Business

Narva power station closures to cost 150 jobs

17.01.19 ... Power company Eesti Energia is to close part of its operations at the Narva power plants in eastern Estonia, leading to around 150 job losses.

Eesti Raudtee freight volume increases by 9 percent in 2018

15.01.19 ... State-owned Eesti Raudtee (Estonian Railways) report an increase in its 2018 freight volumes of 9% compared to the previous year. The total cargo moved by the company amounted to 13.5 million tons, the main items carried being fertilizers, mineral fuels and oil shale.

Fuel company Neste largest corporate taxpayer in Q4 2018

15.01.19 ... Fuel retailers Neste Eesti AS was the largest corporate taxpayer in Q4 in Estonia, paying close to €33.5 million in taxes, the bulk of which came as state taxes, according to recently released Tax and Customs Board (MTA) data.

Port of Tallinn posts record passenger through-flow for 11th year in row

14.01.19 ... The number of passengers passing through the Port of Tallinn reached a record 10.6 million in 2018.

Nordica no longer flying to Oslo, Amsterdam, St Petersburg

14.01.19 ... As announced already in 2018, flag carrier Nordica closed down its Oslo, Amsterdam and St Petersburg routes on Monday. The reduced flight plan leaves the airline with eight direct routes this winter.

Estonian current account surplus at €114 million in November 2018

14.01.19 ... A flash estimate published by the Bank of Estonia on Friday puts the Estonian current account surplus at €114 million for November 2018.

Three major high street banks phase out pass code cards, beginning February

12.01.19 ... Three of Estonia's major high street banks are to completely phase out the use of pass code cards when using their services online, from early February.

French authorities likely relaunching Danske investigation, says bank

11.01.19 ... Danske Bank, whose Estonian branch is at the centre of a major ongoing money laundering scandal, announced on Friday that it may come under formal investigation for a second time in France.

Russia and Belarus electricity suppliers exploit EU law, grow in Baltics

10.01.19 ... Russian and Belarusian electricity suppliers are entering the Estonian market, exploiting EU law on emissions to undercut prices. This has not, it is argued, improved the situation for consumers, however, and moves are in place across the Baltic States and Finland to curb its continuation.

Ahead of Brexit, Transferwise applying for licence in Brussels

10.01.19 ... In order to ensure the continuation of services in the event of a no-deal Brexit, international money transfer service provider Transferwise is applying for a new licence in Brussels.

Average Estonian wages ranked 17th overall in EU

10.01.19 ... According to an overview of average wages in the EU in 2018, Estonia's average net monthly wage of €957 has placed 17th overall, surpassing those of Portugal and Greece.

November accommodated tourists down 1% on year

09.01.19 ... According to information released by Statistics Estonia on Wednesday, a total of 235,000 foreign and domestic tourists stayed at Estonian accommodation establishments last November, 1% fewer than in November 2017. On year, the number of foreign tourists decreased, while the number of domestic tourists increased.

November exports up 18%, imports 15% on year

09.01.19 ... According to information released by Statistics Estonia on Wednesday, in November 2018, the exports of goods increased by 18% and imports by 15% on year. The trade deficit was €56 million, dropping under €60 million for the first time since January 2015.

Bank of Estonia: 2019 inflation to remain below 3%

08.01.19 ... Providing no major changes occur in commodity prices, the Bank of Estonia is forecasting that inflation in Estonia will remain below 3% in 2019.

Elering CEO: Withdrawal from BRELL energy ring not to raise network fees

08.01.19 ... Contrary to Russian President Vladimir Putin's claim on Tuesday that the Baltics' withdrawal from the BRELL energy ring will introduce an additional tax burden on their citizens, Taavi Veskimägi, CEO of Estonian transmission system operator (TSO) Elering, said that network fees will actually decrease as several investments can be made with the support of the Connecting Europe Facility (CEF).

Ardo Hansson: Cryptocurrencies a 'complete load of nonsense'

08.01.19 ... Cryptocurrencies will likely die out as a "complete load of nonsense," Governor of the Bank of Estonia and member of the Governing Council of the European Central Bank (ECB) Ardo Hansson was quoted by Bloomberg as saying.

December consumer price index up 3.4% on year

08.01.19 ... According to information released by Statistics Estonia on Tuesday morning, the consumer price index (CPI) in December decreased 0.3% compared to November and increased 3.4% on year.

Minister: State's leading role unnecessary in pulp mill planning

07.01.19 ... The state's leading role is in any case not necessary for the planning of a pulp mill, said Minister of Public Administration Janek Mäggi (Centre), adding that if adjoining local governments want to explore opportunities for establishing a pulp mill, they have the right to order the necessary studies to do so.

Ryanair to launch flights from Tallinn to Berlin Schönefeld

04.01.19 ... This April, Irish low-cost airline Ryanair is launching direct flights from Tallinn to Berlin Schönefeld Airport.

Number of foreigners in short-term employment more than doubles in 2018

04.01.19 ... The number of foreigners registered for short-term employment in Estonia in 2018 surged more than 2.6-fold on year to nearly 20,000 people, nearly 80% of whom were Ukrainian nationals.

€112 million Tallinn ring railway unnecessary, says ministry

04.01.19 ... The Ministry of Economic Affairs and Communications has dropped for the time being the plan to build a bypass railway in Tallinn at an estimated cost of €112 million, finding that there is no need for it, daily Postimees writes.

TS Laevad serves record number of passengers on island routes in 2018

04.01.19 ... Estonian ferry operator TS Laevad, which operates ferries connecting the mainland to the major Western Estonian islands of Saaremaa, via Muhu, and Hiiumaa, carried a record-setting 2.3 million passengers in 2018.

Nordica fleet expanding with purchase of additional CRJ900

04.01.19 ... State-owned Estonian flag carrier airline Nordica is expanding its fleet with yet another Bombardier CRJ900 jet, the purchase and leasing to Nordica of which was financed by state-owned fleet owner Transpordi Varahaldus OÜ (TVH) issuing €10 million worth of bonds purchased in equal shares by LHV pension funds and LHV Bank.

Tallink 2018 passenger numbers steady, cargo volumes up 5.7%

03.01.19 ... In 2018, listed Estonian shipper Tallink carried a total of 9.8 million passengers, remaining steady on year, however the number of cargo units transported increased 5.7% on year to 385,000.

November industrial production up 8% on year

03.01.19 ... According to information released by Statistics Estonia on Thursday morning, the production of industrial enterprises increased by 8% on year in November, with production increasing in manufacturing and energy, but decreasing in mining.

Luminor merger complete, nothing to change for clients, says bank

02.01.19 ... Finally complete with the arrival of the new year, Luminor's merger process will not mean any changes for its customers, confirmed Hedwig Meidra, corporate communication manager at the Baltic bank.

November 2018 retail turnover up 5% on year

02.01.19 ... According to information released by Statistics Estonia on Wednesday, in November 2018, the turnover of retail trade enterprises totalled €604 million, accelerating from 3% growth on year in October to 5% growth on year in November at constant prices.

Tammist meets with UAE Minister of State, talks Expo, flights, IT companies

31.12.18 ... Minister of Entrepreneurship and Information Technology Rene Tammist (SDE) met with United Arab Emirates (UAE) Minister of State Reem Al Hashimi, with whom he discussed Estonia's preparations for participation in the World Expo in Dubai in 2020, opportunities for Estonian IT companies to participate in public procurements in the UAE, as well as the establishment of direct flights between Dubai and Tallinn.

Skype Estonia revenue drops to €33.5 million

31.12.18 ... In the financial year that ended in June, the revenue of Skype Technologies, an Estonian subsidiary of Microsoft, decreased 2.7% to €33.5 million, while profits fell 4% to €2.3 million.

Electricity prices for private consumer reach record high

31.12.18 ... The cost of electricity in Estonia increased over 40% in 2018, writes daily Postimees, noting that electricity has never before been this expensive for private consumers in Estonia.

Over 20,000 third-country nationals in Estonia for short-term employment

31.12.18 ... As of the end of November, the number of third-country nationals registered in Estonia this year for short-term employment exceeded 20,000, writes daily Eesti Päevaleht (EPL).

Rimi: Estonian service sector short 2,000 workers

30.12.18 ... The Estonian operation of supermarket and retail chain Rimi, which deployed 170 office staff to its stores for the holiday season, estimates that the Estonian service industry is short some 2,000 employees.

Talks on extending Kiev-Riga rail route to Tallinn to begin next month

29.12.18 ... The state-owned Ukrainian Railways will begin talks with the state-owned Estonian Railways (EVR) next month regarding extending the Kiev-Riga rail route to Tallinn.

Enterprise Estonia to open representation in New York

29.12.18 ... In order to leverage the importance of bilateral trade relations with the US, Enterprise Estonia is planning on opening a representation in New York in the first half of 2019, marking its 14th market worldwide.

Otepää defying former foreign minister on Chechen tourism

28.12.18 ... MEP Urmas Paet (Reform), a former foreign minister, has reiterated his criticisms of Otepää municipality in signing a tourism accord with the Chechen Republic, saying the document should be nullified. Spokespersons for Otepää have indicated the project will go ahead, however.

Elering: Russia may seek fees for system services in future

27.12.18 ... The likelihood that Russia seeks a fee from the Baltic states for frequency regulation will increase over time as investments made into Kaliningrad's electricity system have made it independent of the Baltics, Taavi Veskimägi, CEO of Estonian transmission system operator (TSO) Elering, said.

Web app provides public info on Port of Tallinn passengers

23.12.18 ... The Port of Tallinn, the authority overseeing, amongst other things, Tallinn's passenger ferry terminals, has unveiled a web app which provides statistical information of its through-flow of passengers, including their citizenship or nation of origin.

Enefit Green borrows €260 million to refinance Nelja Energia debt

21.12.18 ... Enefit Green, the renewable energy subsidiary of Eesti Energia, has signed term loan contracts in the total amount of €260 million to refinance the existing debt of Nelja Energia, the renewable energy company it acquired last month.

GoTrack to build Riisipere-Turba railway for €3.4 million

21.12.18 ... GoTrack has won a procurement for the construction of the Riisipere-Turba section of railway announced by the Estonian state-owned railway infrastructure company Estonian Railways (EVR) in October.

Paper: State to impose strict limitations on use of agricultural land

21.12.18 ... As business paper Äripäev wrote on Friday, the state is planning to introduce stricter rules for the use of agricultural land. The measure is aimed at making sure that Estonia's best farmland does not disappear under housing developments, the paper wrote.

Prices of flats and houses continue to increase in third quarter

21.12.18 ... Statistics Estonia reported on Friday that the price of dwellings is still on the rise. Flats were 4.7% and houses 2.8% more expensive in the third quarter than a year ago.

Government presented with anti-money laundering proposals

20.12.18 ... Prompted by the ongoing Danske Bank case, an analysis and a set of proposals aimed at improving the effectiveness of the fight against money laundering drawn up by the Anti-Money Laundering Government Committee were presented to the Estonian government on Thursday.

Telia, Ericsson launch 5G pilot network in Tallinn

20.12.18 ... Telia and Ericsson have launched a 5G pilot network at Tallinn University of Technology (TalTech) that can be used by businesses and research institutions alike.

Estonian online retail turnover up 70% on year

20.12.18 ... According to a press release by SEB, purchases made on the websites of Estonian online retailers have increased by almost 70% in volume over the first three quarters of 2018.

Industrial producer price index down 0.9% in November

20.12.18 ... According to Statistics Estonia, in November 2018 the industrial producer price index decreased by 0.9% compared to October, but increased by 1.6% compared to November 2017.

Prosecutor General: Account managers suspected in Danske money laundering

19.12.18 ... According to Prosecutor General Lavly Perling, in connection with the Danske money laundering scandal, Danske Bank's former account managers and a division leader were arrested and suspected of money laundering on Tuesday and Wednesday. Former CEO Aivar Rehe, however, is not among the suspects.

Ministry: Construction of Haapsalu railway to cost an estimated €65 million

19.12.18 ... Construction of the Turba-Haapsalu-Rohuküla railway is to cost approximately €65 million, the Ministry of Economic Affairs and Communications estimates.

Bank of Estonia: Drop in competitiveness suggesting trouble ahead

19.12.18 ... The Bank of Estonia expects the Estonian economy to grow by 3.5% this year and next, but says that growth will slow after that, coming in at close to 2% by 2020. One reason is that fewer people are entering the labour market, another that the competitiveness of Estonian companies is declining.

Economist Jeffrey Sachs: Estonia quickly narrowing gap with Scandinavia

19.12.18 ... Tuesday night's guest on ETV interview programme Esimene stuudio was Jeffrey Sachs, an American economist and University Professor at Columbia University, who in one night 26 years ago drew up the foundations for Estonia's currency reform. Speaking with host Johannes Tralla, Sachs discussed the challenges that lay ahead, both for Estonia and the world.

Police arrest 10 in connection with Danske money laundering case

19.12.18 ... The Central Criminal Police arrested six former Danske Bank employees on Tuesday and another four on Wednesday morning. They are all suspects in the billion-euro money laundering case involving the Estonian branch office of Danske Bank.
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