Estonian Banks Earn 575 Million Profit in Two Months

Estonian commercial banks made in the first two months of this year a combined profit of 575 million kroons.

The banks’ profit in January was 273.7 million kroons, while net profit in the first two months of 2007 totalled 804.6 million kroons.

The banks’ assets grew by 800 million kroons during February, totalling 322.5 billion kroons at the end of the month. In January assets increased by more than a billion kroons.
Banks’ claims on customers declined by roughly 6.5 billion kroons last month to 253.1 billion kroons. Clients’ deposits in commercial banks stood at 143 billion kroons at the end of February.

Source: Estonian Review


Estonia’s Bauhof Plans to Invest Over 50 Million in Lithuania

The Estonian building and gardening supplies vendor Bauhof plans to invest this year more than 50 million kroons in expanding in Lithuania.

Bauhof plans to open at least eight stores in Lithuania in coming years and has already concluded contracts on the construction of the buildings, the company said.

In managing director Mart Vau’s judgment, Lithuanians’ interest in the market newcomer is high. “Bauhof adheres to the classical do-it-yourself concept widespread in Europe, and we believe it will go down well on the Lithuanian market,” he said.

Bauhof’s first Lithuanian store at Panevezys opened at the weekend. The next two stores selling building materials and gardening supplies will according to plan start work in Siauliau in the summer and in Klaipeda in the fall. Bauhof expects to open its first store in Latvia in the first half of 2009.

The company earlier announced plans to open more than 20 stores in Lithuania in the next three years and become the largest building materials supplier in the Baltic states.
The turnover of Ehitus Service OÜ operating under the Bauhof trademark was 1.013 billion kroons last year. The company belongs to the Swedish Askembla Asset Management and Nemor Invest of Estonia. Bauhof gives work to about 500 people.

Source: Estonian Review

Eight Countries to Take Part in NATO Cyber Defence Centre in Estonia

Eight countries will be taking part in the work of the cyber defence centre, while the posts of chief and chairman of the supervisory board will be filled by Estonians.

The countries are Estonia, Latvia, Lithuania, Italy, Germany, Spain, Slovakia and the United States.

In May defence forces commanders of these countries will sign a co-operation agreement on the establishment of the centre.

An Estonian representative will fill the post of chairman of the supervisory board of the cyber defence centre. According to non-official information Johannes Kert, currently the Estonian representative on the steering committee of the cyber defence centre will become chairman of the council.

An Estonian will also be appointed as chief of the cyber defence competence centre. As of August 1, the defence forces commander has appointed to the post Lt. Col. Ilmar Tamme.
Some countries that earlier said they did not want to take part in the work of the centre have recently shown interest in it.

The preliminary condition of the accreditation of the NATO competence centre is official participation of three member countries of the alliance and signing of an international co-operation agreement. The term of getting an accreditation to the centre is January 1, 2009.

Source: Estonian Review

Estonian Prime Minister Inaugurated the First Estonian ICT Showroom abroad

The first Estonian ICT Showroom was inaugurated at the Estonian Embassy in Ankara, by Estonian Prime Minister Mr. Andrus Ansip during his official visit to Turkey.

This ICT Showroom is the first of its kind worldwide to be located in an embassy.

The aim of the showroom is to stimulate interest in Estonian ICT products and know-how (national ID-card, e-business-solutions, e-Government, e-Elections, wireless networking, etc.) among Turkish entrepreneurs and public institutions, and to promote further cooperation between Estonian and Turkish businesses working in this sector.

Prime Minister Ansip noted that this ICT showroom is a very good example of collaboration between the Estonian public and private sectors in promoting Estonian products and know-how abroad.

The opening of the Estonian ICT Showroom was organized by the Estonian Ministry of Foreign Affairs in cooperation with Artec Group.

Source: Estonian Review