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CEO of Urmas Sõõrumaa's investment company to step down

26.01.2010, 14:42

Peeter Tohver will be stepping down as chairman of the board of U.S. Invest, the investment company of Urmas Sõõrumaa who will also take over management of the firm.

"We found with Peeter Tohver jointly that the current business model where U.S. Invest is a holding company and helps its subsidiaries to grow aggressively is not the best possible model in today's economic situation," said Sõõrumaa.

"Unfortunately, the new structure will not enable Peeter Tohver to realize his abilities to the fullest," added the businessman, saying that subsidiares of U.S. Invest have able managers and can develop also without active involvement of the parent company.

U.S. Invest operates in Estonia, Latvia, Lithuania and Russia. It owns real estate developer Rotermann Grupp, real estate administration company ISS Haldus and energy company BEN Energy.

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Estonia to sell quota
for a billion kroons

Estonian ministry of environmental affairs has approved draft agreement to sell spare emission allowances to Spain for 688 million kroons and Sumitomo Mitsui Banking Corp. for an unspecified price, according to a statement on the ministry’s website, reported Bloomberg.

June retail sales
fell 7% in a year

Retail sales volume decreased 7% at constant prices in June year on year. According to Statistics Estonia, retail sales have been declining during the whole year in annual terms: in January retail sales decreased 12%, in February 11%, in March and April 9% and in May 5% compared to the respective months a year ago.

airBaltic may expand its taxi service into Estonia

Baltic Taxi, a taxi company in which Bertold Flick, president of airBaltic, owns 51%, has announced its intention to expand into Estonia, Lithuania and Ukraine.COMMENTS (10)

Latvia, Estonia
at extreme ends

According to Eurostat, Estonia posted EU's second-largest annual fall in the number of airline passengers in 2009. The worst decline was posted in Lithuania. COMMENTS (3)

Big Mac index:
Baltic currencies
25-30% undervalued

According to a new Big Mac index published by The Economist this week, the Estonian kroon is 30% undervalued against the US dollar. A year earlier the kroon was 20% undervalued.COMMENTS (14)

Value of property deals continues
to fall in Estonia

In the first six months, there were 19,002 real estate transactions in Estonia worth 9.83 billion kroons. A year earlier, the figures were 18,914 and 11 billion kroons.

Exports up 38%, imports 47% in May

In May exports of goods from Estonia amounted to 11.3 billion kroons and were 38% higher than a year earlier. Imports were up 47% to 12.5 billion kroons. Trade deficit stood at 1.2 billion kroons and was four times more than in May 2009.COMMENTS (14)

Paper: Finnair not
amused by airBaltic

Finnish government-controlled carrier Finnair tried to buy Finncomm in June in an effort to prevent the smaller carrier from being bought by Latvian rival airBaltic, Finnish business daily Kauppalehti reported on Wednesday.COMMENTS (10)

Executives of Enterprise Investors and Webmedia::Photo: : ÄP

Poland’s largest private equity fund to purchase a third of Webmedia

Enterprise Investors, Poland’s largest private equity fund, will buy a 36 percent stake in Webmedia Group to fund an expansion abroad by Estonia’s largest computer software company.COMMENTS (5)

Fitch ups credit rating on euro

Fitch Ratings on Monday raised Estonia’s credit grade as Estonia prepares to become the third east European member of the euro region in January after outperforming the bloc’s existing members on fiscal criteria, writes Bloomberg.COMMENTS (3)

Paper: Tallink's fares have become a mystery

Tallink Grupp's new pricing system on its Tallinn-Helsinki line is confusing many passengers.COMMENTS (11)

Employee: Selver to lay off more than 100

Selver chain of grocery stores plans to lay off more than 100 people by this autumn, according to an unnamed employee.COMMENTS (35)

Estonia may grow 3.6% in average in next decade

Estonian economy may grow 3.6% on average next year through 2020 thanks to a favorable business environment, the Economist Intelligence Unit said.COMMENTS (23)

Estonia posted EU's highest growth in industrial production

Estonia recorded te highest annual increase in industrial production in May 2010(+17.2%), followed by Luxembourg (+13.5%), Sweden (+13.4%), Latvia (+13.2%) and Germany (+13.1%), reported Eurostat, the statistical office of the European Union.COMMENTS (6)

Estonia to switch to euro at current rate

Estonia will switch to the euro at the current target exchange rate when it enters the monetary union next year, European finance ministers decided.COMMENTS (59)

Customers pay banks billions in service fees

Estonian daughters of large Scandinavian parent banks earned about two billion kroons in service fees alone last year. Swedbank earned over 900 million kroons in service fees or 736 kroons per customer. SEB earned over 800 million, mainly in card and transaction fees, writes Äripäev.COMMENTS (15)

Andrus Aljas::Photo: : ÄP

Estonian Air CEO:
we are negotiating
a new contract

Andrus Aljas, CEO of Estonian Air, confirmed to ERR today that the contract which Estonian Air had signed for the delivery of three Bombardier aircraft had been terminated before due date.COMMENTS (11)

Andrus Ansip::Photo: : ÄP

Ansip: July inflation
to be much lower

Estonian Prime Minister Andrus Ansip said the inflation rate in July will be much lower than the June reading, in comments delivered at a press conference in Tallinn today. COMMENTS (17)

airBaltic to add 14 destinations in winter

Latvian national airline airBaltic said this week it plans to add new destinations in the next winter season and offer additional flights. For the winter, the airline plans to add fourteen new destinations and increase flight frequencies on more than twenty routes.COMMENTS (2)

May retail sales
down 5% year on year

Retail sales in May were still below last year's level, but the gap at 5% was lower that in January (-12%), February (-11%), March (-9%) and April (-9%). COMMENTS (3)

Varna::Photo: : Internet

Adventures of rich Estonians in Bulgaria

Below is the article on how rich Estonians who invested in the real estate of the Black Sea seaside resort in Varna, Bulgaria, fell victim to a scam of the local Chechen criminal gang and lost millions. COMMENTS (1)

Small shareholders
of Norma: "It's unfair"

Although Norma, the Estonian seatbelt maker that belongs to Autoliv, is officially delisted from Tallinn Stock Exchange from today, more than 500 small shareholders refused to accept the takeover price offered by Autoliv, writes Aripaev.

Head of SEB:
property prices not to peak any time soon

Riho Unt, board chairman of SEB and head of the Estonian Banking Association, believes that it will be at least ten years before real estate prices will peak.COMMENTS (11)

Latest news

13:07Estonian industrial output continues rapid growth

11:43Estonia to raise a billion from sale of emission allowances

11:40June retail sales fell 7% in a year in Estonia

10:48Danske Bank: Baltic economies are rebounding

29.07Mobile operator Elisa reports sales growth

29.07Eesti Energia increased electricity sales 9% in a year

29.07Eesti Energia may invest 1.5 billion euros in a 600 MW wind farm

Top Comments

Today

Week

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Latest comments

Bureaucracy the biggest hurdle for non-EU university students

I wonder why e-system can not be used? Why not via Internet/e-mail?

Big Mac index shows the Baltic currencies 25 to 30% undevalued

I am confused, I have always considered the Big Mac index as a tool to [...]

Bureaucracy the biggest hurdle for non-EU university students

Estonia will miss you. J Your company was one of the few that really did add [...]

Bureaucracy the biggest hurdle for non-EU university students

Yeah I read the local Estonian sites, and the commenters there generally tend to [...]

Bureaucracy the biggest hurdle for non-EU university students

Estonia doesn't need any new jobs, doesn't need andy foreign students, doesn't [...]

Bureaucracy the biggest hurdle for non-EU university students

amerikanlee: embassies do not (in principle) take interest in economic problems/[...]

Paper: Finnair not amused by airBaltic

Europe-Asia air traffic is hard business, welcome to join AirBaltic. Will take [...]

Bureaucracy the biggest hurdle for non-EU university students

It'll be a long wait. Just to clarify what sort of mindset we are dealing with [...]

airBaltic may expand its taxi service into Estonia

I am pretty sure Air Baltic and Baltic taxi have a partnership agreement too. As [...]

Bureaucracy the biggest hurdle for non-EU university students

Very good point. Not only at the university level, but the declining population [...]

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