||WEEK 4th. 2004
Monday, 19th of January, 2003
Hansabanks saving pensions
Amount of Hansapanks II pillar savings pension funds surpassed the limit of EEK 500 million
On Friday, the amount of Hansapanks II pillar savings pension funds reached EEK 513.93 million. More than half EEK 265.46 million is allocated to the fund of progressive strategy. Robert Kitt, Hansapanks fund manager admitted that during a year, the amount of assets that are allocated to pension funds has quintupled.
Tuesday, 20th of January, 2003
Economic growth of joiners is faster from the euro zone
Economics of ten acceding countries grow many times faster than in current member states, whereby in many EU member states, there was even a decline (Netherlands, Portugal, Denmark, France, Germany). Even the weakest of the acceding countries Malta has grown faster than the strongest of current members Greece (1.8%).
The Baltic States is the fastest growing region. The first is Lithuania with an economic growth of 8.8 percent, followed by Latvia (7.3%) and Estonia (4.6%). According to Maris Lauri from Hansabank Markets, countries that have remained most behind from the general level of the EU, are growing the fastest.
ML Arvutid and Ordi sold over 17,000 computers
Estonias biggest computer manufacturers ML Arvutid, Ordi and Klisseran sold over 17,000 computers last year and set sales record in December.
ML Arvutid, manufacturer of MicroLink computers sold 17,049 last year and AS Ordi sold 17,027 computers. AS Klisseran sold 8235 computers last year.
In a year, the sale of MicroLink computers went up 14 percent, said Mait Rahi, executive director of ML Arvutid.
For this year, ML Arvutid and Ordi predict a growth of 15 percent. Klisseran expects output quantity to increase 82 percent.
Wednesday, 21st of January, 2003
Danish energy group on the hunt for partners
Danish energy group Elsam is looking for partners to build a plant in Estonia that would produce electricity and heat from burning waste and install wind generators. The plant would cost around EEK 1.5 billion. Bjarne Henning Jensen, CEO of Elsam, says that the company has big prospects in Estonia.
Construction growth continues
According to analytics, the successful year in construction may continue in this year as well. Developers expect at least 10% growth in construction industry. Most definite growth will be anticipated in road construction and the construction of environmental projects. Both areas are tightly connected with the investments from European Union.
Friday, 23rd of January, 2004
Pakterminal expects 10 percent growth in 2004
Pakterminal, one of Estonias largest oil terminals, is confident that it will be able to increase cargo flows at least 10 percent in 2004.
The company announced that it had signed an additional contract with Surgutneftegaziga on further supplies of oil. Also, the company said that the overall development of the oil transit business was encouraging.
Sulev Loo, chairman of Pakterminal, said that in 2003 the oil terminal handled 7.9 million tons of oil products. Goods turnover fell by 0.3 million from a year ago which was less than the average fall in the region.
One reason for weaker results was that tough winter conditions in early 2003 made a big dent in the companys business.
Pakterminal is half-owned by Royal Vopak, a Dutch terminal group, and by Transkullo, whose owners include, among others, Anatoli Kanajev, Aadu Luukas and Endel Siff.
Finns have an eye on Estonian industry
Finnish entrepreneurs are mapping Estonian food industries with an objective to purchase them on the verge of EU accession and sell Estonian goods at Nordic markets. Veljo Ipits, chairman and major owner of Salvest admitted that interest of Finns towards the industry has increased. On February 5, Ipits will meet some Finnish entrepreneurs who are interested in selling custom-made products in Finland.
Ain Hanschmidt, CEO of Ühispank admits that higher prices in Finland and Sweden are positive possibilities for us in joining the EU. Hanschmidt notes that as far as he knows, Nortdic trade organisations will purchase goods from Estonia candies, ice cream, milk, meat etc. Competitive ability of food industry will increase significantly and the entire sector including agriculture, will receive major financial injections.
Valga Meat Industry to increase turnover
In 2003, the turnover of Valga Meat Industry reached EEK 314 million, which is EEK 13 million more than a year earlier. Companys profit, excluding the participation of subsidiaries, amounted EEK 7.1 million, which is EEK 5 million more than last year. According to CEO Elmut Paavel, growth was achieved mainly due to product innovation and increased export.
Industrial production up by 10.3 percent in 2003
According to Hansapank, industrial production and sales grew significantly last year and therefore lifted the last years results higher than expected. Hansapank calculated that industrial production went up by 10.3 percent in 2003.
Growth of manufacturing industry reached 10.4 percent, power engineering grew 14.3 percent and mining industry by 6.5 percent.
Maris Lauri, macro analyst of Hansapank stressed that last years 4Q was stronger than expected, especially December.
Baltic Weekly MonitorA