Billion-euro timber industry project seems a fantasy
A group of timber industry investors, led by Aadu Polli and Margus Kohava, presented a plan for a billion-euro wood processing plant and refinery to boost the country's GDP yesterday.
Clothing and footwear expensive in Estonia
While Estonia's average level of prices is more than 25 percent lower than the European average, clothes and footwear tend to be more expensive instead. Economist at SEB Mihkel Nestor believes it is the result of Estonia's small market. “One of the better hypotheses to explain that fact is our modest number of consumers,” he explained.
SEB demands access to clients' contacts
SEB bank is looking to access its clients' contacts lists in the new version of its mobile app to be released in a few months. Estonia's data protection watchdog says it will look into the legality of the move.
What will the year 2017 bring us? From broken teeth to fishing
What will the year 2017 bring us? Besides increased excises, the coming year will bring Estonia’s residents new subsidies – for example, it is likely that more people will visit dentists in 2017, because a small compensation will be paid to adults as well. Postimees reviews the most significant law amendments.
Internet giants earn tax-free millions in Estonia
The advertising volumes of Facebook and Google are increasing unstoppably, earning millions worth of advertising revenue in Estonia, on which the do not have to pay taxes. Experts point out that this situation should no longer be tolerated.
Estonian minister eyeing graduated-rate tax on sugary drinks
Estonia's Minister of Health and Labor Jevgeni Ossinovski intends to impose the tax on sugar-sweetened beverages as a graduated-rate tax and not to levy the tax on dairy products and beverages containing naturally occurring sugars, Postimees said.
Russians have high interest in traveling to Estonia for year-end
Tickets to rail services between Russia and Estonia for the upcoming Christmas and New Year holiday period have been sold out and operator Go Rail hopes to be able to satisfy more demand by bringing in additional rail cars.
Prominent Estonian businessman Ulo Parnits dies aged 80
Ulo Parnits, prominent Estonian entrepreneur and developer of Ulemiste City, died from a severe illness on Wednesday.
Soorm: We are seeking a friendly divorce with HKScan
HKScan, which changed its entire Baltic management team, is continuing negotiations to conclude the vigorous shake-up with a friendly agreement within a couple of days, former CEO Teet Soorm says.
Logging lobby eating into forests
The past nearly ten years have been triumphant for the timber industry – donations to political parties and acquaintances in the Ministry of the Environment have helped render the forest act gradually more ax friendly. New relief is already in the pipeline.
We could have a Tartu-Riga train tomorrow
Former chief engineer of Latvian Railways, Rail Baltic consultant Kaido Zimmermann explains why we need a fast European railway through Pärnu, while bringing in Tartu would make everything more difficult.
Riigikogu majority behind Rail Baltic idea
Yesterday's deliberation of Rail Baltic as a matter of national importance in the Riigikogu, initiated by the Conservative People's Party (EKRE), ended on a note of strong support from the coalition and the Reform Party to an international railroad through Pärnu connecting Estonia to Europe.
Elisa buys full holding in Starman Estonia
The Finnish telecommunications group Elisa has bought from Polaris Invest, a company owned by Indrek Kuivallik, and Com Holding the full ownership of the Estonian telecommunications company Starman for 151 million euros.
Estonian finmin wants to allow drawing up state budgets with structural deficit
Estonian Finance Minister Sven Sester wants to draw up state budgets in the future in a way that if a small structural deficit should occur, it could be covered with a structural surplus in the following years, and the government is to discuss the proposal at the beginning of next year.
Finance committee likely to remove car registration tax from bundle of amendments
The finance committee of the Estonian parliament will apparently decide on Monday to exclude the amendment introducing a variable rate car registration fee from the bundle of amendments to tax laws put before lawmakers by the new coalition government.
Estonian PM: Govt's 100 days' program sets out 98 tasks
The Estonian government on Thursday endorsed the program for its first 100 days in office, which sets out 98 tasks.
Estonia's e-residents have set up more than 1,000 companies
In the first two year's of the e-residency project, which provides foreigners with the opportunity to set up companies in Estonia and use other e-state services, Estonia has already 15,000 e-residents who have created more than 1,000 enterprises in Estonia.
Gap between light and strong alcohol excise duty dries up
The difference between the excise duty on light and strong alcohol has remained unchanged for a long time; planned tax policy now aims to close the gap.
Port waiting for ideas for development competition
The Port of Tallinn has announced an international idea and architectural competition for its Vanasadam (old port) to find a long-term integral solution to tie the 54-hectare area to real estate developments and public space.
Future government plans wide-ranging tax reform
The new government plans to introduce an €315 million investment program, privatize, either in part or in full, four state-owned companies, lay down a banking tax, abolish income tax incentives on loan interests etc. Grand redistribution of taxes is also in the pipeline that will see minimum income exempt from tax raised from the current 170 euros a month to 500 euros from 2018.
Leading employees of Enterprise Estonia support CEO Tomberg
Leading employees of Enterprise Estonia (EAS) have made a joint statement to the organization's supervisory board in which they demanded for CEO Hanno Tomberg to be allowed to stay in his position, saying that the organization is very well managed and today's leadership is not responsible for the saga of financing the Arma farm of former president Toomas Hendrik Ilves.
Tax hikes in the pipeline
The general outline of the new coalition's tax policy had more or less taken shape behind closed doors by yesterday evening. It is very probable promises for the coming years will be covered with the help of new consumption taxes, and social and income tax hikes.
Supervisory board of Enterprise Estonia recalls CEO Hanno Tomberg
The supervisory board of Enterprise Estonia at an extraordinary meeting decided to recall chairman of the management board Hanno Tomberg.
Banking will remain, while banks might not
Even though banking will surely remain a necessary service also in the future, head of client data services at SEB Group Harri Rantanen is not convinced the same is true of banks. He says that banks have been very slow to implement technological changes, but that some change is noticeable in recent months.
Lillekula Stadium to add 3,000 seats, build new facade for EUR 1.7 mln
The Estonian Football Association has announced a tender for the contract to build an additional seating capacity of 3,000 and a new facade in Lillekla Stadium, home ground of the Estonian national team and FC Flora, for 1.7 million euros.
Initiatives need to be implemented soon
The prime minister's economic development working group, headed by Erkki Raasuke, presented its report to the public and the incoming coalition yesterday. The working group was paradoxically called to life by outgoing Prime Minister Taavi Rõivas, while the fruits of its labor will now benefit his three biggest competitors.
Heads of 5 Estonian parlt groups invite PM to resign by 2 p.m. on Wednesday
Chairmen of five Estonian parliamentary groups after a meeting on Tuesday afternoon invited Prime Minister Taavi Roivas, the chairman of the Reform Party, to resign as head of government by Wednesday at 2 p.m. or otherwise all five parties will express no confidence in him.
Cooperation between Nordica and LOT threat to neighbors
Airlines Nordica and LOT, that announced their cooperation last Friday, hope to reshape the Eastern and Central European flights network by making Warsaw the aviation hub of the region. The plan will hit Helsinki and Riga, as well as airlines that operate out of these airports.
Income tax on dividends could be lowered
Information available to Postimees suggests that the prime minister's economic growth working group will propose cutting the rate of income tax on regular dividends to 14 percent, instead of the current 20, as part of a package of changes next Wednesday. Regular dividend payments would be defined as the average distributed profit for the past three years. Anything above that would be subject to the current 20 percent rate.
Estonian govt decides to peg retirement age to life expectancy from 2027
The Estonian government decided on Thursday to peg the retirement age to life expectancy from 2027 and allow the people themselves to choose the time of retiring.
Administration discovers 21 faults with ferry
A recent inspection of the ferry Leiger, currently being built in Turkey, by the Maritime Administration (VA) came across numerous shortcomings. The ferry's owner TS Laevad rejoiced two weeks ago, on October 19, how the vessel would begin its journey to Estonia in the next two or three weeks, and that major faults and systems had been fixed. The company's press representative said back then that “less important faults” will be addressed simultaneously with other work.
Estonian pension funds in poor state
Even though the form of Estonian pension funds has been showing signs of recovery lately, a recent report by the OECD suggests the general situation remains poor.
State salary different by region
Work of public servants is worth up to 16 percent more in Tallinn and Harju County than it is elsewhere in Estonia, the salary scale of the state support services center reveals.
Taavi Kotka, Estonia's chief ICT official, to quit
Taavi Kotka will leave the position of deputy secretary general for ICT at the Estonian Ministry of Economic Affairs and Communications on Jan. 31.
Parlt ends 1st reading of Estonia's 2017 state budget
The Estonian parliament on Wednesday evening completed the first reading of the bill of the state budget for 2017.
Talent hunt at L'Oreal: young people fail to show up
It often happens when recruiting young people that they disappear. «Half of people fail to show up, no matter the position,» said head of Baltic sales at L'Oreal, Risto Jürgens.
Estonia's own Iittala in the making
Arro Keraamika, that started involving capital through the Fundwise platform at the beginning of summer, has manufactured its first set of tableware in the reputable Vista Alegre factory in Portugal and hopes to have its merchandise in stores by December. The company accomplished it with the help of 125 investors.
Cameras to monitor alcohol tourists
The Tax and Customs Board (MTA) is looking to equip ten border crossing points with cameras capable of detecting license plates and pass an amendment that would allow it to carry out test purchases to uncover illegal resellers of alcohol bought in Latvia.
Affair of former brewery head reaches court
Recent marketing director of Saku brewery, released from office by former CEO Margus Kastein right after information came to light of an affairs between the two employees, has contested her dismissal in court and is demanding fair compensation.
Exchange needs major companies to attract investors
Even though head of Tallinn stock exchange, Kaarel Ots, says the market is doing better than three to five years ago, the situation still isn't good. The market value of listed companies comes to just 10 percent of GDP. The corresponding figure in Europe is 50 percent.
LHV aiming for wealthier Estonians
Estonian bank LHV is looking to fill the gap left in the home loans market by the recent departure of DNB and Danske by offering loans to Estonians in Tallinn and Tartu.
FinMin to look into EAS support for Ermamaa
The financial control department of the Ministry of Finance is about to open an inquiry to determine whether the decision of Enterprise Estonia (EAS) to reclaim 10 percent of the support granted to former President Toomas Hendrik Ilves' company Ermamaa was legal.
Silence surrounding dismissal of Tartu airport head
The head of an airport is fired over breach of work discipline in connection with health problems. It is probable health problems of Juhan-Johhen Ross were less than ordinary.
Film production complex to be built in Tallinn by 2018
Estonian movie makers have established a joint venture called Tallinn Film Wonderland to build a film industry hub in Tallinn's Kopli district by the end of 2018.
Salary policy favors mediocrity
The unexpected departure of one of the most high-paid public officials, Director General of the Tax and Customs Board Marek Helm, to the private sector raises the question of whether executive salaries are competitive in the public sector.
No major cargo ship registered in Estonia
High taxes have caused what few cargo ships remained to leave the Estonian register, whereas it might be too late to bring them back.
Eesti Energia spending a million annually in Utah
Despite forecasts of a world market oil price recovery, Eesti Energia holds it probable it will sell its Utah project in the form of oil shale reserves utilization of which would be up to the buyer.
A. Le Coq sells 20 mln liters of beer in Finland, emerges as 3rd biggest brand
The Estonian beverage house A. Le Coq sold 20 million liters of beer of the A. Le Coq brand on the Finnish market in the first eight months of this year, emerging as the third biggest beer brand in that country according to a study by Nielsen.
Eesti Energia expects to start building Jordan power plant soon
The state owned Estonian energy group Eesti Energia expects to start building an oil shale powered power plant in Jordan still this year, Eesti Energia board member Margus Vals said at a conference on Tuesday marking the 100th anniversary of the start of oil shale mining in Estonia.
Gazprom looking to supply Tallink's new ferry
Tallink will bunker its new LNG-powered ferry using trucks from Russia, Sweden, or Finland, as government decisions have cooled the enthusiasm of investors who were looking to construct an LNG terminal in Estonia.
Banks forecast Estonia's growth slowest in Baltics
Even though salaries are notably higher and unemployment lower in Estonia compared to its southern neighbors, the country's economic growth will lose out to both Latvia and Lithuania in the coming years. Analysts give slower growth of investments and private consumption as the reason.
Benefits to grow by leaps and bounds in budget
Last Thursday marked an important government sitting: the start of 2017 state budget deliberations. The volume of the budget remains unknown at this time as the finance ministry will not publish its fall economic forecast before the middle of September. While information available to BNS suggests the ministry will adjust the forecast down, we can be sure the 2017 budget will exceed this year's 8.9 billion euros.
None of the new ferries to be completed on time
Even though state-owned ferries only existed on paper when the procurement contract was signed, it was hoped the ships could be finished on schedule. TS Laevad announced on Wednesday that instead of new ferries we will have replacements come fall.
New Estonian island route operator charters ferries St.Ola, Harilaid, Hiiumaa
Given the high probability that the brand new ferries commissioned by the Port of Tallinn subsidiary TS Laevad will not be delivered on time, the company will rent the ferries St.Ola and Harilaid belonging to Vjatseslav Leedo and the ferry Hiiumaa belonging to Olav Miil.
Ministry advising Estonia not to participate in Expo 2020
The Estonian Ministry of Economic Affairs and Communications has proposed to the government that Estonia would not take part in the Expo 2020 in Dubai as it would cost the country at least six million euros and the money could be used for more useful things, for instance taking part in entrepreneurship fairs.
Estonian defense co Milrem to expand Tallinn workshop
The Estonian defense industry company AS Milrem is to expand its Tallinn workshop due to different development and cooperation projects, and will soon announce a construction tender.
Mobile IDs issued in Estonia total 100,000
As on Monday 100,000 Mobile IDs had been issued in Estonia, the Certification Center said.
Baltic Workboats completes EUR 3 mln patrol boat for Belgian customs
The Saaremaa, Estonia based boatmaker Baltic Workboats AS has completed a 22-meter patrol boat, Zeeleeuw, for the customs service of Belgium at a cost of approximately three million euros.
Owners of only 84 Volkswagens in Estonia have had car's software fixed
Dealers have performed a software update on 84 Volkswagen vehicles in Estonia under the processing plan made available by the German automaker here since the end of February to fix test-rigging software.
Joint bank of DNB, Nordea to be headquartered in Estonia
The unit for Baltic banking of DNB and Nordea established as a result of a merger of the Baltic operations of both banks will be headquartered in Estonia and will do business in Latvia and Lithuania via subsidiaries.
Health Insurance Fund in the red by €33m
Convening to review first half year report, Estonia's Health Insurance Fund (HIF) is facing a budget deficit of €33m. They will fill the hole from the approximately €114m reserves of HIF but if the system continues the future is bleak as the fund is predicted to run out of the money in 2020.
Beer plant boss fired for love affair
The sudden dismissal of veteran Saku Brewery chief Margus Kastein was caused by conflict triggered by a on-the-job love affair.
The vital Farmers and Weather partnership
According to Ott Läänements of Avispeamees OÜ in Avispea Village, a farmer's risks are three: the weather, the market and the politics. This year, the trio attacks in one accord.
Kruuda feels state flex muscles
On Tuesday, about a dozen armed tax policemen burst into Tere offices at Pärnu Highway. For hours, they digged into documents and hauled off computers. The initial public procedure regarding a secret criminal investigation underway for a year.
Big banks «wait and see» regarding new credit reference system
The private persons credit reference exchange system Positiivne Register created by Krediidiinfo in cooperation with lenders says it makes things simpler and cheaper for those with excellent background. Meanwhile, major banks have not joined it.
Small farmers scraping off ministerial rot aka Hay or Urmas
Next to the field one detects these steaming freshly pressed rolls of smouldering, smelling and mouldy matter. Just some few years ago, farmers were spared the toil of scraping off hay spoiled by rain on the fields. Now, that's the rules.
Engines selected for new ferries come with great costs
Though promised differently, Port of Tallinn's new ferryboats will only be able to use expensive diesel fuel as, due to technical peculiarities, it is impossible to modify them for the cheaper LNG.
Private cars increasingly bought from Russia
Used car purchases in Estonia from Russia are significantly up having almost quadrupled year-on-year.
Study: the elderly see no point in saving money
A third of Estonia's elderly are unable to set money aside from monthly income. And those who are, do so to cover everyday expenses, shows a Turu-uuringute AS study.
Half of four ferries ready by October
With forty days to go till operator change in mainland-islands ferryboat connection, only one of the four boats built is in its final stage of construction – Leiger, under construction in Turkey. With Tõll built in Poland a slight chance exists for it to enter service on October 1st as well, but the more realistic date is mid-October.
The state to sell four enterprises
Report on enterprises under economy ministry domain prescribes privatisation of EVR Cargo, Eesti Post, Metrosert, Teede Tehnokeskus and Eesti Teed, leaving the ministry with 15 companies.
Finnish scientists: in wage rise years Estonan women up and birth boys
The connection between improved economic climate and increase in birth of boys has been shown by research before. At that, scientists do not know exactly why, and whether this is a link or cause-effect. Compared to Western nations, the effect is especially strong in Estonia.
Maardu town in wondrous water deal with casino investor
Known and shareholder in Olympic Entertainment Group, Charlie Viikberg sells assets of water company threatened by bankruptcy to the city of Maardu for a sum critics say exceeds value thereof nearly ten times.
Elderly lady bribed by real estate developer?
Again, former Arts Academy lot in central Tallinn behind the Kaubamaja department store has crossed the news threshold. Turns out, the new land owner has planned buildings even higher and bigger than envisioned by academy five years back.
Cheap Ukrainian workforce free to enter Estonia via Poland
Of foreign workers registered in Poland, about 80 percent are Ukrainians. But Poland has unemployment too and no work for all who come. Therefore, several Polish companies have focused on mediating workers to elsewhere in Europe.
Unlike USA, Estonia cheap to become President
In the United States of America, hundreds of millions of dollars are spent on presidential campaigns. In Estonia, those running seek to keep spending near zero.
Richest parish plans «cheap to keep» school
From among the 17 works sent to compete for design solution of Viimsi Parish State Gymnasium building, «CLT» by Novarc Group AS and KAMP Arhitektid OÜ was yesterday declared the winner.
European Commission extends zone 3 of ASF control in Estonia
The European Commission has extended zone two of control of the spread of African swine fever in Estonia to cover all of continental Estonia and zone three in the regions of the counties of West-Viru, Jogeva and Harju where cases of ASF have been notified of late.
Leiger the Ferry test sailing at Sea of Marmara
Under construction in the Turkish shipyard Sefine, new ferryboat Leiger underwent gear tests on Sea of Marmara waters yesterday and the day before. At noon yesterday, website Marinetraffic showed Leiger under Estonian flag moving at 11 knots on Sea of Marmara near Istanbul doing tests. Once in Estonia, Leiger will sail the Rohuküla-Heltermaa line.
Finance minister seeking sponsorship austerity
Could state enterprises keep on handing out sponsorship cash as before? Should the practice be cancelled, or rules applied to it? In questions like these, deep debates are in store at government this fall.
Leedo says Padar blabs too much
Interview by businessman Ärimees Vjatšeslav Leedo to local newspaper Saarte Hääl that he owns.
Preparing for darkest scenario
Questions answered by state enterprise and new ferryboat operator TS Laevad head Kaido Padar.
The tardy ferries and a triumphant Leedo
Come fall, the Estonian taxpayer is faced with the next hefty additional bill due to rearrangements of mainland-islands ferry traffic. For a month now, the grapevine is confidently declaring that of the four new vessels only one will be completed on time - with luck. Therefore, at least for a while the state desires to buy operating service from the businessman Vjatšeslav Leedo.
Farm contests killing of thousands of swine
Kallukse Pig Farm owner suspects that the samples by Veterinary and Food Board (VTA) which showed African Swine Fever and led to what he says was unnecessary killing of over 4,200 swine were incorrect. VTA claims the opposite.
Bus drivers already offered Finnish language courses
Among the Superbus staff forced to find a new job, bus driver Vladimir Gorbatovski has only good to say about the employer and is saddened indeed to see the cooperation ending.
Superbus exits Estonia with court victory
Having beaten Road Administration in lengthy court battle, Bus Transport Holding OÜ i.e. Superbus says it is leaving Estonia due to the stupid situation which would arise should the administration finally opt to issue the line permits applied for a year ago. The CEO Lauri Helke, a Finn, is open about the local 30 bus drivers being more than welcome in Finland where the bus company is a super success.
Estonians introduced to terrorism travel insurance
Alerted by the increase of terrorist attacks in the West, a couple of Estonian insurance companies have added the costs related to risk factor to their basic packages.
Oliver Kruuda: «independent expert assessment» of Tere reorganisation plan was written at law office of creditors
According to Oliver Kruuda, owner of dairy industry Tere currently under reorganisation, the independent expert assessment published by media last week was actually prepared at the law office Cobalt servicing the main creditors of Tere. The opponents say the claim is absurd.
Sellers sour at new company car tax plan
These past months, finance ministry is in spotlight with plan to alter taxation scheme for private use of company cars. An object of scorn is ministerial desire to mark company cars used for private rides with stickers.
Alcohol makers deny link to tipple shop in Latvia
Both Liviko and Saku Brewery deny the shop near Ikla border point is fruit from their lobbying, to force government too lower excise. Labour and health minister says he would never support that anyway.
Estonians go to Latvia to bring booze for whole tribe
«Here for the first time, out of mere curiosity,» says Maie Krimm, here in Latvia all the way from Pärnu. The shopping cart pushed by joint effort with husband Jaan holds three cases of beer, several bottles of vodka and some other extra such stuff. The lady says that is not for them alone, for tonight. «We ain't no drunkards!» hollers Ms Krimm and tells us that part of the haul is for relatives.
Port of Tallinn special audit comes with conflict of interests
Hired to audit the corruption nest at Port of Tallinn by high-ranking Reform Party cadres, in a later private court dispute law office Sorainen made a discount to one of the politicians who hired it, documents show. Partly, the reduced bill was paid by Reform Party but those involved detect no conflict of interests.
Fiasco coded into the very ferry procurement
As early as May, we heard the ferryboats being built to connect mainland and islands in Estonia starting October would be late for a minimum of three months. Last week served us the additional «surprise» of the other two boats from shipyard in Turkey will miss deadline as well.
Buying a bottle? Show the passport
Test buys show identity documents are only asked of every second young buyer of alcohol. Still, outcome gladdens hearts of health activists by being better then before.
Tere reorganisation plan denounced by experts
In addition to creditors, experts appointed by court are totally dissatisfied with reorganisation plans at the dairy industry Tere, saying the plot as envisioned by owner Oliver Kruuda will probably fail to succeed. Mr Kruuda has decided to contest the expert opinion.
VKG restarts production allowing Kohtla-Järve to renovate schools
A major employer in Ida-Viru County, VKG aka Viru Keemia Grupp said it would restart its oil plants and has begun to recruit people laid off half a year ago.
New taxes sought to fill health insurance hole
According to analysis by work group called by social ministry Health Insurance Fund would stay in the red for upcoming years due to demographic changes. To fill the void, money might be drawn from elsewhere in the budget. And option is introducing health taxes.
Small firms fighting an EU norm
Accommodation establishments in rural areas are indignant – at end of last year, Health Board begun to demand that pursuant to a new EU directive they must do a thorough water analysis once every decade costing a thousand euros.
Two embassies spared by skin of teeth
Estonia will close no embassy in EU or NATO nations, foreign minister Marina Kaljurand said last Thursday. 24 short hours earlier, however, a document had arrived in governmental information system in which Ms Kaljurand proposes closure of Estonian embassies in Prague and Lisbon.
Entrepreneurs unsupportive of proposal by Vähi
Responding to call by former prime minister Tiit Vähi to improve (business) relations with Russia, entrepreneurs showed understanding while, unlike the Poet of Sillamäe owner, they support troops of NATO in Estonia.
Tiit Vähi: anti-Russia torch of war damaging to business
Estonia ought to alter current course and support removal of anti-Russia economic sanctions imposed after annexation of Crimea says former prime minister turned transit businessman Tiit Vähi.
Taking the crisis by the horns: dairy farmers of Estonia go high tech
As dairy cattle owners the world over are faced with tough times, several Estonian farms such as Väätsa Agro are of the opinion that high tech is the sole way of survival.
The short flight of Sakkov the Showman
A week ago, the new national airline Nordica issued a press release regarding board member Erik Sakkov stepping down out of own will. Meanwhile, the timing at holidays indicated careful planning.
The way for Britons to Bremain is being born again as e-Estonians
Post-Brexit, Estonians dwelling in the UK are inviting local friends to turn into e-Estonians. Thus, European status and options would for them be retained.
Brexit: bad news for tech industry
A major loser in Brexit is London where majority voted to remain: probably, its important financial sector will significantly shrink. An immediate and direct impact will also be felt by technology companies for whom international hiring will get more complex.
Erik Sakkov to leave Nordica
Erik Sakkov, commercial director and member of the management board of Nordic Aviation Group AS, will leave the state-owned Estonian airline operating under the Nordica trade mark from June 23, 2016.
Adviser to Rõivas not backing down on excise rise
Contradicting the everyday experience of Estonians getting cheap alcohol from Valka, Latvia right across the border, adviser to Prime Minister on economy and finances Martin Lindpere cites statistics to prove the price levels of Estonia and Latvia do not differ much. Also, he assures us that Taavi Rõivas has entered no contract in the interests of Alko, the Finnish monopoly, to level vodka prices between the neighbouring nations.
Prime minister raised excises by force
Entrepreneurs say rise of alcohol and fuel excise mainly harms retail in counties bordering with Latvia while transport related to exporters is hit all over the land.
Nordica foresees €15m of loss
The new national airline Nordica is expecting a €15m loss for first financial year, caused by high starting costs.
Suspected in corruption, hospital CEO steps down
Yesterday, North Estonia Regional Hospital (PERH) head Tõnis Allik announced his resignation. The council discusses procedure for finding a replacement next week.
State faced with payment of tens of millions to Leedo
Estonian state is in for mega losses should European Commission and court allow appeal by Saaremaa Laevakompanii (SLK) owner Vjatšeslav Leedo regarding a string of alleged violations with regular ferryboat services procurement.
Police advises limit on hospital chiefs term of office
Inspired by the PERH head case smelling of corruption, Central Criminal Police issued memorandum to social ministry asking them to consider setting time limit on term of office of hospital heads.
On «business trips», hospital head holidayed with wife
A veteran Estonian hospital chief, Tõnis Allik the CEO of North Tallinn Regional Hospital (PERH) has made five business trips abroad of doubtful character and leading to criminal suspicion.
Old Town suffers severe «tourist jam»
Yesterday morning, a whopping five cruise ships stood at Port of Tallinn, with a total of 8,500 plus tourists on board. Wondering whether the town would hold them all, Postimees took a look.
Road Administration repents in dust and ashes
For Road Administration, scheming by bus companies with phantom stops was an unpleasant surprise. In near future, they intend to alter the rules.
Phantom stops forced by state on bus companies
No longer do the new Lux Express buses speed straight from Tallinn to Tartu. Rather, they do stops in places where probability of picking someone up is next to nothing. The phantom stops have been enforced by the state.
Beer river from Latvia rising to drown Estonia's packaging system
Beer bought in Latvia and guzzled in Estonia may deal death blow to Estonian packaging return system which has worked well for a decade.
Ministry misses mark with its energy crisis talk
Entrepreneurs reject economy ministry notion of production units switching themselves off should energy crisis hit as local electricity production is eradicated.
Who said what to Port of Tallinn investigation committee?
At Port of Tallinn, Allan Kiil and Ain Kaljurand made deals as their hearts desired. Economy ministers admit that the council manned according to political party interests was never competent enough. Mr Kiil and Mr Kaljurand held sway over council and internal audit alike.
Ministry thinks to turn power off when it gets cold
Under leadership of Kristen Michal, economy ministry thinks it expedient to switch a part of consumers off the mains power supply instead of charging higher fees and build new plants to cover Estonia's needs.
Wage rise eats into company profits
While corporate profits shrunk by 12 percent in first quarter wages rose by eight percent, Statistical Office reported yesterday.
Network operator says Estonia to halve power production
State enterprise Elering chief Taavi Veskimägi says we need to jettison the pillar and stay of our energy security which is excess capacity in case of winter colds.
Faulty regulation blamed as millions of fishery support wasted
National Audit Office says support by European Fisheries Fund has failed to increase amount of native fish on Estonian kitchen tables. Fish farmers say the expectation is unrealistic and point to faults in the regulation governing distribution of the money.
An airline that is not
Eager to enter aviation biz yet missing the permit to fly? No problem, go ahead as exemplified by our own Nordica or NewLeaf of Canada.
So an Estonian enterprise up and establishes headquarters on Mauritius
Barely a day after innovation minister from faraway Mauritius challenged Estonian enterprises to come let's take African IT market together, the first firm decides to place its regional headquarters on the tiny island.
Envelope wages increasingly in among country youngsters
Estonian tax system has lost close to 40,000 young people who do not pay taxes and are therefore not entitled to so-called free healthcare, according to Estonian Institute of Economic Research report published yesterday.
Minister from Mauritius: what are you Estonians waiting for?
For years, there is a minister responsible for communication and technology in the island state of Mauritius. In Tallinn this week, Etienne Sinatambou challenged us to team up and take the African IT-market. Together.
The ups and downs of Tallinn Stock Exchange
«Perhaps cheaper?» said President Lennart Meri over telephone at the festive opening of Tallinn Stock Exchange twenty years ago, about to buy his very first securities.
EU energy chief differs with Nord Stream 2 team
Vice president of European Commission regarding energy union, Maroš Šefčovič says no business project has encountered such political headwinds as the Nord Stream 2 (NS2) pipeline. If the builders wish to carry out their current plans to complete the work by 2019, he says they will have to consider all EU rules the third energy package included.
Listed companies go generous with dividends
While last year's total turnover and profit of our listed enterprises grew quite modestly (by one and two percent, respectively), dividends are rather generous. For several, dividends or payments from share capital reduction are manifold year-on-year.
For free: Dutchman creates new brand for Estonia
By the tech magazine Wired, Dutch town Eindhoven has been listed among world's top eight design cities. In his spare time, its marketing manager Peter Kentie is working at a comprehensive marketing platform for Estonia. No money asked.
Booming booze business in port steered from interior ministry
This January, a top interior ministry official bought from a company with hidden owners and registered in Panama the alcohol and grocery store Harbour Market (Sadama Turg) operating in the A-gate of Tallinn passenger port and aimed at Finnish clients.
Editorial: the political component and economic reckoning
Doubtless, state enterprise management and related decisions always come with both economic and political components. If the purely political becomes too much, the resulting imbalance is bad for society, and at times for the decision makers themselves. Seeing that, as a rule, state controls strategic companies directly of indirectly determining functioning and welfare of the state.
What went wrong with Estonian Air? Everything
All four strategies for saving Estonian Air from bankruptcy burned taxpayer money as they contradicted each other and nobody ever analysed their results, says National Audit office report.
The great Tartu bribery scandal
In Tartu, the Raadi city district development was seen as a shiny success story in the making. Like the harbour area in Tallinn, so to speak. Turns out, for the Soc Dem deputy mayor in charge Kajar Lember it brought accusations of accepting bribes. Mr Lember was not about city interests at all, it is suggested.
Leaked report points to disarray at Port of Tallinn top
After seven months of work, Port of Tallinn investigation committee at Riigikogu concludes that due to political interests the vital state enterprise has been mismanaged for years.
National Audit Office: government pumped money into Estonian Air hurriedly and superficially
National Audit Office says the European Commission decision regarding Estonian state having supported national airline AS Estonian Air with €84.9m in violation of EU rules could have been avoided, had the government followed the principles of State Assets Act and asked if giving money and loans to Estonian Air was purposeful, expedient, economical and lawful.
How to become master of your pension fund?
Tõnu Pekk, a founder and board member of commercial association Tuleva says they hope to get documents in order by end of summer, and as soon as €3m is collected from members, application will be files at Financial Supervision Authority to create a new pension fund with low managing costs. For starters, members of the association need to pay €100, and €1,000 more afterwards.
Police detain head of maintenance of Port of Tallinn
Officers of the Internal Security Service (ISS) last week detained Martin Paide, head of maintenance at the state-owned port company Port of Tallinn, Postimees said on Thursday.
Road users to save €8.5m a year
The currently crooked and curved Tallinn-Tartu Highway robs Estonians millions of euros a year in time and fuel spent, and car repairs needed.
Leedo: price of political support stood at €4m
At Tartu County Court this Monday, shipping businessman Vjatšeslav Leedo testified that former Port of Tallinn board member Allan Kiil (then Reform) asked him for €4m in 2014 in return for political support which would have ensured Mr Leedo the support needed to have ferryboat traffic contract extended. According to him, Mr Kiil said he would have had, regarding paying the money and getting the support, to communicate with then Port of Tallinn chairman Remo Holsmer (Reform), who «does that thing at the port».
25 years of mobile telephony in Estonia
Sounds incredible, but just a quarter of century ago we lived with no phone calls in open air, SMS messages, e-mails and websites. Information was mouth to mouth, with long distance calls hanging to a cord, some news agencies might have had a teletypewriter, and ships had Morse machines. For years, people were waiting in lines for phones at home. Then, something happened. Something which carried the message of «come, buy, and call at once».
Port of Tallinn wants Polish shipyard to pay for replacement ferry
TS Laevad desires to sign an annex to contract with Remontowa regarding the ferryboat which will be late, prescribing that the Poles pay for replacement ferryboat, says CEO of the Port of Tallinn subsidiary Kaido Padar.
A €120m deal with just two guys guilty?
A Polish shipyard will be late with one of the ferries for Saaremaa as the mess of a contract allows ignoring the deadline set by Estonians. Former minister and port council are tossing the responsibility around like a hot potato, making Port of Tallinn ex-managers Allan Kiil and Ain Kaljurand the sole culprits.
Jüri Tamm creates electric car for high-end hotels in Monaco
In Ukraine, former hammer thrower, politician and winemaker Jüri Tamm intends to produce unique electric vehicles of his own design for hotels of Monaco where the rich and famous are accustomed to meet.
Nord Stream 2 – super profit, security threat, or both?
The Nord Stream 2 (NS2) pipeline planned in Baltic Sea to take natural gas from Vyborg, Russia to Greifswald, Germany and be completed by end of 2019 promises all to reap billions of euros of profit. That is the mantra repeated by people working for the project when one says he doubts profitability of the mega project. That despite the conditions where natural gas price is down more than by half during these past two years.
Estonia-Latvia borderlands merger makes Riigikogu splash
At the end of March, Latvia's Valka County duma chairman Vents Krauklis decided to do an experiment in Valga Hospital. Namely, he sent his wife across state border to give birth there.
The list of Estonians mentioned in Panama papers
Postimees is posting names of Estonian entrepreneurs mentioned in Mossack Fonseca documents published in Panama papers database released at 9 pm Estonian time yesterday. They have all been linked to off-shore firms. However, being in the database does not mean their activities were criminal.
Small towns in race for ferry link to Kotka
As international passengers grow exceedingly numerous, businessmen Tiit Vähi in Sillamäe and Einar Vallbaum in Kunda are in earnest competition for ship line to Kotka, a coastal city in Finland.
Nord Stream 2: the multylayered lobby
During the last half year, gas pipe Nord Stream 2 discussions have heated up both in Brussels and in former Eastern bloc. Lobbying by builders is in top gear. The main confrontation is between critical politicians claiming this is security threat to Europe, and the builders who say it is pure business.
Estonian companies to gain fair access to US defense procurements
Estonia and the United States have recently reached an agreement which would provide Estonian companies the same access to defense-related public procurements as the U.S. companies have.
Cruise ship season to open at Port of Tallinn on Wednesday
The cruise ship season is to kick off at the Port of Tallinn on Wednesday when MSC Musica is to call at the Old Port.
Editorial: rules are not for breaking
Yesterday, Postimees wrote about potential danger posed by new buildings being erected using flawed material. At the moment, we have two schoolhouses, an apartment house, and two office buildings under construction featuring defective blocks.
State regulator suspected in favouring flawed blocks producer
Technical Regulatory Authority responsible to inspect building materials quality is under suspicion of trying to sweep defective products instance under rug as official summonsed to check blocks at Rae Kivitehas plant tried to avoid the testing.
Collapse caution: flawed blocks possibly used in brand new buildings
Several buildings under construction or just completed are under suspicion of being dangerous – Technical Regulatory Authority is checking out claims that substandard building blocks have been used in load bearing structures.
Sõnajalg bros wind park partly financed by major Swedish tax debtor
Busy building a Sindi, Pärnu County wind park, Eurowind is owned by equal parts by turbine maker Eleon owned by Andres and Oleg Sõnajal, and a Panama-registered company E3WA. Representative and owner of the latter is Pär Anton Henrik Stigell (46) who according to Swedish tax board data owes the state 130 million kronor (€14.2m). Into the wind farm, Mr Stigell has invested half million euros.
Estonian govt reaches agreement on budget strategy
Members of the government have reached a political agreement on Estonia's budget strategy for the next three years, Finance Minister Sven Sester said on Wednesday.
EU directive to hit tiny tourism firms hard
Fresh EU directive will make life harder for smaller tourism firms required to provide full insurance of services. Should a tourist run into trouble during his travel such as airline filing bankruptcy, travel agent pays back full money. For large companies (such as Estravel) the requirement has always applied; however, it will now be extended to the smaller firms providing two services – accommodation and entertainment.
Did you know: leasing a phone is a bit on the dear side
To buy a mobile phone on deferred terms has become a thing that comes without saying. Alas, many fail to detect the end price that would basically cover a second phone.
Economy minister to merge administration of railway and harbour
Six state transport companies, Port of Tallinn and Estonian Railways being the biggest, will be merged into a consortium, if government gives blessing to plan at end of April.
By the hundreds, tax debtors go to mass grave via Panama
The grand-named Panamanian company Transatlantic International Brokers Corp owns 168 firms says Estonian commercial register, all under liquidation with help by Raul Pint and his business partner Andrus Räppo. Nearly all owe taxes to Estonian state, some more and some less – but put together the arrears arise above a million euros.
«Transit business may vanish in four days»
Back from Moscow to see about transit options, Estonian Railways CEO Sulev Loo advises that we Estonians learn from Latvians who gained remarkable-for-Europe economic growth from working actively Eastward.
Ride-sharing regularisation spawns two Toompea demonstrations today
Arriving at main hall at Riigikogu today, the ride-sharing draft act creates a rare situation where pros and cons take turns to gather at the plaza in front of the parliament.
At long last: conceptual design for more lenient taxation of company cars completed
Finance minister Sven Sester (IRL) has handed the government a concept for company car tax, binning the much-hated «trip diaries» and making private use of weaker-than-average vehicles significantly cheaper.
AirBaltic's controversial foreign investor owns «several offshore companies» (1)
«No blood dripping from my hands. Not eating infants. I'm an absolutely normal person,» says Ralf-Dieter Montag-Girmes, a German who invested €52m in airBaltic in November 2015. Even so, in Latvia the man was regarded controversial enough for Prime Minister Laimdota Straujuma to sack transport minister Anrijs Matīss the day after investment decision was announced.
Initial Estonian Panama participants unveiled
What Postimees published as suspicion three days ago, related to the Panama info leak, was yesterday confirmed with documents disclosed by ETV's investigative «Eyewitness» show.
Farming crisis paving way for milk from Poland
Farmers do not think current governmental measures suffice to crawl out of the crisis engulfing milk and pork industry these past few years. Rather, they foresee invasion of imports.
Three banks for sale in Baltics. Maybe more
To the knowledge of Postimees, at least three smaller banks operating on the Baltic market have been for sale for years: Nordea, DNB, and Danske. Trouble is, nobody seems to be too interested.
Creditor Marcel Vichmann: God knows what Norberg arranged over there
Sunday night, TV news broadcast «Aktuaalne kaamera» unveiled the first name of an Estonian mentioned in the Panama Papers: Kalle Norberg, who provided services to many a super rich in Estonia and ended up in debt.
Editorial: Croesus coming back
In 6th century BC, Croesus the king over Lydia located where we now have Turkey minted the initial coins from precious metals and sent these into regulated use. A pioneer. Also a pioneering endeavour has been the e-money named Bitcoin abundantly use to lure and to scare, and a subject of deep discussions as well as incomprehension. No revolution created in world finances, though, while the so-called cryptocurrency definitely plays a part in economy.
Supreme Court subjects Bitcoins trade to money laundering rules
Yesterday's verdict put an end to longstanding doubts whether trades with the cyber money should be treated as economic activity requiring special permit or not – in a landmark stand, Supreme Court declared mediation of Bitcoins an economic activity subject to anti-money-laundering supervision.
Iran is interested in Estonia
The first ever Estonian politician to officially visit Iran, foreign minister Marina Kaljurand was soon to experience a plague of the exhaust-smoky Tehran streets called traffic jam.
Polish shipyard goes too slow with our ferries
The ferryboats to sail mainland Estonia and Saaremaa, Hiiumaa route currently built at Remontowa Shipbulding in Poland might be late. Port of Tallinn management have contingency plans in place and are headed to inspect the situation on location this coming Wednesday.
Cbank: Estonia's 2015 economic growth slowest of past 6 yrs
In 2015 Estonia's economic growth was the slowest of the past six years, remaining below the long-term potential of the country, the Bank of Estonia said in its economic overview on Wednesday.
Nordica becomes biggest carrier in Tallinn airport
The Tallinn airport in March served more than 158,000 passengers which is 3 percent more than in the same month a year ago and Nordica became the biggest operator.
Forecast forces government to tighten belt
Economic forecast tweaked to be more pessimistic than in autumn means that new sources are needed to cover budget deficit for 2018.
Wind farms to require defence ministry's special building permit
Most of mainland Estonia will turn into national defence area regarding construction where stuff like wind parks are not allowed to be built, should government proceed to approve relevant draft act prepared at defence ministry next week.
Seven Estonian clients involved in Panama leak
The files leaked from the Panamanian law firm Mossack Fonseca show the company had seven clients from Estonia, it appears from the data published by The Irish Times.
Estonian aviation regulator suspends Avies' license
The Estonian Civil Aviation Administration has suspended the air operator's certificate (AOC) of the bankrupt carrier Avies operating flights from Tallinn to Kuressaare, Kardla and Stockholm, as a result of which the carrier is not allowed to provide aviation services until the shortcomings have been eliminated.
Estonia's LHV exits Latvian market
Estonian LHV bank is to close its Latvian branch on Thursday evening and exit the Latvian market, and in the future the bank will mainly focus on the Estonian market.
Nordic Aviation officially adopts Nordica brand
Estonian national airline Nordic Aviation Group on Wednesday officially adopted the Nordica trademark and a new visual brand identity, the focal point of which is the logo depicting a dragonfly.
Estonian union has ship seized by court for unpaid wages
Acting upon a request from the Estonian Seamen's Independent Union (EMSA), the Tallinn-based Harju county court has impounded the ship Symphony of Green Shipping OU over the shipper's debt of more than 53,000 euros in unpaid wages to the crew since October 2015.
Toxic algal bloom makes salmon price jump
No happy prices this spring for salmon and trout in grocery stores of Estonia. Due to fish dying in farms in Chile as caused by toxic algal bloom, fresh salmon price on Oslo exchange is at its highest levels of past years so as to add about a third to what Estonian retail chains and fish processors pay to buy in fresh fish.
LHV Group to list shares on Tallinn stock exchange in May
LHV Group is to propose at the company's shareholders' meeting listing the company's shares on the main list of the Tallinn stock exchange.
The long and winding Lithuanian Rail Baltic
While Estonians and Latvians are toiling towards an up to 240 km/h railway, Lithuanians have derailed the effort from the start – between Kaunas and the border of Poland, the trains must roll twice as slow.
Price rise drags Estonian phosphate rock back into limelight
Recently, global price for the ancient rock suddenly skyrocketed and suddenly our deposits are flashing signs of us getting rich quick and Estonia eradicating world hunger.
Estonia hiring IT specialists from Ukraine
These past years, percentage of immigrants from Ukraine is in constant increase. Last year, they got a whopping 62 percent of resident permits for work.
Raivo Susi feels like FSB hostage
One version why aviation businessman Raivo Susi in talks with Russian national arms seller Rosoboroneksport was arrested sounds quite banal: FSB is accusing him in espionage just to swap him for some of their agents jailed in Estonia. In his letter to Postimees, Mr Susi says he is incline to believe that himself.
Development Fund to be shut down
Yesterday, Economic Affairs Committee at Riigikogu decided to shut down operations of Development Fund (Arengufond) as it currently stands. For development monitoring, a separate unit will be created at Riigikogu, and everything related to investments will be transferred to Kredex.
Raivo Susi offered $100,000 but remains in custody
Yesterday, Estonian aviation businessman Raivo Susi charged with espionage in Russia offered Moscow city court $100,000 to be released from custody but the court rejected the offer.
Swedes sell Starman to Americans
Swedish investment firm East Capital Explorer announced agreement to sell cable TV and internet connection provider Starman Grupp to US private equity firm Providence Equity in what would be among the biggest transactions on Estonian business landscape for years. The press release said the deal is worth about €81m with up to five million euros to be added in 2017. East Capital Explorer claims it has earned at least €35m in exit profits.
«Not humans but robots» – truck drivers honk horn at perceived police persecution
As one, truckers of Estonia have opted to open their mouths and speak their mind about the punitive police raids seemingly bordering on bullying and increasing in volume. Instead of improving anything, they say it's applying brakes on business.
Estonian economy grew 1.1 pct to EUR 20.5 b in 2015
The gross domestic product (GDP) of Estonia increased by 1.1 percent in 2015 over 2014, and the size of GDP at current prices was 20.5 billion euros last year, Statistics Estonia said on Thursday.
Proposals wanted from ministers for moving state institutions out of Tallinn
Minister of Public Administration Arto Aas is waiting for concrete proposals from other ministers and country governments as to what public sector institutions could be moved out of Tallinn and how feasible it would be.
Will Nordica fly?
Name Nordica picked for national airline uncovers nonsense of public contests, say advertisement experts.
Editorial: PHOSPHORITE NO GOOD FOR BREAD
It's 30 years soon from the phosphorite war battles. The people rose up against plans to mine for phosphate rock in Virumaa. Scientists said it may have had destructive effects on environment and, due to influx of Russian-speaking foreign labour force, to the population structure. Not comparable to the War of Independence, the action did boost the national feelings with winds of perestroika glasnost helping along, thus culminating in the Singing Revolution and regained independence.
Nordic Aviation adopts Nordica as new name
The new Estonian state-owned airline Nordic Aviation Group has adopted Nordica as its new name and is about to present its new brand identity at the end of March.
Tiit Kuuli: state's best security guarantee is economic wellbeing
During his long career, construction company Oma Ehitaja chairman Tiit Kuuli has not been in media too often but now the post presents a responsibility. He remains modest however and says that in a representative body with 15 professional associations and 15 top managers featured, the role of an individual must not be exaggerated.
Estonian Railways cadre detained
On Tuesday, Estonian Railways communication and security head Indrek Süld was detained for 48 hours by Security Police as suspected in breach of procurement rules.
Estonian railway official suspected of violation of tender rules
Officials of the Estonian Internal Security Service (ISS) on Tuesday detained for 48 hours the head of the communications and safety department of the state-owned railway company Estonian Railways, Indrek Suld, who is suspected of violating tender rules.
Wind farms interfering with military radar images
Defence ministry has declined to okay plans for many a wind park in Estonia as turbine blades interfere with image in air surveillance radars. Officials say best spots for parks, with national defence in view, are Pärnu and Viljandi Counties.
Estonian after «printing money» on shrinking books market
Four years after selling print-shop Uniprint to Russians and exiting the business, Andrus Reinsoo launches unique Canon digiprinter to fill European niche for small print runs.
Tallink rescues listed firms results
Of companies listed at Tallinn Stock Exchange with economic activity, a half i.e. seven improved results last year; eight managed to boost turnover. Three ended in red.
Gas market thinks Hanschmidt plans are overheated
Gas market players do not not view natural gas too competitive with renewable energy thus casting doubt on plans by Infortar, seeking full ownership in Eesti Gaas, to shift Estonian gas market into growth gear.
National language giving ground to Russian
Leading Estonian linguists and even transport business is troubled by sneak attack of Russian language into official services environment and think the increasingly public plans by politicians to support that is populist, demeaning and an embarrassing attempt to paper the problem over.
Mars recalls Dutch-made Snickers 4-packs in Estonia
Mars Eesti OU said on Thursday it is recalling four-packs of Snickers candy bars of the batch with the best before date of 10.07.2016 produced at the Veghel plant in the Netherlands, after a piece of plastic was found in one such bar.
Estonian truckers driven bonkers by migrants
Life is getting tough for Estonian trucking companies on economic community roads. Firstly due to policemen hunting refugees sneaking into cargo. Secondly, competitors are rolling into Europe from the shrinking market in Russia.
LHV aiming at pensions market top
Not satisfied with takeover of Danske pension funds, LHV is seeking to keep increasing market share and use pension funds as bait to get fresh clients for the bank.
Taxman detains security provider Jaanus Kukebal
This past Friday, Tax and Customs Board (MTA) officials detained Jaanus Kukebal related to several security firms.
Estonian co planning commercial ekranoplan route between Tallinn, Helsinki
Sea Wolf Express, an Estonian company founded last summer, is about to buy an air-cushion vehicle using the ekranoplan, or ground effect technology from a Russian manufacturer and put it into service between Tallinn and Helsinki in September.
Estonia's Milrem signs cooperation agreement with Singaporean defense industry co
The Estonian defense company Milrem and Singapore Technologies Kinetics Ltd.(STK) concluded on Thursday at the Singapore Airshow a cooperation agreement for further development of unmanned tracked vehicle applications.
500 euro «Bin Laden» to be binned
So most of us Estonians will never see the €500 note as European Central Bank is thinking to give it up seeing such a large part of its users are crooks.
North-East Estonia vulnerable to nuclear disaster in Russia
Leningrad Oblast environmentalists are sounding an alarm, assessing that the soon completed nuclear power station in Sosnovy Bor is endangering Narva and Sillamäe as builders wink at security measures.
Palts fights for Crimea dream resort
Former Mayor of Tallinn and Riigikogu member, Tõnis Palts (62) is among the few foreign investors to not abandon his business in Crimea after it was assumed by Russia. Furthermore: toughing it out, he is battling in court both with city of Sevastopol and Russian defence ministry to protect his lot worth dozens of millions of dollars.
Estonia to regulate Uber and Taxify ride-sharers
This week, Riigikogu deliberates a bill to regulate the ride-sharing service in use in Estonia for nearly a year (Uber, Taxify, Hopp and Wisemile) by imposing rules of agreed transport.
The great Keila layoff: a bang. Then, silence
The smokers «cages» attached to the wiring systems maker PKC provided the only and lonely place, yesterday, for those painfully laid off to come talk to reporters.
Editorial: Uber kaput?
These days, taxi app gets you an available driver in the blink of an eye. Basically, the technological solutions have triggered a taxi revolution especially embodied by the Uber-like drive sharing solutions. Anybody could do taxi now.
Estonian police: Passenger carriage using Uber app still requires license
The North prefecture of the Estonian Police and Border Guard Board continues to be of the opinion that drivers transporting passengers using the Uber app must have a corresponding operating license and doing it without a license constitutes an act of misdemeanor.
Jan Mayer: passenger ship building is highly client-centred
Meyer Turku shipyard CEO Jan Meyer says there isn't much demand for new ferryboats on the market.
Finns begin assembling Megastar
Yesterday, the traditional keel laying ceremony was held to trigger assembly of the hull of Megastar, Tallink's new passenger ferry, in Meyer Turku shipyard, Finland.
Expert amazed at strange ship price gap
An international ship building consultant wonders at ships built for Port of Tallinn in Poland costing €17.5m more than those built in Turkey, though labor costs in the two plants only differ by a million.
Chief of Danske: pension investors need not worry
Last year, Danske Bank begun the switch to corporate banking in Baltics and successfully so says its head in Estonia, Ivar Pae. As related to sale of Danske Bank pension funds to LHV the clients need not worry: the fund will be managed well even during times of transition i.e. as long as the transition is completed, he says.
Europe to recognise Estonian digital signature
Come summer, Estonian citizens communicating with agencies in European nations will no longer need to send documents by post and will be entitled to require recognition of digital signatures.
Estonian justice minister does not approve alcohol law amendments
Estonia's Justice Minister Urmas Reinsalu did not approve Health and Labor Minister Jevgeni Ossinovski's plans for restricting the advertising and sale of alcohol saying the bill of amendments did not sufficiently prove the need for and expediency of the planned measures.
Work group to hunt elephants hindering economy of Estonia
Summonsing the economic experts, Prime Minister of Estonia Taavi Rõivas is after ideas on how to reach the Nordic livings standards while avoiding the setting of a date.
The state to again alter pension system
After every five years the state analyses if our pension system is financially and socially sustainable. Again, a fresh related report is being prepared. What's more: in its action programme, the government has promised to consider introducing flexible retirement age and faster rise of base amount of pensions – a task which the ministries have indeed been performing this past year both by meeting interest groups and analyzing Excel tables.
Estonia climbs three places on corruption perception scoreboard
Estonia ranks 23rd worldwide, three places higher than last year, in the 21st edition of the Corruption Perceptions Index published by Transparency International on Wednesday.
LHV pension funds entering the big league
With five fund managers currently operating on the pension funds market, it's four soon in all likelihood. To the knowledge of Postimees, Estonian branch of Danske Bank is intending to sell its subsidiary Danske Capital, a pension fund manager. The deal ought to be finalized within a month.
Russian IT-firm says expansion into Estonia not worth wasting the effort, money, time
Promises by state not kept. Unexpected difficulties in finding competent staff locally. Unwillingness of foreigners to come work in Estonia. For these reasons, says a major Russian IT group with international reach, have they backed out of vast investments into Estonia.
Estonian president voices concern over EU's lagging behind in digital economy
Speaking at the World Economic Forum in Davos, Switzerland, Estonian President Toomas Hendrik Ilves urged the European Union and all its member states to contribute towards a digital future and expressed concern over the bloc's lagging behind in the digital economy.
Big burning of wood to birth brief forestry boom
Governmental decision to allow massive burning of wood in oil shale power stations of Eesti Energia will boost the forestry business bu half while raising timber price may spell heftier heat bills.
1st NAG flight operated by own aircraft, crew to take off Wednesday evening
The new Estonian state-owned airline Nordic Aviation Group (NAG) will start services with a leased aircraft with an Estonian crew and cabin service personnel on Wednesday evening.
EMT and Elion deleted
Though the Swedish TeliaSonera owned telecommunications company Eesti Telekom since early 2010, now every client knows as well. The bells have tolled to the Estonian brands EMT and Elion, and starting today all services are offered by Telia Eesti. Brought in to lead the enterprise from January, Swede Dan Strömberg says this is a new beginning in lots of ways.
Flexibility planned for second pillar pension benefits
Yesterday, finance minister Sven Sester introduced a plan to amend payments from pension system aimed at increased flexibility and transparency.
Eesti Energia to devalue assets by EUR 65.6 mln
The state-owned Estonian energy group Eesti Energia is about to record an impairment loss of 65.6 million euros in financials for the final quarter of 2015.
Estonia not to appeal negative decision re Estonian Air state aid
The Estonian government decided on Monday not to appeal against the European Commission's decision regarding state aid provided to the national carrier Estonian Air.
Incoming helmsman believes Port of Tallinn not steeped in corruption
To boost competitiveness, the port and Estonian Railways will need to operate as a cluster or holding corporation says Valdo Kalm yesterday elected as Port of Tallinn CEO.
Andrei Katkov: Sillamäe oil plant has a future
In a rare public interview, owner of Port of Sillamäe and a prominent St Petersburg businessman Andrei Katkov talks about the strengths of the harbour, on why he is investing in Estonia, and why it isn't in Russia's interests to give up transport of goods via Baltic ports.
Court running out of patience regarding Tõnis Haavel
Convicted in aiding investment fraud, Tõnis Haavel failed to show up at Harju County Court for the sixth time yesterday to discuss the list of his assets and liabilities.
Ex-minister Palo wins shipper in false information lawsuit
A court in Tallinn has found that former Minister of Economic Affairs Urve Palo did not submit false information about the 2014 ferry tender in saying that an offer by Vainamere Liinid was by 60 million euros more expensive than a rival offer by a subsidiary of the state-owned company Port of Tallinn, which won the tender.
Ex-minister Rein Lang takes job with software developer Nortal
Veteran Reform Party politician Rein Lang who has held different portfolios in several Estonian governments will join the team of the software developer Nortal, taking charge of the unit counseling customers on legal and policy-shaping matters concerning e-governance solutions and focusing first of all on foreign countries.
Africa en example for energy independence to Estonia
Thanks to technology revolution, the Estonian eager for innovation will within years break free from energy taxes imposed by the state, and of the major producers pampered with subsidies, predicts World Energy Council's European region head Einari Kisel.
Estonia's new car sales drop 3 pct to 20,350 in 2015
Altogether 20,350 brand new cars were sold in Estonia during 2015, 3 percent less than in 2014, the association of Estonian car dealers and service companies AMTEL said in a press release.
Netflix entry fails to rattle Estonian TV biz nerves
At long last the world's largest paid video environment Netflix has expanded into Estonia. To be seen how the arrival affects local media consumption.
Euro didn't raise the prices after all
Five years ago, soon after the retailers said euro would not raise the prices, the statement turned into a joke among the people. Just before the switch, chamber of commerce and industry initiated a campaign aimed at avoiding unsubstantiated rise of prices of goods and services while the euro was being adopted in 2011.
2016 in economy: expect boredom
Though the year now behind us was filled with some sharpness it looked (macro)economically rather dull and LHV economist Heido Vitsur, twice winner of Postimees economic forecast, expects more of the same in 2016.
First plane of Nordic Aviation Group to take off in January
Estonian airline Nordic Aviation Group is to start operating its first flights with the company's own airplane in January with its own Estonian-speaking crew.
Bankruptcy of Estonian Air announced
The Harju county court on Tuesday announced the bankruptcy of Estonian Air and the first meeting of creditors is scheduled to take place on Jan. 15 next year.
Yesterday, four percent of Tallink shares change hands over-the-counter
Yesterday, 27.5 million Tallink shares changed hands over-the-counter amounting to 4 percent of the shipping company shares, say Estonian Central Register of Securities data. The amount of transactions was 15.
TransferWise to cooperate with banks
After a lengthy history of bashing high currency exchange fees at banks as its chief slogan, TransferWise enters into cooperation with banks. In New Year, the first step will be TransferWise’s international foreign currency transfers straight from LHV mobile bank.
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