BONJOUR L'ESTONIE

Nils Taube, 1928 - 2008

Who died after suffering a stroke at the age of 79, was probably the longest-serving fund manager operating in the City. He was certainly one of its most successful investors, having returned more than 15pc a year in two funds he ran continuously between 1969 and 2006.

Having fled Soviet-occupied Estonia in 1940, Mr Taube began his investment career after he arrived in London in 1946 and took up a position at the stockbroker Kitcat & Aitken. He rose to senior partner in 1975 and later became the investment adviser to Lord Rothschild.

Having enjoyed a ringside seat at the City's booms, busts and crises over more than six decades, Mr Taube continued to derive great pleasure from investment until the end of his life. In 2007, at the age of 78, he set up Nils Taube Investments, a boutique fund manager, taking big positions in gold ahead of the precious metal's recent surge.

In an interview with The Daily Telegraph last year, he said : "Doing what we're doing gives us a lot of amusement. It's like being paid for doing the crossword."

A legendary market timer, Mr Taube invested his last £2,000 in shares for his children at the bottom of the 1974 market slump and successfully predicted the 1987 stock market crash.

Head of State Juhan Kukk’s portrait unveiled in Stenbock House

Stenbock House — Prime Minister Andrus Ansip unveiled the portrait of Juhan Kukk, the author of the Estonian Manifesto of Independence and later Head of State.

Juhan Kukk was the main author of the Estonian Manifesto of Independence. In February 1918, he wrote the Manifesto to All Estonia’s Peoples together with Jüri Jaakson and Ferdinand Peterson. Kukk also organised the printing of the Manifesto in Tallinn.

The Prime Minister recalled that as the first Minister of Finance of Estonia, Juhan Kukk was also responsible for arranging the financing of the Estonian War of Independence. According to Andrus Ansip, Juhan Kukk may also be considered as the father of Estonia’s own currency. At the end of 1918, Juhan Kukk organised the issue of the five percent short-term bonds by the Governmental Payments Office. In circulation, they became, by nature, the first Estonian currency known as kukks (kuked, after Juhan Kukk) and pätses (pätsud, after Konstantin Päts).

In 1917, Juhan Kukk was elected as a member of the Land Council. Later on, he belonged to the Constituent Assembly and the first and second compositions of the Riigikogu. He was the first Minister of Finance of Estonia, then the Minister of Trade and Industry, the President of the first Riigikogu and the Head of State in the years 1922–1923.

The career of Juhan Kukk as an active statesman was short, but meaningful and outstanding. He entered politics together with the birth of the independent Estonian State and left in 1923, when the state had established itself. In 1924–1926, Juhan Kukk served as the Director of the Bank of Estonia.

Juhan Kukk was arrested by the NKVD in 1940 and he died in prison in Russia.

Rein Tammik, the author of the portrait of Juhan Kukk, who is considered to be the first postmodern painter in Estonia, studied at the Tartu Art School from 1964–1974. Rein Tammik lives in Normandy and has held dozens of personal exhibitions in France. His works can be found in museums in Russia, Germany and the US and in private collections in France, Germany, Sweden, Finland, Greece, and elsewhere.

Photos of the unveiling of the portrait http://www.valitsus.ee/?id=7840

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Valitsuse kommunikatsioonibüroo briifinguruum
http://www.valitsus.ee/brf/ 
press@riik.ee 

Independence Day is celebrated in the Republic of Estonia on 24 February

This is the day when the Independence Manifesto was declared in Tallinn 90 years ago. Therefore, this weekend is packed with events in many parts of Estonia. But, a definite highlight is the reception of the President of the Republic of Estonia in the Estonia Concert Hall in Tallinn. The reception is broadcasted live and is one of the TV broadcasts that have the best rating in Estonia. 

The reception is of great interest to many : socialites are interested in the latest trends of evening gowns and hair-dos; others listen and analyze the speech of the president, enjoy the concert and discuss the menu of the reception.

Yet the main birthday party of the republic has not always been held in Estonia Concert Hall and it does not take place for the 90^th time. Estonia’s first president stepped into office in 1937 and therefore only 3 Independence Day parties took place before the Second World War.

Musical Estonia sings in 90 years since independence

The Baltic state of Estonia is tuning up to mark 90 years of independence on Sunday, and its celebrations will spotlight the pivotal role of song and music in its history.

I think it's in our blood to feel so attached to beautiful music," Evald Roeigas, a Tallinn resident who at 97 is older than his own country, said.

As a boy I was singing in a choir myself. The emotions we got from the song festivals helped us to keep our spirit during the darkest years of Soviet occupation," added Roeigas.

Estonia's song festivals, which draw hundreds of thousands of people and have been organised regularly since 1869, have given its people comfort as they have been shaken by the winds of history and politics.

Estonia declared independence on February 24, 1918, after the communist Russian Revolution brought down the Tsarist empire. The country enjoyed only 22 years of freedom, before being reoccupied by the Soviet Union in 1940, seized by Nazi Germany in 1941 and again taken over by Moscow in 1944.

“We must preserve and protect the opportunity to live in a home where order and justice rule.”

President Toomas Hendrik Ilves, who participated today in the inauguration of the monument to the declaration of the Republic of Estonia, called the independence manifest that was read in public for the first time 90 years ago a very modern, currently significant document.

“This is a document that speaks of a civil state on the threshold of a hopeful future, a state of equal citizens,” said the Head of State, adding, “It speaks of the rule of law, as a contrast to the Russian Empire.”

“All the citizens of the Republic of Estonia must find equal protection before the laws and courts of the republic… All civil liberties must apply irrefutably to the national minorities… The government must establish courts of law for the protection of the security of the citizenry…,” President Ilves said, enumerating the contents of the independence manifest.

“These are exactly the same principles that the Republic of Estonia must always rely on. These are rights and freedom that we also have to protect today, tomorrow, and every day. Moreover, we must not give into the temptation to get by easier by abandoning the freedoms and rights listed in the independence manifest,” said the Head of State. “We must preserve and protect the opportunity to live in a home where order and justice rule.”

90th Birthday : Eesti Pank presents new collector coins

On Sunday, February 24, at 11 a.m. Eesti Pank presents collector coins issued to celebrate the 90th anniversary of the Republic of Estonia. The presentation and sale of the coins takes place in the Independence Hall of Eesti Pank (Estonia pst 13). The event is open for both journalists and townspeople. The sale of coins lasts until 3 p.m.

The collector coin set dedicated to the 90th anniversary of the republic includes a silver, a gold and a platinum coin. The coins were minted by the Mint of Finland. On February 24, volume restrictions apply to the collector coin sale.

The nominal value of the silver coin designed by Heino Prunsvelt is ten kroons. The averse of the silver coin displays the coat of arms of the Republic of Estonia, the text "EESTI VABARIIK" and the year of issue 2008. The reverse depicts the Wiiralt oak and the nominal value 10 KROONI”. The alloy symbol Ag 999 has been engraved on the coin edge. The maximum mintage of the Proof quality pure silver coins (weight 28.28 g) is 10,000. One coin costs 300 kroons and the maximum number of coins one person is allowed to buy is ten.

The nominal value of the gold coin designed by Jaano Ester is fifty kroons. The averse of the coin bears Estonia’s national coat of arms, the logo of the 90th anniversary of the Republic of Estonia, and the year of issue 2008. The reverse depicts a windmill and the nominal value 50 KROONI. The alloy symbol Au 999 has been engraved on the coin edge. The pure gold coin is of Proof Like quality and it weighs 8.64 grams. The maximum mintage of the coins is 5,000 and one coin costs 3,500 kroons. One person may buy not more than three gold coins.

The nominal value of the platinum coin designed by Tiit Jürna is a hundred kroons. This is the first time a platinum collector coin has been issued in Estonia. The averse of the platinum coin carries Estonia’s national coat of arms and the year of issue 2008. The reverse depicts barn swallows, Estonian national birds, and the nominal value "100 KROONI". The alloy symbol Pt 999 has been engraved on the coin edge. The pure platinum coin is of Brilliant Uncirculated quality and it weighs 7.775 grams. The maximum mintage of the platinum coins is 3,000 and one coin costs 6,000 kroons. One person can buy a maximum of two platinum coins.

The collector coins can be purchased both by sets and individually. One set costs 11,000 kroons and one person is allowed to buy no more than two sets of coins. It is possible to pay for the coins both in cash and by card.

Starting from February 27, it is possible to purchase the collector coins from the Museum of Eesti Pank. The museum will not sell the coins on February 24.

The collector coins are also available for purchase by mail. Please send your request to the Cash Department of Eesti Pank at the address Estonia pst 13, Tallinn 15095, or by e-mail at info@epbe.ee.

Photos of the collector coins dedicated to the 90th anniversary of the Republic of Estonia can be found at :
http://www.eestipank.info/pub/et/yldine/pangatahed/pics/coins/ev_pt.jpg
http://www.eestipank.info/pub/et/yldine/pangatahed/pics/coins/ev_au.jpg
http://www.eestipank.info/pub/et/yldine/pangatahed/pics/coins/ev_ag.jpg

Estonia prepares for parade

TALLINN - More than a thousand members of the Estonian defense forces and of the paramilitary Defense League will take part in a parade on February 23 designed to show off Estonian military might.

"The 90th anniversary parade of the Republic of Estonia has been planned as the biggest and the most dynamic since the restoration of independence," said Maj. Peeter Tali, head of the information service of the defense forces headquarters. He said Estonian soldiers usually exercised on terrain where ordinary people could not see them or served on operations abroad.

"The small part of our units now being trained, which the defense forces will show at the parade, should give an idea of the force that is the guarantee of Estonian independence," Maj. Tali said.

The defense forces parade will start at 12 noon on February 23 in Parnu. The parade will be received by President Toomas Hendrik Ilves, with commander of the defense forces Maj. Gen. Ants Laaneots in command of the parade and the religious services conducted by head chaplain of the defense forces Maj. Taavi Laanpere.

There will be twenty flag squads in the parade -- those of the Republic of Estonia, the defense forces, land forces, the Air Force, the Navy, the Defense League and the Reserve Officers' body among others.

Scientists unveil cause of Estonia ferry disaster

By Ulrich Jaeger

Scientists in Hamburg recently simulated the sinking of the Estonia, the 1994 Baltic Sea ferry disaster that killed 852 people. They discovered that the vessel was traveling much too fast in stormy seas and that the crew's attempts to save the ship by turning it actually caused it to capsize.

It was 1:02 a.m. when his alarm clock slipped off the night table. A survivor of the Estonia disaster remembers the exact time because he had to replace the batteries, which fell out of the alarm clock when it hit the floor.

1:00 a.m. ship time -- shortly before the ferry suddenly heaved to one side -- is the time that a computer simulation of the disaster begins. A group of Hamburg researchers are hoping to unravel the last secrets of the terrible night of Sept. 28, 1994. It was the night when the Estonia capsized in rough seas while en route from the Estonian capital of Tallinn to Stockholm. Only 137 of the 989 passengers and crew on board survived the disaster.

To this day, some suspect that criminal activity was behind one of the worst disasters in European seafaring history. Theories that the ferry was in fact the target of an attack have also been fueled by questions about the credibility of the official investigation report, which Estonian, Finnish and Swedish authorities published in 1997.

Estonia report supports official investigation

A new Swedish report will largely support the official account of the sinking in 1994 of the ferry Estonia, in which 852 people died, including 501 Swedes.

The report by a consortium including SSPA, a ship design consultancy, will conclude the disaster was caused by the loss of the ship's bow visor, and nothing else.

The Swedish government commissioned two parallel reports in 2005 into the sinking of the Estonia. As well as the SSPA consortium, another report was commissioned from a consortium of German researchers.

The SSPA consortium has a few tests left to conduct before the final report can be handed to the government next March, but certain key facts have already been established, according to nautical periodical Nautisk Tidskrift. The conclusions are similar to those reached by the original official investigation into the accident, it says.

The biggest difference between the new report and the earlier findingsie that the SSPA consortium points to the Estonia's speed as a factor in the sinking. The SSPA has also concluded that the ship began to sink at 1am, ten minutes earlier than in the earlier report.

"Ten minutes might not sound like a long time, but in contexts like this it is a lot," said Claes Källström, head of research at SSPA.

37 seconds of terror for Copterline´s victims

By Joel Alas

TALLINN - The victims of the 2005 Copterline helicopter crash endured 37 seconds of terror as the aircraft spun 13 times mid-air before plunging 500 meters into the sea, killing all on board.
New details of the crash were revealed by the Estonian government’s investigating commission, which released an interim report in Tallinn on Aug. 8.
The report outlined the final moments aboard the Sikorsky S-76 aircraft, which crashed into the Bay of Tallinn only three minutes after departing en route to Helsinki.
Members of the commission listened to pilot voice recordings from inside the helicopter that were recovered from the aircraft’s “black box” data recorder.

“There was nothing dramatic, no exclamations,” said Tonis Ader, vice chairman of the public commission set up by the Ministry of Economic Affairs and Communications to identify the cause of the accident.
“Most of their phrases are in the report – there is nothing to hide. It was quite a strange event that covered a short period of time.”
The commission handed down its interim report almost two years to the day since the crash that claimed fourteen lives. The report confirmed previous speculation that a fault in the helicopter’s main rotor servo caused the accident, and rules out earlier theories that either pilot error or freak weather conditions, such as a water spout, were to blame.
Tests conducted on the wreckage found that flakes of plasma coating on an internal piston caused a fluid blockage that led to the failure of the servo. The coating was found to be too thick by a matter of fractions of a millimetre, a minor fault with major implications.