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News
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Scots Host Expansion-Minded Entrepreneurs |
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ERR - The British-Estonian Chamber of Commerce and Enterprise Estonia London hold a conference in Edinburgh on September 13. Titled "SmartEST: New Nordic Estonia," the event aims to foster business links and introduce new investment opportunities.
In addition to providing a general overview of Estonia's economic trends, the conference focuses on finance and real estate sectors, renewable energy and e-health care.
The keynote speech is delivered by Foreign Minister Urmas Paet. Other speakers come from the Estonian Ministry of Foreign Affairs, the Praxis think tank, Scottish Development International and the countries' business communities.
Read more: http://news.err.ee/economy/40f51d3b-7e52-4158-bf21-edef7f838aad |
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Last Updated on Tuesday, 13 September 2011 14:11 |
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Producers, Investors Rally '2nd Wave' of Finnish Businesses |
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ERR - Some of Estonia's top producers and investors say a "second wave“ of Finnish-run companies seeking prospects in Estonia is underway.
The Estonian Logistics Cluster and the Finnish office of the research and development investment foundation, Enterprise Estonia, are both trying to attract Finnish investors. Already a fourth of Estonia's foreign investments comes from Finland, they said in a joint press release.
The organizations pointed to the words of Juha Hämäläinen, an adviser for the law bureau Sorainen, who, in the Finnish newspaper Kauppalehti, asserted that the Finnish government's plan to increase dividend and capital taxes is causing companies to turn to Estonia. According to Hämäläinen, there are already some 10,000 Finns in managing positions in Estonia.
"We have a similiar understanding of quality. Cultural affinity is also an important factor. The Finns may plan their activities further ahead, and perhaps Estonians are more flexible and have experience working in a constantly changing environment. We are different enough to attract business and similiar enough to make cooperation possible,“ said Enterprise Estonia director in Helsinki, Valdar Liive.
Read more: http://news.err.ee/economy/acf61816-1a0e-4ee5-bba5-f5d78bde2339 |
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Last Updated on Tuesday, 13 September 2011 14:10 |
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FDI in Estonia totaled EUR 440 mln in Q2 |
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BNS – Direct investment in Estonia grew by 440 million euros during the second quarter of this year, while direct investment by residents of Estonia abroad increased by 29 million euros, the Bank of Estonia said on Thursday.
Direct investment inflow was by 411 million euros bigger than outflow. Two-thirds of the growth in foreign direct investment was related to flows of intercompany lending between direct investment companies: assets to direct investors decreased, while liabilities increased.
Equity capital investment and reinvested earnings accounted for 16 percent and 17 percent of the direct investment inflow respectively. The low share of reinvested earnings is the result of large withdrawals of dividends, the central bank said.
In the first quarter of the year, FDI in Estonia amounted to 427 million euros and direct investment by residents of Estonia abroad increased to 195 million euro. The FDI balance for the first quarter of 2011 was 232 million euros.
The outflow of portfolio investment was 22 million euros bigger than inflow.
In financial derivatives, outflow surpassed inflow by 15 million euros. |
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Last Updated on Friday, 09 September 2011 08:04 |
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VKG To Build Fuel Production Terminal |
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ERR - Oil shale processing giant Viru Keemia Grupp (VKG) has announced that it will soon begin construction of a 250-million-euro diesel production facility, a move that mirrors the plans of its chief competitor, Eesti Energia.
The plant, which should be completed by 2016, will employ 600 people, Eesti Päevaleht reported.
"Talks with the designer and contractor to build a plant costing 250 million euros have now come to an end, and after a few weeks we will make a choice between two options," said VKG chairman Priit Rohumaa.
State-owned energy firm Eesti Energia is already producing lower grade liquid fuels from shale, but hopes to step up its operation with the opening of its Enefit-280 plant in Narva next year.
Read more: http://news.err.ee/economy/796aec6c-ccca-4179-8997-cc059a4504ab |
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Last Updated on Friday, 09 September 2011 07:47 |
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Microsoft Explores Cooperation with Tallinn Tech |
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ERR - Microsoft Vice President and CFO Alain Crozier's visit to Tallinn on September 7 heralds a new relationship between Estonia and the US-based software giant that extends beyond a shared love of innovation.
Crozier arrived at the Tallinn University of Technology to initiate talks with Alar Kolk, the school's vice rector, about Microsoft leading research projects with faculty and students at the university.
"Microsoft is a global trendsetter, and Alain Crozier is the man behind innovations that we use daily," Kolk told ETV. "This meeting is an important milestone marking the start of cooperation toward innovation."
Read more: http://news.err.ee/sci-tech/d5ccd8db-2358-45f8-b157-5ee66e8d7af4 |
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Last Updated on Thursday, 08 September 2011 10:40 |
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Sillamäe Could Become EU's Strategic Metals Storehouse |
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ERR - Molycorp Silmet has been approached by members of an EU task force looking to set up a stockpiling facility for rare earth metals, the company's CEO has said.
"I have been approached by the EU about stockpiling. There is a task force that is looking over strategic materials and they have contacted me. They were surprised that we do tantalum and niobium, which are also strategic materials," David O'Brock, head of the Sillamäe-based company, told Reuters.
O'Brock said he recommended to the task force that the EU stockpile a year worth of his plant's capacity or 3,000 tons of material.
Read more: http://news.err.ee/economy/d8b25363-bea6-4881-b1ad-d4fc048df2e5 |
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Last Updated on Thursday, 08 September 2011 07:43 |
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Estonia Remains 33rd in Global Competitiveness |
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ERR - For the second year in a row, Estonia has been ranked 33rd in the World Economic Forum's annual Global Competitiveness Report.
The report, published September 7, assesses 142 countries based on a broad range of factors such as education, market efficiency, macroeconomic environment, labor market efficiency and technical readiness.
In the overall rankings, Switzerland topped the list for the second consecutive year, followed by Singapore.
For its part, Estonia came out ahead of all of its Baltic and Central European neighbors, with the Czech Republic next highest at 38th. However the country still trails far behind Nordic cousins Sweden and Finland, who came in third and fourth place respectively.
Read more: http://news.err.ee/economy/b5228612-2f62-484c-b0a3-ea5cbe6208e8 |
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Last Updated on Wednesday, 07 September 2011 12:55 |
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Government Predicts 7% GDP Growth for 2011 |
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ERR - Though the Ministry of Finance has yet to release its official prognosis for the nation's economy, Prime Minister Andrus Ansip said on September 1 that there are no surprises in store and that the government's forecast for this year's GDP growth is an even 7 percent.
"Forecasts published yesterday by commercial banks concluded that this year's economic growth would be higher than expected, but next year the growth will start to decline. The Ministry of Finance is of the same opinion," Ansip said at this week's Cabinet press conference.
As was the case with recent bank forecasts, the latest government prediction was radically higher than it was in spring, when the ministry announced it was expecting a 4 percent growth for the year.
Read more: http://news.err.ee/economy/ef7efed6-edeb-4b82-b418-1f2149b4760e |
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Last Updated on Thursday, 01 September 2011 14:48 |
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Estonia: public procurement launched to build, operate electric cars loading network |
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BNS – The Estonian Kredex foundation has launched a public procurement tender for the purchase, installation and later operation of electric cars loading equipment on highways and in settlements during the next five years.
The loading network to be bought in the framework of the procurement will have about 200 loading installations. In the framework of the procurement also the installation, maintenance and operation services will be bought.
According to the invitation for bids the cost of the procurement is in the range of 7 to 10 million euros. |
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Last Updated on Friday, 19 August 2011 07:33 |
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Estonia's Economic Growth Remains Highest in EU |
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ERR - As in the first quarter of the year, the 8.4-percent economic growth reported by Estonia in the second quarter was the highest among the EU countries.
Compared to the same period last year, the Lithuanian economy grew by 5.9 percent and the Latvian economy by 5.7 percent.
According to Eurostat, the GDP growth figure for the EU and the Eurozone economies dropped from 2.5 percent in the first quarter to 1.7 percent in the second quarter.
In the first quarter, the EU and Eurozone economies grew by 0.8 percent, but in the second quarter, only by 0.2 percent.
Read more: http://news.err.ee/economy/7b97baaa-5f1a-4e05-9087-59566d63d14d |
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Last Updated on Wednesday, 17 August 2011 11:43 |
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Tartu University to Introduce Health-Monitoring Robot |
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ERR - Computer scientists at the University of Tartu are demonstrating a unique robot prototype on August 24 that is designed to monitor the health of elderly people and those with cardiovascular diseases, detecting situations that require prompt medical attention.
The innovation could reduce the need for at-home caretakers, restoring a level of privacy to people with health problems and lowering the cost of home-based care, according to the university.
The robot was developed within the European Union's Robo M.D. project which, in addition to Tartu University, also includes contributions by colleges in Italy, the Netherlands, Austria and the Czech Republic.
Read more: http://news.err.ee/sci-tech/2dc22885-74f7-4fe4-b62e-05e51506b9c6 |
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Last Updated on Wednesday, 17 August 2011 08:25 |
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2nd Quarter GDP Growth Hits 8.4% |
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ERR - Flash estimates from Statistics Estonia put the nation's second quarter GDP growth at 8.4 percent compared to the same period of 2010, continuing the brisk rate seen since the beginning of this year.
Seasonally and working-day adjusted GDP was up by 1.8 percent compared to the previous quarter.
The statistics agency said that a rapid growth in the value added in manufacturing was giving the biggest push to the GDP rise.
After posting a relatively modest GDP growth of 3.1 percent for 2010, the nation's economy knocked pundits off their guard this spring when initial figures showed that the growth rate had hit 8 percent in the first quarter, a number that was later revised to 8.5 percent.
Read more: http://news.err.ee/economy/b0d02797-9312-4ee5-b78f-ae3677c3cc0e |
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Last Updated on Thursday, 11 August 2011 19:46 |
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S&P Upgrades Estonia's Rating to AA- |
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ERR - On August 9, Standard & Poor's raised Estonia's credit rating from A to AA-, a perceived nod to its stringent budgetary policies.
In its statement, the agency said that it believes in "Estonia's strong economic flexibility and improving external competitiveness against the challenges inherent in adapting the economy to lessen its reliance on external funds."
Also cited by the fresh rating report were the "clear commitment of Estonia's political parties to support and implement budgetary and structural policies to address the effects of severe economic recession" and low government sector debt.
According to Ülo Kaasik, Deputy Governor of the Bank of Estonia, the agency's decision first and foremost shows a growing trust in the country's economy.
Read more: http://news.err.ee/economy/5947712a-008d-45d8-9869-73d82373ab8e |
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Last Updated on Friday, 09 September 2011 07:56 |
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Finland's Trafotek invests EUR 4 mln in Estonian plant |
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BNS – The Finnish manufacturer of power transformers and voltage stabilizers Trafotek has invested around four million euros in building a new factory in the village of Juri in northern Estonia and plans to expand production.
Manager Pertti Arvonen told the business daily Aripaev that the company launched production in Estonia at the beginning of May this year. "At present we have 35 staff in Estonia, but the number will grow already within the next couple of weeks and by the end of the year we expect to employ 40-50 people," he said. In his words, there are already plans to expand production.
"As we have customers in Estonia we have been making deliveries from Finland to Estonia for years -- the products are heavy and transport is expensive, so opening production in Estonia was a logical step," Arvonen said.
Media reported the Turku-based company's plan to build a factory giving work to 50 people in the territory of the Rae technology park outside Tallinn last July. The factory was planned to have a floor area of 4,000 square meters.
Trafotek Oy posted a turnover of 55 million euros for 2009. The company employed 280 people in Finland last year. |
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Last Updated on Tuesday, 12 July 2011 07:55 |
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Government Coaxes Drivers to Buy Electric Cars |
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ERR - As of July 11, car owners, be they individuals or businesses, can receive subsidies of up to 50 percent on their purchase of a new electric car, the Ministry of Economic Affairs announced.
Financed by the sale of carbon dioxide credits to Mitsubishi, the offer is part of the government's development strategy to boost renewable energy use to 10 percent of the nation's fuel consumption by 2020. The sale also allowed the state to purchase 507 electric cars, which will be reserved for social workers. A nationwide network of charging centers is planned.
The subsidy, which is capped at 18,000 euros and includes an additional 1,000 euros for the battery charger and installation, will be provided to the first 500 buyers.
Read more: http://news.err.ee/sci-tech/a39cd11e-ca9f-426e-9cd7-2bbc2cfacc4c |
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Last Updated on Tuesday, 12 July 2011 07:54 |
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Fitch Upgrades Estonia's Rating to A+ |
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ERR - On July 5, the global credit rating agency Fitch Ratings upgraded Estonia's long-term foreign and local currency Issuer Default Ratings (IDR) from A to A+, and categorized its outlook at "stable."
“The upgrade reflects Estonia’s solid economic growth performance, exceptionally strong public finances, declining external debt ratios and signs of increasing stabilization in the banking sector,” Michele Napolitano, Associate Director in Fitch’s Sovereign Group, said in a company statement.
The agency also affirmed the country's short-term IDR at F1 and the Country Ceiling at AAA.
In its statement, Fitch pointed to fiscal policy as one of Estonia's key strengths, in particular the fact that the country's public debt is the lowest in the EU - 6.6 of GDP in 2010.
Read more: http://news.err.ee/economy/a9bae033-6c90-4bc9-9a24-1358eb9e5c57 |
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Last Updated on Wednesday, 06 July 2011 08:11 |
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European Parliament Approves Tallinn-Based IT Agency |
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ERR - The European Parliament confirmed on July 5 the creation of an agency for managing Schengen area IT systems that will be based in Tallinn.
To begin working next summer, the agency will manage the sharing of data on security, visa applications, and asylum seekers' fingerprints. "The agency will keep these large-scale IT systems functioning 24/7, ensuring a continuous flow of data among the member states," said member of the Civil Liberties, Justice and Home Affairs Committee Carlos Coelho.
In a vote, 607 MEPs were for and 48 against the resolution, with 14 lawmakers abstaining.
Read more: http://news.err.ee/politics/674ac86b-43ef-4595-88da-353fdd831be1 |
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Last Updated on Wednesday, 06 July 2011 08:11 |
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Enterprise Estonia Signs Deal with Major Japanese Bank |
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ERR - he nation's business development agency Enterprise Estonia has signed a cooperative agreement with Japan's Sumitomo Mitsui Banking Corporation (SMBC) aimed at promoting business between the two countries.
The agreement, concluded on June 21, establishes a basis for trade cooperation and information exchange between Japanese and Estonian companies, and should help foster Japanese investments into the Estonian economy, a release from Enterprise Estonia stated.
"The cooperation agreement that [SMBC] signed with Enterprise Estonia today creates a good opportunity for it to give its customers relevant and specific information on business opportunities in Estonia and to ensure professional services to clients participating in potential investment projects," it said.
Read more: http://news.err.ee/economy/f5975163-3c57-4942-af66-36033479c14b |
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Last Updated on Monday, 04 July 2011 08:46 |
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Finland's Pohjola Bank Sets Up Base in Estonia |
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ERR - Pohjola Bank, a member of Finland's largest financial services group OP-Pohjola, has opened its first branch in Tallinn.
Set up exclusively for corporate clients, the branch handles payment services, capital and liquidity management, and investment financing, a company press release said. Its list of services is slated to expand later this year.
Pohjola has already been active in the Estonian market for some time, selling leasing services and non-life insurance through the OP-Pohjola's Seesam insurance company, which has been in operation since 1991. The new bank branch marks a significant step up in its local presence, however.
Read more: http://news.err.ee/economy/83751f5a-9760-4dea-9ee1-2372597d420d |
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Last Updated on Tuesday, 21 June 2011 13:41 |
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New Project to Champion Estonia as Financial Services Hub |
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ERR - The long-discussed notion that Estonia could one day grow rich as a regional provider of financial services was given a boost on June 20 with the launch of FinanceEstonia, a new project started by several major players in the country's investment realm.
According to a release by one of FinanceEstonia's founding members, the Development Fund, the non-profit organization's goal will be to "jointly develop financial services, related support services and technology export in Estonia."
Among its other 18 founders are the Service Industry Association, NASDAQ OMX Tallinn, KPMG Baltics, Ernst & Young Baltic and a number of law firms and support service bureaus.
Service Industry Association chairman Viljar Arakas said that Estonia should develop business advantages vis-à-vis Scandinavia, and that the country has the potential to be far more than simply a nation of subcontractors. "There is increasing need for financial services, and Estonia could help meet part of this need,” he said.
In addition to the idea of Estonia as a provider of financial services, organizations such as the Development Fund have in recent years also been promoting the country as a location for global companies to base their administrative divisions.
Read more: http://news.err.ee/economy/495840f1-f08e-4e39-902a-5d2a1cc588fb |
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Last Updated on Tuesday, 21 June 2011 07:46 |
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