In this week’s stories of Äripää, there are several characters who can’t remember anything about their questionable actions some time ago.
- Jürgen Ligi at the government’s press conference this week Photo: Andras Kralla
The following is an overview of the week’s topics based on the 50 most read articles by Äripää subscribers. Daily news was shared both in politics, stock exchanges and the Estonian business scene.
Stock market lessons
In the last week, investors were scared by the two-day red stock exchange, where, for example, the Nasdaq closed 3.64 percent on Wednesday and 0.93 percent on Thursday in the red.
Local investors reacted steelily. Kristi Saare fished two new shares into the portfolio, Jaak Roosaare also tried to make a purchase, although he was ultimately unsuccessful. Toomas, an investor afraid of a correction in technology stocks, decided to sell one of the technology stocks from his portfolio for less. Peeter Koppel stated after the decline that for him, large technology companies and the large indexes that depend on them have become too speculative, but he also revealed some alternatives.
Everyone wants to know what the future holds for the stock markets, especially in view of the US presidential election, where Donald Trump has a chance of winning. Äripäev discussed it with several of Estonia’s best analysts and published a comprehensive article.
Hot politics
When it was politically hot in the USA, because we got to know Kamala Harris, who took the place of Joe Biden, and her views, it was bubbling politically in Estonia as well. Äripäev, which reviewed the new government’s agreement, discovered that the tax increase will be steeper than expected. While part of the income is normally tax-free, for example the first 654 euros, now the first euro will be taxed.
Another surprise soon arose: how can the government start collecting corporate income tax as quickly as planned? If a 2% income tax is introduced for companies in 2026, according to the rules, it could only be collected in the summer of 2027, when the companies have submitted their annual reports. Following the rules with a finger, it seems almost impossible to tax so quickly, and neither politicians nor experts could explain the matter. Jürgen Ligi could only state at the government’s press conference: bad news, but I have to implement it.
- Jürgen Ligi said that now there is nothing to be done – it is terrible, but the state finances must be put in order. Photo: Andras Kralla
The week brought a number of business news that arouse interest in what will happen next and how the lines of force in the market will change. For example, the rumor about the sale of the insurance company Gjensidige turned out to be true, the company is leaving the Baltic market. The buyer was ERGO insurance with an impressive 80 million euros.
Utilitas came up with good news, making an investment worth tens of millions in Paljassaare.
The Spanish ventilation giant, however, bought a fifth of the Estonian ventilation solutions manufacturer ETS Nord. Urmas Hiie, chairman of the board of the Estonian company, said that many companies wanted to buy them, but now things worked out. What will happen next, he went to talk on the morning program of Äripää:
An entrepreneur who sold a part of the ventilation company: this way we can better access large markets
However, not everyone is doing well. Äripäev reported how the ice cream manufacturer La Muu is in trouble, the CEO and one of the founders, Rasmus Rask, revealed the reasons behind the situation in an interview. And more: the Kehra paper mill sank into a loss of millions.
Janere, a seller of fasteners that has been undergoing restructuring for the fifth year, informed its partners that in the future they will have to pay their invoices to the new company’s account. The restructuring consultant heard about it from Äripälä and realized that it does not look good. The owner of the company said that there is no registration.
Two memory lapses
Where there is a lot of money, memory loss also seems to be more common than average. Äripäev obtained the contracts between Riigimetsa Majandimes Keskus and Graanul Invest and published telling details about them. However, if you ask about the agreements from those who either knew about them or should have known about them, nobody remembers anything.
“I have to admit honestly that I don’t remember the details, including whether it was discussed with any of the council members or at the council meeting as a whole. I just don’t remember,” said Aigar Kallas, head of RMK at the time.
- Aigar Kallas does not remember. Photo: Andras Kralla
Another wave of amnesia has swept over the Fencing League. Äripäev learned that the union organized an international competition in Estonia, where participants were settled in cash. “I don’t believe that only cash was paid,” said Meelis Loit, the leader of the union. “Certainly this event did not take place in cash, it is unthinkable.
When Äripää’s journalist said that the publication has an invitation to the event, which says in black and white that payment is to be made in cash, Loit relented: “Then it is so. Consequently, that was what was requested right from the start.”
How exactly the costs and revenues were divided remains unanswered even by those who should have the right to this information according to the association’s statutes. They don’t have answers, but they do have doubts.
Related stories
Stories of the week. Kristi Saare presented a challenge, an interview with Kaja Kallas and a big real estate overview of Tallinn
The readers of Äripää were most interested in Kristi Saare’s challenge to those who earn less than 5,000 euros per month, as well as the interview with ex-prime minister Kaja Kallas.
Stories of the week. Kristi Saare presented a challenge, an interview with Kaja Kallas and a big real estate overview of Tallinn
The readers of Äripää were most interested in Kristi Saare’s challenge to those who earn less than 5,000 euros per month, as well as the interview with ex-prime minister Kaja Kallas.
Stories of the week: Is a crash brewing in the stock market? Eesti Energia is undergoing a major purge of managers
Investors’ attention was most attracted this week by experts’ warning that all signs predict a stock market crash. You could also look behind the reasons behind the change of managers of Eesti Energia and read how EfTEN threatens to evict Hortes from its stores.
Stories of the week: The carbon market gold rush and the cunning tax nudge
This week, the readers of Äripää were most interested in stories about the behind-the-scenes of the controversial carbon credit business in Estonia, the large dividend paid by a gold company and the restructuring of Saaremaa’s timber industry.
30 years of the zombie economy: Japan’s currency crisis gathers momentum
The yen fell to a fresh 38-year low against the dollar. The last time the yen traded at such a weak level was in 1986. A currency crisis has started in the country, which is gathering momentum right now and is putting the government and the central bank in front of very difficult decisions.
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