Net profit of Port of Tallinn up by one tenth

The consolidated net profit of Estonia’s AS Tallinna Sadam grew by one tenth to 252.6 million kroons (EUR 16.14 mln) in H1 against the same period last year thanks to a lower income tax on dividends.
The operating profit of the company in H1 this year amounted to 318 million kroons, 24.3 million kroons less than in the same period last year.

The consolidated revenue of the company totalled 615.4 million kroons, 5.7 percent less on year, Tallinna Sadam informed the stock exchange.

The contraction in the revenue was due to the decline in the trade volume, the effect of which surpassed the positive effect of the number of passengers and total capacity of the passenger ships they were carried on.

Expenses connected with the main operations remained almost unchanged and totalled 311 million kroons.

In H1 2008 the group invested into new infrastructure sites and improvement of the existing ones a total of 196 million kroons, 209 million kroons less than in the previous year.

In H1 this year the freight volume handled at harbours belonging to AS Tallinn Sadam contracted by seven million tons or 32 percent to 14.8 million tons. Tallinna Sadam belongs to the Republic of Estonia.

Source: Estonian Review

Estonia: Baltika to take Ivo Nikkolo brand to Latvia

The Estonian garments group AS Baltika will take the Ivo Nikkolo brand to Latvia and is considering plans of expansion in Lithuania. Baltika said that it would open the first Ivo Nikkolo store in Latvia. At the end of this year the company is planning to extend the Ivo Nikkolo assortment also in Lithuania, opening two additional stores.

Baltika board chairman Meelis Milder said the sale of the trade mark on the Lithuanian market had been successful. “At the moment Ivo Nikkolo is the fastest growing Baltika brand portfolio concept on the Lithuanian market and this gave us confidence for expansion to Latvia,” Milder said.

In the long term, Milder said, the aim is to make Ivo Nikkolo a considerable fashion brand in its niche in the whole Central and Eastern Europe.

Ivo Nikkolo’s first store outside Estonia was opened last March in Lithuania. At the moment the trademark has seven stores, of which four in Estonia, two in Latvia and one in Latvia.
Baltika acquired the Ivo Nikkolo trademark at the end of 2006.

Source: Estonian Review

EMT asks over EEK 24,000 for iPhone

iPhone Estonia

iPhone Estonia

Apple iPhone 3G maximum price reaches over EEK 24,000 in Estonian largest mobile operator EMT stores, aripaev.ee writes.

EMT offers two packages for the phone. The first, i550, would cost about EEK 15,870-17,160. In case of choosing the other package, i890, the client has to pay EMT during the 24-month period EEK 24,140.

EMT launched iPhone sales today at midnight.

Source: BBN
Read more: TeliaSonera and Apple bring iPhone to Nordic countries and Baltic States
Read more: iPhone intro
Read more: iPhone prices

Foreign investors presented their proposals to the government

Foreign Investors Council in Estonia (FICE) submitted the Estonian government their suggestions about Estonia’s economic growth and employment plan for 2008-20011 in which they noted that increasing effectiveness should be the most important topic.

FICE is a lobby group formed on Aug 2008 acting through contacts with the Estonian government and Estonia’s governmental bodies. Before this organization was formed, another one called  the International Business Council of Estonia (IBCE) was effectively working until it vanished in 2005 because the economic situation in Estonia was favourable enough for the foreign investors and the members did not see a need for an organization (Kairi Kurm).

Pioneering FICE members include the American, Austrian, British, Danish, Finnish, German-Baltic, Holland, Norwegian and Swedish Chambers of Commerce, Business Clubs and Marketing Offices in Estonia.

Together, the nine countries represented among FICE’s members had a more than 80 pct share of the total foreign direct investments in Estonia during the first six months 2008.

FICE’s ideas and proposals to the Estonian Action Plan for Growth and Jobs 2008 – 2011 are listed below for the Government of the Republic of Estonia to consider and evaluate:

Tax system

– Keep the tax system simple and attractive

– Make Estonia a financial center & hub

Energy and environment

– Develop new energy sources like nuclear and renewable energy

– Develop transmission connections with Nordic and cross country cooperation

– Better management of the forest resources

– Continue with the efficient use of EU cohesion funds to improve the Estonian transport  infrastructure, in particular the road system

– Environment and sustainability are global issues – and opportunities that should be prioritized

Administrative reforms

– Merge smaller municipalities to bigger units

– Improve the integration of minorities

– Fight corruption between business and politics

– Streamline the approval, management and payment process of EAS funds to Estonian small to medium size enterprises (SME’s)
Export

– Focus on export promotion

– Better service and competence in all export areas to be globally competitive

– Promote Estonia as a high tech community – e.g. the creator of Skype, internet banking etc.

– Focus on and improve the transit trade

– Create added value in Global Supply Chains via knowledge / science

Education

– Better vocational education

– Continue to develop language skills in schools

– Merge smaller universities to bigger units

– Heavy investment into research and development – develop and sustain a high level

Business, general

– Improve co-operation between interested parties: businesses, business communities, government, authorities, etc

– Focus on and support small businesses

– Keep the simplicity and transparency in the business sector

– Keep inflation and salaries down – facilitate access to foreign workforce

– Improve business relations with Russia

– INCREASED efficiency must be a national topic!!!

 

Article compiled from FICE, FICE’s proposal to the prime minister, BBN and Kairi Kurm