Direct Speech

International Internet Magazine. Baltic States news & analytics Friday, 04.12.2020, 15:49

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People have become more prudent in their consumption habits

People have become more prudent in their consumption habits


Data from Statistics Estonia put Estonian GDP down 1.9% over the year in the third quarter, but up 3.3% on the previous quarter. This performance is better than that outlined in the baseline forecast scenario and is closer to that in the positive scenario. The statistics available so far show that the fall in GDP in Estonia in the third quarter was among the smallest in the European Union, but not much different from the results for other Northern European countries.

Keyword tags: Banks, Direct Speech, Economics, Estonia, Society

Vasiliauskas: Cherry-picking banks to face competition from smaller market players

Vasiliauskas: Cherry-picking banks to face competition from smaller market players


The recent mergers of commercial banks in the Baltic States as well as withdrawal of some foreign banks have led to higher market concentration, yet opened the door to smaller market participants and alternative finance providers. The competitive environment in the financial sector will be discussed today at the virtual meeting of the Governors of the Baltic central banks.

Euromonitor International: Coronavirus Increases Demand for Autonomous Vehicles

Euromonitor International: Coronavirus Increases Demand for Autonomous Vehicles


The Coronavirus (COVID-19) pandemic has had a significant impact on the mobility sector, with more commuters opting for personal transportation due to health concerns. Moreover, changing shopping habits with a greater focus on e-commerce are changing the landscape for both retail and logistics. These factors are influencing consumer and business demand for autonomous vehicles, although financially struggling automotive companies might find it difficult to meet this demand.

Summer has affected the labour market positively, but autumn is here

Summer has affected the labour market positively, but autumn is here


In response to the current spread of the COVID-19 pandemic, a national state of emergency was declared on 9 November 2020. Against this background, it may seem inappropriate to speak about improvements in the labour market. However, while overall the pandemic has undoubtedly affected the labour market negatively, it has shown strong resilience to this impact.

Madis Müller: The new wave of the pandemic will mean state support needs to be provided flexibly

Madis Müller: The new wave of the pandemic will mean state support needs to be provided flexibly


Governor of Eesti Pank Madis Müller said in a presentation at a conference on accounting on Thursday that the second wave of the pandemic crisis will cause new uncertainty in the economy, which means that rather than increasing its fixed costs, the state should be flexible in the coming year and give most help to sectors that need it in the short term.


Eight-toothed spruce bark beetle and two-toothed crisis in manufacturing

We could say that overall the performance of the manufacturing sector was "kind of good" in the third quarter. Despite the COVID-19 shock and the easing, not lifting of the restrictions during the summer months, accelerated growth was observed in quarterly terms, i.e. 7.4% in comparison with the second quarter. Data also show a slight increase over the third quarter of 2019.


Let’s All Celebrate. Biden Won, Trump Lost

What an amazing victory! Joe Biden and Kamala Harris won more votes than any elected ticket in American history. They already crossed the necessary threshold of 270 electoral votes, and are in their way to match Trump’s 2016 total of 306 electoral votes majority.


It is too early yet to say how the second wave of the virus will affect the labour market

Unemployment rose to 7.7% in the third quarter from 7.1% in the previous quarter as people returned to the labour market. The number in employment was higher too than in the previous quarter, and the rise exceeded the usual seasonal summer increase.


Summer brings a rebound in economic activity: will it last?

Against the background of the second wave of the pandemic, good news might sound like an echo from the past or another reality, and it may seem almost inappropriate to speak about growth. However, following its slowdown in the second quarter, economic activity was expected to recover in the third quarter when the social restrictions were relaxed. This was also suggested by the available monthly data, for example, the dynamics of the manufacturing output, turnover changes in the trade subsectors, exports of goods, the first-time registration of vehicles, as well as the sentiment survey data.


When the Impossible is Possible

Having been engaged in lending for over a decade, one of the most common questions I hear sounds pretty much the same every time. The question is: what is needed in order to receive financing from the bank for business development or the implementation of a new project?


About Mobilizing Americans in the Baltic Region to vote

This is a series of three articles covering the upcoming presidential election in the US on November 3, 2020. We sat down with Elena Romanov, the Chair of Democrats Abroad in the Baltic States, to discuss her role in getting overseas Americans to vote, along with her views of the upcoming election.


The cornerstone of the port reorganization - the implementation of good corporate governance principles

Approximately a year ago, thanks to the active work of foreign organisations, discussions about the ports in Latvia, their importance in our national economy and the need to improve the existing port governance model, resumed in our society. In my practice, I have analysed more than 70 ports and their governance models around the world, but the legal solution adopted in Latvia is somehow unique- a derived public entity, in fact non-profit organisation, which is inconsistent with basic market economy principles.


The end of the emergency situation saw Estonians go shopping

Card payments by residents and businesses in Estonia were down by one third over the year in April while turnover fell at the same time by only about a quarter, showing that people were making fewer purchases, but those purchases were for larger amounts and were more considered.


Kazaks: many supply chains to become shorter, simpler

Many supply chains will become shorter and simpler thanks to the Cvodi-19 crisis lessons, said Bank of Latvia president Martins Kazaks in an interview with LETA.


Inga Shina for Forbes - about Current Trends in Charity in Latvia 14 October 2020, 13:45

The Latvian Forbes published an article by Inga Shina, Chairperson of the Board of Rietumu Bank Charity Fund, in its October issue.Inga Shina has been managing charitable projects of Rietumu Bank and its fund for over two decades, and today is one of the most experienced and professional specialists in this field in Latvia.

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