as a result of the weaker than anticipated consumer backdrop.

He also indicated that prices would continue to drop. 

Mr O'Leary told shareholders: "While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer [previously expected to be flat to modestly up]".

Ryanair reported the weaker profits than expected for its first financial quarter, blaming a need to "stimulate" flight sales.

Every Monday we get an expert to answer your Money Problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

My neighbour has installed a log burner and the chimney is as close to our property as it is legally allowed. Every time I go out of my front door I can smell acrid smoke. What can I do about it? Crissy

The first thing to do is speak to your neighbour and try to resolve it amicably, according to Chun Wong, a partner at law firm Hodge Jones & Allen.

"Remember you do need to live by them in close proximity on a daily basis, so aim to maintain a good relationship," she says.

"Although neighbours may install items within their own boundaries so it may technically not trespass into your property, there may still be recourse for consequential losses due to noise or smells escaping into your property.

"Smells and noise can be classed as a statutory or private nuisance, which may depend on expert evidence or the effect/harm on you such as the frequency of the smell or noise."

Statutory nuisance is something that affects a person's health or causes disturbance to them in their property. It has to occur frequently and continue for a period of time that makes it unreasonable.

Private nuisance is a branch of the law which provides more robust remedies through the civil courts where there has been a significant detriment to the use or enjoyment of a person's land.

It's down to the individual to decide which route they want to go down - bearing in mind statutory nuisance may not give compensation but will likely be cheaper and easier to action.

If the smoke is seen as a statutory nuisance, Wong says, then you should complain to your local council, which could end up serving an abatement notice.

"This is a notice which only the local authority can serve requiring someone to take action or refrain from action. If that fails, breach of an abatement notice can lead to a substantial fine and in serious cases, prosecution," she says.

"If it is a private nuisance you may be able to bring court proceedings to stop the nuisance and claim for compensation. 

"The first step would be to send a letter of claim to your neighbour and also submit a claim form in your local county court with all the details and supporting evidence. 

"You do not need a solicitor to do this, but I strongly advise you to seek legal advice before taking this drastic step given the serious consequences involved."

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about.  Submit your dilemma or consumer dispute via:

• The form above - you need to leave a phone number or email address so we can contact you for further details
• Email [email protected] with the subject line "Money blog"
• WhatsApp us  here

Be the first to get Breaking News

Install the Sky News app for free