While in its early days, Skype - the symbol of Estonia’s information technology capacity - was attracting information technology professionals as a magnet, its attraction has recently been erodin, writes Eesti Päevaleht..
Estonian businessman Olav Miil who is mainly known for owning the ferries that operate between mainland Estonia, Saaremaa and Hiiumaa has built up an extensive real estate empire and is developing a 30-storey highrise building in Tallinn, writes Eesti Päevaleht.
In June the producer price index of Estonia's industrial output was 3.1 percent lower than in June 2013, Statistics Estonia said.
Estonian national carrier Estonian Air said that it will continue to operate its Tallinn-Kiev route on schedule and that no changes will be made in connection with the crash of Boeing 777 that belonged to Malaysian Airlines on Thursday.
In Estonia, Swedbank earned 80.3m euros in net profit in the first half-year.
Estonian listed ferry group Tallink and Bridgemans Services Ltd. have entered into a charter agreement to charter Tallink's cruise ferry Silja Europa to Australia from August2014 as an accommodation vessel.
Lithuanian Competition Council has cleared the acquisition of 100 percent of the shares in the investment bank Finasta and its subsidiaries Finasta Asset Management and the brokerage firm Finasta by Mokilizingas, a leasing company owned by the Estonian LHV Pank and its Lithuanian partner RAZFin.
Mayor of Tallinn Edgar Savisaar said this week that he has no plans to repay the money that according to the committee on oversight of funding of political parties is taxpayer funds which Savisaar used for his private election campaign, writes Postimees.
In May 2014 exports of goods in Estonia decreased by 9 percent and imports by 4 percent at current prices year on year, reported Statistics Estonia.
The Estonian government on Thursday decided to appeal the decision of the European Commission to not pay out 425,000 euros to the state from the European fisheries fund.
The ruling Reform Party raised almost 583,000 euros in the second quarter, of which donations of private persons amounted to 138,000 euros.
Eerik-Niiles Kross, one of the leaders of opposition party IRL and an outspoken critic of corruption, has been advising several oil and fuel traders who are now being investigated for tax fraud, writes Äripäev.
In its newly-published economic outlook the Estonian Institute of Economic Research (EKI) lowered its estimate of Estonia's GDP growth in 2014 to only 1 percent.
After closing parts of Pärnu maantee, Tallinn has now closed half the lanes of Narva maantee, meaning that two out of the three largest roads going in and out of Tallinn are partially closed, reports ERR.
The Economist magasine wrote that former Estonian Prime Minister Andrus Ansip is a serious candidate to replace Herman Van Rompuy as the President of the European Council, as the current frontrunners are not acceptable to some parties, reports ERR.
WoraPay, a mobile payment system developed in Lithuania, is set to expand to July on July 14 in two sales outlets in Kristiine and Rocca al Mare shopping centres, writes Äripäev.
Estonian law firms warn that while the number of bankruptcies in general continues to decrease, the number of bankruptcies made in bad faith where the owners have depleted the company of any valuable assets by the time it is declared bankrupt, is growing, writes Äripäev.
Estonian shipper Tallink said it carried 897,478 passengers in June, which is 1.3 percent less than in the same month in 2013.
Estonian Economy Minister Urve Palo writes in Äripäev that one of the most important things that she learned in her first 100 days as minister was that it’s not only about major issues such as the economy’s structure that deserve attention.
At the time when the European Commission is still considering the legality of aid given by Estonian state to Estonian Air, the airline has one less worry, writes Postimees.
Portuguese national carrier TAP Portugal will start flying between Lisbon and Tallinn today.
The production of Estonian industrial enterprises grew 2 percent year on year in May, with increases recorded in manufacturing as well as mining and the energy sector, the national statistics agency reports.
Postimees writes that one new thing that Estonia’s Prime Minister Taavi Rõivas who is celebrating its 100th day in office today has given to Estonia was salesmanship and constant media coverage, with a focus on social media.
The supervisory board of Enterprise Estonia (EAS) on Wednesday appointed Hanno Tomberg as new head of the business support agency, write Postimees.
Estonia’s honorary consuls are taking part in the seventh conference of honorary consuls in Tallinn.
Finnish power group Fortum has acquired E.ON Ruhrgas International GmbH's shareholding of 33.66% in the Estonian natural gas import, sales and distribution company Eesti Gaas, reported Fortum.
Estonian tax authority has recently been checking construction sites of private houses in Tallinn, writes Äripäev.
European transport commissioner Siim Kallas, 65, says in an interview to Äripäev that he is proud of Estonia because Estonia has a good image in Europe as a country that is innovative and makes things happen, but warns that economically, the country must move forward as otherwise it would run out of steam.
There has recently been a surge of Finns bringing back drink from Estonia as Finland is introducing new limits on how much tax-free alcohol passengers can bring into the country, reports YLE.
The government of Jordan has approved the oil shale project managed by the Estonian state-owned energy company Eesti Energia.
The Supreme Court ruled this week to uphold the ruling in which the district court find a number of ex-politicians and businessmen guilty in the long-running land swap affair.
Retail sales increased 4% at constant prices in May year on year, according to Statistics Estonia.
In the first five months, 3.1 billion euros of revenue was paid into Estonia's state budget.
Estonian logistics company AS Transiidikeskus will this week open the extension of its container terminal at Muuga Port.
Technopolis Ülemiste has signed a contract with Sodexo, the worldwide leader in Quality of Life Services, for operating the new restaurant that will be opened in Ülemiste City in September.
One of Tallinn's landmark hotels -
Whereas manufacturers that are exporting to Scandinavia are suffering from falling demand, those exporting to Western Europe feel themselves more confidently, shows a survey by Estonian Institute of Market Research EKI.
More and more wealthy Russians and Ukrainians who are concerned about instable political and economic situation in their countries are now investing in Estonian real estate, writes Äripäev.
Ex-President Arnold Rüütel has paid the state 200,000 euros for two housing properties in Maarjamäe in Tallinn.
In spite of the virtual recession, Estonians are buying more SUVs than in the boom times, Postimees daily writes.
Taavi Veskimägi, CEO of Elering, the Estonian transmission system operator, writes in Eesti Päevaleht that since energy has become a powerful weapon in the political arsenal, it is important that Estonia develops its energy sector based on Estonian political needs.
Russian Railways CEO Vladimir Yakynin said last week that Estonia was fuelling hatred against Russia.
Finance ministers of EU Member States agreed last week that Lithuania should be admitted to the euro area in 2015.
In its new outlook, Ernst&Young (EY) estimates that the Estonia's economy will grow 1.6 percent in 2014 and 3 percent in 2015.
According to Statistics Estonia, in May 2014, the producer price index of industrial output fell 0.5% compared to May 2013.
Estonian national carrier Estonian Air carried 49,613 passengers in May, 6% less than a year earlier.
According to Global Property Guide, property prices in Tallinn in the first quarter grew in average 20%, which is only second to Dubai (32%) in a survey covering property markets of 45 countries.
In July and August, Estonian tax authority will start mass checks whether companies meet the new obligation to register each new staff member before they start a job.
Estonia's gross domestic product per capita, expressed in purchasing power standards, was 72 percent of the EU average, having increased 1% in a year, according to Eurostat data.It ranks Estonia 22nd among 28 EU member states.
According to a survey conducted by Ernst & Young in May, 21% of the respondents said that corruptive behaviour including bribery is widely spread in Estonia while 31% found nothing wrong in offering personal gifts or entertainment for promoting business relations.
In the first quarter, labor costs within the European Union increased in annual comparison in Latvia and Estoni, respectively 7% and 6.8%, according to Eurostat.
Heido Vitsur, analyst of LHV Pank, writes in Äripäev that the dispute which proposal is more ambitious – Indrek Neivelt’s suggestion to raise minimum wage to 1,000 euros or to double GDP – is meaningless if Estonia fails to achieve a significant improvement in labour productivity.
Astrec Data that is developing a server hosting center in Jõhvi in Northeast Estonia hopes to attract Russian IT companies to Estonia, writes Eesti Päevaleht.
In 2013, average monthly gross wages were 949 euros and the average hourly gross wages were 5.73 euros.
Founding member of Reform Party and former Minister of Economic Affairs Meelis Atonen announced this week that he will resign from supervisory boards of state-owned enterprises in protest to the way the government has handled the issue of ferry traffic between islands and mainland, writes Eesti Päevaleht.
The Ukraine crisis is causing concern among the German companies operating in Estonia, Latvia and Lithuania. Many sectors already report direct impacts on their businesses. A further impairment is expected should economic sanctions against Russia be enforced. Nonetheless the German companies remain entirely committed to the Baltic States as their business and investment location and thus plan to carry on with their business activities in the region unchanged. These are the main results of a snap poll the German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK) conducted in the beginning of June 2014 – following up on the annual business survey conducted in February and thus before the aggravation of the situation in Ukraine.
According to Eurostat, Estonai’s employment in the first quarter fell 1.1% in a year which is second-biggest decrease after Cyprus which posted 4.6% loss.
Estonian state owned power company Eesti Energia said that it needs to find about 1,000 new employees in the next couple of years and is taking measures for training them, writes ERR.
A new poll by TNS Emor showed that in June, Estonia’s most popular party was the Reform Party that was supported by 31% of respondents who were eligible to vote, writes Postimees.
Effective lobbying by Vjacheslav Leedo, owner of Saaremaa Laevakompanii (SLK) that operates the routes connecting the three big Estonian islands Muhumaa, Saaremaa and Hiiumaa with the mainland, means that SLK is likely to continue operating the routes for another ten years, writes Eesti Päevaleht.
Estonian road carrier AMK Grupp that has two trailer trucks was recently forced to pay 3,300 euros when its Estonian truck driver in September discovered three illegal aliens in its tent trailer, writes Postimees.
Seasonal flights by Estonian Air to Berlin will start on Monday, June 16, and continue until August 30.
The publication on June 1 of a list of companies with tax debt of 1,000 euros or more has had a positive effect on tax inflow, the Estonian Tax and Customs Board says.
The Finnish passenger ferry operator Viking Line will increase the number of trips between Tallinn and Helsinki by two starting from Thursday.
Estonia was ranked fifth as the least friendly country to Russia, according to a public poll conducted by the Levada-Center, a non-governmental polling and sociological research organization, reported ERR.
Bank of Estonia Governor Ardo Hanson says the idea proposed by banker Indrek Neivelt to raise the minimum wage to 1,000 euros by 2018 is unrealistic.
The number of registered unemployed in Estonia continues to decrease.
Estonian currency exchange bureau Tavid has become a major player in the scheme where Russian businessmen transfer large sums of money to Estonia by wire which is then taken out in cash and taken back to Russia.
The two partners of the ruling coalition – Reform Party and Social Democrats - are in bitter dispute over the planned reform aimed at decreasing the number of recipients of disability benefits should start already on 1 July 2015 or not, reports Postimees.
Leading Estonian tax experts say that the time when Estonia stood out by its tax climate are over and it’s time to review the labour taxation and income tax rate, writes Äripäev.
Mayor of Tallinn Edgar Savisaar has recently declared all travel destinations of employees of Tallinn City Government classified, reports ERR.
Chief analyst of SEB Estonia, Ruta Arumäe, says that while the adjusted growth figure is slightly better, the problem is structural.
According to Statistics Estonia, the Estonian economy contracted by 1.4 percent year-on-year in the first quarter of 2014, not the 1.9 percent initially estimated.
More than 200,000 tourists used the services of accommodation establishments in April 2014 in Estonia.
According to the second estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia decreased 1.4% in the 1st quarter of 2014 compared to the 1st quarter of the previous year.
Banker Indrek Neivelt recommends to increase the minimum wage to 1,000 euros by 2018 and says that businessmen must be taken out of their comfort zone. In an interview to Eesti Päevaleht, Neivelt said that it’s the only way to increase the people’s wealth.
The Tallinn airport served 186,000 passengers in May, 0.7 percent more than in the same month a year earlier.
A total of 884,692 people passed through the ports of Port of Tallinn in May, 2.2 percent more than year ago.
According to Statistics Estonia, the change of the consumer price index in May 2014 was 0.1% compared to April 2014 and 0.1% compared to May of the previous year.
Finance Ministry is rejecting claims from businesses over the impact of faster-than-planned increase in the alcohol excise duty.
The terminals for liquefied natural gas (LNG) to be built in Estonia and Finland will be of the same size, according to Estonian Minister of Economic Affairs Urve Palo said.
The police and border guard authority PPA is laying off 270 people which enables it to save EUR 4.8 million that it needs to raise wages of the remaining staff, writes Eesti Päevaleht.
Estonian shipper Tallink Grupp carried 756,101 passengers in May, 4.6 percent less than in the same month in 2013.
Tallinn City Govenrment has spent more than 75,000 euros in taxpayer money for a campaign opposing e-voting over the last three years, writes Eesti Päevaleht.
A comparison of campaign costs in recent European Parliament elections showed that the biggest amount was spent by IRL and Centre Party, both of which got one seat, writes Eesti Päevaleht.
The Estonian business sector earned a total of 705 million euros in profit in Q1 of 2014, 10 percent more than during the same period a year ago.
Eesti Päevaleht writes that Finnish-owned Fortum is now the largest shareholder in Estonian Gas (Eesti Gaas), Estonia’s largest gas seller and distributor.
Tallinn District Court decided this week to reject the claim by LHV banking group against Äripäev, writes Äripäev.