Company briefs - 2012-08-23

Estonian President Toomas Hendrik Ilves took part in an event for launching the start-up funding facility Prototron, reports LETA. The objective of the new fund is to support shaping innovative ideas into prototypes. The Prototron fund was established by Swedbank, the Tallinn Science Park Tehnopol and Tallinn Technical University. “Partnerships between researchers and entrepreneurs are the basis for progress. Cooperation makes it possible for small entities to achieve great things and will make it possible for us to be greater. After all, the market that we aspire to is the global market,” said the president. “I hope that we will be able to invent many new products that would have the potential to change the world. The proximity of the university and start-up companies’ incubator will provide for the synergy,” he remarked.

The European Commission has proposed increasing several fishing quotas in the Baltic Sea next year, as previous restrictions have allowed fish populations to apparently increase, reports LETA. The European Commission proposes increasing fishing quotas for sprats, herring and plaice, but reduce fishing quotas for salmon and cod. The herring quota in the western Baltic Sea has been proposed to be increased by 23 percent, but has been reduced by 10 percent in the Gulf of Riga. The sprat quota has been proposed to be increased by 11 percent to 249,978 tons, while the plaice quota by 18 percent to 3,409 tons. The European Commission wishes to reduce the cod quota by nine percent to 61,565 tons in eastern areas of the Baltic Sea, and by two percent to 20,800 tons in western areas. The salmon quota has been proposed to drop by 11 percent.

Apranga Group, the leading fashion retailer in Lithuania and the Baltic States, through a franchise agreement with Burberry Limited has opened the first Burberry store in the Baltic region, reports ELTA. A 230 square meter store opened in Tallinn Aug. 17. The store reflects the Burberry store design concept as developed by Burberry Chief Creative Officer Christopher Bailey, using British materials and themes throughout. There will be collections presented of Burberry London, Burberry Brit, Burberry Accessories with categories of women’s wear, men’s wear, non-apparel, eyewear, fragrance, watches. Burberry and Apranga Group have plans to open a further two stores in the Baltic region. Burberry, which is headquartered in London, was founded in 1856.