Estonian company digitizing Lithuanian forestry
Estonian startup Timbeter recently signed a contract with the Lithuanian state forest district that will use the Estonian app to measure stacks of timber and digitize forestry.
04.05.2017, Lennart RuudaPM
€17 million to buy railroad for a decade
While even Pärnu County local government heads deem it senseless to spend €17 million on emergency repairs of a stretch of railroad, the economy ministry's plan is serious.
18.04.2017, Tiina KaukverePM
Palts defeats Russian army in Crimea
Former Tallinn mayor, businessman Tõnis Palts is defending real estate he owns on the Black Sea shore in Crimea and recently defeated the Russian defense ministry in court. The dispute is set to move to a higher instance court next.
30.03.2017, Jaanus PiirsaluPM
Palo wants to take over development of Ida-Viru County
Minister of Enterprise Urve Palo wants to take the Ida-Viru County national development program away from Minister of State Administration Mihhail Korb as she finds the current plan is unable to kick-start life in the region.
27.03.2017, Lennart RuudaPM
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 RuudaE24
Miks on Portugalis viietärnihotellid üllatavalt taskukohased? (1)
Sellest, kuidas finantskriisi ajal hätta sattunud kuurordid üles ostnud erakapitalifirmad on hakanud Portugali turismisektoris hindu dikteerima, kirjutab Bloomberg.
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
The state needs warships, helicopters and coastal radar network
Estonia lacks an exhaustive image of what is happening in its territorial waters. Maritime defence is fragmented between three institutions, which can perform only a small amount of approximately fifty tasks, Estonia’s first detailed maritime security report reveals.
27.12.2016, Oliver KundPM
How to spin political money
The internal security service and the prosecution believe they have cracked former Tallinn mayor and Center Party head Edgar Savisaar's alleged Swiss money laundering scheme.
14.12.2016, Oliver KundPM
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.
LHV asutaja Viisemann viis oma osaluse Šveitsi investeerimisfirmasse
LHV Group üks asutajatest Andres Viisemann viis oma osaluse ettevõttes Šveitsis registreeritud ettevõtte Viisemann Investments AG omandusse.
Government to boost security of hundreds of buildings
State agencies, the Estonian National Museum, certain bridges, server rooms, and backup generators of hospitals are just some of the things to be added to the government's new list of objects of national security relevance. The latter will have to take more stringent security measures against potential attacks.
21.09.2016, Oliver KundPM
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.
Eesti Energia loodab alustada Jordaania jaama ehitamisega veel käesoleval aastal
Eesti Energia juhatuse liikme Margus Valsi sõnul loodetakse Jordaania elektrijaama ehitusega veel selle aasta lõpus peale hakata.
Editorial: do kick into gear, Mr Ossinovski
The deficit in Health Insurance Fund is shocking and shows the politicians are in a bigger hurry with systemic changes than we were guessing. Also, the state budget hole is likely to be deeper than envisioned.
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.
04.07.2016, Andres ReimerPM
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.
30.06.2016, Siiri LiivaPM
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.
07.06.2016, Marge TubalkainE24
Graanul Invest ostis elektrijaama Belgias
Graanul Invest grupist sai pärast kõikide Langerlo NV aktsiate omandamist Belgias asuva elektrijaama omanik.
07.06.2016, Marge TubalkainPM
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.
27.05.2016, Tõnis OjaPM
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.
23.05.2016, Tõnis OjaE24
Sutter: Jordaania projekti lõplik rahastuskokkulepe tuleb lähikuudel
Eesti Energia juhatuse esimehe Hando Sutteri sõnul väljub energiafirma viie aasta jooksu täielikult Jordaania projektist ja projekti lõplik rahastamiskokkulepe peaks saama allkirjastatud juba teises kvartalis.
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.
28.04.2016, Aivar ÕepaPM
Society threatened by underfinancing of kindergarten education
Currently, lion's share of Estonian educational spending goes to gymnasiums, while the society would win out by proper financing of kindergarten education, as claimed by authors of OECD report. Extra money needs to be spent to alleviate the chronic underfinancing of kindergarten teachers.
07.04.2016, Oliver KundPM
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.
26.02.2016, Andres Reimer
Eesti-Soome taustaga Karma Ventures investeerib idufirmadesse 40 miljonit
Uus riskikapitalifond Karma Ventures alustab investeerimist varase ja kasvufaasi Euroopa idufirmadesse ning on selleks loonud 40 miljoni euro suuruse algmahuga fondi.
10.02.2016, Aivar PauPM
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.
09.02.2016, Tõnis OjaPM
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.
25.01.2016, Jaanus PiirsaluPM
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.
14.01.2016, Kadri HansaluPM
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.
11.01.2016, Andres ReimerPM
Editorial: no need to panic, no cause to frolic
At change of year, we look back and we look ahead. As shown by the traditional Postimees prediction by economists and an overview of 2015, we have no need for panic while a basis to euphoria is absent as well.
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.
04.01.2016, Tõnis OjaE24
Tallinna lennuhooldusettevõte plaanib laieneda välisriikidesse
Eesti lennukite hoolduse ja remondiga tegelev ettevõte Magnetic MRO plaanib ka edaspidi kaupade ja teenuste eksporti välisriikidesse arendada, ent kapitalimahukaid investeeringuid väljaspool Eestit ei planeeri.
Temperature rising: eHealth heats up
Freshly out of his job, Estonian eHealth Foundation head Raul Mill accuses social ministry in hammering on with a reform potentially in violation with law. The ministry thinks the only way to make eHealth work is grabbing the wheel.
18.12.2015, Oliver KundPM
Estonia a candidate for satellite data platform
Estonia has interest and capacity to create Baltic Sea satellite data platform, said enterprise minister Liisa Oviir following an unofficial EU and European Space Agency ministers meeting in Brussels this Monday.
02.12.2015, Aivar PauPM
The random use of EU money
Over these past seven years, Estonia's parishes and towns have received €4bn of European Union funding while equality of counties remains elusive.
01.12.2015, Anneli AmmasPM
Estonia emerges as Baltic laggard
Two summers ago as it was already known that Latvia was joining the euro, consultancy EY Estonia head Ivar Kiigemägi predicted this was Estonia's last year with fastest growth in eurozone. He was right.
23.11.2015, Tõnis OjaPM
An Enterprise Estonia (EAS) representative in Japan, Kosaku Yamaguchi-san vigorously does the «self-flagellation» thing whenever in a Kilingi-Nõmme sauna.
30.10.2015, Riina LuikPM
High speed internet makes many mad
Illusions of harmonious expansion of Estonian internet network got crushed on October 17th as into numerous inboxes of entities responsible for Estonian IT-development and of media outlets landed a press release by Estonian Broadband Development Foundation (ELASA).
29.10.2015, Aivar PauPM
Development Fund perhaps not needed
Gradually, the future of Development Fund is beginning to take shape. Having convened yesterday, Economic Affairs Committee will propose that the government spread out its functions.
27.10.2015, Marge TubalkainPM
Head of Elisa: Europe needs dramatic changes
Veli-Matti Mattila, head of the major Nordic digital services group Elisa, says Europe must act fast to abolish a large part of laws and regulations which hinder development.
15.10.2015, Aivar PauPM
International airport idea near Narva faces Russia fear headwinds
Citing security concerns, interior ministry hesitates to award border and customs control operations to the tiny Olgina Airfield near Narva which wishes to receive private planes flown by Russia's rich.
14.10.2015, Andres ReimerPM
Editorial: brown gold, wrapped in paper
In Estonia, involvement tends to be in words only. With decisions, experts, scientists, entrepreneurs and real-lifers tend to be ignored. While with some softer domains the mistakes may merely cause the temporary media noise and public nagging, in some matters the errors may be fatal and the price to be paid severe. The latter surely involves issues of oil shale mining.
SEB grants grace period to third of milk producers
Over a third of milk producing clients of SEB have applied for grace period regarding loan payments, and some are failing to even pay the interests.
15.09.2015, Nils NiitraPM
Editorial: something's gotta change
Patience is wearing thin, signalled farmers' protest at Toompea yesterday. can't go on like this. As costs keep exceeding income, unlike other businesses farmers lack the option to temporarily halt operations.
«What do you do out of the blue...»
The rapidly spreading swine fever has affected farmers in dire straits. While the state offers support to start anew, many haven't a clue what the new might be.
13.08.2015, Marge TubalkainPM
Sutter says «use electricity in the night»
Consumers should watch the hourly electricity price as exchange fluctuations may cut price ten times lower, advises Eesti Energia CEO Hando Sutter.
11.08.2015, Andres ReimerPM
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 ReimerE24
Venemaa SKP vähenes teises kvartalis 4,4 protsenti
Venemaa sisemajanduse koguprodukt (SKP) vähenes esialgsete andmete kohaselt teises kvartalis 4,4 protsenti ja esimesel poolaastal 3,4 protsenti, ütles Venemaa majandusminister Aleksei Uljukajev.
Estonian prison investments twice smaller than in Finland
On pages of Iltalehti, Finnish parliamentarian Laura Huhtasaari said conditions in Estonian prisons were so bad that should Finnish sexual offenders sit behind Estonian bars, the environment would serve as additional disciplinary punishment. Postimees sought to specify the differences.
17.07.2015, Indrek MäePM
Joint front formed against Swedbank by Romanian loss victims
Estonians who invested money into Romanian real estate fund only to lose it have ganged up to fight Swedbank who sold the fund’s bonds to its private banking clients. Investors will be represented by top lawyer Maria Mägi.
19.06.2015, Katrin LustPM
Swedbank helps Estonians lose €8.5m in Romania
Mediated by Swedbank, over 200 Estonians invested a total of €8.5m into Romanian real estate. By today, their money is no more.
12.06.2015, Katrin LustE24
Põllumajandusäpi loonud Eesti idufirma kaasas investoritelt 1,1 miljonit
Farmidele mõeldud mobiiliäpi loonud Eesti idufirma VitalFields kaasas äsjalõppenud emissiooni tulemusel 1,1 miljonit eurot uut kapitali, teiste investorite seas oli Eesti Arengufondi investeerimisharu SmartCap.
27.05.2015, Aivar PauPM
McDonald's to invest EUR over 5 mln in Estonia in 2.5 years
Premier Restaurants, operator of McDonald's restaurants in Estonia, is planning to invest more than 5 million euros in Estonia by the end of 2017 and is actively working on plans to open one more restaurant in Estonia.
Bigger money poured into roads, this year
Continuing the trend set in 2014, road construction will basically buzz around the two major cities – on Tallinn Roundabout, Kurna crossing ought to be finalised by end of the year; also, Tartu bypass gets new looks.
29.04.2015, Piret LaksonE24
USA idufirmade rahastus lõi viimase 15 aasta rekordi
Esimeses kvartalis süstiti USAs idufirmadesse 15,72 miljardit dollarit riskikapitali, mis märgib mulluse tulemusega võrreldes 27 protsendist kasvu, kirjutab Wall Street Journal.
Creation of coalition to take time
Though on homestretch with initial discussions on priority topics, top Reformer Taavi Rõivas says the parties will need weeks till coalition agreement begins to take shape.
16.03.2015, Karin KangroE24
Vaata, kas sinu äripartneril on maksuvõlg
Maksuamet avaldas täna suurimate maksuvõlglaste tabeli. Suurim maksuvõlg on üle nelja miljoni euro.
04.03.2015, Marge TubalkainPM
Feels like farmers have perhaps survived
Pan-Estonian survey shows farmers grew desperate during the winter but now, with spring in the air, milk seems to sell again.
26.02.2015, Andres ReimerE24
Analüütikud: Kreeka ei pruugi oma võlga iial tagasi maksta
Isegi kui Kreekal õnnestub saavutada laenutähtaja pikendamine, peaksid Euroopa ametnikud leppima sellega, et Kreeka ei pruugi iial tagasi maksta oma ligi 332 miljardi euro suurust võlga.
23.02.2015, Marge TubalkainPM
Estonia to invest additionally EUR 40 mln to host allies
Estonia is set to invest more than 40 million euros to increase the presence of allies in the country, Prime Minister Taavi Roivas said in a meeting on Friday with NATO's top commander in Europe, Gen. Philip M. Breedlove.
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.
Editorial: the pain and pleasure of predicting
Throughout the ages, predicting the future by the past and present has been a riveting pastime. Oh the oracles, the crystal balls, the soothsayers and the like. For the fans of stuff more sophisticated, try delving into the «Foundation» series by Isaac Asimov where genius-mathematician Hari Seldon invents a discipline for precision knowledge of the future – psychohistory. By the which he predicts the collapse of the Galactic Empire.
The year ahead: economy most impacted by external demand
The main impact on economic indicators in 2015 will be events on global markets, chiefly the persistently low interest rates and oil price drop. Both might serve as catalysts to the economy, but whether a growth boost will be provided, we’ll see in 12 months.
05.01.2015, Tõnis OjaPM
USA to pour $25m into Ämari Air Base
Among other allotments, 2015 budget for US Armed Forces earmarks close to $25m for structures at Ämari, Estonia. Latvia and Lithuanian are due a bit less than that, over $10m and $13m respectively for air bases in Lielvarde and Šiauliai.
22.12.2014, Evelyn KaldojaPM
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
Govt allocates EUR 8.4 mln for national defense
The Estonian government on Thursday decided to allocate 8.4 million euros from the reserve for urgent and one-time national defense expenses.
IKEA again puts off expansion into Estonia
A study in Lithuania was weighing options for IKEA furniture maker expansion into Estonia and Latvia. With the former, Tallinn and Tartu were on the table.
13.11.2014, Siiri LiivaPM
Sanctions no big damage to EU
European Commission Deputy Secretary-General Henrik Hololei says repercussions from Russian sanctions do show most in EU agriculture, but financial indicators reveal technology to be worst affected.
11.11.2014, Tõnis OjaPM
Swedish fund: Baltic region remains attractive to investors
The Swedish investment fund East Capital Explorer judges that the Baltic countries remain an attractive investment destination and intends to divest a part of its fund holdings to expand operations.
To every mouth a morsel
Predictably, the budget bill shaped with general elections in mind is cautious yet bursting with good news. In it, chief promises by both coalition buddies are fulfilled, such as the lowering of income tax rate (squirrels) and rising of child benefits (soc dems).
24.09.2014, Kadri HansaluPM
Near-zero economic growth now predicted
April saw finance ministry lower 2014 GDP growth forecast from 3.6 to 2 percent. According to what they released yesterday, it’s now down to mere 0.5. And, in risk-scenario, 0.3 is the number.
02.09.2014, Kadri HansaluPM
Editorial: not out of the woods (yet)
Differently from, let’s say, the UK, Estonia is not a country used to vast lands belonging to a handful of owners. A basic reason for this is Republic of Estonia’s 1919 land reform whereby large land ownerships were nationalised and afterwards handed out as new farmsteads.
Eesti Energia: jõudsime Jordaanias kokkuleppeni loodetud ajaga
Eesti Energia energiamüügi kommunikatsioonijuhi Helena Haini sõnul jõuti Jordaania valitsusega elektrijaama ehitamise kokkuleppeni loodetud aja jooksul ning elekter võib uuest jaamast jordaanlasteni jõuda juba nelja aasta pärast.
Jordaania kiitis heaks Eesti Energia põlevkiviprojekti
Jordaania valitsus kiitis pühapäeval heaks Eesti Energia põlevkiviprojekti, teatas Xinhua.
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
VKG edges closer to diesel fuel production
Last week saw groundbreaking ceremony at VKG (Viru Keemia Grupp) oil plant Petroter III. When launched in 2016, enough oil will be produced to start independent diesel fuel production.
07.04.2014, Andres ReimerPM
Pension funds staff at wage list top
Average salary at Danske Capital is five times the Estonian average, and thrice the average of financial sector.
26.03.2014, Tõnis OjaPM
In from the outside
Minister-to-be Anne Sulling advises all to learn from long-term Japanese business logic.
25.03.2014, Tuuli KochPM
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
Domestic company investments insufficient
Despite healthy state finances, the well- (not to say over-) capitalised commercial banks and safe levels of loan/deposit ratio in banks, companies invest too little – over time, a possible break on economic growth.
16.12.2013, Tõnis OjaPM
Estonia no brand in world’s eyes
Investors considering Estonia are put off by its lack of long-term vision.
11.09.2013, Heidi OjamaaPM
Foreign investors' interest in Estonia has grown 19 pct - survey
The interest of foreign investors toward Estonia has increased 19 percent compared with 2012, whereas in Lithuania the number of foreign direct investments dropped 7 percent and in Latvia 50 percent, a Baltic business attractiveness survey conducted by Ernst & Young Baltic AS shows.
Forbes: Tartu boasts Estonia's best investment environment
In its fresh issue, Forbes magazine for the first time publishes a list of the best Baltic regional business cities, which puts the Lithuanian cities Klaipeda and Kaunas in places one and two and Estonia's Tartu in third place.
Estonian ministry wants to ease rules for pension fund investments
The amendments to the Pension Funds Act that are set to exit the Ministry of Finance in the fall would allow pension funds to invest their money into longer-term instruments such as infrastructure and energy projects, the daily Postimees said.
18.06.2013, Postimees / BNS