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| Dramatic passenger plane crash in Russia Saturday, 01 January 2011 A Russian Tupolev Plane was on Saturday on fire at an airport in Surgut east of the Urals in Russia. The reason: one of the plane's engines must have started to burn and the fire spread as a result of fuel leaks, reported Russian news agencies. Estonia ready for the Euro Introduction Thursday, 23 December 2010 At the beginning of the next year, the Europeans single currency, the Euro will be introduced as legal tender in Estonia. The country had its own currency between 1921 and 1940 and from June 1992, they started using the Krona. 18 years ago, the krona was very important for the newly independent Estonia, both for self-esteem and culture. The Estonian banknotes have been decorated by famous Estonian cultural figures and athletes, the artist Kristjan Raud, biologist Karl Ernst von Baer, chess master Paul Keres, linguist Jakob Hurt, the writer Anton Hansen Tammsaare, composer Rudolf Tobias, poet Lydia Koidula and social impact leader Karen Carl Robert Jakobson. Since becoming a member of the EU, it has now become more important to them to start thinking of also embracing a common European currency, which could attract more investments into the country. It could also be a toll to improve the economic management of the country. “The domestic currency has had a profound cultural significance for the whole country, "said Minister of Culture Laine Janes, “but I'm not sorry that we will be leaving the currency. I see it more as if we are entering a new stage in our lives”. Estonian Minister of Culture Laine Janes was saying this through a humanitarian message in connection with the Christmas peace launched in Turku (Åbo) Finland on Thursday in preparation for Chritmas. By Scancomark.se Team Back to top Could Human error be behind the Russian plane crash? Sunday, 05 December 2010 The investigation is in progress to yesterday's plane crash in Moscow in which two people were killed and over 80 injured. It happened when the a Tupolev-plan from the company Dagestan Airlines rolled off the runway at the airport Domodedovo. The plane had just lifted, but then had to turn back because two of its engines had stopped working. News agency Interfax reported the incidence and also citing investigators, who suspect a human error. If necessary, the crew forgot to turn on the fuel pump when the plane took off. According to Russian Ministry of Healthcare the 54 injured are in the hospital. Five of them are reported to be in a serious state. By Scancomark.se Team Back to top Polish industry out increasing pace Friday, 17 September 2010 The Polish industrial output picked by 13.5 percent year on year in August, up from 10.5 percent in production increase the month before. The incr4ease was unexpectedly large. Analysts had on average expected a Polish industrial output growth of 13.0 percent in August. Despite the increase in industrial output fell to 1.8 percent between July and August. Adjusted for seasonal effects, it was an increase on a monthly basis at 1.5 percent and on year basis by 12.7 percent. Back to top Russia speeds up the growth of its private sector Wednesday, 15 September 2010 Russia speeds up it are the building of its private sector in a process where more previously controlled government companies are now on the selling list. The Russian government is increasing the pace of its privatization, under a new plan presented by Finance Minister Alexei Kudrin on Wednesday. The focus is to privatize state assets for 50 billion dollars (about SEK 355 billion) over five years at a rate of approximately 10 billion dollars per year. According to the previous plan had assets of 29 billion dollars sold in three years. Scancomark.se Team Back to top Improved GDP forecast for Lithuania Monday, 13 September 2010 Lithuania's GDP grows by 0.5 to 1.0 percent this year and the country can join the euro zone in 2014, according to Mr. Reinoldijus Šarkinas, Governor of Vilnius. “The economy may grow by 0.5 to 1.0 percent, or even more. It is highly likely, Sarkinas said in a newspaper interview. Officially, the Central Bank's forecasts a 0.5 percent in GDP growth, while the Lithuanian government expects 1.6 percent. The budget deficit this year is expected to land at eight per cent of GDP. Scancomark.se Team Back to top Latvia's GDP is believed to shrink 2 percent Wednesday, 08 September 2010 Latvia's GDP is expected to shrink 2 percent this year after it collapsed by 18 percent last year, according to Finance Ministry in Riga. The prognosis was related to a hearing before a parliamentary committee. The decline this year is less than previously estimated by the government in Riga, which stood at minus 3.5 percent. Latvia has since late 2008 have been bound by the terms of a major loan package totalling EUR 7.5 billion, with the IMF, EU and Sweden as its largest independent lenders. By Scancomark.se Team Back to top Latvian industrial production shows a bright future Friday, 03 September 2010 Latvia's industrial production picked up 18 percent in July compared to the same month last year. Compared to the months before it became a production increase of 2.3 percent. In June, its industrial output rose by 13.3 percent year on year. During the crisis year of 2009 Latvia's July production fell by 17.3 percent. Latvia's current account surplus shrank to 6 percent of GDP in the second quarter, revised down from 8.6 percent in the first quarter. By Scancomark.se Team Back to top Nordic and Baltic treasuries, central banks and regulators sign agreement on financial stability Tuesday, 17 August 2010 An agreement between the financial authorities in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden concerning greater cooperation on cross-border financial stability, crisis management and resolution, signed on 15 June 2010. Cooperation strengthens the possibilities to address cross-border financial turmoil in the financial integrated Nordic - Baltic region. The agreement created the first cross-border stability group in the European cooperation. “The financial crisis showed that there are large gaps in cross-border supervision of financial institutions. By creating a common Nordic-Baltic group stability, we are now closer cooperation in our part of the world which I hope will set an example for other, "said Local Government and Financial Markets Minister Mats Odell. Financial integration between the Nordic and Baltic countries requires the strengthening of cooperation between authorities on matters relating to financial stability. In response to this, agreement was reached with a view to strengthening cooperation in financial crisis management. By signing the agreement, the national authorities in the Nordic Baltic countries primarily expanded the possibilities for dealing with problems in banks with cross-border activities. The Nordic-Baltic countries' governments are thus the first to implement the recommendations made in the EU and the so-called Memorandum of Understanding on Cross-Boarder Financial Stability, which was signed in June 2008. The legally non-binding agreement strengthens the cooperation between the Nordic Baltic authorities by establishing procedures for collaboration and information exchange. The goal is to reduce the risk of a financial crisis spreading across national borders, and to strengthen the possibilities for effective crisis management. Financial problems of purely national character, thus not covered by the agreement. In order to implement the points of agreement with a Nordic-Baltic Cross-Boarder Stability Group (NBSG) formed. The Danish Ministry of Finance is the first to lead the work of the stability of the group and the Presidency will then rotate between the Nordic-Baltic countries. Source: Sverige Finansdepartementet Back to top Australia's Gillard backs republic after Queen's death Tuesday, 17 August 2010 The current Australian Prime ministers, Julia Gillard, born in Wales the UK, has called for Australia to become a republic when Queen Elizabeth II dies. She made the remark just days ahead of a general election. She said that when the Queen's dies, it would be an appropriate window for Australia to move away from having a British monarch as head of state. Back in 1999, Australians voted in a referendum against becoming a republic but the issue has continued to remain a divisive in the country’s political discourse. For example, Tonny Abbot who is the main challenger to Ms Gillard favours the monarchy ties that prevails as such the talk of an Australian republic has not been a great issue in the a political discussion. Ms Julia Gillard who is a Labour party leader has republican feelings. At the moment though, the talk about a republic is not a very pressing issue although the Australians remain strongly patriotic. Scancomark.se Team Back to top |
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