Elcoteq sells Tallinn operations to Ericsson

Finnish electronics maker Elcoteq said in a statement Wednesday that it is selling its manufacturing operations in Tallinn, Estonia, to Sweden's Ericsson.
The deal is worth around 30 million euros.

After the transaction is completed Elcoteq's high-volume production will be concentrated in Pecs, Hungary, the company's only remaining major production plant in Europe.

Elcoteq said in its statement that it would continue small scale operations in Tallinn at a specialised plant.

Source http://newsroom.finland.fi/stt/showarticle.asp

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25 pct of borrowers have loan repayment problems

A survey by GfK showed that a a quarter of Estonians who have an outstanding loan have had a repayment problem in the last six months, writes Postimees.

According to the survey, a third of Estonians aged 15 to 74 said that they had an outstanding loan and 25 percent of them admitted to have repayment problems.

Mari Sööt, head of the Estonian division of GfK Custom Research Baltic, added that most respondents who admitted having loan repayment problems said it was connected with loss of job or a significant decline in income. 16 pct said that their living costs had increased notably.

14 pct of borrowers had a housing loan, 8 pct a credit card, 7 pct had consumer credit and 5 pct had leased a car and another 5 pct taken a student loan.

In most cases loan repayment problems concerned housing loans and consumer credit.

The typical borrower is a person with above-average income, full-time employees, businessmen, executives and specialists. The biggest group is people with higher education in the age group 26 to 45 years and residents of Tallinn.

None of the respondents said that they had taken an SMS loan to repay their loans.

Source http://balticbusinessnews.com/default2.aspx

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Estonian economy contracts sharply in first quarter

The Estonian economy contracted 15.1 percent year-on-year in the first quarter, with low domestic and foreign demand depressing overall output in the Baltic state, the statistics office said on Tuesday.

Estonia, like its neighbours Latvia and Lithuania, has been hit by its worst post-Soviet recession because of the global credit crunch and the collapse of a real estate price boom. Their plight has hurt Nordic banks, many of which had expanded their loan portfolios and helped inflate prices and overheat the small open economies.

Estonia's statistics office said the output drop in the first quarter, slightly less than a 15.6 percent flash estimate released last month, reflected a drop in activity in manufacturing, construction, retail and wholesale trade and transport, storage and communications.

"Domestic demand decreased by 21.4 percent compared to the first quarter of the previous year above all due to the substantial decrease in household final consumption expenditures, gross fixed capital formation and change in inventories," it said. The Estonian central bank's spring forecast said that in a worst-case scenario, the economy would contract 15.3 percent over 2009 as a whole.

Source http://guardian.co.uk/business/feedarticle/8548699

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