Economy

Estonian ports' September cargo volumes down 3.3 percent on year

19.10.19 ... Estonian ports handled some 2.9 million tons of cargo in September, 3.3 percent less than during the same months last year, according to data available from Statistics Estonia.

€174,900 in excise duty paid on tobacco-free snus in September

19.10.19 ... A total of €174,930 was paid in excise duty on tobacco-free snus in Estonia this September, the Tax and Customs Board (MTA) said on Friday.

Elron September passenger numbers reach record high

19.10.19 ... Trains belonging to Estonian state-owned passenger train operator Eesti Liinirongid (Elron) registered over 728,000 boardings in September, marking a new all-time record number of passengers.

Economic minister sends national energy, climate plan for approvals round

18.10.19 ... Minister of Economic Affairs and Infrastructure Taavi Aas (Centre) has sent Estonia's National Energy and Climate Plan (NECP) through 2030 for an interministerial round of approvals.

Estonian pig farms free of African swine fever for two years

18.10.19 ... Sept. 19 marked two years since African swine fever (ASF) was last detected at a pig farm in Estonia, the Veterinary and Food Board (VTA) and the Estonian Hunters' Society (EJS) said.

Estonia to tax international digital companies in three years

18.10.19 ... Estonia and other EU member states will probably start taxing international digital giants, like Facebook and Google, in 2022 at the earliest. Even though Estonian media companies have suggested doing it a year earlier, the introduction of specific tax regulation for a period of one year remains unlikely.

New Brexit deal announced, AK breaks down possible scenarios going forward

18.10.19 ... The EU and the U.K. have reached a new Brexit deal, and European government leaders have already given the deal their approval. Support may prove to be harder to win in the U.K. Parliament, however, as Northern Ireland's Democratic Unionist Party (DUP) have announced their opposition to the deal.

Rae Municipal Council agrees to sell property outside Tallinn to IKEA

18.10.19 ... In a 14-6 vote on Tuesday, Rae Municipal Council decided to sell the 20.73 hectare Põlluvälja property in Kurna village to Swedish furniture group IKEA. Previously, the municipal council's budget and economic council had proposed not selling the property to IKEA, but rather putting it up for auction.

Government committee given overview of insolvency law revision

18.10.19 ... The Estonian government's Economic Development Committee received an overview on Thursday of the insolvency law revision, which revealed that one way to retain an honest business environment is to establish an insolvency service that would take care of state supervision.

M.V.Wool to shorten expiration date of preservative-free products

18.10.19 ... Beginning this December, fish producer M.V.Wool will reduce the expiration date of its cold-smoked and salted fish products from the current 30 days to 24 days. The change will affect products that do not contain any listeria growth-inhibiting preservatives, the company announced.

Finance Committee initiates bill of amendments to Bank of Estonia Act

17.10.19 ... The Finance Committee of the Riigikogu has decided to initiate a bill of amendments to the Bank of Estonia Act with which it wants to clarify the rules regarding the nomination of members of the central bank's supervisory board.

CityBee concludes electric scooter service for season, Bolt to continue

17.10.19 ... Lithuania's CityBee wrapped up its first season of electric scooter rentals on Wednesday, but plans on being back next season. The Estonian-owned Bolt, however, intends to continue offering scooter rentals in Tallinn for as long as the weather permits.

IMF raises Estonia's 2019 economic growth forecast to 3.2 percent

16.10.19 ... The International Monetary Fund (IMF) has raised its 2019 economic growth forecast for Estonia by 0.2 percentage points to 3.2 percent.

Airbaltic not to halt flights with A220 aircraft

16.10.19 ... While Swiss International Air Lines (Swiss) has halted all flights operated by Airbus A220-type aircraft due to engine failures, Latvian airline airBaltic is not planning on following suit, as according to the airline, their planes are outfitted with a slightly different type of engine.

Operail invests €50 million in freight transport in Finland

16.10.19 ... Estonian international transport and logistics company Operail has launched a subsidiary in Finland, Operail Finland Oy, and is investing €50 million to begin freight transportation on Finnish railroads.

August alcohol tax inflows up 13.5 percent on year

16.10.19 ... In August 2019, the Tax and Customs Board (MTA) collected €663.7 million in taxes, up 9.2 percent on year, while tax receipts on alcohol surged by €20 million, or 13.5 percent on year.

Luminor opens direct USD correspondent account with Citi

15.10.19 ... Beginning this month, Luminor has begun routing US dollar (USD) payments via the New York-based Citi.

Rail Baltic Estonia CEO resigns, to leave position next month

15.10.19 ... Riia Sillave has resigned and will leave her position as CEO of Rail Baltic Estonia at the end of November.

Estonia's first KFC to open in Tallinn next Thursday

15.10.19 ... Estonian entertainment group Apollo Group OÜ is opening its first KFC location in Estonia at Tallinn's Ülemiste keskus shopping mall next Thursday, Oct. 24, daily Postimees writes.

M.V.Wool to halt production for two days to sterilize plant

15.10.19 ... Fish producer M.V.Wool is halting production for two days at its Harku plant this week in order to fully sterilize its facilities, the company announced Tuesday. The goal is to exclude the presence of listeria bacteria in its production facilities and on the surfaces thereof.

VKG considering establishing solar power plant in Narva

15.10.19 ... Estonian shale oil producer Viru Keemia Grupp (VKG) is considering the option of establishing a solar power park adjacent to an industrial park on the outskirts of Narva next year, regional paper Põhjarannik reports.

What the papers say: State-run companies and Anett Kontaveit

11.10.19 ... China, the new European Commissioners living arrangements in Brussels, the idiosyncrasies of Eesti Post, and the de facto end of a tennis star's season were in the papers on Friday, Oct. 11.

Wages in Europe must level out, says head of European trade union body

11.10.19 ... Wage differences in Europe have to narrow, European Trade Union Confederation (ETUC) General Secretary Luca Visentini said in his remarks at the 8th congress of the Estonian Trade Union Confederation (EAKL) in Tallinn on Friday.

RB Rail to verify European conformity of Rail Baltica infrastructure

11.10.19 ... The joint venture RB Rail AS has announced a procurement for the provision of Notified Body (NoBo) services to assess and verify conformity of Rail Baltica infrastructure with European Technical Specifications for Interoperability (TSI).

Helme: Money laundering prevention requires fast, flexible action

11.10.19 ... In order to better prevent money laundering, in addition to establishing an effective legal framework, EU member states must be allowed to maintain flexibility in order to be able to quickly implement measures on the national level.

Maxima: Individual tax burden in Estonia half that in Latvia

11.10.19 ... The tax burden of a childless person living alone in 2018 was 15 percent in Estonia, 22.1 percent in Lithuania and 28.4 percent in Latvia, according to an analysis conducted by retailer Maxima Latvija.

Paper: Operators not interested in Saaremaa-Latvia ferry service

11.10.19 ... Despite very good offered terms, potential operators are not interested in operating a ferry connection between the port of Mõntu on the Western Estonian island of Saaremaa and Western Latvia's Courland region, regional paper Saarte Hääl writes.

September registered unemployment at 4.8 percent

11.10.19 ... As of the end of September, the number of registered unemployed in Estonia totaled 31,101, accounting for 4.8 percent of the country's total workforce between the age of 16 and the retirement age.

Fuel meant for farmers being sold in Tallinn, Tartu

11.10.19 ... Six gas stations each in Tallinn and Tartu are selling fuel subject to tax incentives meant for farmers. In Tallinn alone, over 400 tons of fuel containing special fiscal markers has been sold at said gas stations in the first nine months of 2019.

Statistics: Exports fall for third month running, imports also decrease

10.10.19 ... Exports fell for the third month in a row in August, according to government agency Statistics Estonia. Imports also fell.

Cachet aims to solve ridesharers' insurance problems

09.10.19 ... A new company created by former MP Kalle Palling and startup entrepreneur Hedi Mardisoo aims to solve the problem of part-time ridesharing drivers who must currently pay taxi insurance that is several times more expensive than ordinary motor TPL insurance, irrespective of how much of their time they spend ferrying people, Postimees writes.

Bill puts electric vehicles grant at €5,000

08.10.19 ... Draft legislation by the Ministry of the Environment will fixe Estonia's planned electric vehicle grant at €5,000 and designates that vehicles must be used mostly in Estonia.

September inflation 2.2 percent on year, food and clothing contributed most

07.10.19 ... Inflation in September 2019 ran at 2.2 percent year-on-year (y-o-y) according to government agency Statistics Estonia. The sectors exerting the most impact were food and clothing, though there was a slight fall of -0.2 percent on the previous month.

Danske ex-employee: We did as many non-resident transactions as possible

07.10.19 ... Mihhail Murnikov, former employee of the Estonian branch of Danske Bank, said that client managers had to handle as many transactions as possible at the non-resident unit of Danske in Estonia as it was extremely profitable for the bank, Bloomberg writes.

Credit rating agency Fitch affirms Estonia's long-term score at AA-

06.10.19 ... Big-three credit rating agency Fitch has affirmed Estonia's long-term foreign-currency issuer default rating at AA-, with a stable outlook, Baltic News Service reports.

Age ceiling proposed for Saaremaa aircraft procurement

04.10.19 ... Minister of Economic Affairs and Infrastructure Taavi Aas (Centre) has proposed that the Road Administration (Maanteeamet) limit aircraft age in public procurement rounds related to the subsidized Tallinn to Saaremaa air route, Baltic News Service reports. Aas echoes calls from the municipality on Estonia's largest island.

High level Swedbank visit to Estonia meets with protests

04.10.19 ... Chair of the supervisory board at Swedbank Göran Persson's visit to Estonia, where he met with Prime Minister Jüri Ratas (Centre), drew two protests on Thursday and Friday, ERR's online news in Estonian reports.

Poll: Over half of citizens oppose easing language laws for service staff

03.10.19 ... More than half of Estonian citizens are opposed to easing language skills requirements for service staff, including waiters, taxi drivers and food couriers, the results of a recent survey show.

Finance minister: True beneficiaries register not working

02.10.19 ... Minister of Finance Martin Helme (EKRE) finds that the true beneficiaries register is not working and its data entry in the business register has no legal weight.

Former EKRE member unilaterally invoiced TV house architects for €10,000

02.10.19 ... A former Conservative People's Party of Estonia (EKRE) member, Endel Oja, chair of its economic affairs committee, parliamentary candidate and party donor seemingly attempted to use inside information on the proposed new ERR TV house, for his own company's benefit and to exploit possible funding issues, ERR's online news in Estonian reports.

Survey: 26 percent of people in Estonia believe they will never retire

01.10.19 ... According to a pension survey carried out by Estonian bank Luminor, 26 percent of people in Estonia believe that they will never retire. Of those who think they will retire at some point, around a third think they will have to pass the age of 70 before it happens, Baltic News Service reports.

Savings stagnant despite wages growing faster than prices

01.10.19 ... People perceive price advance as faster than it really is, while salaries are taken to the market as savings are not growing, a recent Swedbank consumer behavior survey finds.

Statistics: Industrial production increased in August

01.10.19 ... In August 2019, production increased in manufacturing but decreased in energy, mining, and the production of industrial enterprises, new figures from Statistics Estonia show.

Nordica partner Adria Airways files for bankruptcy

01.10.19 ... Slovenian airline Adria Airways, which was in a leasing agreement with state-owned Estonian carrier Nordica, is filing for bankruptcy, the company announced Monday.

Public vote to make Tartu a better place starts on Thursday

30.09.19 ... Planting 1000 new trees and shrubs, renovating the Devil's Bridge, better cycle paths, and building a sauna at the Emajõgi Linnaujula beach, are some of the ideas you can vote for to make Tartu a better place in this year's participatory budget public vote.

Statistics: Retail trade increased by 4 percent in August

30.09.19 ... Retail trade turnover increased by 4 percent in August compared to August 2018, with clothing, textiles and footware increasing the most at 9 percent.

Accomodated visitors to Saaremaa increase in July by 9,000 in 10 years

29.09.19 ... The number of guests staying in hotels and guest apartments in Saaremaa in July has grown by almost 9,000 over the past decade, regional newspaper Saarte Hääl reported.

Budget earmarks €48 million for border construction until 2022

28.09.19 ... In the next three years €48 million will be spent on the construction of the Estonian-Russian border under the new budget published this week.

More than 80,000 pensioners to pay income tax after pension increase

28.09.19 ... More than 80,000 pensions will start to pay income tax from April 2020 after the €45 increase pushed thousands of people over the minimum income threshold.

Study: Climate change may affect Rail Baltica construction, operation

27.09.19 ... Studies have suggested that climate change issues might impact the construction of Rail Baltica, a pan-Baltic rail link aimed to link Tallinn with the Polish border, Baltic News Service reports.
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