Posts Tagged ‘business’

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Estonia tops internet freedom study

In Uncategorized on April 23, 2011 by admin Tagged: , , , , , , ,

BalticTimes — Estonia has been ranked as the best country in the world in terms of internet freedoms in the “Freedom on the Net 2011” study by Freedom House.

“Estonia ranks as one of the most wired and technologically advanced countries in the world,” the study said.

Estonia secured the top spot in the study, followed by the US, Germany, Australia and the UK. At the bottom of the list were Iran, Burma, Cuba and China.

The study was conducted by Freedom House, a US-based NGO that promotes freedom, democracy and human rights worldwide. The study covered 37 countries worldwide.

The study also found that Estonia has had some of the most improvement in internet freedoms, improving its score from 13 in 2009 to 10 in the most recent study.

Overall, the report found that internet usage has boomed alongside “diverse and growing threats to internet freedom”.

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Smart-Grid Technology Planned for $240M Oxford Park Community in Estonia

In Uncategorized on April 23, 2011 by admin Tagged: , , , , , , , , ,

Skype is apparently not the limit for the information development community in Estonia. Out of the same area where the Skype communications platform was conceived—characterized as “a sort of Silicon Valley on the Baltic Sea” by The New York Times—now comes word of a $240 million, 160-acre sustainable mixed-use community ready to break ground this summer and scheduled for completion in 10 years.

talian architect Francesco De Luca describes his design for Oxford Parkas “a beautiful vision of the future of working and living,” which he believes will be “undoubtedly the most innovative and sustainable development in Europe today.”

Developers of the site—which is located about 30 minutes inland from the seaport and capital city of  Tallinn, in scenic Juuru municipality—have announced that they will use smart-grid technology to maximize the project’s energy efficiency.

Specifically, smart meters will enable the 350 on-site households, as well as the businesses, at Oxford Park to closely monitor their energy consumption and save money by using appliances at off-peak times. In addition, they will be able to earn income from their own energy generation, and to more accurately predict their electricity usage and costs.

Power will be available, even if the grid falls out, via an on-site system. The Tallinn-based  Oxford Sustainable Group said in an April 19 interview with ERR News that Oxford Park would be able to integrate electricity provided from various sources, including that generated by solar panels—thereby saving up to 50 percent in energy costs.

One of the more interesting features of the new development will be the Oxford Park FuelBar, described by the developers as a “total fueling” concept. As the name suggests, the FuelBar will provide fuel for almost any type of sustainable transport on the market today and includes expansion room for new fuel types, as they become available in the future. Prospective fueling options include: petrol, diesel, bio-diesel, slow electrical power, fast-charging electrical power, hydrogen/methane, LPG and gas, electrical battery swap, alternative biofuel (two types), and solid fuel.

The Oxford Sustainable Group is the market-leading developer of sustainable projects throughout the Central/Northern Europe region. It was the first certified CarbonNeutral company in Eastern Europe and a founding member of Central Eastern Europe (CEE)/World Green Building Council.

“Oxford Park is a carefully planned, sustainable community that will see quiet, organic and natural development in the next 10 years, along with its inhabitants and companies,” said  Hadley Barrett, chairman of the Group’s management board.

Cheryl Kaften is an accomplished communicator who has written for consumer and corporate audiences. She has worked extensively for MasterCard (NewsAlert) Worldwide, Philip Morris USA (Altria), and KPMG, and has consulted for Estee Lauder and the Philadelphia Inquirer Newspapers. To read more of her articles, please visit her columnist page.

Edited by Jennifer Russell

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New Credit Becomes Available to Exporters

In Uncategorized on April 23, 2011 by admin Tagged: , , , , , , ,

BBN – At its April 21 meeting, the cabinet approved a proposal to launch a new subordinated credit scheme to support export-oriented companies. The “subordinated credit program” financed from the EU structural funds is meant for export-oriented Estonian companies that lack capital or sufficient securities to finance their project, or whose project is found to be too risky by credit institutions.

“Our objective is to improve access to capital. The subordinated loan instrument upholds growth and expansion of enterprises,” said Minister of Economic Affairs and Communications Juhan Parts.

Under the new program, two types of credit will be made available – subordinated loans for investment in technology, and subordinated loans integrated into the currently available entrepreneurship support package.

As a result of the recent economic downturn, many businesses have difficulties obtaining credit. For example in case of sophisticated technology investments, commercial creditors require a minimum contribution of 40 percent. But since turnover, profitability and capital dwindled during the crisis, self-financing capacity is still low. Nor have securities recovered their pre-crisis value. However, to prepare for the growth phase, investments are vitally needed for enhancing productivity and expanding into new international markets.

Since Enterprise Estonia’s technology investment program and other support measures have now ended, enterprises have been left high and dry, a problem the new instrument aims to correct.

The program, financed by the European Regional Development Fund, is worth approximately 27 million euros, and will be administered by KredEx in cooperation with banks and leasing companies. Loans for technology investment will be available in May, whereas companies qualifying for the support package are eligible for subordinated loans already.

Want to sell more? Visit Estonian EXPO Center in Tallinn Airport at Gate 3, it’s the world’s first permanent trade fair in an airport. You can show your products to 1.8 Mill. passengers per year  for as little as One Euro per hour! We offer business to business and B2C. The One Euro per hour includes: set up, live hostesses, distribution of leaflets and samples, collection of new sales leads for you, electricity and cleaning. Estonian Expo Center is open 15 hours a day 7 days a week. There is no cheaper or better way to brand your company and products in the Baltics…. read more about why it works!

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VKG Acquires Cinder Block Production Facility

In Uncategorized on April 12, 2011 by admin Tagged: , , , , , , ,

TALLINN(err.ee) – Oil shale processing giant Viru Keemia Grupp announced April 11 that it has purchased a production line formerly owned by Silbet Plokk, a bankrupt Kohtla-Järve company that manufactured cinder blocks for construction. VKG’s management said the acqusition was strategically beneficial because the raw materials used to make the cinder blocks are the same as those produced as waste material in shale processing.

“From the perspective of sustainable shale processing, success can only be achieved when the production fully utlizes all the organic and mineral potential of the shale,” the company said in a statement.

Before its bankruptcy, Silbet Plokk was one of the larger employers in the industrial town of Kohtla-Järve.

“Our goal is to find synergies between the two industrial complexes and the re-establishment of nearly 200 jobs that the company once gave the region,” said VKG CEO Priit Rohumaa.

The eight companies that make up VKG employ approximately 1,600 people.

Want to sell more? Visit Estonian EXPO Center in Tallinn Airport at Gate 3, it’s the world’s first permanent trade fair in an airport. You can show your products to 1.8 Mill. passengers per year  for as little as One Euro per hour! We offer business to business and B2C. The One Euro per hour includes: set up, live hostesses, distribution of leaflets and samples, collection of new sales leads for you, electricity and cleaning. Estonian Expo Center is open 15 hours a day 7 days a week. There is no cheaper or better way to brand your company and products in the Baltics…. read more about why it works!

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Estonia’s taxation system attracts fast-growing companies

In Uncategorized on November 15, 2010 by admin Tagged: , , , , , , , , , , ,

zero corporate tax in estonia“Estonia has the best laws, very good banks, cheap bookkeeping services and less bureaucracy than, for instance, in Germany or Lithuania. But the most important thing is that Estonia does not tax profits,” says Nerijus Strumila, board member of Lithuanian-owned Euroalliance that is registered in Estonia.

The Lithuanian family-owned business that is registered in Estonia sells scrap metal and trades goods abroad, mostly operating in Germany, US, Lithuania and elsewhere in the EU. It is also a textbook example of foreign businessmen whose markets are outside Estonia, but who decide to incorporate the company in Estonia for tax reasons, writes Äripäev.

Euroalliance was founded in 2005 and is 100% owned by Antaninan Strumiliene, mother of Nerijus Strumila. The company made a profit of 70 million kroons at sales of 160 million kroons in 2008 putting its owner on 218th place in the Äripäev list of Estonia’s richest businessmen.

Another company that is incorporated in Estonia, but operates in 23 countries abroad, mainly in Poland, is oil trading firm E100 Baltia. “Estonia has created a very good legal framework for companies and has a good business environment,” says the company’s owner, Belarus businessman Denis Bokhan, who is Estonia’s 77th richest businessman.

E100 Baltia is Estonia’s fastest-growing company. It was founded in 2005 and in 2009 increased its revenues from 250 million kroons to 957 million kroons. 2009 profit was 63 million kroons.

Tax expert Lasse Lehis says that one of the main reasons why foreign businessmen like to set up companies in Estonia is that such companies do not have to pay income tax on profits unless the profit is paid out as dividends.

“Estonia is definitely not a tax haven,” emphasises Lehis, adding that the information in the Estonian commercial register is public and foreign tax authorities can obtain information from the Estonian tax service to check whether the operations of their businessmen are legal. “Such transition of companies into Estonia is also helping Estonia to collect state duties and is boosting sales of providers of accounting services, for instance,” he added.

There are also plenty of critics. One of them is Viktor Trasberg, lecturer of economics of the Tartu University. “In the last decade, the Estonian state has failed to collect about 50 billion kroons in income tax,” says Trasberg.

Want to sell more? Visit Estonian EXPO Center in Tallinn Airport at Gate 3, it’s the world’s first permanent trade fair in an airport. You can show your products to 1.8 Mill. passengers per year  for as little as One Euro per hour! We offer business to business and B2C. The One Euro per hour includes: set up, live hostesses, distribution of leaflets and samples, collection of new sales leads for you, electricity and cleaning. Estonian Expo Center is open 15 hours a day 7 days a week. There is no cheaper or better way to brand your company and products in the Baltics…. read more about why it works!

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Finns invest 10 mln euros in new factory in Tallinn

In Uncategorized on November 13, 2010 by admin Tagged: , , , , , , , , , , , , , ,

Ensto finlandFinnish Ensto opened a new factory in Tallinn today at a cost of 10 million euros. The new plant will double the company’s production volume of thermoplastic enclosures for electrical switchgear.

Ensto is one of the largest manufacturers of mass-customized and tailor-made enclosing solutions used e.g. in renewable energy industries.

According to Timo Luukkainen, President and CEO of Ensto, there are ca 6,000 different products made in the factories in Estonia, located in Keila and now also in Tallinn. “The new factory produces mass-customized enclosures with high quality. The demand for these products is increasing drastically and our strong growth is expected to continue“, describes Timo Luukkainen the capacity of the new factory.

The factory exports 99.5% of its production outside of Estonia, mainly to Central Europe and to such countries as Japan, USA, China, Taiwan, Australia and New Zealand. The factory currently employs 130 people; 50 of these jobs were created this year.

The factory is located in the Tallinn Industrial Park. The total area of the premises in the factory is 9,800 m2.

Ensto was founded in 1958. It employs 1,300 people and operates in 19 countries. Its turnover last year was 200 million euros.

Want to sell more? Visit Estonian EXPO Center in Tallinn Airport at Gate 3, it’s the world’s first permanent trade fair in an airport. You can show your products to 1.8 Mill. passengers per year  for as little as One Euro per hour! We offer business to business and B2C. The One Euro per hour includes: set up, live hostesses, distribution of leaflets and samples, collection of valuable sales leads to you, electricity and cleaning. Estonian Expo Center is open 15 hours a day 7 days a week. There is no cheaper or better way to brand your company and products in the Baltics…. read more about why it works!

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BaltCap invests 1.4 million euros in Primekss

In Uncategorized on November 13, 2010 by admin Tagged: , , , , , , , , , , , , ,

Primekss BaltCap investmentBaltCap, a private Baltic equity and venture capital investor, is investing 1.4 mln euros in Primekss, a concrete floors contractor, and will obtain a significant minority stake.

Primekss that was founded in 1997 has developed and patented unique technology for casting slender, tough, jointless concrete floors for heavy use such as automated warehouses and other commercial and industrial premises.

“We are proud and very excited about being able to support the superb team of Primekss in their ambitious growth plans. This is a unique opportunity for our fund to back a truly innovations-driven and environmentally conscious company with great growth potential in international markets,” said Mārtiņš Jaunarājs from BaltCap.

“The interest in PrimeComposite from local and global customers has been considerable, yet our growth has been hampered by lack of funding. This investment will lay a sound foundation for rapid expansion. We are especially happy to have the experienced and professional team at BaltCap as partners in this global greentech venture”, said Jānis Ošlejs, CEO of Primekss.

BaltCap is an independent private equity firm in the Baltic States. Since 1995, BaltCap has been managing several private equity and venture capital funds with total capital of over 190 million euros and has made 39 investments out of which 24 have been fully exited.

Want to sell more? Visit Estonian EXPO Center in Tallinn Airport at Gate 3, it’s the world’s first permanent trade fair in an airport. You can show your products to 1.8 Mill. passengers per year  for as little as One Euro per hour! We offer business to business and B2C. The One Euro per hour includes: set up, live hostesses, distribution of leaflets and samples, collection of valuable sales leads to you, electricity and cleaning. Estonian Expo Center is open 15 hours a day 7 days a week. There is no cheaper or better way to brand your company and products in the Baltics…. read more about why it works!