Economy

Competition Authority looking at Tallinn cinema closure anti-trust aspects

30.11.21 NEWS ... The Competition Authority (Konkurentsiamet) says it will investigate the circumstances of the temporary closure of a major cinema complex during the festive season, fearing that the move might not be for the reason given – that cinema-goer numbers were small along with the effects of Covid restrictions – and was instead a way of getting around anti-trust regulations in Estonia. At the same time, the cinema itself says it may look at alternative ownership arrangements.

Coronavirus testing boosts SYNLAB's profits up five-fold

30.11.21 ECONOMY ... While worldwide coronavirus spread and the accompanying restrictions swept the ground from under the feet of many companies, clinical laboratory SYNLAB has seen its profits go up five-fold during the pandemic.

Five potential buyers participating in third auction for T1 Mall of Tallinn

30.11.21 ECONOMY ... The third attempt of selling the T1 Mall of Tallinn is set to begin on Wednesday with five companies registering to bid for the bankrupt shopping center by the deadline on Tuesday.

Heritage board director resigns, says decision mutual one with ministry

30.11.21 ECONOMY ... Siim Raie has announced his resignation as director of the National Heritage Board (Muinsuskaitseamet), after seven years on the job. The decision was a mutual one between him and the culture ministry, he told ERR's culture portal.

Third quarter economic growth below analysts' expectations

30.11.21 NEWS ... The economic growth of 8.6 percent registered in Estonia for the third quarter of 2021 fell short of the expectations of analysts, who estimated at the end of last week that the growth in Estonia's gross domestic product (GDP) would come close to 10 percent.

Counties to reduce total bus route kilometers by 2 percent

30.11.21 ECONOMY ... According to a Transport Administration regulation, the total number of kilometers for bus routes in all Estonian counties must be reduced by 2 percent. This could lead to underused county bus routes being closed down.

Statistics: Retail trade business turnover was €784 million in October

30.11.21 ECONOMY ... Turnover of retail trade enterprises stood at €784 million in October, state agency Statistics Estonia reports.

Elektrilevi to raise network tariff by 3 percent from March

30.11.21 NEWS ... Citing a sharp rise in the price of electricity, Elektrilevi OU, the distribution network company of Estonia's state-owned Eesti Energia Group, will raise the average price of network services by 3 percent from March 1, 2022.

More and more rental apartment buildings being developed in Estonia

30.11.21 ECONOMY ... The availability of living spaces in Tallinn is set to worsen in the future, experts believe. Entrepreneurs are preparing by developing rental houses and apartment buildings in the capital city, which is not too profitable of a step, but it does ensure stable cash flow.

Statistics: Economy grows by 8.6 percent on year to Q3 2021

30.11.21 ECONOMY ... Estonia's Gross Domestic Product (GDP) grew by 8.6 percent on year to the third quarter of 2021 (Q3 2021), state agency Statistics Estonian reports.

Enefit Green to acquire €100 million worth of solar panels

30.11.21 ECONOMY ... Enefit Green, the renewable subsidiary of state-owned energy group Eesti Energia, has announced a public procurement to acquire solar panels with the tender estimated to cost €100 million.

AK: Booming economy raises question about bubble potentially breaking

29.11.21 ECONOMY ... Although the coronavirus is still ongoing, new records are being set in different areas every week, even exceeding pre-crisis period results. Estonians are living better than ever, but it's important to ask when will the bubble break.

Record electricity prices due to high demand, not specific to Estonia

29.11.21 NEWS ... The current record-breaking tariffs for electricity are in no way specific to Estonia, state-owned company Eesti Energia has said. Prices are at a very high level across Europe due to increased demand caused by cold weather.

Coca-Cola Plaza cinema to close due to low sales, restrictions

29.11.21 NEWS ... The Forum Cinema at Tallinn's Coca-Cola Plaza will close in December due to low numbers of customers and coronavirus restrictions, newspaper Ärileht reported on Monday.

Well-known Tartu bar Zavood closes after 26 years

29.11.21 NEWS ... Well-known Tartu bar Zavood held its final party on Saturday, closing after 26 years of operation. The closure came after a dispute with the landlord.

Estonian fuel retailers lower gas prices amid global fall in oil prices

29.11.21 NEWS ... Gas prices across Estonia were a few cents cheaper on Monday morning after Estonia's biggest fuel retailers reacted to the fall of global oil prices last week.

Tallinn allocates additional €4 million for rising public transport costs

29.11.21 NEWS ... Tallinn City Government will allocate an additional €4 million to cover rising wages and fuel costs in the transport sector. There are currently no plans in place to reduce routes or raise ticket prices.

Price of electricity to hit record-breaking €263.96 on Monday

28.11.21 NEWS ... The average price of electricity in the Estonian region of the Nord Pool energy market will reach €263.96 on Monday, with the price exceeding €400 briefly in the evening. The previous record was broken on Sunday.

Mounting loan burden of low-income households worrying central bank

28.11.21 NEWS ... The home loans business is booming in Estonia, with the average loan sum now exceeding €100,000. However, rapid growth of the loan volume and maximum loan burden of low-income households is worrying the Bank of Estonia.

New record electricity price high to hit Estonia on Sunday

27.11.21 ECONOMY ... Electricity prices in Estonia are set to reach a record level Sunday, at €188.9 per Megawatt-Hour on the Nord Pool trading market.

Statistics: Industrial confidence indicator falls on month to November

27.11.21 ECONOMY ... The confidence index of Estonian industrial enterprises fell on month from 18 points in to 15 points, October to November, according to the Estonian Institute of Economic Research.

Eesti Post planning to dial back lossmaking mail services business

27.11.21 NEWS ... The Ministry of Economic Affairs and Communications is planning to relax universal mail service requirements. Should the regulation be changed, it will allow national mail carrier Eesti Post to optimize its unprofitable mail business by, among other measures, closing post offices.

Developer: More apartments on the market would slow inflation

26.11.21 ECONOMY ... Estonian construction volumes exceeded pre-crisis levels in the previous quarter with the production value of construction enterprises in Estonia and abroad increasing 15 percent year-on-year. Developers say that as long as demand keeps up, apartments and other buildings will continue to be constructed.

Riigikogu defense committee: 5-year plan needed for air defense capability

26.11.21 NEWS ... The Riigikogu's National Defense Committee has proposed the government establish plans for Estonia's medium-range air defense capability by 2025, amid the current, deteriorating security situation.

Finance minister: Estonia prepared to stand ground on EU tax reform

26.11.21 POLITICS ... Finance minister Keit Pentus-Rosimannus (Reform) says that Estonia is ready to stand its ground on planned European Union corporate tax reforms, adding that these should only in their fullness affect firms with a very large turnover.

Statistics: Wage growth on year to Q3 2021 nearly 8 percent

26.11.21 ECONOMY ... Average monthly gross wages rose 7.8 percent on year to the third quarter of 2021 (Q3 2021), state agency Statistics Estonia reports, to €1,553.

State to launch record-breaking renewable energy procurement

25.11.21 ECONOMY ... Thursday marks the starting date of the largest ever procurement for renewable energy in Estonia, aiming to bring enough electricity to power some 150,000 households to the Estonian market.

Lidl recruiting employees in front of other retail stores

25.11.21 ECONOMY ... German budget retail chain Lidl started a major recruiting campaign this fall, which the chain hopes will attract some 800 people to work in the eight stores set to be opened in Estonia.

Average housing loan exceeds €100,000 for first time

25.11.21 ECONOMY ... A record €184 million was issued in housing loans in October, the Bank of Estonia announced on Thursday with the average loan exceeding €100,000 for the first time in history.

Soaring paper prices latest issue to blight print media market

25.11.21 ECONOMY ... The decline of print media in the face of online publications is being exacerbated by rising paper prices, which is also pushing up prices, daily Postimees reports.

Resigned minister made felling volume decision without industry proposals

25.11.21 ECONOMY ... The State Forest Management Center (RMK) and the Forest and Wood Industry Association have said a last-minute decision by former Minister of the Environment Tõnis Mölder (Center) to reduce felling volumes deprived Estonia of some €230 million.

First ever private movie investment fund launched

24.11.21 CULTURE ... A film development and production company has launched the first private film investment fund in Estonia, announced to coincide with this year's Tallinn Black Nights Film Festival's (PÖFF) film festival.

State to give €9 million in additional support to maritime sector next year

24.11.21 POLITICS ... The government is allocating €9.4 million additional support to the maritime sector in 2022, as part of the state budget for next year.

Court upholds €11 million claim against Tallinna Vesi

24.11.21 NEWS ... A court has upheld a claim against listed water supplier Tallinna Vesi for the compensation of alleged overcharging.

Travel to popular resorts and destinations recovered to pre-crisis levels

24.11.21 NEWS ... As flight companies are opening more and more destinations and travel conditions have gotten more flexible, Estonians have been more eager to travel to previously loved destinations and resorts.

Reform MP: Energy compensation package not focused enough

24.11.21 ECONOMY ... Many of those benefiting from government support packages aimed at fighting soaring energy prices do not really need the aid, Reform Party MP Jürgen Ligi says. Opposition MP Urmas Reinsalu (Isamaa) says that the government should have reacted more quickly to the rise in prices which began in late summer and early autumn, not least when drawing up the state budget bill at around the same time.

Riigikogu finance committee sends state budget for third reading

23.11.21 ECONOMY ... The finance committee of the Riigikogu reviewed the amendments to the draft state budget for 2022 received for the third reading on Tuesday and sent the draft to the third reading.

3 offers made for Tallinn tram procurement

23.11.21 ECONOMY ... There were three offers made for the Tallinn public transport firm Tallinna Linnatranspordi AS (TLT) tender to procure 23 new trams. The city hopes to enter into a contract no later than in the beginning of 2022.

Minister to oversee shoreline protection zone bill he signed while MP

23.11.21 ECONOMY ... A bill which would slash water body shoreline protected zones to 20 meters was signed by the new environment minister a week-and-a-half before taking office. The legal amendment, if it were to pass, would particularly affect Estonia's islands, where protected zones are 200 meters from the shore. Proponents of the bill say the current legislation is out-of-date.

Hepsor IPO oversubscribed nearly ninefold

22.11.21 ECONOMY ... The initial public offering (IPO) of real estate developer Hepsor was oversubscribed by 8.7 times.

Producer prices rose by 19 percent year-on-year in October

22.11.21 NEWS ... In October 2021, the producer price index of industrial output increased by 19 percent compared to October 2020, data from Statistics Estonia show. It decreased by 0.1 percent compared to September.

Time runs out for parcel delivery arrivals in time for Christmas

19.11.21 NEWS ... The deadline for realistically expecting parcels to arrive in Estonia in time for Christmas has more-or-less passed, at least for consignments from outside the European Union, ETV news show 'Aktuaalne kaamera' (AK) reported Thursday night.

Number of people leaving second pension pillar up 5,000 from summer period

18.11.21 ECONOMY ... The number of people that want to trigger a second pension pillar payout is up by 5,000 from the summer, applications can be issued until the end of November.

State inks deal on major Ida-Virumaa green transition-related REE plant

18.11.21 ECONOMY ... A new initiative will see metallic rare-earth elements (REE) products manufacturing set up in Ida-Viru County, thanks to a deal between the Estonian state and the private sector. The project fits into the state's green transition strategy.

Center MP on environment minister role: Let's see what the day brings

17.11.21 ECONOMY ... Center Party MP and Riigikogu finance committee chair Erki Savisaar would not answer directly the question on whether rumors he would replace Tõnis Mölder (Center) as environment minister during his appearance on ETV morning show 'Terevisioon'.

Rental apartment prices top pre-crisis levels

17.11.21 ECONOMY ... The prices of rental apartments were up 12 percent year-on-year in October, which means prices have climbed even higher than they were before the coronavirus crisis. Experts do not believe energy price inflation will bring rental prices down.

Statistics: Average pension rises 6.2 percent on year to Q3 2021

16.11.21 ECONOMY ... The average pension (all types) in Estonia grew by 6.2 percent on year to the third quarter of 2021 (Q3 2021) to €550.6.

Isamaa MP: Government not prioritizing education in 2022 state budget

16.11.21 POLITICS ... Education is not high on the list of priorities for the current government, judging by the state budget being processed at the Riigikogu, according to one Isamaa MP.

Worker dies in Kohtla-Järve VKG chemical works industrial accident

16.11.21 ECONOMY ... An investigation has been opened after a worker died at a Viru Keemia Grupp (VKG) facility in the Ida-Viru County town of Kohtla-Järve on Sunday.

Business park to be developed instead of Gate Tallinn outlet mall

16.11.21 ECONOMY ... Trigon Capital has planned an outlet mall in the vicinity of Tallinn for years, but as the market situation has changed, the Gate Tallinn development near Saue will instead focus on developing suitable plots for logistics companies instead of retail stores.
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