Only 56% of legal entities in Estonia managed to submit their annual reports on time by the 30 June 2023 deadline, according to the Ministry of Justice, BNS reports. Out of approximately 290,000 entities obligated to report, which make up about 95% of all legal entities, altogether 162,689 submitted their reports on time. Margit Veskimäe,…
Estonian property developer Kapitel plans to build a new five-storey apartment hotel on Kalasadama Street in Tallinn’s Kalamaja neighbourhood, ERR reports. Martin Rebane, development director at Kapitel, estimated the construction costs at EUR 30-40mn. He said that the hotel would cater to both short-term and long-term accommodation. The 4,170 m2 hotel will have 206 rooms,…
Following the imposition of sanctions on Russian timber, Estonia has seen a surge in heavy timber imports from unexpected countries, where forests are assumed to be scarce, Postimees reports. Henrik Välja, CEO of the Estonian Forest and Wood Industries Association (EMPL), said that Russian timber continued to flow into Estonia through an illegal scheme whereby…
The Latvian bakery, Kuldigas Maizes Ceptuve (Kuldiga Bakery), will continue operations under new ownership, LSM reports. Earlier, the company announced that the bakery would be forced to shut down. However, the bakery has now been acquired by Kuldiga-based entrepreneur Gatis Rozenfelds, who plans to resume production. Kuldiga Bakery began producing bread and pastries in the…
Food prices in Latvia are not falling as rapidly as they should, and people’s purchasing power is not increasing, Inguna Gulbe, head of the Agricultural Market Promotion Centre (LTVC), stated, LSM reports. She noted that prices for some food products, such as sunflower oil and butter, were falling, while other food products remained more expensive…
Costs associated with forest restoration, maintenance, and logging increased in Latvia in 2022, according to data from the Central Statistical Bureau, LSM reports. The average cost of forest restoration amounted to EUR 792-931 per hectare, which was up 2.5-12.4% from EUR 742-890 per hectare in 2021. The average cost of logging operations rose by 31.0%…
Estonian energy group Alexela reported revenue of more than EUR 620mn in 2022, which was up almost 70% from around EUR 368mn in 2021, ERR reports. The group’s annual profit amounted to EUR 14.6mn, which was up 75% from EUR 8.3mn a year earlier. Alexela attributed the rise in profit to an increase in the…
Strong winds and high waves disrupted ferry services to Estonia’s smaller islands on 3 July 2023, BNS reported. Ferry operator Kihnu Veeteed cancelled departures of the Kihnu Virve and Soela passenger ferries were cancelled during the day. Also, the Ormsö passenger ferry did not accept heavy vehicles on the Sviby-Rohuküla route.
The Estonian State Fleet (Riigilaevastik), responsible for managing vessels previously owned by multiple state agencies and enterprises, began full operations on 1 July 2023, Postimees reports. The State Fleet has nearly 300 vessels under management. The agency will manage watercraft and floating markings, icebreaking operations, and pilot services. Climate Minister Kristen Michal said that the…