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No
Rate, No Date
The Baltic States, lacking their own capital accruals, have a desperate
need for foreign investments, a very substantial precondition for economic
growth. Foreign investments stabilize the balance of payments, thus also
bringing stability to the exchange rates for Baltic national currencies
and making the Baltic region more attractive for even more potential investors.
International credit ratings serve as crucial guidelines and tips for foreign
investors. |
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Not
Just a Quick Profit
The EU's presidency was held by Sweden in the first half of this year, declaring
2001 as the year of the Baltics. Sweden's Foreign Trade Minister Leif Pagrotsky,
spoke to The Baltic Course on this subject, accenting the importance of
the European alliance for the people of the Baltics. |
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Russian
Dollars on the Threshold of Baltic Oil
The presence of Russian capital in the Baltic oil transit sector is considered
a guarantee to the industry's viability as a whole. Nevertheless, things
may actually be a bit different. Russia seems more interested in control
than generating profit. Local businessmen and politicians find this unacceptable,
and some are even starting to give up. Such problems resulted in the idea
of a Baltic-Black Sea route counterbalancing the influence of Russian foreign
policies. |
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Playing
Tag
Cargo turnover in ports on the Baltic Sea's east coast increased considerably
last year. Experts expect the growth to continue up to 2010 following economic
upsurge across the region and EU enlargement. On the subject of ports, we
are also publishing an interview with Igors Skoks, president of Latvia's
Ventspils Nafta oil terminal, once the largest in the Soviet Union and still
being a key oil artery for the entire Baltic region. |
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We
Need Each Other
Latvia's Prime Minister
Andris Berzins made an official visit to Kazakhstan in early September.
The Baltic Course was part of the large group of over 70 people accompanying
him on this trip. Despite the tight schedule of meetings and talks in the
new Kazakh capital of Astana, we managed to exchange words with one of the
country's most colorful figures - Kazakhstan's Economics and Trade Minister,
Zhaksybek Kulekeyev. |
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Cutting
the Red-Tape
New priorities have been set for international rights, leading
the customs legislation in Latvia to experience substantial change. Customs
cooperation in the Baltic States poses as a good example for other post-Soviet
countries and the Baltics have clearly defined their positions in regard
to foreign economic relations, as global economic developments now demand
countries to put their historical experience in regional cooperation to
use. |
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Speciality:
Legal Defense
What do the Baltics lack in order to feel more certain about their future?
Some will say it's the money, security, or even moral values. And yet, it's
probable that all these factors show room for improvement, however, we should
not forget the legal space in which we live by. All of the above and other
legal peculiarities in the Baltic states were amongst the topics we discussed
with three of the most renowned Baltic lawyers. |
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The
Philosophy of Finacial Crimes
Bankers may be considered the rich type, yet more frequently, a banker is
only someone managing somebody else's money. Not all Baltic bankers with
access to the big buck have managed to stay away from the temptation of
making it their own, but it's not easy to punish a dishonest businessman,
and especially those with impressive Swiss bank accounts. Nevertheless,
financial crimes in the Baltic States seem to be more of a philosophical
problem than a criminal one. We've made an attempt at tracing the destiny
of the loudest and controversial financial scandals in the Baltics. |
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Loutchansky,
Beating The Times
Grigorijs Luchanskis is a person with so many legends and rumors about him
spread across the world. He is also very respected and well-known in Latvia
and possibly the richest Latvian speaking person in the world. Yet he has
always paid dearly and painfully for the happiness he retains, which may
be why the author was so surprised of the almost biblical peace he radiates. |
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Buccaneers
of the 21st Century
It's no secret that in the markets of Vilnius, Riga and Tallinn, one doesn't
have to try hard to find any pirate computer game or program. Manufacturers
suffer major losses from witty 'businessmen' who make mints from the illegal
trade. Datamonitor, an international company, recently carried out research
in the field of piracy and losses amounted to software manufacturers and
governments in the Baltics by these enterprising buccaneers of the hi-tech
age. |
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The
Wheels Go Round and Round
In recent years Baltic railways have experienced a great shortage of funds
for the proper maintenance of their rolling stock. The life spans for two-thirds
of the region's electric trains have expired. With passenger railways amounting
ever-greater losses, railways can't afford new trains and carriages. Latvian
railway-carriage producers have now taken to deal with not only repairs,
but also with the full upgrading of electric and diesel trains. |
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A
Monopolist's Dream
Keramin is the largest company to produce building materials in the CIS,
making ceramic tiles, plumbing equipment, producing its own bricks and packaging.
Its goods were presented at the annual Belarus Expo 2001, held in Riga this
March. Keramin is claimed to be one of the most up to date ceramic tile
producers in the world. Just before exhibition day, the BC visited Keramin
in Minsk and interviewed its CEO, Anatoly Tyutyunov. |
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Winds
of Change
In an attempt at developing the Baltic power markets, all three Baltic states
have passed laws giving beneficial positions to the owners of small hydro-electric
power plants, offering them higher than average prices for surplus power,
and despite ecological drawbacks, made them all the rage. We take a brief
look at this sought after sector of the Baltic power market. |
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Anyone
for a Game?
Estonian banks, the first to come under Scandinavian influence, were hot
on the mark in taking their share of neighboring markets in Latvia and Lithuania.
Working with non-residents still remains an important part of the Latvian
banking business. Nevertheless, changes on the Baltic banking market are
inevitable, considering adjustments policies in Russia, and tactical moves
set to be made by cushy seated Swedish players controlling stakes in major
Baltic banks. |
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A
Golden Debut in Sight
An official office and show room for the Osmushkina Fashion House will
be opened in Milan during the Pret-a-porte Week of fashion in September.
The Balts should be proud of their compatriot being the first of all the
post-Soviet fashion designers to enter the world's top class circle of
fashion houses. The Baltic Course met Anna Osmushkina shortly before the
opening event, and it seems that we are the first to tell the world about
it.
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