|WEEK 35th 2003
Saturday, 30th of September, 2003
Half-year turnover of Central Cooperative of Estonian Consumers Cooperations reached EEK 1.9 billion Gross turnover of Central Cooperative of Estonian Consumers Cooperations' system increased by 5.3% reaching nearly EEK 2 billion compared to first half-year in 2002.
Friday, 29th of September, 2003
Foreign investors to cause a boom at the stock exchange
Continuous interest of foreign funds has increased the prices of several shares to incomprehensible heights. Peeter Koppel from Sampo Bank admits that the levels of shares at Tallinn stock exchange are unbelievably high. Whereby money inflow continues and there is enough interest to purchase. Merko Construction and Harju Electricity have doubled this year. Some analysts believe that the reason for the increase of Merko share is the fact that more and more euro money is invested into construction and especially into Merko. Hansapank pension funds have allocated up to EEK 18 million into Estonian shares.
Thursday, 28th of September, 2003
Number of pension collectors reached over the level of 275,000
Significantly increased number of new pension collectors has increased the total amount of pension collectors over the level of 275,000. Fund managers predict another pension boom. Marek Zacek from Hansapank admits that although the state planned to carry out the pension reform in three to four years, the pension market will be divided in two years. During last days, over 900 people a day have joined the pension pillars. Peeter Schamardin from Sampo Bank notes that soon people have to stand in line in order to join the pension pillar. Hansapank has managed to preserve its market share in pension collection. Half of pension collectors join Hansapank pension funds. Ühispank holds 30% of the market. Sampo has lost market from 15% to 12.6%.
Estonian Air earned EEK 16.7 million of profit in the first half-year
Estonian national carrier Estonian Air earned EEK 16.7 million of profit in the first half-year. The turnover of the company reached up to EEK 403 million. Compared to last year, profit has increased by EEK 6 million, or by 56%. During first seven months, Estonian Air carried 204.123 passengers, which is 24% more than last year same time.
Wednesday, 28th of September, 2003
Hansapank leases railway carriages in Russia
Hansapank that entered Russian transit market last year, achieved an EEK 2 billion turnover in nine months, becoming the leader of the local carriage leasing market.
Aarne Saareväli from Hansa Leasing admitted that the beginning has been very successful. Hansa Leasing Russia, which is a joint company of Hansa Capital and European Bank of Reconstruction and Development, had contracted leasing agreement for more than EUR 120 million (EEK 1.8 billion) by the end of June. Company's risk limit in Russia is EEK 3.6 billion. In Russia, Hansa Leasing leaves behind such companies as Reiffeisenbank Austria and International Moscow Bank Leasing. In June, rolling stock of Hansa Leasing Russia reached 5000 wagons.
Tuesday, 26th of September, 2003
News in one sentence
Together with the Fund of Traffic Insurance, Estonian damage insurance companies have earned up to EEK 1.19 billion of bonuses during first seven months of 2003. This is EEK 173 million more than last year same time.
Monday, 25th of September, 2003
Greatest profit of Hansapank Group in Estonia
Hansapank, the biggest financial group in the Baltic States, earned most of its EUR 29 million (EEK 453.7 million) Q2 net profit in Estonia, which was followed by Lithuania and Latvia.
Net profit from Estonia formed EUR 17.3 million (EEK 270.7 million), net profit from Lithuania formed EUR 4.8 million (EEK 75.1 million) and from Latvia EUR 4.4 million (EEK 68.8 million). Net profit from Russian and Ukraine leasing activities and other non-strategic areas formed EUR 2.4 million (EEK 37.55 million), which is 70% more than last year.
Hansapank's market share of deposits by the end of June was 57.3% in Estonia, 15.8% in Latvia and 31.2% in Lithuania. Market share in Estonia has increased by 0.9%, in Latvia by 0.3% and in Lithuania by 0.6%.
Baltic Weekly MonitorA