Business Round-Up: International students contribute far more than they take, claims study

It’s official: international graduates make a huge contribution to Denmark’s coffers (photo: Pixabay)
December 1st, 2022 9:57 am| by Santiago Sebastian
Facebooktwitterpinterestmail

Denmark benefits financially from foreign students, according to a major analysis carried out by Damvad Analytics on behalf of the Ingeniørforeningen engineers association. 

Together they contributed 26.7 billion kroner to the nation’s coffers between 2007 and 2020, with technical and natural science courses, such as engineering, accounting for 12 billion.

Over the same 13-year period, each foreign graduate has brought in an average of more than 2 million kroner.

MPs capped student numbers
In a bid to reduce the SU stipend paid out to all EU students, Danish MPs backed plans to place a cap on the number of foreign students entering the country’s universities.

The number of courses taught in English has also been reduced in recent years.

It was reasoned they are a drain on resources and that many leave the country after completing their studies.

Serious misjudgement
Ingeniørforeningen chair Aske Nydam Guldberg thinks Parliament has made a serious mistake, pointing out that in engineering, technology and IT there will be a shortage of 13,000 graduates in 2030.

“The ceiling on foreign students is really bad business, because they are an investment in both making Denmark richer and smarter. We are in urgent need of manpower,” he commented.

“They are an important factor in implementing the green transition and digitisation of society, which are some of society’s biggest challenges.”


Denmark to fare better than Sweden in 2023, predicts OECD
In the latest OECD world economic forecast for 2023, Denmark will fare better than neighbours Sweden. While Sweden’s economy is expected to shrink by 0.6 percent next year, Denmark’s will see a 0.1 percent increase. However, growth in Sweden is expected to pick up again in 2024 with an increase of 1.9 percent, while Denmark’s will only rise by 1.1 percent. Focusing on Denmark, the OECD identifies its main risks as increasing supply disruptions and persistent labour shortages, which could lead to further price rises and reduced activity. 

Novo Nordisk to spend an additional 5.4 billion kroner in Denmark
Pharmaceutical giant Novo Nordisk has announced another round of spending in Denmark, taking its total in its homeland to 23 billion kroner in the last two years. In 2021, it earmarked 17 billion kroner to expanding its Kalundborg plant. Part of the spending has enabled the site to convert surplus heat into district heating. And now it has been announced that another 5.4 billion kroner will be spent on the expansion of existing plants in Bagsværd, some 12 km northwest of Copenhagen. 

SAS could be hit by another major strike
SAS could again be hit by another major strike – this time by Norwegian cabin crews – if an agreement cannot be reached with their union Kabinansattes Forbund, which has around 500 members. As part of SAS Forward’s recovery plan, the company must make savings of 7.5 billion Swedish krona – part of which must be found by reducing wages. However, so far it has not been possible to reach an agreement with the Norwegian cabin crews.

Price of oil and petrol continues to slide
The prices of oil and petrol continue to fall since peaking in the summer. Petrol is now the same price as it was at the start of the year. Oil demand has fallen as a consequence of fears there will be a worldwide recession. The recent COVID-19 strikes in China have also been a contributory factor to the falling prices.

Half of all Ukrainian jobseekers in employment
More than half of the Ukrainian refugees eligible to work in Denmark are employed. The municipalities expected to receive up to 100,000 refugees, but nine months later only about 28,000 Ukrainians have been granted residence permits under a special law quickly passed by Parliament in the spring. Some 54 percent of Ukrainians are willing to take up employment and, of these, 6,159 have found jobs, according to figures from the Labour Market and Recruitment Agency.

Separate bank accounts becoming more normal
It is becoming increasingly common for couples to have their own separate bank accounts rather than joint finances, according to a survey carried out by YouGov for Nordea bank. In 2017, 23 percent of Danish couples had their income in separate accounts, but that figure has now risen to 30 percent. Eva Steensig, sociologist and consumer expert, told Radio4 Morgen that increasing numbers of women are seeking monetary autonomy and liberation in general. She warns this may lead to more conflict within relationships. Less economic interdependence makes it easier to get out of a relationship, she reasons.

Maersk Line settles sexual violation lawsuits
Maersk Line has reached settlements with two women who sued the shipping company after being subjected to alleged sexual violations onboard its ships. One of the women preferred to remain anonymous throughout the proceedings, and the nature of the settlements will remain undisclosed.