Economy

Omniva to begin forwarding international parcels to parcel terminals

19.04.19 ... Estonian state-owned postal and logistics company Eesti Post, which operates under the Omniva brand and currently offers Estonia's universal post service, will begin automatically forwarding international parcels to parcel terminals rather than post offices. Eesti Post will begin testing out the solution this month, and intends to roll it out nationwide by this summer.

Skeleton Technologies to invest €25 million in Saxony plant

19.04.19 ... Skeleton Technologies, a company of Estonian origin that produces graphene-based ultracapacitors and energy storage systems, is to invest €25 million in its plant located in the German state of Saxony.

Nordica carries more than 102,000 passengers in first quarter

18.04.19 ... State-owned Estonian airline Nordica reported on Thursday that they carried more than 102,000 passengers on their Tallinn routes in the first quarter of the year. This is 16% less than in the same period of the previous year.

Bolt launches in St. Petersburg

18.04.19 ... Following speculation over which Russian city it would expand to first, Tallinn-based ride-hailing platform Bolt, formerly Taxify, launched its service in St. Petersburg on Thursday.

Browder files Swedbank money laundering complaint in Latvia

18.04.19 ... Bill Browder, an American-British financier who campaigns to expose corruption, has filed a criminal complaint against Swedbank with Latvian authorities, alleging that the bank was involved in a Russian money laundering scandal.

Bank of Estonia: Money laundering scandals may drive up cost of loans

17.04.19 ... The reputational damage resulting from suspected money laundering in Nordic banking groups may impair banks' financing conditions, thereby rendering loans more expensive and less accessible for Estonian people and businesses, the Bank of Estonia warned.

Air Baltic: Tallinn first quarter passenger numbers increase by 32%

17.04.19 ... State-owned Latvian carrier Air Baltic reported on Wednesday that it carried more than 110,000 passengers to and from Tallinn in the first quarter of 2019, which is a 32% increase compared with the same period in the previous year.

Rural municipality of 5,843 wants nuclear reactor

16.04.19 ... The rural municipality of Viru-Nigula in Lääne-Viru county is interested in getting the small nuclear reactor Fermi Energia is planning to build in Estonia, a local official told daily Päevaleht.

Producers: Oil refinery would help meet stricter sulfur requirements

15.04.19 ... Estonian shale oil producers plan to build an oil pre-refining plant in Northeastern Estonia worth an estimated several hundred million euros with the help of the state, as increasingly strict sulfur content regulations may jeopardise the suitability of the oil produced in Estonia for sale on the global market in the future, daily Postimees reports.

Airbaltic to operate new Airbus aircraft on Tallinn-Berlin route

15.04.19 ... This June, Airbaltic will begin serving its Tallinn-Berlin route with a new Airbus A220-300 aircraft.

Estonian ride-hailing app Bolt to enter Russian market

15.04.19 ... Estonian ride-hailing app Bolt, previously known as Taxify, is planning on entering the Russian market this month.

Real estate developers: Tallinn-Helsinki tunnel would spark major growth

15.04.19 ... A tunnel between the two cities would make Tallinn a "suburb" of Helsinki, which would substantially add to Finn's interest in the local real estate market, CEO of developer Ober Haus, Tarmo Kase, said on Monday.

Cost of labour: 2018 tax wedge decrease in Estonia biggest in OECD

14.04.19 ... The share of taxes in labour costs in Estonia decreased by 2.54 percentage points in 2018. This the biggest decline reported by any member of the Organisation for Economic Cooperation and Development (OECD).

President visits farm employing Ukrainian labour due to workforce shortage

14.04.19 ... President Kersti Kaljulaid on Saturday visited agricultural company Mangeni PM, which hires Ukrainian farmhands every year because of locals' lack of interest in the job. Mangeni's Meelis Venno made it into the national media earlier this week when he invited EKRE chairman Mart Helme to come and visit his farm, which he says couldn't run without Ukrainian workers.

PM: Closer China ties needed, ISS cautions on Chinese secret services

12.04.19 ... Prime Minister Jüri Ratas (Centre) noted on Friday the importance of ensuring equal opportunities for entrepreneurs of both regions on the local markets as well as the respect of intellectual property in the economic relations between Europe and China.

Court cancels 5G frequency auction pending competition complaint decision

11.04.19 ... The Tallinn Circuit Court cancelled a public auction of 5G broadcasting frequencies on Thursday. The decision will remain in effect pending a court decision in the case of a complaint by Levikom, a network provider who argues that the state is hampering competition in the market by artificially limiting the number of competitors.

Non-resident banking risk significantly reduced, says financial authority

10.04.19 ... The Estonian Financial Supervision Authority (FSA) has said that risks associated with serving non-residents have declined in the Estonian financial sector, BNS reports.

Operator to add business campus to Tallinn Airport by 2035

10.04.19 ... The operator of Tallinn's Lennart Meri Airport, state-owned AS Tallinna Lennujaam, announced on Wednesday that it is planning to add a business campus to the airport's existing structures. The project, adding some 150,000 square metres of new commercial space to the local market, is to be completed by 2035.

Swedish Daily: European bank to investigate Swedbank Estonia

10.04.19 ... The European Central Bank (ECB) is investigating Swedbank's Estonian branch, Swedish daily Dagens Nyheter reports, as cited by Reuters. The investigation, which the ECB had declined to comment on, may take several months, the daily reports, citing an unnamed source.

Registered unemployment 5.1%, unchanged year-on-year

10.04.19 ... Registered unemployment in Estonia remained unchanged year-on-year (y-o-y) in March, BNS reports.

Enterprise Estonia helping companies seek support from European Commission

10.04.19 ... Enterprise Estonia is helping innovating companies apply for support from the European Commission via a measure whose main support is to total €2.5 million.

Environment ministry follows defence ministry in calling for Sõnajalg wind farm halt

09.04.19 ... Outgoing environmental minister Siim Kiisler (Isamaa) has demanded the halting of the long-running construction of the Aidu wind farm.

February exports up 4%, imports 5% on year

09.04.19 ... According to information released by Statistics Estonia on Tuesday, Estonian exports of goods increased by 4% and imports by 5% on year in February, with exports being boosted by wood, articles of wood and prefabricated wood buildings.

Half of second pillar pension fund holders have less than €4,000

08.04.19 ... Fifty per cent of the over half a million people in Estonia who have so-called second pillar pension funds hold no more than €4,000, ERR's Estonian online news reports, with almost a quarter holding less than €1,000. Nearly a third of second pillar pension fund holders have accrued between €4,000 and €10,000, however.

Prisma stores to begin accepting returns of non-deposit bottles

08.04.19 ... Bottle-collecting reverse vending machines (RVMs) at Prisma supermarkets in Estonia will begin accepting for free all metal and plastic drink packaging the characteristics of which have been taught to the machine, allowing consumers to return non-deposit bottles alongside those for which deposits are refunded.

February accommodated tourist numbers up 4% on year

08.04.19 ... According to information released by Statistics Estonia on Monday, a total of 219,000 domestic and foreign tourists stayed at Estonia's accommodation establishments in February, 4% more than during the same month last year. The number of domestic tourists increased, while the number of foreign tourists decreased.

Tallinn city government to develop Aegna as ecotourism destination

07.04.19 ... Tallinn City Government plans to develop the island of Aegna into a sustainable nature tourist destination, as part of a wider project which will do the same with an island of the Helsinki coast.

Holm Bank established as Estonian capital-based lender

04.04.19 ... Holm Bank becomes the newest lender to enter the market, based on Estonian capital.

Investor Browder files Swedbank criminal report in Estonia

03.04.19 ... British-American investor Bill Browder has filed a criminal report concerning the Estonian branch of Swedbank.

Peeter Helme appointed daily Postimees editor

03.04.19 ... Peeter Helme has been appointed editor-in-chief at daily Postimees, BNS reports.

IKEA to open limited store in Tallinn this autumn

03.04.19 ... This autumn, Swedish furniture giant IKEA is launching its Estonian online store as well as a brick-and-mortar order pickup point and showroom with a limited assortment of items for sale on Peterburi Road in Tallinn.

Tallinn Airport enters summer season with market growth and new routes

02.04.19 ... Tallinn Airport is on its summer season from the beginning of April, offering a total of 37 destinations worldwide.

Financial inspectors on ground at Swedbank in Tallinn

02.04.19 ... The Estonian Financial Supervisory Authority (FSA) has sent personnel for on-site inspections at Swedbank's Tallinn headquarters, ERR's Estonian news reports.

Finance Ministry defends excise duty analysis as objective, independent

02.04.19 ... The excise duty analysis published in Estonia last month is independent, objective, follows good academic practice and will allow the ministry to provide the government with better advice on the impact of proposed excise duty policy at no additional cost in the future, the Ministry of Finance said on Tuesday.

Information system authority looks to expand e-voting as continuous service

01.04.19 ... The Estonian Information System Authority (RIA) is planning to turn the e-voting system into a continuously-running service, which would facilitate, for example, its use in local government or in referendums, BNS reports.

Swedish authorities not to act on Browder Swedbank claims

01.04.19 ... Swedish authorities are not going to initiate criminal proceedings against Swedbank in relation to a criminal conduct report filed in early March by British-American investor Bill Browder, SVT, that country's public broadcaster, said on Monday, according to Reuters.

Increased 95-grade fuel prices result from EU bio-additive regulations

01.04.19 ... From Monday, 1 April, petrol stations in Estonia are obliged to provide petrol with 10% bio-ethanol in their 95 range of products, with 7% bio-additives for diesel 95.

Pensions of 350,000 in Estonia increase 8.4% on Monday

01.04.19 ... As a result of annual reindexation, some 350,000 pensioners in Estonia will see their pensions increase an average of 8.4% in size as of Monday.

First design contract for Rail Baltica signed

30.03.19 ... Representatives of joint venture RB Rail AS and the Spanish company IDOM Consulting, Engineering, Architecture S.A.U. on Friday signed a contract in Tallinn for the design services for a section of the Rail Baltica railway between Pärnu to Rapla.

Cleveron to build first office tower in Viljandi

29.03.19 ... Delivery solutions company Cleveron, known for its parcel robots and other automated delivery systems, is planning a new office building in Viljandi. The block, at an expected height of 40 m, would be the first tall building in the history of the city.

Retail trade turnover increases by 5% in February

29.03.19 ... According to Statistics Estonia, the turnover of retail trade enterprises increased by 5% at constant prices in February compared to the same month last year, reaching €527.5 million.

Experts: Swedbank situation worrying for shareholders, not customers

29.03.19 ... Swedbank's shares have taken a dive and the bank has lost some 25%, or at least €6 billion, of its value compared to the time immediately before money laundering suspicions against it were first raised. Events at the bank's Stockholm headquarters are also worrying for shareholders of the Estonian branch, local observers think.

Apple Pay to reach Estonian market soon

28.03.19 ... German mobile bank N26 announced on its official Twitter account that the mobile payment solution recently introduced by Apple will soon be made available in five countries including Estonia.

Industrial production volume up 4% year on year in February

28.03.19 ... In February 2019 the production output of industrial enterprises increased by 4% compared to the same month of the previous year. While production increased in the manufacturing and mining sectors, it decreased in the energy sector, Statistics Estonia reported.

Tallinn city government to divest its own domain of political influence

27.03.19 ... Tallinn city government has approved an anti-corruption strategy which it says is aimed at laying down the ''depoliticisation'' of the city's companies and foundations.

Report: €135 billion high-risk money moved through Swedbank Estonia

27.03.19 ... An internal report by Swedbank, available to Swedish public broadcaster SVT, states that within 10 years some €135 billion in high-risk money moved through the bank's Estonian branch.

Madis Müller proposed as next Bank of Estonia governor

27.03.19 ... The supervisory board of the Bank of Estonia at an extraordinary meeting on Tuesday nominated Madis Müller as the central bank's next governor. Mr Müller is currently a deputy of Governor Ardo Hansson, whose term ends on 6 June this year.

Statistics Estonia: General government continues in deficit in 2018

26.03.19 ... According to preliminary data of Statistics Estonia, in 2018 the Estonian general government deficit amounted to 0.5% and the gross debt level to 8% of the country's gross domestic product (GDP).

Shirt producer Sangar to end production in Estonia

25.03.19 ... Less than a week after fashion producer Baltika announced it would end production in Estonia and lay off some 350 workers, another textile company, Sangar, said that it will do the same. Sangar took up production in 1944, which means that the closure of its production line closes a chapter of more than 70 years of Estonian industrial history.

Circuit court suspends 5G frequency auction following competition complaint

25.03.19 ... The Tallinn Circuit Court cancelled the auction of 5G frequencies on Friday following a complaint by Levikom Eesti. The company argues that the state's limit of three frequencies is "artificial" and hampers the development of a free market.
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