Several growth companies on Estonia’s Tallinn Stock Exchange (Nasdaq Tallinn), including Clevon, ELMO Rent, and Hagen Bikes, saw significant losses in 2022, ERR reports. ELMO Rent’s annual turnover was only half of the forecasted amount, resulting in losses that were more than double the expectations. Despite the declining share prices and growing panic among shareholders,…
The Estonian Association of Media Enterprises (EML) strongly opposes a proposal for the Estonian Consumer Protection and Technical Regulatory Authority (TTJA) to function as an independent media regulator for the entire media market, ERR reports. The Ministry of Culture has shared the draft proposal with over 40 organisations and institutions, seeking their feedback. EML emphasised…
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,…
Estonia’s Consumer Protection and Technical Regulatory Authority (TTJA) has proposed legislation to ensure that media service providers uphold balanced and impartial reporting in news programmes, ERR reports. Currently, Estonian media service providers are subject to license supervision, but there is no provisional control for foreign channels. TTJA plans to consult with other state agencies, including…
Finland’s new Prime Minister, Petteri Orpo, will visit Estonia on 5 July 2023 to meet with Estonian Prime Minister Kaja Kallas and President Alar Karis, ERR reports. This will be Orpo’s first official foreign visit since being sworn in on 20 June 2023. The two prime ministers will discuss bilateral relations, regional security, and EU…
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…
Food prices in Estonia continued to rise sharply in June 2023 compared to the year before but remained relatively stable from a month earlier, according to data from the Estonian Institute of Economic Research (EKI), ERR reports. The price increases were particularly notable for meat and dairy products. The price of sugar has risen from…
Estonia’s Information System Authority (RIA) recorded around 550 phishing scams, where scammers tricked individuals into revealing their bank card details and PIN codes, in the first five months of 2023, ERR reports. The agency also documented around 1,200 incidents that compromised the confidentiality and availability of data or information systems. Additionally, RIA detected around 5,000…
Estonia’s Information System Authority (RIA) has launched a cyber awareness campaign aimed at raising awareness about the dangers in the Estonian cyberspace, ERR reports. The campaign aims to prevent businesses and individuals from falling victim to data breaches, loss of account access, and financial theft. The campaign emphasises the importance of increased awareness regarding online…