Archive for the Category ‘Estonia’

Baltic states, Scandinavia sign stability pact

Baltic states, Scandinavia sign stability pact

VILNIUS — The Scandinavians brought the money and the Baltic states brought their untapped markets. Together they created the “Baltic Tiger,” one of the fastest-growing economies in the world for much of the past decade. But the combination of the popping of a vastly overheated real estate market the tiger engorged and the global credit […]

Innokas expanding Estonian operations

Innokas expanding Estonian operations

TALLINN — Finnish health care technology company Innokas Medical Oy, whose turnover exceeded €17 million last year, announced Monday that the company would be expanding its Estonian operations. The company has run a factory since 2006 in the coastal town Rakvere, employing 30 people to produce electronic equipment. The company is positive that the inception […]

Russia eases tour bus restrictions

Russia eases tour bus restrictions

TALLINN — The Russian government rescinded restrictions on how Estonian bus companies operate in Russia, now allowing empty buses as well as those full of tourist to cross into the east. Two years ago, Russia ceased issuing permits that allowed Estonian companies to take empty buses to Russia to bring a group to Estonia, requiring […]

Baltics’ exports up most in EU

Baltics’ exports up most in EU

RIGA — The Baltic states have seen some of the largest increase in exports in the European Union during the first five months of 2010 according to the latest figures from Eurostat. Estonia has the second-highest increase in the EU at 26 percent, while Latvia and Lithuania were tied in fourth at 22 percent, a […]

Elering to build €127 mln plant

Elering to build €127 mln plant

TALLINN — Estonian national energy transmission company Elering plans to construct a 2 billion krooni (€127.8 million) power plant to ensure the electricity supply in case of an emergency. Elering is responsible for the operation of the whole electric system in Estonia, so that electricity was ensured to all the consumers at any time. For […]

LHV enters Finland

LHV enters Finland

TALLINN — Finnish financial authorities gave permission on Monday for Estonian investment bank  LHV to operate in Finland. LHV, the Estonian-based pan-Baltic bank, was founded in 1999. The bank currently operates in Estonia, Latvia and Lithuania serving almost 35,000 clients. In Finland, the company plans to offer such services as deposits and loans. According to […]

Estonian unemployment down slightly

Estonian unemployment down slightly

TALLINN — Statistics Estonia reported Friday that the country’s unemployment made the first quarterly decrease in two years down to a still very high 18.6 percent. An estimated 128,000 people were jobless in the second quarter of 2010. In the first quarter this year the number was record-high, when 137,000 people were without work and […]

Danske Bank profits in Estonia only

Danske Bank profits in Estonia only

TALLINN — Danske Bank declared a 118 million krooni (€7,5 million) profit in the first half of 2010 in Estonia, in Lithuania and Latvia the bank deep in the red according to results released this week. Danske’s Estonian subsidiary Sampo Bank reached to profit in first six months this year, while a year ago the […]

Estonian GDP up 3.5% in second quarter

Estonian GDP up 3.5% in second quarter

TALLINN — Estonia’s economy is now the best-performing of the hard-hit but recovering Baltic states. The Estonian economy is recovering the fastest of the three with its gross domestic product increasing year-on-year for the first time since the last quarter of 2007. Statistics Estonia announced Tuesday that the smallest Baltic state’s gross domestic product increased […]

Is Brem bankrupt?

Is Brem bankrupt?

TALLINN — Brem, a large Estonian real estate maintenance company has been filed for bankruptcy after its million krooni-plus debt put hundreds of buildings across the country under threat of losing power. Tallinn heating company Tallinna Küte filed for Brem’s bankruptcy in the Harju County Court, as the maintenance company has not been able to […]

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