Net profit of Estonian shipper Tallink Grupp in 2014 fell 36.3 percent to 30 million euros compared to 47.1 million euros in 2013.
Tax and Customs Board director general Marek Helm handed in his letter of resignation yesterday to Finance Minister Maris Lauri.
Eesti Päevaleht ranked cabinet members, taking into consideration that most of them have been serving for a short time: while PM Taavi Rõivas has been in office less than a year, his Finance Minister Maris Lauri, for instance, took office four months ago.
According to Statistics Estonia, in the 4th quarter of 2014, the average monthly gross wages were 1,039 euros and increased by 5.3% compared to the 4th quarter of 2013.
In a radio show last week head of the Tax and Customs Board Marek Helm by accident mixed up his car’s license plate and gave a license plate which belongs to a Porsche.
Former Reform Party member and politician Anna-Maria Galojan who started her prison sentence this week has released documents showing that she and current Justice Minister Andres Anvelt visited London together in 2008 to meet with the Russian oligarch Vladimir Gussinski, writes Äripäev.
Aivar Hundimägi, deputy editor-in-chief of Äripäev, suggests to vote for individual politicians in the upcoming elections instead of political parties.
Heinz Valk who was a key player in the People’s Front movement says that the New Nordic country, a narrative for Estonia proposed by PM Taavi Rõivas, is very boring.
VKG Energia, subsidiary of the Estonian chemical group Viru Keemia Grupp (VKG), announced this week that it has signed an agreement with Lithuanian natural gas trading company Litgas to purchase liquefied natural gas (LNG).
Centre Party was five points clear of the Reform Party two weeks before the elections, shows a poll conducted by Turu-uuringute AS, at 27 percent and 22 percent, respectively.
Russian President Vladimir Putin has congratulated the head of state Toomas Hendrik Ilves on the anniversary of the Estonian state.
State energy group Eesti Energia is planning to further reduce its interest in the Jordan oil shale project.
Most business executives and leaders of Estonia’s largest business organisations say that last year was especially worrying because of the high number of laws adopted in Estonia which increased administrative and tax burden on businesses, writes Äripäev.
Centre Party chairman Edgar Savisaar writes in a public letter that Reform Party must change its policy which has cost Estonia already 70,000 jobs.
Ministry of Agriculture is preparing a claim to the European Court against the European Commission, claiming a refund of EUR 34.3 million euros that was a so-called sugar fine which Estonia was forced to pay for excessive sugar stocks upon EU accession, writes Postimees.
Greek airline Aegean Airlines will open a direct route between Athens and Tallinn for the summer months.
Estonia exported goods and services worth 12.1 billion euros in 2014, 2 percent less than the previous year, while imports decreased by a percent to 13.7 billion, meaning the trade deficit increased, to 1.6 billion.
British company International Personal Finance (IPF) has acquired MCB Finance Group (MCB), the holder of the Credit24 trademark.
One of the reasons why there are a lot of people in Estonia without professional education as well as low participation in lifelone learning is the large number of dropouts, says a report by Praxis thinktank.
In January almost as many new cars as were sold in Estonia as year ago were sold in Estonia, says the association of Estonian car dealers and service companies AMTEL.
The three largest dividends were last year earned by Armin Karu, owner of Olympic Entertainment Group, Sergei Petrov and Sonny Aswani, according to the Äripäev survey of Estonia’s largest dividends that company shareholders took out last year for 2013 results.
Companies registered in Estonia that have their main business in Finland and Sweden are under a special focus of the tax authorities of these two countries, writes Äripäev today.
AlcorDistillery that started operations last autumn in the production premises of Onistar after the latter went bankrupt ows 2.1 million euros in excise duties and VAT, but the company’s owners say this is normal, writes Äripäev.
Estonian government this week submitted to the European Commission an application of the Estonian Spirit distillery for the registration of the Estonian Vodka/Eesti Viin geographical indication for vodka made in Estonia using local grain and water.
Äripäev writes that several Estonian producers are now looking towards China, although the country has stringent import rules. Some of the examples of Estonian products that take advantage of coming from pure Nordic nature include water, honey and bilberries.
Estonian ferry operator Tallink Grupp carried 538,929 passengers in January, 3.9 percent less than in the same month last year.
Partners Group, an international investor, has paid 163 million euros to Danish investment company Northern Horizon Capital for the majority of the real estate held by BPT Optima in the Baltic states and Poland.
Publicist and columnist Janek Mäggi says that, in his opinion, President Ilves could have emphasised more the role of entrepreneurs in its 2014 honors list that was published yesterday.
The management board of Estonian central bank Eesti Pank is auctioning its manor complex in Maardu at the starting price of EUR 2 million, reported ERR.
New requirements for Estonian businesses for reporting income and social tax entered into force on January 1, but Tax Board’s online systems will start accepting income and social tax declarations only on February 9, ie one day before the statutory reporting deadline.
Eften Real Estate Fund II that belongs to Eften Capital has acquired the real estate and operator company of Radisson BLU Sky hotel in Tallinn for 46 million euros, Eften Capital said today.
Egon Veermae, deputy director general of the Tax and Customs Board, said that after introducing a requirement to declare transactions in excess of 1,000 euros, the Estonian Tax Board has been able to prevent at least 21 million euros in potential tax fraud.
The number of labour disputes that are handled by the Labour Inspectorate in Estonia has been going up 57% in the last two years, writes Äripäev.
Edgar Savisaar, chairman of Estonia’s largest opposition party, writes in Äripäev that he has an economic plan that will make Estonia’s economy to grow 2 to 3 times faster than the EU average.
Estonian investor Heldur Meerits says in an interview to Äripäev that promises to make Estonia one of the richest nations in Europe are foolish, and that the narrative proposed by PM Taavi Rõivas – New Nordic Country – is not much better.
Latvian national airline Airbaltic continues to put pressure on Estonian Air by announcing a third direct route from Tallinn.
Latvian carrier Airbaltic said yesteday it will launch seasonal flights on the Tallinn-Vienna route on May 7.
Two Estonian developers of taxi booking service apps are accusing each other, writes Eesti Päevaleht.
Estonia was ranked eighth in the fresh Economic Freedom Index that is prepared by Wall Street Journal and Heritage Foundation, reported ERR.
Swedbank, the largest bank in Estonia, expects real wages to increase 6.5 percent in Estonia this year.
There are both pragmatic and moral reasons why Estonia should allow more foreigners to settle in the country, Aivar Hundimägi, head of the investigative journalism department of Äripäev, writes in Äripäev.
Swedbank has cut its forecast of Estonia's economic growth this year by half a percentage point, from 2.5 percent to 2 percent.
According to columnist Jaan Roosaare, Estonia should introduce mandatory health examination.
Perevara, a milk farm in Jõgeva county that has 5 production units, 100 employees and 1,300 cows announced today that it is going to lay off 75 people and close four out of its five units, leaving only 220 cows.
Latvian national carrier airBaltic will launch its second direct route from Tallinn to Germany this summer.
As expected, opposition in the Tallinn City Government failed in a no-confidence vote against Mayor of Tallinn Edgar Savisaar today, reported ERR.
Andreessen Horowitz – the venture capital firm created by Netscape and Opsware founders Marc Andreessen and Ben Horowitz - has led a Series C $58m round in Europe’s leading financial tech start-up TransferWise, according to a company announcement.
Executives of All Nippon Airways (ANA) are studying ways to improve air connections and engage in cooperation with Estonian Air, according to Estonia's Minister of Foreign Trade and Entrepreneurship Anne Sulling who is currently on a visit in Japan.
After a five-month hiatus, ferry service between the Port of Sillamae in Northeast Estonia and the Russian port of Ust-Luga has been re-opened, reported ERR.
The lowest ratios of government debt to gross domestic product at the end of the third quarter of 2014 were recorded in Estonia at 10.5 percent, Luxembourg (22.9 percent) and Bulgaria (23.6 percent), it appears from figures released by Eurostat, the statistical office of the European Union.
Gert Jostov, CEO of Technopolis Ülemiste, writes in Äripäev that the rapid swing of Estonian parliamentary parties to the left, judging on their election promises, is the biggest threat at present to Estonia’s economic sustainability.
Majority of businessmen interviewed by Äripäev say they approve the proposals made by Mart Laar, especially about reducing election spending and the number of officials, writes Äripäev.
Mart Laar, ex-PM and current supervisory board chairman of Estonian central bank, has come up with his own ideas of what kind of reforms Estonia needs, writes Äripäev.
The producer price index of Estonia's industrial output in December was 1.6 percent lower than in December 2013, Statistics Estonia said.
Äripäev CEO Igor Rõtov writes in Äripäev that he has changed his opinion on Reform Party within a month now that PM Taavi Rõivas has come out with a big narrative for Estonia.
Marek Helm, director-general of the Tax Boad, says that, finally, the tax authority has the means to fight shadow economy, writes Postimees.
Oversight committee on funding of political parties has issued a precept to Centre Party chairman and Mayor of Tallinn Edgar Savisaar, demanding that he repays 113,000 euros in taxpayer funds used to pay for Savisaar’s ads ahead of local elections in 2013, writes Postimees.
European Bank for Reconstruction and Development (EBRD) has lowered GDP growth forecasts of all Baltic countries for this year, reported ERR.
EfTEN Real Estate Fund, a Baltic commercial real estate fund, recorded 14,4 million euros in sales revenue in 2014 based on preliminary unaudited financial results, showing a 43% increase compared to the previous year. Net profits in the previous year were 15,1 million euros, showing a 49% increase.
Estonian Finance Ministry representatives say that the Estonian distillery Liviko has no reason to blame the state alcohol excise duty policy for its workforce cuts, reported ERR.
Tax Board has been enquiring Tallinn City Government about some foreign trips made by Mayor Edgar Savisaar, reported Äripäev.
In December registered unemployment in Estonia increased to 4.3 percent of the working-age population.
One of Estonia’s largest industrial groups BLRT Group has changed its management board effective from January 12, announced the company.
Estonia must become a New Nordic Country, ie a world leader in terms of personal and economic freedoms, a country with a Nordic standard of living and level of safety, while being socially and technologically more dynamic and flexible than the "old" Nordic countries, Prime Minister Taavi Roivas said at the Reform Party convention on Saturday.
Estonian Prime Minister Taavi Roivas has highlighted two key issues facing Estonia’s economy at present – too high labor taxes and tax burden borne by low income earners, reported ERR.
According to Statistics Estonia, in November 2014, exports of goods decreased by 1% and imports by 3% at current prices compared to November 2013. The decrease in exports was mostly influenced by the reduced exports of agricultural products and food preparations and mechanical appliances to Russia.
The Estonian government on Thursday decided to terminate the selloff of the 51 percent of shares held by the government in the cloud, media and network service provider Levira.
Businessman Indrek Neivelt said today at an event organised by IRL that Estonia’s problems start with management and that Reform Party was a case in point.
There was a 20% annual decrease in the number of Russian tourists visiting Estonia and stayed in accommodation establishments in November.
Manned additional guards were stationed today in the editorial offices of Delfi and Eesti Päevaleht in response of threatening phone calls received in the Russian-language editorial office of Delfi.
The Estonian state owned rail cargo operator EVR Cargo carried 15.76 million tons of goods in 2014, 0.85 percent or 135,000 tons less than the year before.
Parliament is reading the draft act of public transport which would create a possibility for regulating taxi tariffs, writes Eesti Päevaleht.
Opposition in the Tallinn City Council says it is outrageous that Tallinn City Government used taxpayer funds to pay for the Christmas video greeting of the Tallinn City Government in which a person resembling Savisaar is skating around, writes Eesti Päevaleht.
Estonian Air carried 553,147 passengers during 2014, an increase of 0.4 percent over the preceding year.
Mart and Martin Helme, leaders of the Estonian Conservative People’s Party, say that time for change is now and say they have a plan of taking Estonia out of the current stagnation.
Former Finance Minister Jürgen Ligi says that the first reports of the new transaction declaration system where companies must report purchase and sale transactions in excess of 1,000 euros are very encouraging and that must come as a huge disappointment for critics.
Eight people were injured yesterday afternoon in an accident at the Auvere Power Plant that is being developed by French group Alstom, reported ERR.
Estonian businessman Indrek Kuivallik has gone to court against the Latvian state, and is claiming 51 million euros in compensation for his investments, writes Äripäev.
The Estonian Tax and Customs Board claims that it has been able to expose new fraud schemes thanks to the obligation to declare transactions in excess of 1,000 euros, writes Äripäev.
Businessman Ott Pärna writes in Äripäev that three major obstacles facing Estonia are lack of economic growth, simple economic structure and wages that are about three times lower than in developing countries.
Estonia was ranked 11th in the 2014 press freedom index, the same place as it had a year ago, reported ERR with reference to Reporters Without Borders.
Tallink Grupp carried 682,455 passengers in December which is 6.5 percent less than a year earlier.
Most Estonian businesses say that their biggest expectations for the new year is that the government stops worsening the tax environment, writes Äripäev.
Estonia's retail sales growth slowed in November, after accelerating in the previous month, figures from Statistics Estonia showed Monday.
In the first 11 months of this year 7.08 billion euros of revenue was paid into Estonia's state budget, the Finance Ministry said.
On December 27 charter airline Smartlynx launched the airline's longest direct flight from Tallinn to Dubai.
Estonian government this week signed a contract to borrow 200 million euros from European Investment Bank (EIB), reported ERR.
Today’s Äripäev writes about Rain Rosimannus, 46, probably the most powerful people in the Reform Party.
City Government has commissioned a 30-second video greeting which shows Mayor Edgar Savisaar iceskating in the new Tondiraba ice-skating ring in the Superman’s costume, writes Eesti Päevaleht.