Economy

Bolt, Citybee to launch electric scooter services in Tallinn

18.06.19 ... Bolt (formerly branded Taxify) will introduce its electric scooter rental service in Tallinn on Wednesday. Users will be able to use scooters by way of Bolt's ride-hailing app. A second company, Citybee, announced a similar service.

Businessman admits to bribing Centre Party, released from trial

18.06.19 ... Estonian businessman Hillar Teder, who was accused of having bribed former Tallinn mayor and long-time Centre Party chairman, Edgar Savisaar, admitted on Tuesday that he helped covertly fund the party in 2014. Teder was released from the trial on grounds of expediency, daily Postimees reported.

Eckerö start Muuga ferry route next Tuesday, competing with Tallink

18.06.19 ... The Finbo Cargo, a new vessel operated by Finnish ferry line Eckerö, is to have her maiden passenger voyage on the Muuga-Vuosaari route next Tursday.

President Kaljulaid: Oil shale era over, time to look for new solutions

18.06.19 ... At a meeting with trade union representatives on Monday, President Kersti Kaljulaid said that action needs to be taken to ensure that the Estonian energy industry's transition away from oil shale towards other fuel sources can happen smoothly and quickly, regional daily Põhjarannik reported. Regarding Estonia's own staple fuel, she said that the era of oil shale used for electricity production is coming to an end.

President on issues facing small investors and problems with pension reform

18.06.19 ... President Kersti Kaljulaid attended a debate held at the Tallinn Stock Exchange on Tuesday, and spoke on the challenges facing the Estonian economy, particularly with regard to smaller investors, the pension system, and the interface between the private and public sectors.

Estonia enters strong European innovators ranking for first time

17.06.19 ... Estonia has been ranked as one of Europe's strong innovators despite a score that puts the country below the European average, the 2019 EU innovation scoreboards published by the European Commission show.

Survey: Rail Baltica moving cargo between Finland, Adriatic has potential

17.06.19 ... Cargo transport along the planned Rail Baltica connection has potential where freight moving between the Baltic and the Adriatic Sea is concerned, a new survey commissioned by the Ministry of Economic Affairs and Communications finds.

Balticconnector undersea gas pipeline reaches land in Estonia

17.06.19 ... After a final almost 24 hours of uninterrupted work, the Estonian end of the Balticconnector undersea gas pipeline reached land at Pakrineeme on Pakri peninsula in northwestern Estonia on Monday morning.

Kadriorg and Pirita post highest monthly earnings in Tallinn and Estonia

17.06.19 ... Average gross monthly incomes were highest in central Tallinn, principally in Kadriorg and the adjacent district of Pirita and lowest in Lasnamäe, according to recent research from Statistics Estonia. However Lasnamäe's figures were higher than many districts nationwide.

LHV Pank taking over Danske ATM machines

17.06.19 ... Estonian bank LHV Pank has entered into an agreement with Luminor, Danske Bank and secure payments provider Worldline to form a joint ATM network which will be served by LHV, replacing Danske Bank machines.

RB Rail concludes two new Rail Baltica design agreements

16.06.19 ... RB Rail AS, the central coordinator for the international Rail Baltica railway project, concluded two new design contracts on Friday with Spanish engineering company IDOM Consulting, Engineering, Architecture for the design of the high-speed railway in Estonia and Lithuania.

Three Tallinn bank employees arrested for possible money laundering

15.06.19 ... Officers of the Central Criminal Police arrested and kept three employees of Tallinn Business Bank in custody for a period of 48 hours on Tuesday, one of whom is suspected of money laundering and the other two of accepting a bribe and money laundering.

Tallinn council chair: Tunnel with Finland would benefit all of Estonia

14.06.19 ... Following a meeting with one of the heads of a consortium in charge of developing an undersea tunnel connecting Tallinn and Helsinki, Tallinn City Council Chairman Tiit Terik (Centre) said that the planned tunnel would benefit all of Estonia.

Saaremaa seeking operator for Mõntu-Ventspils ferry route

14.06.19 ... Saaremaa Municipal Government has decided to announce a procurement for finding an operator for the Mõntu-Ventspils ferry route that would connect Estonia's largest western island of Saaremaa directly to the Latvian coastal town of Ventspils to its southwest, regional paper Saarte Hääl writes.

Supreme Court: State termination of contract with Edelaraudtee lawful

14.06.19 ... The Administrative Law Chamber of the Supreme Court of Estonia has ruled that the Ministry of Economic Affairs and Communications' termination of the public passenger rail service contract concluded in 2009 with the privately-owned rail service operator Edelaraudtee in 2014 was lawful.

US senators submit bill with sanctions aimed at Nord Stream 2

14.06.19 ... A group of Republican U.S. senators introduced a bill on Thursday that would sanction entities involved with the construction of Nord Stream 2 as Washington seeks to force its European allies to reduce their dependence on Russian energy.

Nortal reports increased revenue, operating profit for 2018

13.06.19 ... Tallinn-based technology company Nortal published its 2018 business results on Thursday, indicating growth both in revenue and operating profits. While the company's revenue increased by 38 percent to €66.8 million, its operating profit was €7.4 million, 39 percent more than in the previous year.

Bank of Estonia chairman asks for replacement of Supervisory Board members

13.06.19 ... Chairman of the Supervisory Board of the Bank of Estonia, Mart Laar, has submitted a request to the Riigikogu to replace board members Kalev Kallo (Centre) and Liina Tõnisson (SDE). While Laar didn't explain his reasons for the replacement of Tõnisson, Kallo is involved in an ongoing corruption case.

Estonian government gives Elron permission to buy new trains

13.06.19 ... The Estonian government at its Thursday Cabinet meeting decided to announce a public procurement for the purchase of four hybrid trains for Eesti Liinirongid AS, the Estonian state-owned operator of passenger trains operating under the Elron brand, with the option to buy an additional two electric trains.

Government approves use of biomass in Narva power plants within year

13.06.19 ... The Estonian government on Thursday approved the drawing up of a bill that would allow oil shale to be partially replaced with biomass in the boilers of Narva power plants. The amendment is expected to take effect within a year.

Riigikogu passes bill lowering alcohol excise duty rate by 25 percent

13.06.19 ... At its third and final reading on Thursday, the Riigikogu voted 70-9 in favor of a bill that will lower the alcohol excise duty rates for beer, cider and hard liquor by 25 percent beginning July 1.

Additional ferry, chartered flights to Saaremaa announced for summer

13.06.19 ... Starting June 20, operator TS Laevad are adding another ferry to their Virtsu-Kuivastu route. A total of 513 additional trips are planned, the company said. At the same time, the Road Administration announced that they are chartering additional flights from Tallinn to Kuressaare on Fridays and Sundays.

Tax Board: Estonia suffered €86 million loss in 2018 due to cash wages

12.06.19 ... According to an analysis by the Tax and Customs Board (MTA), the Estonian state suffered €86.4 million in lost tax revenue last year, up from €84.1 million in 2017.

Bank of Estonia sets 2019 economic growth forecast at 3.3 percent

12.06.19 ... According to its latest economic growth forecast, the Bank of Estonia expects the Estonian economy to grow by 3.3 percent in 2019 and 2.1 percent in 2020. Estonia's central bank is recommending residents and the state alike start saving.

Minister proposes land sales tax credits to stave off foreign buyers

12.06.19 ... Environment minister Mart Järvik (EKRE) says that land sales in Estonia should be tax exempt, or at least sellers should get tax credits, if the buyer happens to be the Estonian state.

Tallink opens Muuga-Vuosaaari route to regular passengers

12.06.19 ... Listed Estonian shipper Tallink Grupp will begin transporting regular passengers with vehicles on its Muuga-Vuosaari route on Wednesday, giving passengers the option to avoid the congestion of Central Tallinn and Central Helsinki alike.

Martin Helme suggests considering building nuclear power plant

12.06.19 ... Minister of Finance Martin Helme (EKRE) found that a modern nuclear power plant could be one alternative to oil shale-based electricity. This would require an investment of €10-15 billion, however.

Train operator Elron reports record passenger numbers for May

11.06.19 ... In May 726,000 journeys were made with Elron passenger train operator, a record monthly figure, the company says, bringing the total to 3.4 million passengers for the year to May.

Estonia issues €200 million in treasury bills

11.06.19 ... For the first time ever, the State Treasury of Estonia sold €200 million worth of treasury bills with a negative yield at auction on Monday.

Martin Helme: Wind energy not Estonia's long-term plan for energy policy

11.06.19 ... Estonia's energy policy needs to be disassembled, as wind energy does not ensure stability, and thus cannot be Estonia's long-term plan, Minister of Finance Martin Helme (EKRE) said on Monday.

Bolt relaunches in London

11.06.19 ... Estonian-founded and -operated ride-hailing service Bolt, formerly known as Taxify, relaunched operations in London Tuesday, where it is serving all of Greater London, including Gatwick, Heathrow, Luton and Stansted Airports.

Court orders Apotheka to vacate premises at PERH, pay damages

11.06.19 ... Harju County Court has enforced its May ruling ordering an Apotheka pharmacy to immediately vacate the premises at North Estonia Medical Centre (PERH) and pay damages resulting from its unlawful occupation thereof. Pharmacy owner Terve Pere Apteek OÜ has 15 days to appeal the decision.

Kingo: IT sector labor shortage can be solved with remote work from abroad

10.06.19 ... According to Minister of Foreign Trade and IT Kert Kingo (EKRE), Estonia's labor shortage in the IT sector doesn't necessarily require Estonia to bring in more workers, as she believes that work in the IT sector could be done remotely from other countries as well.

Baltic ministry officials discuss anti-money laundering efforts

10.06.19 ... Officials of the Ministries of Finance of Estonia, Latvia and Lithuania met in Tallinn to discuss issues related to financial markets as well as the three neighboring states' legislative measures for preventing money laundering.

May registered unemployment steady on year at 4.6 percent

10.06.19 ... As of the end of May, the number of registered unemployed in Estonia totaled 30,235, making up 4.6 percent of the total workforce between age 16 and the retirement age. Thus, registered unemployment remained steady on year last month.

Coop Pank announces plan to list shares on Tallinn Stock Exchange

10.06.19 ... The supervisory board of Coop Pank commissioned its management board on Monday to begin preparations for the public listing of the bank's shares on the Tallinn Stock Exchange (TSE). Coop Bank's initial public offering (IPO) is expected to take place in autumn 2019 at the earliest.

April trade growth up 4 percent on year

10.06.19 ... According to information released by Statistics Estonia, in April 2019, the exports and imports of goods increased by 4 percent on year, continuing an increase in growth dating back to the beginning of 2019.

Kuressaare flight carrier unclear as procurement process declared invalid

07.06.19 ... The Road Administration authority has declared the procurement procedure in the Tallinn-Kuressaare flight route, linking the capital of Estonia's largest islands to the mainland, invalid, leaving it unclear who will be operating the route in future. The issue surrounds the awarding or otherwise of the contract to Regional Air, a subsidiary of Estonian carrier Nordica. The service up to early June had been carried out by Lithuanian carrier Transviabaltika.

Housing costs main factor in 3.1 percent May inflation rate

07.06.19 ... Inflation was 3.1 percent on year in May 2019, Statistics Estonia reports, and was 0.2 percent compared with the previous month. The consumer price index was most affected by rises in the housing and transport sectors. Housing costs include heating, fuel etc.

Adam Rang: E-Residency helping Estonia combat criminality

06.06.19 ... Is it contradictory for Estonia to both welcome e-residence as well as deter nonresident criminals? Adam Rang, an Estonian entrepreneur who formerly worked at Estonia's e-Residency program, argues that one is not possible without the other.

Centre Party urges fast intervention by state in Eesti Energia crisis

06.06.19 ... The Centre Party announced Wednesday afternoon that a quick solution and government intervention is required to help mitigate the effects of proposed layoffs by state-owned energy provider Eesti Energia.

Over 10,000 job vacancies remain in first quarter of 2019

06.06.19 ... According to information released by Statistics Estonia on Thursday, in the first quarter of 2019, there were approximately 11,450 job vacancies at Estonian enterprises, institutions and organizations, continuing a trend dating back to the first quarter of 2017.

Research: Unemployment benefits disincentive both to work and not work

05.06.19 ... The present unemployment benefits system in Estonia is too rigid, fails to take into account changes in the labor market, and neither encourages a return to work or registering as unemployed, according to a recent report quoted by Baltic News Service.

Improved Muuga facilities bring new Eckerö Line Finland connection

05.06.19 ... A new cargo shipping service operated by Finnish company Eckerö is to run from Muuga Harbor, and not Tallinn as originally planned. The switch was prompted by improvements at Muuga, which both make it more attractive to Eckerö than earlier, and avoided overloading Tallinn harbor.

Ministry says EU money possible in Eesti Energia lay-offs

04.06.19 ... The Ministry of Social Affairs is the latest to offer solutions following news that state-owned energy provider Eesti Energia is to temporarily lay off over a thousand employees during the summer.

Minister: Eesti Energia lay-offs fix lies in both renewables and oil shale

04.06.19 ... In finding solutions to proposed mass lay-offs by state owned electricity firm Eesti Energia, Minister of Public Administration Jaak Aab (Centre) emphasized coexistence between older oil shale burning plants and environmentally friendly renewable sources. Aab noted that the potential conflict was not unexpected, but had been brought into sharper focus recently.

Influx of cheap Russian electricity behind Eesti Energia temporary lay-offs

04.06.19 ... State-owned energy company Eesti Energia is to temporarily lay off up to 1,300 employees over the summer, citing cheaper Russian electricity flooding the market, according to Baltic News Service.

LHV planning to buy Danske loan portfolio

03.06.19 ... Estonian bank LHV is set to acquire Danske Bank's private customer loan portfolio, for around €410 million.

Kaljulaid: Representing businesses abroad difficult via interpreter

01.06.19 ... Estonian businesses expect to be represented abroad by the Minister of Foreign Trade and IT, but this goal is difficult to achieve via an interpreter, President Kersti Kaljulaid said according to Delfi online news portal.

Aas to meet with Russian transport minister at St. Petersburg forum

01.06.19 ... Minister of Economic Affairs and Infrastructure Taavi Aas (Centre) is to attend the St. Petersburg International Economic Forum (SPIEF) next week, where he will also meet with Russian Minister of Transport Yevgeny Dietrich.
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