Tallink executives earn millions in dividends from related companies
Although Tallink itself does not pay dividends, top executives of Tallink Enn Pant and Kalev Järvelill earn millions in dividends through their companies that provide services to Tallink. Among others, the Tallink hotel is operated by a company owned by Pant and Järvelill which has paid out millions to their shareholders in dividends. Pant and Järvelill are also making handsome income from the company that provides currency exchange services on board of Tallink ferries.
Prime Minister did not rule out possible delay in euro switch
Estonian Prime Minister Andrus Ansip said to Bloomberg news agency yesterday that Estonia could postpone adoption of the euro because of high inflation. The PM did not rule out that Estonia will back off from the current plan to adopt the euro on 1 January 2007 if it fails to keep inflation under control.
Gazprom to increase price of gas sold to Baltic states by 50 pct in 2006
Russia's gas monopoly Gazprom said today that it will increase the price of gas sold to Baltic states by 50 pct from the next year. The group's executive Gazprom Aleksander Rjazanov said yesterday Moscow that the price of 1,000 cubic metres of gas to the Baltic states will go up from USD 85 to 125.
Board of Enteprise Estonia fails to pick a candidate to become new chairman
Board of Enterprise Estonia failed to agree yesterday on the suitable candidate for the post of new chairman of the agency. The board chairman Olev Raju said that after interviews with nine candidates, it was clear that no consensus would be reached. “At least seven candidates had more or less equal support in the board,” said Raju.
Estonian construction boom continued in the third quarter
In the 3rd quarter total production of Estonian construction enterprises in Estonia and in foreign countries grew 28 pct year-on-year. In the third quarter the production value of construction amounted to EEK 7.2 bln. During the quarter, 715 dwellings were completed and 2,435 building permits for dwellings were issued.
Prime Minister of Britain Tony Blair to propose Estonia gives up EEK 700 mln in EU aid
Prime Minister of Britain Tony Blair who will be arriving in Tallinn tomorrow hopes to get Estonia’s approval to the proposal to see its EU aid cut by EEK 700 mln. The proposal is likely to be opposed because Blair is at the same time attempting to keep the British rebate in force. “But we are not taking a stand before we have seen what he has to offer,” said Gert Antsu, head of European Union Affairs unit in the government.
Ministry of Education investigates the diplomas of Chinese students in EBS
Estonian Ministry of Education has opened an investigation into whether the diplomas of 57 Chinese students who obtain a master’s degree in the Estonian Business School (EBS) comply with the requirements. By law on universities, only people who have graduated from the university or have equivalent qualifications are allowed to undertake a master’s degree study.
Merko stops construction of cruise port on island of Saaremaa
Merko has stopped ramming pillars to the seabed in the construction site of the future cruise port on the island of Saaremaa because the earlier geological study of the seabed has proven to be inaccurate. Although the study showed that 15 metres from the seabed is limestone, additional studies showed that there was no limestone even at 35 metres. 88 metres of quays have been completed.
Savisaar’s adviser Oleg Harlamov compared himself with Indrek Neivelt
Oleg Harlamov, adviser to the Minister of Economic Affairs Edgar Savisaar, who is applying for the job of chairman of Enterprise Estonia has compared himself to former Hansabank chairman Indrek Neivelt. When Harlamov was asked by the board of Enterprise Estonia yesterday about his alleged wrongdoings in BNS he said that it was easier not to go to the police rather than to pay up as Indrek Neivelt did when he faced a questionable tax claim.
Tallinn traffic likely to turn into chaos during visit of Tony Blair
Security restrictions that will be applied on Friday when Prime Minister of Britain Tony Blair visits Tallinn for one day are likely to turn the town centre upside down. Among others, security services are likely to remove cars parked in restricted areas for fear of them posing a security risk.
Estonia needs guest workers in a decade
The Estonian Labour Market has published a controversial new study which claims that Estonian companies have no acute need for guest workers. According to the study, only 14 pct of enterprises said they would like to bring in migrant workers from abroad. The situation may change in a decade when there will be fewer young workers.
Elmar Vaher may become new head of central criminal police
According to Postimees, both police commissioner Raivo Aeg and Minister of Interior Kalle Laanet would like to see Elmar Vaher as new head of the central criminal police. Vaher has made a spectacular career in the police force in only eight years when he still was a police inspector.
Estonians still use sugar hoarded before May 2004
A survey shows that about a fifth of Estonian families are still using sugar that they purchased before Estonia joined the European Union and the media was fuelling speculations that the retail price of sugar will skyrocket when Estonia becomes EU member. While some families say they are running out of pre-accession sugar, there are others who say they still have 350 kilograms.