Business

Prisma to switch two more Tallinn locations to 24-hour schedule

22.05.18 ... Encouraged by the success of the change at its Sikupilli location, Prisma has decided to switch its Lasnamäe and Mustika Centre supermarkets to 24-hour schedules as well.

Unemployment fund to dedicate €11m over four years to language training

21.05.18 ... The Estonian Unemployment Insurance Fund (EUIF) is to award a total of €11 million in contracts for Estonian language instruction to be conducted in Tallinn, Harju County and Ida-Viru County over the next four years in order to improve the language skills of job-seekers and prepare people for the Estonian language proficiency exam.

Industrial output in Estonia up since last year

21.05.18 ... Industrial output in Estonia is up 2.1% year-on-year (y-o-y) since April last year, according to data from Statistics Estonia, though with a wide difference in performance across the four categories surveyed.

Tallink Grupp first quarter revenue down 3.9%

18.05.18 ... Listed Estonian shipper Tallink Grupp AS and its subsidiaries carried 1.9 million passengers in the first quarter of 2018, 0.5% less than during the same three-month period last year. Its unaudited revenue dropped 3.9% on year to €184.2 million.

Enterprise Estonia posts €756,000 net gain for 2017

17.05.18 ... The operating income of Enterprise Estonia in 2017 totaled €100.7 million and operating costs approximately €100 million, with the foundation's net gain for the year totaling €755,500.

Estonian government endorses organic area targets for 2021

17.05.18 ... According to organic area targets approved by the Estonian government on Thursday, it will be possible to grow or harvest organic products on at least 51 percent of Estonia's land area in 2021.

Ryanair's O'Leary: Tallinn potential candidate for new local hub

17.05.18 ... Ryanair CEO Michael O'Leary was in Tallinn earlier this week. Ryanair brought 200,000 passengers to Tallinn in 2017 and is aiming at 300,000 for the ongoing year. In the longer perspective, Tallinn Airport may be a candidate for a new local hub for Ryanair, O'Leary said.

Palo: Training Estonian workers priority in ICT sector

16.05.18 ... According to Minister of Entrepreneurship and Information Technology Urve Palo (SDE), the priority of the Estonian government is to train and help find work first and foremost for Estonian information and communications technology (ICT) sector workers.

SEB leaves Estonia's 2018 economic growth forecast unchanged at 3.5 percent

16.05.18 ... SEB has left Estonia's economic growth forecast for this year unchanged at 3.5 percent. Next year, the bank is expecting three percent growth in Estonia.

Work group: Tallinn-Helsinki tunnel contingent on including private funding

15.05.18 ... Construction of the proposed Tallinn-Helsinki railway tunnel would be contingent on private sector investments, but its completion would have wide-ranging positive impact on the Finnish and Estonian economies, the authors of a new report published on Tuesday said.

First quarter activity on Estonian labor market remains on rise

15.05.18 ... According to information released by Statistics Estonia on Tuesday morning, in the first quarter of 2018, the unemployment rate was 6.8 percent, the employment rate 66.6 percent, and the labor force participation rate 71.4 percent.

Swedbank: Estonia's gender pay gap caused by long parental leave

14.05.18 ... According to Swedbank chief economist Liis Elmik, one of the chief causes of Estonia's gender pay gap, which is the largest in Europe, is its long parental leave, which is one of the most generous in the world.

Estonian border sales make up 13 percent of Latvia's alcohol tax receipts

14.05.18 ... Cross-border alcohol trade on the Estonian-Latvian border accounted for 13 percent of Latvia's alcohol excise duty revenue in 2017, data from the Latvian State Revenue Service (VID) shows.

Asian tourists to compensate for dwindling ferry passenger numbers

14.05.18 ... The shipping companies operating the Tallinn-Helsinki route confirm that their passenger numbers aren't growing as much as they used to, and that they are hoping for tourists from Asia visiting the area to make up for the otherwise lower numbers.

Maasikas: Planned EU agriculture, cohesion cuts too big

14.05.18 ... Estonia hails the preservation in the European Union's new multi-annual budget of the Connecting Europe Facility (CEF), which is necessary for the construction of Rail Baltica, but considers the cuts in agricultural and cohesion policy to be too big, Deputy Minister for EU Affairs Matti Maasikas said ahead of the meeting of the EU General Affairs Council in Brussels on Monday.

Estonia's 2017 gender pay gap remains at same level on year

14.05.18 ... According to information released by Statistics Estonia on Monday morning, the average gross hourly earnings of female employees were 20.9 percent lower than the average gross hourly earnings of male employees. Following three years of decline, the gender pay gap last year remained at the same level on year.

Anvelt: Employers should continue contributing to immigration work group

13.05.18 ... In a recent address to representatives of employers in Estonia, Minister of the Interior Andres Anvelt (SDE) invited them to take part in the work of the ministry-led immigration work group, according to ministry spokespeople.

Baltic, German foreign ministers split on Nord Stream pipeline

12.05.18 ... The foreign ministers of Estonia, Latvia and Lithuania, who met with their German colleague in Palanga on Friday, disagreed with him when it came to the Nord Stream 2 submarine gas pipeline planned to be built in the Baltic Sea by Russian gas company Gazprom.

Real estate portal: Land market buoyant despite slowdown in apartments

12.05.18 ... Whilst the real estate market in apartments has been slowing down in Estonia recently, the market for land has seen an accompanying upturn, according to Estonian real estate portal KV.ee.

2017 average gross monthly wages up 7.6 percent in Estonia

11.05.18 ... According to information released by Statistics Estonia on Friday, the average gross monthly income per employee in 2017 totaled €1,155, up 7.6 percent on year. The fastest growth of 8.6 percent was registered in the income of those under 25 years of age.

Simson: Two LitPol connections more reasonable in terms of cost, security

11.05.18 ... Carrying out the synchronization of the Baltics' power grids with Central Europe with two LitPol links is still the preferred option, as in addition to energy security concerns, it is also the most reasonable option in terms of costs, Minister of Economic Affairs and Infrastructure Kadri Simson (Center) said.

EBRD: Estonian economy to grow fastest in Baltics this year

10.05.18 ... The European Bank for Reconstruction and Development (EBRD) has raised Estonia's economic growth forecast by 0.4 percent to 3.8 percent, thus forecasting Estonia's economic growth to be the fastest in the Baltic countries this year.

Estonian exports decrease in March 2018, imports rise

10.05.18 ... According to a report from Statistics Estonia, Estonian exports fell by 3% year on year (y-o-y) in March 2018. Conversely, imports into Estonia rose by 4% when compared with March 2017.

McDonald's begins delivering in Tallinn

09.05.18 ... McDonald's partnered up with Estonian food delivery service Mychef.ee to begin offering delivery from four of its Tallinn locations last week.

Port of Tallinn to list shares on stock exchange

08.05.18 ... The Estonian state-owned port company AS Tallinna Sadam (Port of Tallinn) on Tuesday announced its intention to list its shares on the Baltic main list of the Tallinn Stock Exchange.

Over one million foreign tourists visit Estonia in first quarter of 2018

08.05.18 ... A little over one million foreign tourists visited in Estonia in the first quarter of 2018, with numbers remaining steady on year. Compared to last year, the number of tourists to visit from Finland dropped eight percent, accounting for 37 percent of the total, while the number of visitors from other EU countries increased six percent.

April consumer price index up 2.9 percent on year

08.05.18 ... According to information released by Statistics Estonia on Tuesday, the consumer price index (CPI) in April increased 0.4 percent compared to the previous month and 2.9 percent on year.

Shale oil producer VKG first quarter revenue up 11 percent

07.05.18 ... The revenue of Estonian mining and shale oil producer Viru Keemia Grupp (VKG) grew 11 percent on year to €49.5 million in the first quarter of 2018.

KredEx starts accepting home grant applications

07.05.18 ... Estonia's KredEx Foundation began accepting applications on Monday for home grants for large families, the 2018 budget for which is €3 million. The deadline for applications is Monday, June 11.

More tourists in March 2018 compared with last year

07.05.18 ... According to Statistics Estonia, 239,000 domestic and foreign tourists stayed overnight in March 2018, 5 percent more than in the same month of the previous year. The numbers of both domestic and foreign tourists increased.

Graanul Invest, Sweetwater to set up wood fractionation plant in Estonia

05.05.18 ... U.S. biotech company Sweetwater Energy and Estonian wood pellet producer Graanul Invest are about to set up a wood fractionation plant able to process 50,000 tons of locally cut timber into different sugars and high purity lignin.

Square-meter price of apartments in Tallinn up 7.5 percent

04.05.18 ... The average price of apartments in Tallinn per square meter rose by 7.5 percent year over year to €1,794 in April, numbers published by the Estonian Land Board show.

Commission: Estonia's GDP growth to slow to 3.7 percent this year

03.05.18 ... After expanding by almost 5 percent in 2017, GDP growth in Estonia is set to ease gradually to 3.7 percent in 2018 and to 2.8 percent in 2019, the European Commission says in its spring 2018 economic forecast.

Toyota to stop selling diesel cars in Baltic states starting May

02.05.18 ... Japanese car giant Toyota will no longer offer diesel cars to customers in Estonia, Latvia, and Lithuania, leaving only hybrid and petrol engine cars in the selection. The company explained the decision with the decreasing interest in diesel-powered cars in the Baltic states.

Estonian-based pharmaceutical company signs deal with Ugandan state

02.05.18 ... Bravo Pharmaceuticals, owned by Indian businessman Rakesh Pandey and based in Estonia, has signed a joint venture deal with Uganda to build a pharmaceutical factory there. While the factory will produce drugs for the African market, it could also supply Estonia, ERR's "Aktuaalne kaamera" reported.

Nordica introduces flights between Tallinn, Copenhagen

30.04.18 ... Nordica started operating its new flight connections to Copenhagen on Monday. It will fly to Copenhagen's Kastrup Airport up to 11 times a week.

Retail trade turnover growth shows slight decline in March

30.04.18 ... According to Statistics Estonia, compared to March of the previous year the turnover of retail trade enterprises increased by 1 percent at constant prices. While in February the turnover increased by 3 percent compared to the same month of the previous year, the growth decelerated slightly in March.

Yandex Taxi to introduce app-based ride ordering service in Tallinn

30.04.18 ... Russian on-demand transportation service provider Yandex Taxi is about to start business in the Estonian capital on May 1. Yandex works exclusively with taxi companies that have the required permits. In Tallinn over 300 cars of ten partner companies will be linked up to the platform, the company announced on Monday.

March industrial production greater than a year ago

30.04.18 ... According to Statistics Estonia, in March 2018, the production of industrial enterprises increased 8 percent compared to March 2017. Production increased in manufacturing as well in mining and in energy.

Central bank: Estonians' savings rate on average EU level

27.04.18 ... The savings rate of Estonian households has been catching up to the average EU level in recent years, the Bank of Estonia said on Friday.

Eesti Energia's first quarter profits down 16 percent

27.04.18 ... The first quarter sales revenue of the Estonian state-owned energy group Eesti Energia in 2018 totaled €228.6 million, marking an increase of 6.2 percent on year, while net profits declined 16.1 percent to €40.5 million.

Estonian government to put Patarei building up for auction

27.04.18 ... The Estonian government decided at its Thursday Cabinet meeting to put the Patarei Sea Fortress-Prison building up for auction under the condition that the buyer has to renovate the structure over the next six years as well as build a seaside promenade along the complex.

Nordica launches flights to Kiev's Zhuliany Airport

26.04.18 ... Estonian flag-carrier airline Nordica is launching a new direct route to Kiev on Thursday, flying to Zhuliany Airport, the Ukrainian capital's second-largest international airport, for the first time.

Danske Bank to gradually exit Baltic market

26.04.18 ... Danske Bank has confirmed that it is planning a gradual exit of the Baltic market, opting to focus, moving forward, exclusively on serving subsidiaries of Nordic customers as well as global corporations with significant presence in the Nordics.

Estonian ministry wants to make use of illegal workforce a criminal offense

25.04.18 ... In a bid to stem the use of illegal labor, the Ministry of the Interior is planning on making the use of illegal labor a criminal offense, increasing fines for businesses, enabling the imposition of prohibitions on business and engaging in enterprise on business operators alongside the compulsory dissolution of a business and its removal from public procurements.

Nordea raises Estonia's 2018 economic growth forecast to 3.9 percent

24.04.18 ... Nordea raised its economic growth forecast for Estonia's 2018 GDP from its January estimate of 3.7 percent to 3.9 percent.

Swedbank Estonia's first quarter profits up 5.7 percent on year

24.04.18 ... The Estonian unit of Scandinavian banking group Swedbank earned a profit of €47 million in the first quarter of 2018, marking a 5.7 percent increase on year driven by higher incomes and lower expenses.

Estonian Railways to begin repairs at Riisipere station

23.04.18 ... Estonian Railways (EVR), the Estonian state-owned railway infrastructure company, is to begin repairwork on the Tallinn-Keila-Riisipere section of rail beginning with Riisipere Station next Monday.

Estonian company signs contract to bring railway route from China to Muuga

23.04.18 ... A subsidiary of Estonian logistics company GTS Express entered into a cooperation contract with a Chinese company in the framework of which initially two trains from Xian per week should begin arriving in Muuga beginning in June.

Hiiumaa calculates damage caused by ferry transport crisis

22.04.18 ... Hiiumaa Municipality has gathered feedback and information regarding losses incurred by business-owners and residents as well as visitors of the island in connection with difficult transport conditions in recent months.
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