Lithuania's ever more active venture capital and private equity investment market is attracting new players, writes news2biz LITHUANIA.
In its fresh Nordic European Outlook, SEB has downgraded its economic growth forecast for Estonia to 3.3 percent, compared with the 3.8 percent predicted in March, reported ERR.
Estonia is not supporting the proposal made by the European Commission to ease reporting obligation of small enterprises, writes Äripäev.
The Lithuanian plan to build a nuclear power plant is not economically feasible, according to Estonian power company Eesti Energia.
Premia Foods, the leader in the Baltic ice cream market, invested 750,000 euros into modernization of the production equipment of its Tallinn-based ice cream factory.
The listed Estonian real estate group Arco Vara finished the first quarter of 2013 with a profit of 39,000 euros, compared with a loss of 1.3 million euros made during the the same period a year ago.
Estonian President Toomas Hendrik Ilves who is on a working visit to the UK to attend the Google conference Zeitgeist 2013 said in his speech that IT solutions have made Estonia a world power in terms of IT.
This year's turnaround season in the port and airport of Tallinn is expected to see 16 000 tourists switch from planes to cruise ships and vice versa in the Estonian capital.
According to Statistics Estonia, in April 2013, the producer price index of industrial output changed by -0.1% compared to March and by 4.6% compared to April 2012.
Estonian-owned LHV bank announced that it has successfully concluded negotiations to purchase a controlling share of the Lithuanian investment company Snoras Leasing.
Today Katoen Natie, a Belgian company and one of the largest logistics firms in the world, opened a 25,000 square meters large warehouse complex for the management of goods to be directed to Russia and the CIS in Muuga, which, among other things, stands for the start of operations of Port of Tallinn Muuga industrial park, reported BC the Port of Tallinn.
Estonian fashion and retail company Baltika announced that its first quarter loss was 603,000 euros, which is 42% less than a year earlier when it was 1.043 million.
Comparing his generation and the today’s generation of businessmen, media owner Hans H. Luik believes that his generation was more daring and entrepreneurial than the new generation, reports ERR.
The Finnish Tax Administration that plans to replace dozens of tax information systems with a single one has chosen a solution offered by Nortal group, an Estonian-Fnnish IT company, writes Äripäev.
Air Lituanica, a new Lithuanian-based airline, is interested in leasing an Embraer 170 for which Estonian Air has been looking for a buyer for some time," writes Postimees.
According to the Labour Force Survey, Estonia's unemployment rate was 10.2% in the 1st quarter of 2013 year on year and up from 9.3% in Q4.
Growth in Estonia will slow this year and could be further hampered if the euro-area economy takes longer than expected to recover, according to the International Monetary Fund.
According to the study published by European Environment Agency (EEA), the new passenger cars purchased in Latvia and Estonia are the most pollutive in the 27-member union (study completed before Croatia's accession).
The Finnish Olvi-owned drinks producer A. Le Coq has launched exports to Hungary. In addition to party drinks – cider and long drinks – the company bets on Angry Birds soda in the Hungarian market, reported news2biz ESTONIA.
Danish family-owned auto distribution group KW Bruun A/S, which distributes Peugeot cars in Estonia, Latvia, Denmark and Sweden, has taken over distribution in Lithuania as well, while also changing the Swedish CEO to an Estonian one, reports news2biz ESTONIA.
Tavex A/S, the Danish daughter of the Estonian Tavid-Tavex group, a currency and investment gold trader, has expanded its Danish network, most recently opening a new office at Copenhagen's central railway station, reported news2biz ESTONIA.
Estonia on Monday launched a publicity campaign in Finland inviting residents of the northern neighbor to come to this country for rest and relaxation.
The Estonian ice cream maker Balbiino has started export to Russia, dispatching the first truckload or 5,280 liters of ice yoghurt and natural sorbet for Russia's first Boost juice bar that is to open soon.
While five analysts in Bloomberg's survey expected the Estonian economy to grow 3.6% a year in the first quarter, the actual figure was only 1%, writes news2biz.
According to statistics from the tax authority, only 10% of companies in Estonia that are registered to pay VAT to the state, ie they receive less VAT than they pay themselves, writes Äripäev.
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased by 1% in the 1st quarter of 2013 compared to the same quarter of the previous year.
Enterprise Estonia has opened an international public procurement process for the launch of a new start-up accelerator in Estonia.
Estonia's exports decreased 6 percent to EUR 1.01 billion in March in annual comparison, or faster than February's 2 percent fall, data released by Statistics Estonia show.
According to the ranking by Baseline Profitability Index (BPI), published in Foreign Policy, Estonia is the world's 12th most attractive country for investment, and the first in Europe, writes news2biz ESTONIA.
Journalist Peeter Ernits who in 2011 ran for the parliament on the People’s Union ballot is writing a book about Arnold Rüütel, writes Postimees.
In the 1st quarter 2013, the number of tourist stayovers in accommodation establishments increased 5% year on year, according to Statistics Estonia.
Institute of Economics and Management (ECOMEN), a Russian-language university in Estonia, has been selling university diplomas in both Estonia and the Czech Republic, and may be shut down if proven guilty, according to the Ministry of Education.
Centre Party MP Mikhail Stalnukhin said that one wonder why government's strategic planners have been so wrong with their assumptions, reports ERR.
Social Democrat MP Rannar Vassiljev says that Estonian businesses get little support from the government, reported ERR.
Authorities have launched criminal investigation into whether Bauhof, large retailer of construction materials and gardening equipment, forced suppliers to agree to unreasonable terms, including the obligation to sell their products to competitors at a higher price than to Bauhof, writes Äripäev.
The Estonian Minister of Economic Affairs Juhan Parts believes that the Estonian economy is emerging from the crisis well and is stronger than ever before, writes Äripäev.
Erki Kert, owner and founder of Estonian company Big Data Scoring that is offering credit scoring based on social media such as Facebook data, denies claims that they are collecting data without the person’s knowledge, writes Äripäev.
Estonian manufacturers say they face major problems in terms of finding suitable and suitably priced employees, shows a survey of Swedbank in Estonia.
A survey made by Swedbank shows that Estonia has closed the gap with Scandinavian countries in terms of exports per capita, writes Äripäev.
According to Statistics Estonia, the change of the consumer price index was 3.1% compared to April of the previous year.
After a slight delay, Estonia has officially become a space state now that its first satellite, ESTCube-1, was put on orbit this morning, reported ERR.
The fact that the majority of new residential buildings that are being developed right now in Tallinn are located either in city centre or in the city’s outskirts drives up the price per square metre, writes Postimees.
National carrier Estonian Air said it carried 168,206 passengers in the first four months of 2013, which is 25.2 percent less than during the same period a year ago.
Four largest banks in Estonia – Swedbank, SEB, Nordea and Danske Bank – account for 91% on the loan market and 89% for deposits, shows a survey by the Financial Supervisory Authority.
Estonian restaurants have reported highest-ever sales which, according to experts, comes from higher prices, writes Äripäev.
Estonian company Big Data Scoring that is managed and co-owned by Erki Kert, former board member of LHV Pank, is offering credit scoring based on social media data, writes Äripäev.
Estonia's tax-to-GDP ratio in Estonia declined 1.3 percent year on year to 32.8 percent in 2011, which puts Estonia in 18th place in the EU, according to Taxation Trends in the European Union", an annual publication of Eurostat and the European Commission.
Maintpartner and Fortaco have signed a three year maintenance outsourcing agreement. The agreement is valid from 3 June 2013 onwards and covers the Fortaco Narva production site. Maintenance personnel will transfer from the current service supplier to Maintpartner as old employees.
Harri Taliga who recently resigned as head of the Trade Union Confederation says that Estonia has a long way to go until it reaches the level of trade unions in Scandinavia.
The long weekend of spring holidays in Russia almost doubled the number of border-crossings in Narva, creating long queues of cars waiting to cross into Estonia, writes ERR.
A group of Estonian investors represented by lawyer Viktor Särgava are bidding for Lithuanian investment bank Finasta, writes Äripäev.
European Commission says in its spring forecast that Latvia will be the fastest-growing EU member in 2013 and 2014.
A comparison of salaries and bonuses earned by executives of listed companies shows that executives of Estonian building company Nordecon were up 100% last year thanks to the growth in bonuses, writes Äripäev.
Estonian Prime Minister Andrus Ansip said at a government press conference that the development of the Visaginas nuclear power plant project can be continued once the Lithuanian people have endorsed it, reported ERR.
Of the three Baltic countries, Estonia is the easiest place to set up a business, a survey made by SEB shows.
The Estonian government announced yesterday that it had approved Estonian Air’s restructuring plan and planned to give the airline a 40.7-million-euro bailout, reports Äripäev.
Estonia has climbed from 22nd to 13th in this year's Freedom House press freedom index.
Swedish investment company East Capital Explorer has agreed to acquire a majority stake in Starman, the leading cable TV, broadband internet and voice cable services provider in Estonia.
Rein Loik, chairman of Tallinn Airport, said that the airport is holding negotiations with several budget carriers, the fastest-growing market segment, reported Delfi.
86,000 new mobile and smartphones were sold in the first quarter of the year 2013 in Estonia, which is by 15,500 less than at the same time last year, Postimees reports.
The traces of the horsemeat scandal in one of Estonia’s largest meat packing companies Nõo Lihatööstus lead to a secretive meat trader living in Hungary and France’s largest meat packing industry, writes Äripäev.
Summer's cruise ship season 2013 will be opened officially in the Tallinn Old Port on Tuesday when the cruise ship Astor arrives; on the busiest days of the cruise season, that lasts till the end of September, up to 9,000 cruise ship passengers a day will arrive in Tallinn, Postimees reports.
According to Statistics Estonia, in March 2013, the production of industrial enterprises increased by 7% compared to March of the previous year. The growth in the production was most of all influenced by the manufacturing of electronic products and electricity.
Estonia's retail sales increased at a significantly faster rate in March, owing mainly to higher sales of grocery, data released by Statistics Estonia showed Tuesday.
According to a pay survey made by Äripäev, the highest executive monthly pay in 2011 was in Eesti Telekom and Microsoft Estonia, which paid their executives in average 10,583 euros and 6,114 euros a month.
Äripäev has received information that one of Estonia’s largest telecom groups Elisa is holding negotiations for takeover of STV, that provides of fixed telephone, Internet access and digital TV services.
Over 320,000 persons or 29% of Estonian population aged 15 and older are affiliated with a particular religion, according to the 2011 Population and Housing Census.
Priit Raudsepp, attorney at law of SORAINEN, writes in Äripäev that a first-instance court has recently made a landmark decision which banned the Estonian tax authority from carrying out so-called real-time tax audits, ie auditing the company’s activities during a period for which the company has not yet submitted a tax declaration.
Profits and revenues of EMT, Tele2 and Elisa Eesti fell in the first quarter in annual comparison, writes Äripäev.
Former general secretary of Reform Party, Heiki Kranich, says that Reform Party used legal means to raise donations in 1990s. One of the key channels that was used to finance the party was a company called R-Hooldus, reports ERR.
The government decided yesterday that it will not be capping social tax for high earners such as top foreign specialists, writes Äripäev.
Businessman and investor Raivo Hein says the could not believe his eyes when deputy mayor of Tallinn Kalle Klandorf posted in Hein’s Facebook account a recommendations that instead of complaining about potholes in Tallinn streets, Hein should learn how to drive.
Businessman Olari Taal who was this week elected to the supervisory board of Estonian state power company Eesti Energia says that in his opinion all large state enterprises should be listed, writes Äripäev.
Estonian Minister of Economic Affairs Juhan Parts said yesterday at a press conference that he has received a tsunami of angry phone calls since his phone number was handed out at the most recent demonstration on Monday.
A survey by Äripäev shows that some of Estonia's largest supermarket chains regularly buy food whose origin they don't know and that was most probably smuggled to Estonia.
The Ülemiste Centre has signed a contract with LPP Retail Estonia, the owner of several clothing stores, for renting 3,500 m² of retail space in an expansion to the centre, announced the company.
Estonian-owned LHV Pank said its net profit for the first quarter was two million euros, reports Äripäev.
Pharmsynthez, a pharmaceutical manufacturer based in Russia that has Estonian roots, has received an investment of USD 60m from OPKO Health Acquires Interest, a US biological medicines and diagonistics company based in Miami, writes Äripäev.
Minister of regional affairs Siim Kiisler says that problems in raising funding means that it is increasingly unlikely that the Lotteland themepark that is being planned in Pärnu county in Estonia can be completed in 2014.
Finnish wholesale trader of medicines Tamro has renamed 87 pharmacies that belonged in its Apteek1 chain as Benu Apteek.
Prisma Peremarket that belongs to Finnish SOK group has signed a contract to ope a new store in central Tallinn, writes Äripäev.
Banks operating in Estonia earned a net profit of almost 81 million euros in the first quarter of 2013, which is 22 percent less than during the corresponding period a year ago, writes Äripäev.
The consumer confidence indicator in Estonia improved to minus three in April from minus five in March, the Estonian Institute of Economic Research said on Tuesday, reported Postimees.
Estonian tax authority has seized four properties that belong to executives of a construction company who are believed to have deliberately bankrupted the company and left behind almost 100,000 euros in tax debts, reports Äripäev.
Estonian business newspaper Äripäev earned 246,000 euros of operating profit (EDITA) on 2.78 million euros of sales revenues in the first quarter of this year, according to the company.
Tallink is putting its hopes also on attracting Swedish tourist back to Tallink’s passenger ferries, the company's board member Enn Pant said this week.
Estonia had the lowest government debt measured as a ratio to gross domestic product (GDP) in the European Union last year, standing at 10.1 percent of GDP as of year-end, Eurostat said.
Wolf Group, a leading European producer and exporter of building foams, joint sealants and breathing facade solutions, announced today that it has acquired 40% of Elasteq do Brasil , a manufacturing plant in Brazil.