|WEEK 26th 2004
Monday, 21st of June, 2004
Näpi sawmill to become the largest planning industry
One of the worlds largest forestry firms Stora Enso Timber plans to convert its Näpi sawmill to Estonias largest planning industry. The sawmill should become fully operational in the fourth quarter. Annual production capacity is 60,000 80,000 square meters of planned products.
Estonians to acquire a slice in the Chinese economic boom
In two years, China has moved from being Estonias 20th largest import partner to 5th in 2003. Also export statistics shows that China has climbed from 51st spot to 19th. According to Enterprise Estonia, over 500 Estonian companies import and about 200 companies export from China. Estonias trade with China gains in prosperity amount of import is EEK 4025 million and export is EEK 421 million.
Galvex to invest EEK 45 million in three years
Galvanic plant Galvex that belongs to IS capital invests EEK 45 million during next three years to Muuga plant, wrote BBN. Investment will be allocated to the starting of a metal painting line. The line must be ready in a year and its production capacity will be 85,000 tons a year.
Hansa Life Insurance collected EEK 31.2 million in May
In May, Hansa Life Insurance collected EEK 31.2 million of insurance premiums. This is EEK 10.6 million more than during respective period last year. The company issued EEK 5.0 million of benefits.
Profit of Baltic Sea Bunkering has grown significantly
Net turnover of OÜ Baltic Sea Bunkering in 2003 amounted EEK 1.1 billion and net profit reached EEK 7.1 million. Amount of investments was EEK 9.7 million. A year earlier, concerns turnover was EEK 1.2 billion and profit reached merely EEK 0.8 million.
Profit of Muuga CT nearly EEK 3 million bigger
In 2003, the net turnover of AS Muuga CT reached EEK 84.5 million, from which 71 percent formed the sale of stevedore services and 23 percent a sale of warehouse services. Net profit reached EEK 16.1 million. In 2002, the company earned a profit of EEK 13.5 million by the turnover of EEK 78.5 million.
Tuesday, 22nd of June, 2004
The Bank of Estonia: foreign balance is improving
The preliminary data of the balance of payments of the 1Q that were published yesterday by the Bank of Estonia show that the improvement of foreign balance continued in the beginning of the year. Improvement becomes most obvious in the decline of a deficit of goods and services in relation to GDP, the indicator was nearly two times smaller than last year.
Baltic Weekly MonitorA