SOCIETY / BUSINESS

WHAT the future holds for cryptocurrency

By
Helena-Reet Ennet
-

NordenBladet – The future of cryptocurrency is a topic of much debate and speculation. Cryptocurrency, such as Bitcoin and Ethereum, is a digital or virtual currency that uses cryptography for security. It operates independently of a central bank or government.

Advocates of cryptocurrency argue that it has the potential to revolutionize the financial industry by providing a decentralized and more secure means of conducting transactions. They also believe that it has the potential to empower individuals by giving them more control over their own money.

Critics, on the other hand, argue that the lack of regulation and oversight of the cryptocurrency market makes it a breeding ground for fraudulent activity and financial crimes. They also point to the volatility of the market, which can make it a risky investment.

Despite these criticisms, the use of cryptocurrency has been on the rise. A growing number of businesses and individuals are accepting it as a form of payment, and more traditional financial institutions are starting to explore the potential uses of blockchain technology, which is the underlying technology of most cryptocurrencies.

It is difficult to predict exactly what the future holds for cryptocurrency, but it seems likely that it will continue to play a role in the financial industry. However, the future of crypto is also dependant on the developments in the regulatory environment and the overall acceptance of the crypto by the general public and the financial institutions.

6 Reasons Why Cryptocurrency is Good:

Decentralization: Cryptocurrency operates on a decentralized system, which means that there is no central authority controlling it. Transactions are recorded on a public ledger and are verified through a network of computers, making it transparent and secure.

Increased Security: Cryptocurrency transactions are encrypted and secure, making it difficult for hackers to steal funds. This is a major advantage compared to traditional banking systems, which are vulnerable to hacking and fraud.

Borderless Transactions: Cryptocurrency can be used anywhere in the world, regardless of geographical borders. This makes it easy to send and receive payments internationally, without having to worry about currency conversion rates and fees.

Anonymity: Cryptocurrency transactions can be made anonymously, which is a desirable feature for people who value privacy.

Cost-effective: Transactions made using cryptocurrency are usually cheaper compared to traditional banking methods, as there are no fees charged by intermediaries such as banks.

Accessibility: Cryptocurrency is accessible to everyone with an internet connection, making it an inclusive financial system that is not limited by geography or financial status.


Excerpt from CoinMarketCap.com January 8, 2023


6 Reasons Why Cryptocurrency is Bad:

Volatility: Cryptocurrency values are highly volatile, and can fluctuate greatly in a short period of time. This can make it a risky investment, and can also make it difficult to use as a regular currency.

Lack of Regulation: Cryptocurrency is not regulated by any central authority, which can lead to increased risk of fraud and scams.

Complexity: Cryptocurrency can be confusing for the average person, and requires a certain level of technical knowledge to use.

Limited Adoption: Cryptocurrency is still not widely accepted, and there are limited places where it can be used to make purchases. This makes it difficult to use as a regular currency.

Environmental Impact: Cryptocurrency mining requires a lot of energy, and this has a negative impact on the environment.

Lack of Legal Protection: Cryptocurrency transactions are not covered by any legal protections, which means that there is no recourse if funds are stolen or lost.

Cryptocurrency has both advantages and disadvantages. While it offers increased security, anonymity, and accessibility, it also has its drawbacks such as volatility, lack of regulation, and complexity. Whether cryptocurrency will become the money of the future or exist alongside traditional money is still up for debate. It is likely that cryptocurrency will continue to evolve and mature, and that its role in the financial world will become clearer in the years to come. Ultimately, it will be up to the market and consumers to determine the future of cryptocurrency.

It’s important to keep in mind that the crypto market is highly speculative and can be highly volatile, so it’s important to conduct thorough research and consult a financial advisor before investing in any cryptocurrency.

Featured image: Unsplash

“No Significant Changes” in Estonia’s Corruption Perception Index

By
Helena-Reet Ennet
-

NordenBladet – Estonia’s ranking in Transparency International’s Corruption Perception Index remains unchanged for 2022, tying for 14th to 17th place with Canada, Iceland, and Uruguay. The head of Transparency International Estonia, Steven-Hristo Evestus, stated that the lack of change in their position reflects a “slumbering state” and calls for fresh initiatives. Despite gaining 10 points since 2012, the country has been stagnant since 2018 and could perform better.

The Corruption Perception Index evaluates corruption levels in the public sector and policy-making as perceived by foreign experts and businesses, with scores ranging from 0 to 100, with 0 indicating high levels of corruption and 100 representing low levels. No country has achieved a perfect 100. The 2022 Index showed that most nations have failed to progress in the fight against corruption, with over two-thirds of countries scoring lower than 50 out of 100.

While public access to the business register was established in 2022 to help identify corruption and money laundering risks, initiatives to protect whistleblowers, amend the Political Parties Act, and introduce good lobbying practices have been delayed. This inaction has left the door open for policies to be manipulated, illegal cash flow, and a lack of transparency in policy-making, according to Evestus.

The Corruption Perception Index is based on up to 13 independent studies and expert reports. However, it does not account for private sector corruption or money laundering incidents.

Featured image: The head of Transparency International Estonia, Steven-Hristo Evestus (YouTube)

Rainer Rohtla appointed as new CEO of Coop Eesti Central Union

By
Helena-Reet Ennet
-

NordenBladet – Rainer Rohtla has been appointed as the new CEO of Coop Eesti Central Union starting February 1st, 2023. Prior to this, he led the Via 3L group, one of the largest logistics and transportation companies in the Baltic region, and previously worked at the courier company DPD Estonia.

Coop Eesti Central Union, the largest grocery chain in Estonia, has been searching for a new CEO since October 2022. Alo Ivask led the company from October 1st, 2019 until recently, and prior to that, he was the head of the Entrepreneurship Development Foundation (EAS).

The choice of Rainer Rohtla as the new CEO was based on his extensive experience in managing both Estonian and international companies and increasing their market share in Estonia and the Baltic region.

According to the Chairman of the Coop Eesti Central Union Council, Väino Sassi, Rohtla brings valuable logistics experience in addition to his management skills.

Coop Eesti is the largest and oldest food and consumer goods chain in Estonia, consisting of 18 local consumer unions, owning 320 stores with a total revenue of 752 million euros in 2021, leading the market with a share of about 25%. Today, over 6000 people work at Coop.

Source: NordenBladet.ee
Featured image: Coop

Estonian startups struggle to raise capital amid economic downturn

By
Helena-Reet Ennet
-

NordenBladet – Estonian startups are facing difficulties in securing funding due to the current economic climate. Companies such as Hagen Bikes and Robus Group, which make steel cargo bikes and training equipment respectively, have had to lay off staff and borrow money. Despite the challenges, the companies are still optimistic about their future prospects and continue to grow. The companies have also seen a reduction in investment interest, but startups in the climate, energy, and infrastructure technology sectors are still attracting investment.

Estonia’s startups are facing difficulties in raising capital due to the current economic downturn. Hagen Bikes, which produces steel cargo bikes, has had to lay off staff and borrow money to continue its development. The company’s CEO, Kaspar Peek, stated that raising money has become increasingly difficult in the past two years and that the future of the financial markets is uncertain. Despite these challenges, the company is still performing well and has secured a bike rental contract with the German city of Kiel, which has expanded. Hagen Bikes sells 95% of its products abroad and is hopeful that the Estonian market will grow in the future.

Another Estonian company, Robus Group, which trades on the Tallinn Stock Exchange’s alternative list, has also experienced difficulties in securing funding. Despite a successful €77,000 share sale last spring, the market has cooled down, making it harder for the company to find funding. However, the company is still growing and has seen an increase in the number of strategic partnerships. The board member of Robus Group, Mikk-Alvar Olle, stated that investors are being more cautious with their money, but companies that see opportunities for cooperation are still willing to make investments.

In conclusion, while Estonian startups are facing challenges in securing funding due to the current economic downturn, they are still optimistic about their future prospects and continue to grow. Climate, energy, and infrastructure technology startups are still attracting investment, while other companies are seeking alternative funding options and forming strategic partnerships. Despite the challenges, Estonian startups are determined to overcome the obstacles and continue their growth and development.


Source: Aktuaalne Kaamera, Friday, 27.01.2023
Featured image: Kaspar Peek (YouTube)

Estonian Inflation to Slow Down in H2 of 2023: Bank of Estonia Deputy Governor

By
Helena-Reet Ennet
-

NordenBladet – According to Bank of Estonia Deputy Governor Ülo Kaasik, inflation in Estonia has not risen notably since last August and is expected to slow down to single-digit levels in the second half of 2023. The decrease in inflation is due to the drop in energy prices and the price of oil and natural gas, while food prices will continue to rise. The real estate market has also sensibly settled.

The European Central Bank (ECB) has raised interest rates to slow inflation in the euro area, and Kaasik noted that the monetary policy had reacted firmly. He said that “there are no good ways to tackle inflation that has gotten too high, so we have to choose between bad and worse, and inflation remaining high for too long would be the most harmful outcome for people and for the economy as a whole.”

“The Bank of Estonia expects inflation to come down and approach a more normal level in the second half of this year,” Bank of Estonia Deputy Governor Ülo Kaasik said at the recent annual conference of the Estonian Economic Association (EMS).

The deputy governor also acknowledged that difficult times will continue for the Estonian economy, but the outlook is better for the second half of the year, with government spending supporting demand in the domestic market and growing company profits. The ongoing war in Ukraine is expected to impact Estonia’s economy more strongly this year, but Kaasik noted that the number of people employed in the Estonian economy is at a near record high. He stressed that the significant budget deficit is a feature of Estonia’s state finances and additional spending requires additional revenues.

Featured image: Ülo Kaasik (NordenBladet)

Estonia: Shift in consumer behavior towards focused shopping and price consciousness

By
Helena-Reet Ennet
-
toit nordenbladet

NordenBladet – In a recent interview with ERR, Marge Kikas, head of sales for Maxima, a grocery chain that sells Latvian, Lithuanian, and Polish products, revealed a shift in consumer behavior in their stores. Customers are buying smaller quantities, avoiding impulse buying, and basing their purchases on price rather than the country of origin of the food.

“People look at the price. If the Estonian product happens to be cheaper, that is what they buy, while shoppers buy Latvian or Lithuanian if it is cheaper. Many clients decide based on the final price,” Kikas said.

Furthermore, consumers are also more likely to opt for private label alternatives to brand products, keeping an eye out for discounts. The supermarket chain has responded by increasing its private label selection.

Kikas noted a recent price rally in the last six months, with some product categories stabilizing in prices, however, the general price level is still rising. The future of prices is uncertain, as price negotiations are ongoing, but Kikas pointed out that eggs, mayonnaise, sugar, and flour have seen the greatest price advance, and sour cream has become significantly more expensive due to rising dairy prices.

“We can see some alleviation, while final stabilization is still some way off,” she said.

You can find the link to the original article “Toidupoes läheb ostjatele korda rohkem kauba hind kui päritolumaa” in the grocery store HERE.

Featured image: NordenBladet

Elron orders 10 new trains from Škoda to meet passenger demand

By
Helena-Reet Ennet
-

NordenBladet – Estonian state-owned rail operator Elron signed a contract with the Škoda Group in December to build 10 new trains to meet the growing demand for rail transportation in the country. The number of train passengers in Estonia increased by over a million in 2022, requiring significant additions to Elron’s train fleet. The new trains will be built on the RegioPanter platform, used in the Czech Republic and Slovakia, and will be 83.18 meters long with wider boarding areas and designated spaces for bicycles, passengers with prams, and wheelchairs. The first train is expected to arrive in Estonia in Q1 2024 and will cost a total of €90.7 million, covered by the EU’s Modernization Fund. Before the new trains arrive, Elron plans to host a competition to name them.

Estonian state-owned rail operator Elron signed a contract with the Škoda Group in December to build 10 new trains to meet the growing demand for rail transportation in the country. The number of train passengers in Estonia increased by over a million in 2022, requiring significant additions to Elron’s train fleet.

“At the moment, there are 37 trains, which serve passengers, however it is clear that significant additions are needed to Elron’s train fleet in order to meet customer expectations,” said Elron project manager Viljar Luchtein, ERR mediates.

The new trains will be built on the RegioPanter platform, used in the Czech Republic and Slovakia, and will be 83.18 meters long with wider boarding areas and designated spaces for bicycles, passengers with prams, and wheelchairs.

“Preparations for the production of the train’s bulk structure began in December, which means that welding work is now at the initial phase and, in a few weeks, the train will be ready for assembly,” said Luhthein.

The first train is expected to arrive in Estonia in Q1 2024 and will cost a total of €90.7 million, covered by the EU’s Modernization Fund.

“According to the agreed schedule, the first Škoda train is set to arrive in Estonia in the first quarter of 2024, after which it will need to be properly set up for use and undergo a period of testing. It is therefore expected to be fully operational from December 2024,” the text stated.

Before the new trains arrive, Elron plans to host a competition to name them. “Anyone interested can participate to ensure that the new trains get the most fitting names,” said the text.

Featured image: Pexels

Swedbank’s Former CEO Birgitte Bonnesen cleared of all charges in money laundering Scandal

By
Helena-Reet Ennet
-

NordenBladet – Birgitte Bonnesen, the former CEO of Swedbank, has been acquitted of all charges in a case stemming from a money laundering scandal involving the bank’s Baltic operations. The Stockholm District Court found her not guilty of aggravated fraud, serious market manipulation, and unlawful disclosure of insider information. The accusations related to $40 billion in suspect funds handled by the bank between 2007 and 2019, which ultimately led to Bonnesen’s dismissal from her position.

A Swedish court has cleared the former CEO of Swedbank, Birgitte Bonnesen, of all charges in a case related to a money laundering scandal involving the bank’s Baltic operations. The Stockholm District Court found her not guilty of aggravated fraud, serious market manipulation, and unlawful disclosure of insider information.

The accusations related to $40 billion in suspect funds handled by the bank between 2007 and 2019, which ultimately led to Bonnesen’s dismissal from her position as CEO. The prosecutor had sought a minimum sentence of two years in prison for Bonnesen.

The case against Bonnesen also included accusations of publishing misleading information about money laundering in the Estonian branch of Swedbank. The prosecution claimed that Bonnesen spread misleading information about Swedbank’s anti-money laundering measures in the bank’s Estonian branch during the period from autumn 2018 to February 2019. This was after the Danske Bank audit, in which extensive suspicions of money laundering in the Estonian branch of Danske Bank were brought up.

Bonnesen was also suspected of fraud and illegal securities trading, but the court acquitted her of all charges. Bonnesen pleaded not guilty throughout the trial. This was the first time in decades that a former chief executive of a major Swedish bank had been prosecuted.

The acquittal of Bonnesen in the case is a significant development in the ongoing scandal surrounding money laundering at Swedbank’s Baltic operations.

Photo: Swedbank’s Former CEO Birgitte Bonnesen

Sweden’s Stance on Freedom of Speech: Burning of religious texts (including the Koran) cannot be banned by the government

By
Helena-Reet Ennet
-

NordenBladet – Sweden is a country that values freedom of speech as one of its fundamental principles. This is why Stockholm cannot ban the burning of the Koran, even though state leaders personally disapprove of it, as stated by Swedish Prime Minister Ulf Kristersson. This article will explore the burning of the Koran in Stockholm and the stance of the Swedish government on the matter.

Listen to the conversation on this topic also on SverigesRadio.se:

Recently, Rasmus Paludan, a far-right Danish-Swedish politician, burned the Koran during a demonstration held at the Turkish embassy in Stockholm. The act of burning the Koran is considered disrespectful and unacceptable by many, but the Swedish government is unable to ban it due to the principle of freedom of speech.

Swedish Prime Minister Ulf Kristersson stated that “we have complete freedom of speech in Sweden, which also applies to the burning of holy books. Everything that is permitted by law, in my opinion, is not respectable and appropriate.” He also expressed that he shared this view with the US State Department, the Secretary General of NATO, and the Finnish government.

Kristersson emphasized that while the burning of the Koran may be considered disrespectful, it is still a legal act in Sweden. He also stated that it is important for society to respect each other’s beliefs and opinions, even if they may not agree with them. He also added that it is legitimate to be against Sweden’s NATO ambitions and to be critical of those who are currently doing everything possible to sabotage the joint NATO talks between Sweden and Finland. He also said that his position is exactly the same as Finland, the US and NATO.

In conclusion, the burning of the Koran in Stockholm, although considered disrespectful and unacceptable by many, is a legal act in Sweden due to the principle of freedom of speech. The Swedish government, represented by Prime Minister Ulf Kristersson, has stated that it shares this view with other countries and organizations such as the US State Department, the Secretary General of NATO, and the Finnish government. Despite this, the government also emphasizes the importance of respecting each other’s beliefs and opinions.

Photo: In Sweden, freedom of speech is a fundamental principle. This is the position of the Swedish government, as stated by Prime Minister Ulf Kristersson. The government encourages respect for different beliefs and opinions. (NordenBladet)

Finland issues new defense export permit to Turkey despite criticism from the Left Alliance

By
Helena-Reet Ennet
-

NordenBladet – Finland has granted a new defense equipment export permit to Turkey, despite criticism from the Left Alliance. On Tuesday, Minister of Defense Mikko Savola approved an export permit for protective steel used to protect vehicles to Turkey. Riikka Pitkänen, a negotiating official from the Ministry of Defense, confirmed the decision and stated that it did not require a decision from the general session of the government.

Turkey has been requesting that Finland lift restrictions on the export of defense equipment to the country. Turkey and Hungary are the only NATO countries that have not yet accepted Finland’s and Sweden’s NATO membership. Defense Minister Mikko Savola defended the decision, stating that it was made with the foreign and security policy assessment of the Ministry of Foreign Affairs, which was positive. Savola also stated that “Turkey is Finland’s future ally” and that this fact was taken into account in the overall assessment. It was first reported by Hufvudstadsbladet and then commented by Savola to Helsingin Sanomat.

This is not the first defense export permit granted to Turkey by Finland. In May 2022, Finland granted a permit for the technology and drawings of Patria’s armored wheeled vehicles. Additionally, a license for the export of target aircraft transmission platforms was granted to the Robonic company in September 2019.

However, the decision has been met with criticism from Li Andersson, Chairman of the Left Alliance and Minister of Education. Andersson stated on Twitter that the Left Alliance does not support the export of defense material to countries that are at war or that violate human rights. He also stated that in their opinion, Finland should not have granted an export permit for protection steel to Turkey.

Featured image: Mikko Savola (NordenBladet)

1...567...33Page 6 of 33