€803 million invested in Estonia under Juncker Plan

18.07.18 ... Altogether €335 billion has been invested in the European economy in the framework of the European Commission's Investment Plan for Europe (EC IPE), €803 million of which has been invested in Estonia. Relative to the national GDP, Estonia comes in second in terms of the volume of investments.

Skeleton Technologies begins relocating manufacturing to Germany

18.07.18 ... Skeleton Technologies, the Estonian producer of ultracapacitor-based energy storage devices, is to relocate its manufacturing from Viimsi Municipality, located just outside of Tallinn, to Dresden, Germany, where initial tests have already been conducted and the first devices already manufactured.

Baltic countries sign third Rail Baltica grant agreement

18.07.18 ... Estonia, Latvia and Lithuania last Friday signed an agreement for receiving a grant of €110 million from the European Commission for the construction of the Rail Baltica railway project. Most of the project's third allocation of money will go to Lithuania.

Competition watchdog taking extra time to decide on Nelja Energia purchase

17.07.18 ... The Estonian Competition Authority has taken extra time to decide whether it will approve a transaction made by the Estonian state-owned energy group Eesti Energia with which it is to purchase renewable energy company Nelja Energia from Norway's Vardar Eurus for €493 million.

LHV to involve German, Austrian deposits via Raisin platform

17.07.18 ... Estonia's LHV Pank has signed a contract with international deposit platform Raisin, through which the bank is planning to involve new deposits from the German and Austrian markets in the future.

Amendments exempting specialists from immigration quota now in effect

16.07.18 ... The latest amendments to the Aliens Act 1993, which are aimed at facilitating the arrival of high-level foreign specialists to work in Estonia and extending the maximum period of temporary employment, as well as introducing tougher measures to combat illegal employment, came in force on Sunday, 15 July.

Nordica second quarter passenger numbers up 36% on year

16.07.18 ... The passenger numbers of the Estonian state-owned airline Nordica continued to grow in the second quarter of 2018, up 36% on year.

Elron carries 3.8 million passengers in first half of 2018

13.07.18 ... The number of passengers carried by Estonian state-owned passenger train operator Eesti Liinirongid AS, which operates under the Elron brand, in the first six months of 2018 increased 8% on year to 3.8 million.

Second management board member may leave Nordica

13.07.18 ... Following on the heels of the resignation of Jaan Tamm, CEO of the Estonian state-owned airline Nordic Aviation Group, which operates under the Nordica brand, CFO Ahto Pärl may also leave the company by autumn, daily Postimees reports.

Bill Browder files criminal complaint against Danske Bank

13.07.18 ... Bill Browder, CEO of investment fund Hermitage Capital Management, on Wednesday filed a criminal complaint in Denmark against Danske Bank, which is suspected of Russian money laundering, Financial Times reports.

Jaan Tamm steps down as Nordica chairman

12.07.18 ... Jaan Tamm, Chairman of the Management Board of Estonian airline Nordica, has resigned. Mr Tamm, who has been head of the management board since Nordica's estbalisment in 2015, submitted his resignation to the Nordica supervisory board today, Thursday, and it was duly accepted.

Port of Tallinn freight and passenger volumes grow in Q2 2018

12.07.18 ... The freight volume of the ports under the auspices of part state-owned Port of Tallinn (AS Tallinna Sadam)  saw an increase of 2.5% year-on-year (y-o-y) to 5.1 million tonnes in the second quarter of 2018, it is reported.

EKI sets 2018 economic growth forecast at 4%

11.07.18 ... The Estonian Institute of Economic Research (EKI) has set its economic growth forecast for this year at 4%.

Analysts: Danske Bank may be faced with €600 million fine

11.07.18 ... Danske Bank may have to pay a penalty of more than €600 million following allegations it became a major hub for money laundering in Europe, Bloomberg said citing analysts on Wednesday.

Enefit seeks OK from Lithuanian competition authority to buy Nelja Energia

11.07.18 ... Enefit Green, the green energy subsidiary of the Estonian state-owned energy group Eesti Energia, is asking Lithuania's Competition Council for permission to acquire renewable energy company Nelja Energia, which operates wind farms in Lithuania and Estonia.

Airport official: In terms of airports, Tallinn largely on periphery

11.07.18 ... Nearly one third of direct flights departing from Lennart Meri Tallinn Airport are seasonal flights, marking the highest share thereof among the three Baltic capitals' airports. Tallinn has likewise fallen into third place, behind Riga and Vilnius, in terms of total number of direct flights.

Estonia's June registered unemployment at 4.5%

10.07.18 ... The number of registered unemployed in Estonia totaled 29,489 as of the end of June, marking an increase of 0.12% on year and accounting for 4.5% of the total workforce from age 16 through the retirement age.

Conference attendees biggest spenders among visitors to Estonia

10.07.18 ... According to a survey by Statistics Estonia, people attending conferences are the biggest spenders among all visitors, bringing in an average €1,000 a visit.

Exports up 7% in May, imports 11%

10.07.18 ... Statistics Estonia reported on Tuesday that in May this year exports of goods increased by 7%, and imports by 11% compared to May 2017. The growth in trade in May was broad-based, with increased exports and imports in mineral products as well.

Playtech Estonia's 2017 revenue surges 19% to €34.7 million

09.07.18 ... While its net profit shrank by 51.7% to €493,900, revenue of the software company Playtech Estonia OÜ grew 19.3% on year to €34.7 million in 2017.

US financial regulator seeks $12.6 million in damages from Tallinex

09.07.18 ... The Commodity Futures Trading Commission (CFTC) in the US is seeking a court order that will direct retail forex broker Tallinex to pay a civil monetary penalty and restitution to a total amount of US$12.6 million, according to the Financefeeds portal.

Est-For awaiting government decision on termination of pulp mill plan

09.07.18 ... At a meeting held last Friday attended by the heads of Est-For Invest and shareholders in the project for a pulp mill to be built near Tartu, it was decided to wait for the Estonian government's official position and reasons for terminating the mill's national designated spatial plan before taking any further steps.

Estonian unemployment fund: Shortage of programmers, cooks, lorry drivers

09.07.18 ... According to a labour needs survey conducted by the Estonian Unemployment Insurance Fund (EUIF) the Estonian labour market will be most in need of programmers, cooks and lorry drivers in the coming years.

TS Laevad serves record number of passengers, vehicles in June

09.07.18 ... TS Laevad served over 273,000 travellers in June, or 5% more than during the same month last year, setting a new record for number of passengers served between the Estonian mainland and its major western islands.

EBRD to invest €20 million in BaltCap Infrastructure Fund

09.07.18 ... The European Bank for Reconstruction and Development (EBRD) has commited to investing €20 million in the BaltCap Infrastructure Fund (BinF), the Ministry of Finance has announced.

Competition authority more closely examining Nelja Energia acquisition

09.07.18 ... The Estonian Competition Authority has taken extra time to more thoroughly examine Estonian state-owned energy group Eesti Energia's acquisition of Nelja Energia.

Finance Ministry expects inflation to slow over next months

08.07.18 ... According to Kristjan Pungas, fiscal policy analyst at the Ministry of Finance, the ministry expects inflation to decelerate over the coming few months. The reasoning behind the forecast is that last year's excise hike is now noticeable in the reference base, and that a combination of different factors has seen energy prices rise beyond the expected levels.

Share issue of LHV's staff options program fully subscribed

07.07.18 ... Listed Estonian financial services provider LHV Group announced on Friday that a staff options program dating back to 2014 has been realized, and that this increases the group's share capital by €249,143 to €26 million.

Bank of Estonia: Price growth to decelerate in second half of 2018

07.07.18 ... Economist at the Bank of Estonia, Sulev Pert said that the bank expects price growth to decelerate in the second half of the year due to the impact of a higher reference base.

Revenue of taxi-hailing app Taxify grows to €18 million in 2017

07.07.18 ... The revenue of Estonian ride-sharing service Taxify in 2017 increased six times compared to 2016, totalling €18 million, though the company still reported a net loss of €11 million.

Ratas: Estonia wants to export poultry, fish to China in addition to dairy

07.07.18 ... Prime Minister Jüri Ratas (Centre) met with his Chinese colleague Li Keqiang in Sofia on Thursday to discuss how a railway corridor from North-East China to Estonia would revitalize trade of goods and expand access to markets for both countries.

Swedbank: Free regional public transport not to impact consumer prices

06.07.18 ... According to a forecast by Swedbank, consumer prices in Estonia are to increase 3% this year, however the recently introduced free regional public transport is not expected to have a significant impact on the increase.

Slight upturn in tourist numbers in May, growth in numbers from Asia

06.07.18 ... Domestic and foreign tourists staying in accommodation establishments in Estonia increased slightly in May 2018 year-on-year (y-o-y), both in domestic tourism and foreign, according to figures released by Statistics Estonia today.

June consumer price index up 4% on year

06.07.18 ... According to information released by Statistics Estonia on Friday morning, the consumer price index (CPI) in June was up 0.9% compared to the previous month and 4% on year.

Government may discuss lowering electricity excise duty this autumn

05.07.18 ... According to Prime Minister Jüri Ratas (Centre), the government has not yet discussed the possibility of lowering the electricity excise duty, but will likely do so in the autumn. Forecasts currently assume that the market price of electricity may increase by up to 30% in the coming winter.

Amount of money laundered via Danske Bank Estonia could be €7 billion

04.07.18 ... As much as €7 billion in laundered money may have gone through Danske Bank's Estonian operations, it has been reported.

Port of Tallinn selling coal terminal plant for reported €3.8 million

03.07.18 ... State-owned Port of Tallinn Port of Tallinn (AS Tallinna Sadam) is selling plant equipment from the former coal terminal at Muuga, at a reported opening price of € 3.8 million.

Estonian companies to get around €100 million with help of EstFund

03.07.18 ... Estonian state-owned financial institution KredEx, via the EstFund initiative and the European Investment Fund (EIF), has made two new contributions to the Equity United PE I and Tera Ventures Fund II investment funds.

Stora Enso to move group's financial center to Estonia

02.07.18 ... The Nordic wood and paper group will move its financial services centre to Tallinn and hire 60 new employees this year.

Flag carrier Nordica ends 2017 with €900,000 profit

02.07.18 ... State-owned Estonian airline Nordic Aviation Group (NAG), operating under the Nordica trademark, last year made a profit of €900,000, and the number of Nordica's passengers grew by 68% year on year.

European Central Bank approves Luminor cross-border merger

02.07.18 ... Luminor has the ECB's approval for the cross-border merger of Luminor in the Baltic states. The merger will bring together the Estonian, Latvian and Lithuanian former branches of Nordea and DNB, and the legal change is expected to take place on 2 January 2019.

Ruhnu remains inaccessible also on Monday as ferry forced to remain in port

02.07.18 ... The ferry connection to the island is down on Monday as well, as strong wind is keeping the Amalie, the current replacement for damaged catamaran the Runö, from leaving port and operating the Roomassaare-Ringsu route between Ruhnu and Saaremaa.

May industrial production increases year on year

02.07.18 ... According to Statistics Estonia, in May 2018 the output of industrial enterprises increased by 3% compared to May 2017. Production increased in manufacturing and in mining, but decreased substantially in the energy sector.

Rescue Board: Tallinn waste fuel plant fire put out on Sunday morning

01.07.18 ... The fire that broke out on the premises of waste management company Ragn-Sells' Tallinn waste fuel plant is under control. According to the rescue board, the fire that initially only affected a few hundred square metres spread to eventually cover more than a thousand. Firefighters put out the remaining fires in the production building on Sunday morning.

Eesti Energia borrows €300 million to buy Nelja Energia

29.06.18 ... State-owned electricity producer Eesti Energia has signed loan agreements with three banks to borrow €300 million over three years to buy sustainable energy company Nelja Energia. The step is Eesti Energia's latest in its ambitious growth plan.

Tallinna Sadam signs agreement to build logistics complex in Muuga Harbour

29.06.18 ... Recently listed state-owned port company AS Tallinna Sadam (Port of Tallinn) have signed a cooperation and a building title agreement with MPG AgroProduction OÜ on the development of an oilseeds processing and logistics complex at Muuga Harbour. The term of the agreements is 99 years, and the total volume of the investment is estimated to be approximately €200 million.

Retail turnover increases in May

29.06.18 ... According to figures released by Statistics Estonia, the turnover of retail trade enterprises in Estonia increased 3% year-on-year (y-o-y) in May 2018 at constant prices, compared with 1% in April 2018, y-o-y.

RB Rail: Rail Baltica cannot be built without foreign workforce

28.06.18 ... Kaspars Rokens, COO and member of the management board at RB Rail AS, the joint Estonian-Latvian-Lithuanian venture established for implementing the Rail Baltica railway project, said that Rail Baltica cannot be built without using a foreign workforce, daily Postimees reports.

Quarter million still using password cards to log into online banking

28.06.18 ... Approximately 250,000 people in Estonia are still using password cards exclusively for authentication when logging into online banking.

Deposit-subjected bottle return down thanks to Latvian cross-border trade

28.06.18 ... The return of deposit-subjected bottles in Estonia has decreased since 2016, when cross-border trade with Latvia began to significantly pick up.
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