In October, Estonia’s exports decreased by 1% while imports decreased by 6% at current prices compared year on year, Statistics Estonia reports.
After a meeting of a Rail Baltic workgroup this week, Estonia, Latvia and Lithuania admitted that they will not be able to set up the joint venture by January 1 as planned, reported Äripäev.
Claims that foreign capital has started to leave Estonia en mass are excessive. Instead, foreign capital is flowing in and out, say experts interviewed by Postimees.
The decision of the Supreme Court to declare restrictions on founding of pharmacies unconstitutional and invalid is the first step towards normalising the market of medicines.
Foreign Secretary William Hague, UK International Anti-Corruption Champion Ken Clarke and International Development Secretary Justine Greening issued a joint statement on the importance of International Anti-Corruption Day.
Latvian Prime Minister Valdis Dombrovskis who announced his resignation after the cave-in of a supermarket in Riga on November 21 which killed 54 people said that he was doubtful whether Latvia could form a new government this year.
Women in Estonia earn 27.3% less than men, the highest gender pay gap in the EU, according to a European Commission report.
The gross domestic product (GDP) of Estonia ncreased by 0.7% in the third quarter of 2013 compared to the same quarter of the previous year.
Marek Helm, director-general of the tax and customs board, says that in the last 18 months the government agency has made major attempts is making their salaries competitive and motivate its employees, writes Postimees.
A dispute between Andres Järving and Veiko Murruste, shareholders of Süda Maja that was developing Ameerikanurga, a large logistics and industrial park just outside Tallinn, has driven the company into bankruptcy, writes Äripäev.
Public prosecutor has withdrawn its claim in the amount of EUR 3.5m against road building company Lemminkäinen, writes Äripäev.
Prime Minister Andrus Ansip believes that there is no reason to be concerned about the exit of multinational corporations from Estonia because Estonia is attracting more foreign investments than losing them.
Nordea Pank expects the Estonian economy to grow 1% this year, while as late as in September, the bank was expecting the economy to expand by 1.9%, writes Äripäev.
LHV analyst Heido Vitsur says that while an increase in profits of businesses is encouraging, the worrying sign is that the domestic sector is becoming stronger and exporting businesses are becoming weaker.
The total profit of the Estonian business sector in the third quarter was EUR 945m, beating the previous record of EUR 921m that dates back to 2007, just before the economic recession hit Estonia, writes Äripäev.
The flourishing trade of Russian alcohol, tobacco and fuel from Russia into Estonia by locals in Narva has virtually ended after the new regulation took effect last Sunday, writes Äripäev.
Äripäev editor Aivar Hundimägi writes that the current conflict between the Parliament and Finance Minister Ligi over VAT deduction of company cars could in principle have one interesting outcome - extraordinary elections.
While generally traffic re-organisations made by City of Tallinn such as designating special bus lanes have caused motorists much grief, it seems that there is one exception - the notorious Haabersti roundabout in Õismäe which is known as Estonia’s most dangerous intersection, writes Postimees.
In the latest 2013 Corruption Perception Index by Transparency International, the three Baltic countries have made major progress, writes Äripäev.
Chairman of the parliamentary financial committee Sven Sester says that the parliament will not support the latest proposal made by Finance Minister Jürgen Ligi who last week made a new attempt to introduce restrictions on VAT refunds of company cars and made an ultimatum to cut costs of government ministries if his demands are not met in the parliament, writes Postimees.
Outgoing Minister of Culture Rein Lang who handed in his letter of resignation yesterday made, as promised, a 30-minute speech to Parliament in which he said that his arch enemy was online media and blamed three counterparts: media, PR people and Social Democrats.
Maxima retail company is going to reinforce the roof structure in its store in Võru in South Estonia which is believed to have similar design flaws as in the Maxima store in Riga which collapsed two weeks ago, killing 54 people, Postimees reported.
A list of Estonia’s 100 most valuable companies prepared by Gild Corporate Finance published today was topped by Swedbank, Eesti Energia and SEB Pank, reported Postimees.
Estonian Ministry of Justice says that it is continuing attempts to extradite Russian banker Alexander Dmitriev, wanted in Russia for allegedly embezzling hundreds of millions of rubles, to Russia.
Minister of Culture Rein Lang who announced his resignation two weeks ago surrounding the leadership change at a publicly funded culture weekly Sirp will make a much-waited political statement at the parliament today, as promised
Finance Minister Jürgen Ligi is making a new attempt to
The Swedish construction group Skanska announced that it will terminate its operations in Estonia by the end of 2014.
The central government has been forced to swallow a bitter bill when the Supreme Court this week declined to hear an appeal over the ownership of the building of House of Blackheads, reports ERR.
Estonian national carrier Estonian Air announced today that it has decided to terminate its contractual relationship with Air Lituanica, claiming that the Lithuanian airline has breached its payment obligations to Estonian Air.
Media businessman Hans H. Luik writes in Äripäev that Estonian economy has not much to brag about, except its capacity to borrow. This capacity must now be utilized because Estonia needs to create jobs and make sure that young Estonian citizens, especially young women, remain in Estonia instead of moving elsewhere.
The EBRD announced yesterday that it has agreed to provide an investment of up to EUR 20m to BaltCap Private Equity Fund II, L.P. for equity and equity-related investments in small and medium-sized enterprises and small mid-cap companies in Estonia, Latvia and Lithuania.
Kalev Vapper, member of IRL and head of department of the Economy Minister that is supervised by Juhan Parts (IRL), has offered to resign from the supervisory board of Eesti Loots, a state owned piloting company, over allegations that he helped a private yachting club receive financial support from Eesti Loots over a period of six years.
Äripäev writes that UK Prime Minister David Cameron has announced a crackdown on EU immigration, vowing to deport vagrants, restrict the right to benefits of foreign nationals and calling for new rules to stop “vast migrations”.
Statistics Estonia announced yesterday that average gross wages grew 8.8% a year in the third quarter, with average gross wages at 930 euros.
Ireland has shipped 2,500 tons of its municipal waste to Estonia that will be burned in Iru waste incineration plant that belongs to state-owned Eesti Energia, writes Eesti Päevaleht daily.
Tallinn hotels are preparing for another wage of Russian revellers who will be arriving to spend a New Year's Eve in Tallinn, writes Eesti Päevaleht.
Lithuania’s richest businessman, a 46-year-old Nerijus Numavičius, is managing the activities of Maxima Grupe, a chain of more than 500 stores, from Tallinn, wrote Ärileht.
Average monthly gross wages in Estonia were EUR 930 in the third quarter, an annual increase of 8.8%, according to Statistics Estonia.
Estonians are observing Latvia’s change of currency with great interest and support. Below are a few encouraging thoughts as well as experiences from our transition to the new currency, writes Siim Maripuu, lawyer of the Tallinn office of TRINITI, a pan-Baltic alliance of law firms.
Enterprise Estonia has suspended the promotion campaign aimed at Russian tourists which featured singing Matrjoshkas and carried the slogan „A holiday in Estonia for you and your 75 friends,” writes Äripäev.
Polish insurer PZU SA has official announced expansion into Estonia in a press conference in Tallinn that was hosted by the company’s board chairman Andrzej Klesyk.
Peter Ingman, a Finnish businessman, and his business partner Avo Kaasik, have acquired Estonian woodworking company PK Oliver that manufactures woodchips and sells it to boiler houses in all three Baltic states, reports Äripäev.
Flags were flown at half mast with black ribbon at all public institutions on Sunday, November 24 in both Estonia and Lithuania in solidarity with Latvia that has been hit with its deadliest tragedy since re-independence.
Culture Minister Rein Lang said yesterday on ETV that he will resign in the light of the scandal surrounding the leadership change at a publicly funded culture weekly Sirp.
The producer price index of Estonia's industrial output in October increased 4.2 percent in ayear, according to Statistics Estonia.
Tallinn district court has ruled in favour of the Bank of Moscow and says that the decisions of the March 2012 general meeting of shareholders of Eesti Krediidipank on the election of members of the supervisory board was invalid.
One of Estonia's most powerful businessmen, Ain Hanschmidt, says that Estonia cannot develop further without borrowing and proposes to issue government bonds.
Estonian national carrier Estonian Air announced that it will open a seasonal route to the Croatian city Split from May 2014.
Tallinn City Government has received two bids for the purchase of the so-called Kopli Liinid area that includes 82 properties, writes Äripäev.
Estonian economy will expand only 1 percent this year and 2.4 percent in 2014, says the Organization for Economic Cooperation and Development (OECD) in its fresh economic outlook.
The agreement reached in September between the three Baltic countries, Poland and Finland to set up a joint Baltic venture for developing Rail Baltica railway project by end of 2013 is at risk, Lithuanian-based new website Eversus reported.
A new survey by PricewaterhouseCoopers commissioned by the Estonian logistics cluster shows that Estonia’s cargo handling volumes have fallen 14% in the last ten years, while passenger transport is down 12% in eight years, writes Postimees.
The parliament will today start reading a draft amendment to the water act and waste act that, if passed, would benefit Estonian businessman Margus Linnamäe who owns 50 hectares of waterfront land on the Paljassaare peninsula in Tallinn next to the wastewater treatment plant of Tallinna Vesi, but may push up water and wastewater tariffs, writes Äripäev.
Draft budgets 2014 of only two Eurozone members – Estonia and Germany – comply with the Stability and Growth Pact rules, the European Commission said in its assessment of the budgetary plan published on Friday.
The recommendation made by the European Commission to introduce harmonised road taxes in all EU member states has not been welcomed in Estonia with open arms, writes Äripäev.
Estonian-owned Viru Keemia Grupp (VKG) that plans to start extracting phosphorus Northeast Estonia for producing fertilizers is finding it hard to convince the local community that it is safe, writes Postimees.
Martin Hirvoja, board member of Enterprise Estonia, says that Estonia has been increasingly successful in attracting foreign investors into Estonia.
Germany’s energy giant E.ON Ruhrgas has started its exit from Eastern European markets which includes selling its holdings in the three gas companies in Baltic countries where it roughty owns a third, along with Gazprom.
Finance Minister Jürgen Ligi who just suffered a heavy blow when his plan to change VAT taxation of company cars was voted down by the parliamentary finance committee, he is just as actively fighting against proposals to plug the budget hole by increasing dividends from state power company Eesti Energia, writes Eesti Päevaleht.
Although Estonia’s second-quarter economy growth was only 0.6% year on year, it is still higher than the EU and eurozone average, reported ERR.
Opposition Social Democrats are filibustering the parliamentary debate of next year’s draft budget.
Estonia's unemployment rate was 8% in the 3rd quarter of 2013, according to the Labour Force Survey.
Estonian company Loodusnauding that is co-owned by investment banker Joakim Helenius plans to start selling meat of game animals or venison in Scandinavia, writes Äripäev.
Environment Minister Keit Pentus-Rosimannus said yesterday that Estonia was currently using its oil shale resources primitively – by burning it in a boiler of a power station - and that people should understand that climate change concerns everybody.
Although it is now the darkest time outside, Tallinn’s municipal communal department has announced that it will lit fewer streetlights at night.
Yesterday Estonian President Toomas Hendrik Ilves officially opened Mektory, the innovation and entrepreneurship center of the Tallinn University of Technology (TUT).
After a major outcry from the business community, MPs of the two parties on power - Reform Party and IRL – yesterday decided to withdraw the bill on amending car VAT, Äripäev daily reported.
A new pay survey by the Health Development Institute shows that while Estonian medical doctors earns 2.2 times more than average salary, they make about three times less than in Finland, reports Delfi.
The Estonian assembly plant of PKC, the Finnish wiring harness manufacturer, in Haapsalu in Western Estonia has hired about twenty Latvians and Lithuanians because the company is unable to find suitable workers from the area.
According to the flash estimates of Statistics Estonia, the country’s GDP increased by 0.4% in the third quarter of 2013 year on year.
Baltic prime ministers decided at a recent meeting held in Riga to set up the Rail Baltica joint company by the end of the year.
According to the flash estimates of Statistics Estonia, the country’s GDP increased by 0.4% in the third quarter of 2013 year on year.
Estonian tourism development centre is hoping to attract Air Asia to start flying to Tallinn, according to the centre’s CEO Tarmo Mutso.
Estonian service industries are struggling to find new employees and are pointing the finger at the university reform and work abroad, writes Äripäev.
Estonian property developer Hillar Teder has written a letter to Prime Minister Andrus Ansip, asking him for assistance in his dispute with Teder’s Ukrainian business partner Andrey Adamovski, writes Äripäev.
Estonian business organisations say that the state is not even trying to hear the businesses about the possible effect of its plan to change taxation of company cars, writes Äripäev.
According to Statistics Estonia, 223,000 foreign and domestic tourists stayed in accommodation establishments in September 2013. The number of tourists remained at the level of 2012.
According to Statistics Estonia, the change of the consumer price index in October 2013 was 1.5% compared to October of the previous year.
Brothers Peeter and Priit Rebane, owners of BDG Holding, were named Estonia’s entrepreneurs of the year in a contest hosted by EY, reported ERR.
The chairman of the parliamentary finance committee, Sven Sester, says that in drafting the state budget for next year the tax burden is not planned to be increased.
Estonia is facing some major risks and must not be afraid to make decisions, even if they are painful, Alar Karis, head of the National Audit Office, said in his speech in the parliament when unveiling the fresh report on Estonian development.
The Tallinn International Airport served 188,273 passengers in October, which is 7.3 percent less than a year earlier.
Estonia’s foreign policy pays too little attention on Asia and likes to say that Estonia is too small and has insufficient resources, but this is wrong, says Hannes Hanso, one of Estonia’s biggest experts on Asia and a researcher of the International Centre of Defence Studies.
Estonia should increase income earned for the use of the country’s main natural resource, oil shale, according to the National Audit Office.
Estonia’s most famous chef de cuisine Dimitri Demjanov has decided to close his restaurant Egoist.
Estonian ferry operator Tallink carried 745,331 passengers in October which is about 1% less than a year earlier.
Former world chess champion Garri Kasparov who recently visited also Estonia has filed an application to become citizen of Latvia for special services.
European Commission lowered Estonia’s this year’s economic growth forecast from 3% in the spring forecast to only 1.3%.
Estonia’s recent success story, one of the pillars of which is attracting low-cost manufacturing subcontracting jobs from abroad, is being deflated, claims businessman Raivo Vare.