Monday, 19th of September, 2005
Over 300 new hotel places to Kuressaare
Due to prolongation of tourism season, most hotels and spas in Kuressaare plan extensions that would create over 300 new hotel places to Kuressaare. Spa Meri is planning the biggest extensions and is planning to build 110 new hotel places. Cost of the project is EEK 20-25 million. Hotel Daisy will build 80-100 new hotel places.
Tuesday, 20th of September, 2005
Airport is planning to invest EEK 800 million
AS Tallinn Airport is planning to invest more than EEK 800 million during the following years. Airport wants to increase the capacity and safety of flights. Sales of Tallinn Airport grew from EEK 208 million in 2003 to EEK 251 million in 2004. Net profit of the respective period grew from EEK 46 million to EEK 64 million.
Wednesday, 21st of September, 2005
Regio and Hansapank are best enterprises in Estonia
Yesterday, the winners of this year’s entrepreneurship awards were declared. The award for entrepreneurship by the Enterprise Estonia went to Regio. Hansapank was announced as the most competitive company in Estonia. Regio was also the best in the Innovator category. Best exporter of 2005 was AS Polimoon. Estravel was declared as the best tourism developer and Elcoteq Tallinn received the award for the best foreign investor.
Software company Playtech might be listed on London stock exchange
Playtech Group, the parent company of Tartu’s software producer Playtech Eesti is planning to list shares on London stock exchange. Analysts predict the amount of the emission to be EEK 4.5 billion of which one Estonian might receive his share. Other owners have Israeli background. The Estonian owner suspected to be Lauri Kikerpill although he himself claims to be merely a wageworker. Playtech Eesti started in 2000 and is now hiring about 180 people. Board members are Lauri Kikerpill and Rain Kivisik.
Tallink grew number of passengers
Tallink serviced almost 3.3 million passengers during its 2004/2005 economic year. This is 15.8% more than the year earlier.
Eesti Paevaleht, Arileht
Hotel owners earned record amount of money in summer
Earnings of Estonian accommodation companies grew to EEK 0.5 billion during the three summer months this year. Estonia is continually building new hotels and that increases the number of tourists, because the occupancy of Estonian accommodation places has stayed high during past years. Average occupancy in Reval Hotel Central and Expresshotel reached 90% this summer. Estonian entrepreneurs will build near 3000 new hotel places during the next two years.
Eesti Paevaleht, Arileht
Restaurant business prospering in Tallinn city centre
Sales and profits of catering companies in Tallinn city centre are growing; at the same time, ruthless competition is forcing companies to make more investments. The Old Town restaurant Olde Hansa had the best results: its sales grew 23% in one year, to EEK 66.7 million. Auri Martti Hakomaa, the owner of the restaurant says that restaurant was successful due to its international reputation – 39% of the tourists who visited Olde Hansa had heard of this place before.
More than half of Estonians use internet
55% of Estonians in ages 15-74 use internet. When compared to last summer, there are 79,000 more internet users in Estonia. One fourth of 575,000 internet users do it every day.
Thursday, 22nd of September, 2005
The Bank of Estonia to predict 8 percent of economic growth
This year’s economic growth in Estonia has been better than expected and is surpassing the potential of average and longer perspective, announced the central bank. For this year, the Bank of Estonia is predicting an economic growth of 8 percent. Economic growth of 2006 stays on the level of 6.5 percent.
23rd of September, 2005
Estonians purchased Finnish competitor
This week’s most interesting business transaction was the purchase of Finnish ship construction company Lekopa by Estonian company Hekotek. Hekotek, Baltics biggest manufacturer of saw industry equipment wishes to conquer Russian market of woodwork machinery with the help of Finnish company. From Hekotek’s EEK 176 million annual turnover 70 percent forms export to Russia. “Since Lekopa is also operating on the Russian market, this was a logical step for us,” Heiki Enpaul, head of Hekotek admits.