BBP news

Quick links A-Z

- About BBN
- About Äripäev
- Advertising
- All News
- BBN investor
- Currencies
- Estonian news
- Foreign news
- Frontpage news
- Indices
- News archive
- RSS
- Stock exchange news
- TOP comments
- TOP forwarded
- TOP interviews
- TOP news

Kauppalehti: Whether lat be devaluated before Christmas or in 2-3 months?

People discuss on the markets whether Latvia devaluates 20-30 pct overvalued lat before Christmas or in 2-3 months, aripaev.ee mediates today’s Kauppalehti.

(13 comments)

Layoffs hit Estonian white-collars

Layoffs have hit white-collars as well, when there was slightly more than 2,500 unemployed in this category a year ago, then today the number has nearly doubled, ERR News reports. Nearly fifth of 25,000 unemployed are highly educated.

(22 comments)

CEO of SMS Laen: our customers are loyal

Aare Sosaar, CEO of SMS Laen that offers unsecured consumer credit, claims that two thirds of the company’s loan customers are loyal clients.In an interview to Äripäev, Sosaar said that only 10 pct of clients default on loan payments. “And in nine out of ten cases we will always come up with an arrangement that satisfies both parties,” he added.

(4 comments)

Latvia to seek help from IMF

Today, the government authorized Finance Minister Atis Slakteris to launch talks with the International Monetary Fund regarding support for stabilization of the macroeconomic situation in Latvia, the Prime Minister Ivars Godmanis said after the Cabinet meeting, LETA reports.

(11 comments)

Latvian journalist arrested for speaking of devaluation

(32 comments)

Lauri: The government may ruin joining euro

(12 comments)

15,000 Estonian workers to lose their jobs in Finland

Indrek Peterson, head of the Estonian association of construction companies, says that 15,000 Estonian construction workers in Finland are likely to lose their job. “Some of them have already returned home and the rest will be also forced out from the market since the Finnish construction industry is downsizing and is laying off people,” Peterson told Äripäev.

(16 comments)

Estonian kroon can withstand the Latvian currency crisis

High Estonian official say that although rumours of upcoming devaluation of the Estonian kroon have strengthened recently, there is nothing to be afraid of.

(12 comments)

Rumors about possible depreciation of lat are ungrounded

Rumors about the possible depreciation of the Latvian national currency, which has brought on raised interest from residents to exchange lats to euros this past weekend, are ungrounded, Prime Minister Ivars Godmanis underlined in an interview on LNT television's broadcast this morning, LETA reports.

(1 comment)

Novatours: more competitors to disappear from the market

Estonia’s leading tour operator Novatours, a subsidiary of the Lithuanian parent company, expects the consolidation of the tourism market to continue.Speaking of its results in Estonia, CEO Eero Vanaale said that in spite of tough times the year has been good and that the number of customers who had used the company’s services was up by more than a fifth in a year.

Coca-Cola sees Estonia in a different light than Carlsberg

Unlike Coca-Cola, owners of Estonia’s largest brewery Saku have no plans to transfer production away from Estonia.

(2 comments)

The new bank wants to make Estonians millionaires

Estonian-capital based association bank hopes to open its doors in a year, arileht.ee reports. Some time ago an e-mail invited private persons and businesses to be the owners of a new bank for EEK 100. By depositing money in the new bank, client also becomes an owner of the bank and receives dividends.

(10 comments)

Large businesses expect government to improve relations with Russia

Some of Estonia’s largest businesses say that it is the government’s duty to improve Estonian-Russian relations.Speaking at the annual conference of ESEA, association of large enterprises, representatives of large companies said that the government should take specific steps to improve the relations.

(1 comment)

Government plans to collect 53 percent more fines in 2009

The government’s next year’s target for collecting fines, mainly for traffic violations, is 53 percent higher than this year.

(24 comments)

President Ilves: we must stop making demands to Moscow

Estonian Preident Toomas Hendrik Ilves said this week that relations with Russia can improve only if the both countries stop making demands to each other.

(9 comments)

Finns use Estonians to draw benefits

The number of cases where Finns are using Estonians in a scam to draw benefits paid by the Finnish state is growing.

(12 comments)

New CEO: We’ll bring Parex to life in 6-9 months

It takes 6-9 months to normalize bank’s work and the state must help the bank again when needed, Inesis Feiferis, new CEO of Parex Banka said, aripaev.ee mediates biznews.lv. “I know very well what happens if nothing is done. According to prognosis we might come out of current situation in 6-9 months,” Feiferis told Diena.

MP: Nochnoi Dozor may turn Estonia into new South Ossetia

Estonian MP Marko Mihkelson says that the poll made by pro-Kremlin movement Nochnoi Dozor in Estonia is very worrying.Mihkelson told Eesti Päevaleht that activists of the movement that severely opposed the removal of the Bronze Soldier monument have now been polling Russians living in Estonia, asking them questions whether they would like to see territorial Russian autonomy within Estonia.

(34 comments)

Hans H. Luik may be forced to sell parts of Ekspress Grupp

Huge loans and the company’s falling share price may force Hans H. Luik, the owner of Ekspress Grupp, to sell parts of the group.

(7 comments)

Aivar Sõerd and Ivari Padar, Minister of Finance

Politician: Already this budget to swallow great amount of reserves

The problem is not only next year’s budget, because this budgeting year has quite remarkable deficit that eats a hole into fund reserves as well, Aivar Sõerd, former Minister of Finance told ERR News.

SEB: Unemployment rate to be 10 pct by spring

Unemployment rate will be up to 10 pct by the spring, SEB Bank forecasts, ERR News reports. For comparison - last quarter the jobless rate was 4 pct. "4 pct was little burdensome for the economy, caused too many tensions on the labour market and took the economy out of balance. But 10 pct is larger than normal jobless rate would be," Ruta Eier, SEB analyst said.

(10 comments)

Eesti Põlevkivi to lay off 300 people

(9 comments)

Hedge fund ownes 11 pct Tallinna Vesi

(1 comment)

Estonian jobless rate rapidly up

The unemployment rate grew 6.2 pct in Q3, Estonian Statistics announced.

(1 comment)

Analysts: it will get worse for the Estonian economy

Most analysts agree that things can still get worse for the Estonian economy that fell 3.3 percent in the third quarter year on year.

(3 comments)

Estonian businessman in Latvia: devaluation is realistic

Aivar Tihane who manages the Estonian Chamber of Commerce and Industry in Latvia says that devaluation of the lat is a topic that can easily become a reality.

Estonian central bank: kroon devaluation is pointless

Kroon’s exchange rate to euro will remain the same and devaluation has no economic point, Andres Sutt, vice president at Estonian central bank told Postimees.ee.

(66 comments)

Local politicians discover kindergartens as income source

Several members of local governments are owners of private kindergartens and are benefiting by letting municipalities pay for it.

(3 comments)

Central bank: We’re losing ground

The economic downturn is worse than thought and the control over the budget is almost lost, Rein Minka, vice president at Estonian central bank said, aripaev.ee reports.´

(11 comments)

Swedbank: Everyone has to sacrifice something

There is no point panicking in the complicated times and people have baselessly bad opinion about Estonia, which is why the economy can’t grow and everyone has to make sacrifices, Maris Lauri, analyst at Swedbank Estonia said.

(10 comments)

Biggest GDP drop in 14 years

The gross domestic product (GDP) decreased by 3.3 pct in Estonia in the Q3 of 2008 yoy, which is the greatest economic fall in 14 years Estonian Statistics announced.

(6 comments)

Banks prepare to be nationalized

Putin threatens to scrape pipeline

(38 comments)

Bank of America: Baltics may choose devaluation over euro

Lithuania, Latvia and Estonia may devalue their currencies next year, risking a delay in their adoption of the euro, as they seek to stave off a recession, according to Bank of America Corp., Bloomerg reports.

(28 comments)

Estonian Air to lay off pilots and use smaller aircraft

To cut costs, Estonian national carrier Estonian Air plans to lay off several pilots and use smaller aircraft.

(8 comments)

Fitch: Latvia needs foreign aid to avoid crisis

Latvia should seek to secure international aid as soon as possible to ward off a financial crisis in the Baltic state, a Fitch Ratings' head of emerging Europe said, Bloomberg reports.

(4 comments)

Estonia keeps falling in gender equality ranking

In last years Estonia has fallen in The Global Gender Gap 2008 ranking compiled by World Economic Forum and is far behind Latvia, Lithuania and Nordic countries, ERR News reports. In 2006 Estonia had 28th position in the ranking and last year had 30th. This year Estonia has fallen to 37th place.

(48 comments)

Ministry of Finance: Estonia not to face threat of bankruptcy

There are currently no signs that notable worsening of financial situation would threaten some bank or Estonia’s state, which is why Estonia has no need to borrow money, Thomas Auväärt, head of financial markets department at the Ministry of Finance said, delfi.ee reports.

(3 comments)

Economic downturn to bite EEK 10 bln from Estonian state budget

Estonian officials consider the possibility that the new GDP prognosis for the next year will be much worse than the previous one and forecasts the negative figures, Eesti Päevaleht writes.

Half of clients have left SEB Liquidity fund

(1 comment)

Latvia must last out for a year and half

Fitch cut Latvia's credit rating to lowest investment grade

Latvia's credit ratings were cut by Fitch Ratings, matching a move by Standard & Poor's after the government took control of the country's second-largest bank, Bloomberg reports.

Estonians are testing new financing systems

Now that banks have virtually stopped giving out loans, Estonian companies have started to test some more innovative financing systems.

(3 comments)

Another Estonian travel agency out of business

Eurotour Ltd has become the next victim of the crisis that has hit the Estonian tourism market. Postimees writes that Eurotour is facing large financial problems and has itself filed an application to close its business.

Estonians overestimate the corruption problem

Pan-European corruption research ordered by European corruption shows that 78 pct of Estonians consider the corruption problem in Estonia as serious, Eesti Päevaleht writes.

(6 comments)

Eesti Ehitus sees profit fall 12 percent in a year

One of Estonia’s largest construction groups Eesti Ehitus said its nine months net profit was down 12 percent year on year.

Business of large shopping centres in Tallinn is booming

Owners of large shopping centres in Estonia's capital Tallinn say that their business is booming and the list of potential tenants is long.

(7 comments)

Businessmen: Estonian government’s cost cutting is a hoax

Estonia’s leading businessmen say that the government should cut its administrative costs much more than at present.

(1 comment)

Estonia's second-hand car market down 26 percent

An Äripäev survey shows that also the market of second-hand cars is going through a rough time in Estonia. At the time when it has become increasingly difficult to lease new cars and people have been postponing purchase decisions, companies say that volumes in the second-hand car market are down between 15 and 25 percent.

(2 comments)

Baltic construction to shrink from 2009

AS Merko Ehitus, the largest publicly traded Baltic builder, forecasts the construction market in Estonia, Latvia and Lithuania will shrink in 2009 and 2010 as the economies falter and banks cut back lending, Bloomberg writes.

The economic recession causes cartel boom

The economic recession can be recognized from companies having more cartel plans and are more willing to make prohibited business agreements, Risto Rüütel, competition lawyer at Glikman & Partners said, aripaev.ee reports.

Lars Christensen, chief analyst at Danske Bank

Danske Bank: Latvia could be downgraded to junk

We would not rule out that Latvia could be downgraded to "junk" status in the near future, Danske Bank analysts Lars Christensen and Violeta Klyviene write in bank's flash comment.

(7 comments)

Estonian state opened its door in the internet for foreign investors

Estonian company registration portal now allows to use Portuguese, Lithuanian and Belgium ID-card to establish a company in Estonia, the Ministry of Justice announced.

(1 comment)