Estonian banks used to launder vast sums
Banks in Estonia were used to move nearly $1.6 billion of criminal funds from Russia, international journalism project OCCRP, investigating organized crime and corruption, uncovered with help from Postimees and Russian paper Novaya Gazeta. The operation in question was named “Laundromat” or “Washing Machine”.
21.03.2017, Joosep VärkPM
Beer giants fail to change government's mind
Parent companies of Estonian breweries said after meeting with PM Jüri Ratas yesterday that because the government will not drop its plan of hiking excise duties ahead of schedule, breweries will just have to adjust and dial back investments in the long run.
15.03.2017, Lennart RuudaPM
Fuel retailers under scrutiny
The tax board is set to monitor all transaction of purchase and sale on the fuel market to minimize tax fraud from next year. The board also wants to change fuel retailers' deposit payments system, which is worrying smaller players.
21.02.2017, Lennart RuudaPM
Sumberg to bring Marriott International to Tallinn
The world's largest chain of luxury hotels – Marriott – will add Tallinn's Telegraaf hotel to its recent Autograph Collection in June. The event marks the first time a Baltic company has signed a license agreement with Marriott.
24.01.2017, Andres ReimerPM
Bribes give acquaintances the edge
Long-time Technical Director of the North Estonia Regional Hospital (PERH) Ivo Mill is suspected of preferring two construction and one design company for the hospital's construction procurements for which he received more than €50,000 in bribes in just a few years.
19.01.2017, Risto BerendsonPM
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.
11.01.2017, Kristi MalmbergPM
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.
27.12.2016, Karel ReisenbukPM
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.
16.12.2016, Nils NiitraPM
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.
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.
04.11.2016, Joosep VärkPM
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.
19.10.2016, Tõnis OjaPM
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.
Lithuanian railroad's stalling tactics threat to Rail Baltic
Lithuania's national rail company did not sign the common procurements agreement of Rail Baltic partners the latter were scheduled to showcase yesterday, undermining the project's credibility first and foremost in the eyes of primary investor, the European Union.
06.10.2016, Andres ReimerPM
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.
01.09.2016, Madis VaikmaaE24
Naiste osakaal USA tippjuhtide seas üha väheneb
USA suurimate ettevõtete juhtide seas on naiste osakaal aastaga vähenenud, kirjutab Quartz Fortune´i andmetele toetudes.
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.
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.
22.04.2016, Joosep VärkPM
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.
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.
European Commission's decision on state aid to Estonian Air is negative
According to information that has been officially confirmed, the European Commission's Directorate General for Competition ruled on Friday that state aid to Estonian Air was not legal and the airline has to pay the money back to the state.
Norway doesn’t want to and cannot be the filling station of the Nordics anymore
Norway wants to shake the image of an oil, gas and fishing country, and has turned its gaze towards starting businesses and broad innovation. The recent trend has sent the country searching for bold and ambitious female executives.
23.10.2015, Aivar PauPM
Licensing may force 80 pct of payday loan providers in Estonia to close in March
The requirement for providers of express loans to register with the Financial Supervision Authority may force 80 percent of the companies providing such loans in Estonia now to close in March, considering the length of the proceeding.
Estonia's Up Invest buys Latvian LETA news agency
The Estonian company UP Invest, owned by Estonian pharmaceuticals businessman Margus Linnamae bought Latvia's biggest news agency LETA.
SEB: Estonia hit by housing price bubble
Estonians may enjoy consuming boom till entrepreneurs are able to produce ever more effectively, lift wages and keep unemployment rise in check, says SEB chief Allan Parik, who thinks that while sailing on thin ice in this crisis-smelling world, Estonian businessmen stand on secure foundations and have thus far managed to react correctly to changes in economic environment. Domestic consumption remains solid, unemployment is low, and entrepreneurs are showing strong competitiveness on the weak external markets. No near term solution is to be expected t the differences with Russia, and therefore it makes no sense inserting deals with them into business plans.
06.08.2015, Andres ReimerPM
Sulev Loo picked for CEO of Estonian Railways
The supervisory board of Estonian Railways decided after an analysis of the results of a targeted search for new chief executive of the state-held rail infrastructure company to invite Sulev Loo to start contract negotiations.
Taxman eyes entry into property
Finance ministry is pushing a Taxation Act granting Tax and Customs Board (MTA) added powers to probe into infringements - to the dismay of professional associations.
21.07.2015, Anette ParkseppPM
Airbaltic shifts into aggressive expansionist gear
In eyes of Estonian national airline the plan pitched by competing Airbaltic – to grab direct flights from Tallinn as well as Estonian Air’s investors – will harm and undermine both.
19.06.2015, Kadri HansaluPM
Squirrel tails sticking from state firm doors
Diligently, Postimees has delved into the coterie repeatedly appointed to counsel public enterprises by party bureaus since the change of millennium. Side by side with faithful officials, these are dominated by generous donors and cadres.
15.06.2015, Oliver KundPM
Estonian Railways applying brakes to North-South transit
Attempts by Port of Tallinn and Transiidikeskus (Transit Centre) to use «Old Rail Baltic» for carrying Finnish goods to Europe have bumped into indecisiveness of Estonian Railways amid power struggle.
05.06.2015, Andres ReimerPM
Foreign students flipping burgers
While at universities or preparing to enroll, youth in Estonia from abroad are willing to do the simple and less paid jobs. Though vacancies abound, they find it unexpectedly complex.
25.05.2015, Hanneli RudiPM
Berlusconi buys Estonian sauna
Ha Serv, a timber industry firm in Reola, near Tartu, is busy producing planed material, thermo treated wood and finished saunas. Lion’s share of that is sold abroad. Among others, a sauna Made in Reola is enjoyed by former Italian prime minister Silvio Berlusconi.
07.04.2015, Marge TubalkainPM
Editorial: one in thirty procurements contested
Not limited to challenges to definite public procurements, rules thereof have undergone loads of debates more general by nature. Since 2007, when Public Procurements Act was passed, for various reasons it has been amended for a whopping fifteen times.
Strict oversight applied to all lending
Contrary to public impression, the Creditors and Credit Brokers Act passed right before elections will not cover fast loan firms alone: all enterprises involved in lending, leasing and instalment payment will be under Financial Supervision Authority (FSA).
23.03.2015, Tõnis OjaPM
Start-up of Estonians going for global impact
Yesterday was another day for Estonia to make it unto the big global media – the $58m investment by an US venture capital fund into Transferwise, a start-up created by Estonians, went unnoticed by none of the main newspapers.
27.01.2015, Kadri HansaluPM
Impact of Russian crisis on Estonian businesses smaller than anticipated - Swedbank
The impact on Estonian businesses of the fall in the exchange rate of the Russian ruble and the sanctions imposed on Russia has been smaller than anticipated, it appears from an analysis by Swedbank.
Editorial: dagger at oil industry throat
Yesterday, we saw crude hitting record lows again, the Brent benchmark doing a below $52 plunge. Top to bottom, this makes for roughly half price oil. The impact reaches farther than Russia’s budget or employment at Norwegian rigs. While, broadly speaking, the cheaper fuels are a blessing for Estonian and European economies, Ida-Viru County oil industry and oil shale mining face prompt problems.
Behold the 100 top valuable firms in Estonia
Over these past four years, the total value of Estonia’s hundred largest companies has basically stayed the same, with way to grow to the pre-crisis level. In 2007, the value of 100 biggest native firms amounted to €21.6bn.
30.12.2014, Kadri HansaluPM
Shoe price rise stopped by toughening competition
This fall, the public got all excited by an ABC King ad some saw as sexist. Whether true or not, Consumer Protection Boart is currently busy deciding. Meanwhile, the footwear biz is surely seen as sexy.
11.12.2014, Tõnis OjaPM
For IT-firm Acronis, expanding into Estonia was no easy decision
Yesterday, international data protection systems company Acronis announced creation of new development centre in Estonia, in five years hopefully to employ 500 people.
05.12.2014, Marge TubalkainPM
Vopak LNG terminal alters Balticconnector course
Come Monday, world leading fuel storing company Vopak launches environmental impact assessment in Jõelähtme Commune primed to grant Muuga Harbour a LNG terminal in just a couple of years.
20.11.2014, Andres ReimerPM
Fast loan firms milk debtor till last drop
Many are the means developed by fast loan providers to make extra money on those late with payments – for instance, creating a debt collecting company of their own. A bill now in pipeline is trying to set a ceiling to debt proceeding costs.
14.11.2014, Marge TubalkainPM
3 operators to simultaneously introduce 21 electric taxis in Tallinn
Three taxi companies in Tallinn are about to simultaneously put into service 21 Nissan Leaf electric taxis on Wednesday with a view to eventually bringing their number to 32.
Estonians evolving an unmanned flying object
What’s in common between armies of USA, LAV and Estonia? All use weapon simulators by OÜ Eli, a firm based in Pirita.
27.10.2014, Marge TubalkainPM
Estonia, Moldova could boost trade with dairy products, wine-
The Estonian and Moldovan agriculture ministers came at a meeting in Moldova to the conclusion that bilateral trade could be increased by selling Estonian dairy products in Moldova and Moldovan wine in Estonia.
The hidden impact of dismantling a monopoly
In the isle of Saaremaa, hundreds of employees today depend on the businessman Vjatšeslav Leedo who built up his empire largely on government-given ferry-money. Should the state turn off the funds in 2016, they’re asking: «What about us?».
17.10.2014, Oliver KundPM
Editorial: fix your own mess
Remember «Chief Crossing of Central Estonia», festively finalised four years at Mäo with $30m spent? Five-year warranty time ticking, holes abound...
Editorial: somebody stop these Mr Beans from building us roads
Why do these roads of ours become bad (so fast)? Again and again, we the users and the car owners have to pose this question. By media, the ball is passed to scientists, to builders, to the officialdom. The answers vary according to who is saying, and no doubt the reasons are many. A standard reply goes like we’re not so rich as to ensure all-out excellent road repairs. In other words, there ain’t no money and that’s it.
Road Administration buckles up for court action
To find out why new sections of roads start to crumble ere the 5-years warranty us up, Road Administration drilled holes and took samples out of 11 sections where warranty end nears.
26.09.2014, Tiina KaukverePM
The United States and Estonia - NATO Allies and Global Partners
President Obama met with Estonian President Toomas Hendrik Ilves and Estonian Prime Minister Tavi Roivas in Tallinn, Estonia on September 3. The visit reinforced the close ties between the United States and Estonia, which are rooted in our shared values, ideals, and interests.
04.09.2014, The White House, Office of the Press SecretaryPM
Sanctions may spell fishing fleet standstill
On Pärnu County fishing industries, Russia’s EU food ban has varying effects. Even so, should the situation not normalise by autumn, the amount of fish caught may considerably diminish.
21.08.2014, Andris TammelaPM
Increase of environmental fee feared to fell oil shale industry
Environmental ministry is hatching a rise in fees which, according to experts, will spell the death of oil shale industry development.
19.08.2014, Andres ReimerPM
Firms hard pressed to find specialists
Skilled workers are of short supply for almost all industrial undertakings, and it’s getting worse. Several specific specialties just aren’t taught in Estonia’s vocational schools and the enterprises have to do the training on the spot. But even to find a man fit to train is hard.
14.08.2014, Liina LaanemetsPM
Paldiski oil plant project taken over by Russian capital
Paldiski City proclaims environmental impact assessment regarding a refinery to produce gasoline, diesel fuel and mazut.
11.08.2014, Andres ReimerPM
Editorial: a shot in own foot
Not too long ago, in 2010, then President of Russian Federation Dmitri Medvedev paid a visit to USA. With colleague Barack Obama they rode into a hamburger stand in Virginia where the Russian head of state heartily bit into the symbol of American life: a fat white bread double-decker with steak, Cheddar cheese, onion, jalapeno-paprika and mushrooms. To say nothing about the inseparable Coca-Cola.
Blanket ban a cold shower for Estonian producers
Yesterday morning, as requested by president Vladimir Putin, Russian prime minister Dmitri Medvedev imposed import ban on Western beef, pork, fruits and vegetables, poultry, fish, milk and milk products.
08.08.2014, Kadri HansaluPM
Companies snatching countryfolk lands
Local people are quite a bother – large-scale landowners have no heart to develop the community, merely eager to heap up and harvest the woods.
07.08.2014, Nils NiitraPM
Entrepreneurs esteem the loyalty of disabled staff
By the current salary system, the disabled aren’t motivated to work, says Mare Enniste, personnel manager in building company Seve – one to hire the deaf.
06.08.2014, Anette ParkseppPM
Editorial: don’t look down on the disabled worker
On economy pages of Postimees today, hope-inspiring examples are provided of people with special needs coping in real life as hired by cleaning company ISS Eesti and Seve the builder.
Political decision costs Estonian Post €3m a year
The law says Estonia must have a post office in each commune, no matter the size. In the countryside, the distance between letterboxes may not exceed two kilometres (1.2 miles).
06.08.2014, Kaspar JõgevaPM
Russia-West relations a reminder of Cold War
In the two initial days of this week, relations between Russia and the West fell to a low last seen in mid-1980ies.
31.07.2014, Tõnis OjaPM
Meat plants bemoan the EU haste
Pretty soon, new requirements will enter into force regarding food product labelling, some of which irk the companies. For instance, meat producers are unwilling to show content of water near name of products.
30.07.2014, Triin ÄrmPM
Taxify trying to save the cab companies
App created by young entrepreneur Markus Villig has already been used 300,000 times to get a taxi in Tallinn.
28.07.2014, Kalev AasmäePM
Beer market upheld by tourists
Estonia’s beer market has stayed stable ever since the pre-boom times. This, however, is only thanks to tourists who haul ale home in increasing quantities and drink more while here.
17.07.2014, Tõnis OjaPM
The drive-thru Estonian shareholder meetings
«Let’s keep it quick and constructive,» were the opening remarks to shareholder’s general meeting by Katre Kõvask, CEO of ice-cream-maker Premia Foods. Quick and constructive (at times overly so) were almost all general meetings by listed companies this year where Postimees paid a visit.
10.07.2014, Tõnis OjaPM
Postimees buys bunch of smaller portals
PLC Postimees opted to broaden its readership by purchasing new web environments, acquiring several popular forums and entertainment portals.
11.06.2014, Kadri InselbergPM
Editorial: share glee, share gloom
The dividend coin has its two sides. Payment of these is sign of a company’s maturity, they say – rightly so, but still somewhat ironically. Which side is up, depends of the expectations one buys the shares with.
Tallinn Exchange heavy on dividends
This year, listed companies pay shareholders a total of €82m.
11.06.2014, Tõnis OjaPM
Baltic exchanges dormant in doldrums
Recently, it was four years since Tallinn stock market last saw an initial public offering; in Latvia and Lithuania, even more time has elapsed after the last IPO.
29.05.2014, Tõnis OjaPM
Ilves discusses future of digital society with IT entrepreneurs in California
President Toomas Hendrik Ilves, who is currently on a working visit to the Unites States, has met with the directors of Microsoft and a number of other global IT companies in Silicon Valley to discuss the future of e-governance and e-services.
LNG related price rise looming
Soon, ship engines on Baltic Sea are expected to pollute less. Therefore, new ones need to be built, or expensive filters installed.
20.05.2014, Nils NiitraPM
Vodka makers mad at sharp excise rise
Makers and sellers of strong alcohol stagger in shock at plan by new coalition to raise excise of alcohol in four years to come by 15 percent, 10 percent, 10 percent and 10 percent.
15.05.2014, Tuuli KochPM
Mega data centre coming, to Paldiski or Jõelähtme
«We’ll decide between Paldiski and Muuga Harbour neighbourhood in October as the European Commission settles financing of LNG terminal and Balticconnector [pipeline],» said Data Valley Enterprises chief Jussi Vartiainen. «To produce energy in its power station, the data centre needs more gas than is used by the entire Estonia, Nitrofert chemistry plant included.»
09.05.2014, Andres ReimerPM
BNS gets new owner and chief
Eesti Meedia majority owner Margus Linnamäe buys 55 percent of BNS parent company Uudisvoog OÜ and appoints Sven Nuutmann as new CEO of BNS.
06.05.2014, Kadri InselbergPM
Dream firm fighting for survival
Like the current tussle over whether Estonia gets its LNG (liquefied natural gas) terminal and where it is supposed to stand, a decade ago souls were stirred by a pulp mill. This, they said, would be an investment of dreams to switch our economy into new gear.
02.05.2014, Tõnis OjaPM
Editorial: the force majeure of development
The Postimees of today holds an interview with vice president of Gartner, a leading US IT-consultancy. A man tasked with interpreting technology trends to business leaders and demonstrating how technological changes impact society. «Companies need to constantly update themselves,» is a main message of the story. «One can’t expect to be doing the same job as now, in 30 years.»
Bus firm to build battle wheels
By winning repair procurement for Defence Forces’ SISU armoured vehicles last year, bus company Sebe got a boost so powerful as to start building new military machines of its own.
11.04.2014, Andres ReimerPM
Olli Rehn: in crisis, we also protected the weakest of society
EU economy and finance chief, the Finn Olli Rehn (51), relates how the outgoing European Commission succeeded, against all odds, to avoid insolvency of European states, which – among other things – would have been devastating to those on social welfare and people on public payrolls.
24.03.2014, Argo IdeonPM
Future growth hooked to banking union
Stalling banking reform undermines competitiveness of eurozone banks and postpones acceleration of economic growth.
24.03.2014, Tõnis OjaPM
Company gross profits outgrow boom times
While firms’ total turnover overshadowed boom-time levels two years ago, gross profit followed suit only in third quarter 2013.
05.12.2013, Tõnis OjaPM
18,600 New Businesses Set Up Last Year
The e-Business Register, which administers the registration of companies, added 18,600 new enterprises to its roster in 2012, 1,500 more than it did the previous year, ERR News reported.