812 new cars registered in September

In September offices of the Estonian Roads Administration traffic registry made first entries of 1 959 cars into their lists in September, of these 812 new cars.
In August first entries were made of 600 new cars, the lowest monthly result this year. Of the 3 418 cars registered in September, 1 680 were new.
In September the most popular new car model was Renault Megane, of with 11 were registered, followed by Hyundai model i20 (54 cars) and Skoda Octavia (39 cars). In terms of makes Renault was the most popular with 165, Hyundai 103 and Toyota 96 cars registered.
The first registration of trucks added up to 235 in September and of buses 20, half of them new. The number of motorcycles registered was 70, of which 33 percent were new, and of small ships 79, of which 60 were new.

Source: Estonian Review

Krimelte to start exporting to South America

The Estonian producer of joint sealants and insulation foams Krimelte has concluded a contract with a Brazilian importer and plans to start exporting insulation foams to other South American countries as well, the business daily Äripäev reports.
“After the whole system is in place, opening the new market is just a matter of time. This will happen in six or 12 months,” CEO Jaan Puusaag told the paper.
Krimelte has to date delivered a couple of containers of goods to the Brazilian importer Ancora, which Puusaag said represents a tiny part of the company’s sales that exceed one billion kroons (EUR 64 mln).
As exporting to Brazil started only this year, shipments to that country could make up 2 to 3% of the turnover next year, which is more than 30 million kroons, Puusaag said.
Krimelte is holding talks with another importer in Brazil. The company has found an importer in Argentina as well, but getting the necessary certificates is going to take some more time. Puusaag predicts that first deliveries could reach Argentina already in six months. The next target in South America is Chile.
The chief executive noted at the same time that Krimelte’s sales have shrunk by 30% this year in comparison with 2008 and the company will probably end the year with sales of around 700 million kroons, slightly less than a year earlier.
Puusaag did not rule out the possibility that in addition to all the cuts made to date, costs will have to be reduced more in the future.
The Estonian-equity Krimelte exports its products to more than 30 countries.

Source: Estonian Review

British family acquired Latvian newspapers

Aleksandrs Tralmaks has agreed with the Rowland family on the conversion of the debt provided to Nedela S.A., and thereby the Rowland family becomes the principal investor of the Baltic Media Investments fund, announced LFS. 

In July 2009, Luxembourg based Nedela S.A. acquired from Bonnier Business Press the leading media group in Latvia, AS Diena and SIA Izdevnieiba Dienas Bizness. The new investors will contribute the shares into the Luxembourg Sicav fund – the Baltic Media Investments.  The joint effort by the advisors, LFS and Catella, has resulted in a setup of the Baltic media fund aimed to collect media assets across the Baltic countries for the purpose of creating a sustainable pan-Baltic media group.

Read more here from BBN

Swedbank is willing to compensate losses

Swedbank is willing to compensate losses to its clients in case Financial Supervision Authority’s (FSA) accusations of breaching conflict rules are true, Priit Perens, the CEO of Swedbank Estonia told ERR News.

“We have planned a meeting with FSA on Wednesday to discuss these accusations. If we have broken some regulations and caused direct loss to the clients then certainly we must compensate it,” Perens said.

FSA is sure that Swedbank has broken conflict rules. The Authority investigate Swedbank’s activities for 6 months and came to conclusion that the conflict has not been hedged.

FSA is expecting written answer from Swedbank.

Swedbank invested the money of mandatory pension funds to its Private Debt Fund in time of financial crisis and it should have noted the problems of issuers. The value of the fund decreased by nearly 40 pct and thousands of pension fund clients lost money.

Read more from BBN

Exports and imports decreased by nearly a third

According to the preliminary data of Statistics Estonia, in August 2009 exports of goods from Estonia amounted to 7.8 billion kroons at current prices and imports to Estonia comprised 9.3 billion kroons.

Compared to August of the previous year, the value of exports of goods decreased by 30% or 3.4 billion kroons, and that of imports by 31% or 4.1 billion kroons. The decline was partly caused by high comparative base indicators of the previous year.

In August, the foreign trade deficit amounted to 1.5 billion kroons, which is nearly a third smaller compared to the same month of the previous year. The foreign trade deficit has started to decrease significantly since January this year.

In August the value of goods exported from Estonia to the European Union (EU 27) countries was 5.2 billion kroons accounting for two thirds of Estonia’s total exports. Compared to August of the previous year, exports to the EU 27 countries decreased by 2.4 billion kroons or 31%. Exports from Estonia to non-EU countries or the so-called third countries amounted to nearly 2.6 billion kroons, which is 28% less compared to August 2008.

In August, imports from the European Union (EU 27) countries to Estonia totalled 7.2 billion kroons with the share of 77% of Estonia’s total imports. Imports from the EU countries decreased by 3.4 billion kroons or by nearly a third compared to August of the previous year. Imports from other countries than the EU amounted to about 2.1 billion kroons, which is 26% less compared to August of the previous year.

The foreign trade deficit with the European Union countries accounted for 2 billion kroons (3 billion kroons in August 2008). At the same time, the trade balance with other countries than the EU was slightly on the positive side or exports to these countries exceeded imports by approximately 0.5 billion kroons.

Compared to July 2009, exports of goods decreased by 5% and imports by 3%.

Estonian foreign trade, January 2008 – August 2009

Diagram: Estonian foreign trade, January 2008 – August 2009

Statistics Estonia releases the first estimates about foreign trade on the 40th day after the end of the reference period which are then revised on the 54th day. Statistics Estonia will release a more detailed overview of the foreign trade for August on the 26th of October.

Source: Statistics Estonia