The Baltic Course

BONO aims at a billion!

The LLC (SIA) BONO enters the sawn timber market and plans to attract investments in the amount of 100 million euro to reach 1 billion turnover within 3 years.

Keyword tags: Good for Business, Investments, Latvia, Markets and Companies, Woodwork

On the verge of its 25th anniversary, The Baltic Course leaves business media market

What an irony of the destiny that in the year of its 25th anniversary an international magazine The Baltic Course is leaving the market of mass media. A website about business and analytical news of Baltic States shall remain in the World Wide Web, but starting from 1 January 2021 it will no longer add new articles. This is a final decision. This is not a bankruptcy, our small firm doesn’t have a single debt, not even to the state.

Keyword tags: Good for Business, Latvia, Markets and Companies, Technology

EU to buy additional 100 mln doses of coronavirus vaccine

The European Union will buy an additional 100 million doses of the BioNTech and Pfizer coronavirus vaccine, European Commission President Ursula von der Leyen wrote on Twitter on Tuesday, cites LETA/STT.

Keyword tags: Covid-19, EU – Baltic States, Good for Business, Legislation, Markets and Companies, Medicine

Number of new companies registered in Estonia up in 2020

According to SEB, contrary to fears, more companies have been registered in Estonia in 2020 than last year, but April was a much more passive month compared to April of last year, cites LETA/BNS.

Keyword tags: Estonia, Good for Business, Legislation, Markets and Companies

Tartu to support students' solar car project

The Tartu city government has decided to financially support a team of Estonian students who are planning to take part in the renowned Bridgestone World Solar Challenge race of solar powered cars in Australia in 2021, informs LETA/BNS.

Keyword tags: Energy, Estonia, EU – Baltic States, Financial Services, Good for Business, Transport

Owner of Kunda Nordic Tsement to install full-scale CCS facility in Norway

HeidelbergCement Group, which also includes the Estonian company Kunda Nordic Tsement AS, is to install the world's first full-scale carbon capture and storage (CCS) facility in its cement plant in southern Norway, informs LETA/BNS.

Keyword tags: Energy, Estonia, EU – Baltic States, Good for Business, Markets and Companies

Flying Forward 2020 starts developing air mobility of cities

Flying Forward 2020, a consortium made up of 30 partners, is about to start developing a new urban air mobility (UAM) ecosystem for the European Union, focusing primarily on drones, informs LETA/BNS.

Keyword tags: Estonia, EU – Baltic States, Good for Business, Technology, Transport

LTG Infra gets green light to build Rail Baltica section from Kaunas to Latvian border

LTG Infra, the infrastructure subsidiary of Lietuvos Gelezinkeliai (Lithuanian Railways, LTG), has took over the ownership of land necessary for the construction of the European-gauge railway Rail Baltica's stretch from Kaunas to the border with Latvia, informs LETA/BNS.

Keyword tags: EU – Baltic States, Good for Business, Latvia, Lithuania, Railways, Real Estate, Transport

LLC Dizozols Investments finalizes investment attraction deal with Crowdestor with record-high profits

LLC Dizozols Investments has successfully carried out one of the biggest investment attraction projects in the Baltics attracting 2.77 million euros in investment from more than 3500 investors with the crowdfunding platform Crowdestor, returning 3.46 million euros, which ensures 690,000 euro profit to investors.

Keyword tags: EU – Baltic States, Investments, Technology

Latvia to impose curfew, state of emergency to be extended until February 7

The government in Latvia decided in principle on Tuesday to impose curfew during the coming New Year's holidays and Orthodox Christmas in order to restrict the movement of people, informs LETA.

Keyword tags: Analytics, Covid-19, EU – Baltic States, Latvia, Legislation, Transport

Lithuanian president signs 2021 budget bill into law

Lithuanian President Gitanas Nauseda signed the 2021 budget bill with a deficit target of 7% of GDP into law on December 29th, cites LETA/BNS.

Keyword tags: Budget, Financial Services, GDP, Legislation, Lithuania, Markets and Companies

First people in Latvia receive Covid-19 vaccines

On Monday morning, the first people received the Covid-19 vaccines at Pauls Stradins Clinical University Hospital in Latvia, the hospital's representative Janita Veinberga reported LETA.

Keyword tags: Covid-19, EU – Baltic States, Latvia, Legislation, Markets and Companies, Medicine

airBaltic to conduct repatriation flight from UK on December 28

Latvian national airline airBaltic will organize a repatriation flight from the United Kingdom on December 28, Foreign Minister Edgars Rinkevics said after a video conference with his Baltic counterparts today, informs LETA.

Keyword tags: Airport, Covid-19, EU – Baltic States, Latvia, Legislation, Transport

New Year's fireworks banned in Latvia

As the New Year's celebrations are approaching, local governments are banned from organizing fireworks, according to the decision of the joint meeting of the Cabinet of Ministers and the Crisis Management Council, said Health Minister of Latvia Ilze Vinkele (For Development), cites LETA.

Keyword tags: Covid-19, Latvia, Legislation, Medicine, Society

Face masks to be mandatory also in nature trails in Latvia

Face masks will be mandatory also in nature trails and by environment sites where distancing among people are not possible, said Health Minister of Latvia Ilze Vinkele (For Development) after the meeting of the Cabinet of Ministers and the Crisis Management Council.

Keyword tags: Covid-19, EU – Baltic States, Latvia, Legislation, Society

Initially, 4,875 medics to be vaccinated against Covid-19 in Latvia

Initially, 4,875 medics will be vaccinated against Covid-19 in Latvia, said State Medicines Agency (ZVA) director Svens Henkuzens in a press conference today, informs LETA.

Keyword tags: Covid-19, EU – Baltic States, Latvia, Legislation, Markets and Companies, Medicine

Hotels showing strong interest in providing self-isolation service

Hotels' interest in providing self-isolation services to Covid-19 patients and persons who have come into contact with infected people is very strong, Santa Graikste, head of the Hotel and Restaurant Association, told LETA.

Keyword tags: Covid-19, EU – Baltic States, Latvia, Legislation, Tourism

Up to two tons of crude oil spilled on Monday from the loading buoy at the Butinge oil terminal of the Polish-owned Lithuanian oil refining and import company Orlen Lietuva, the Environment Ministry said, based on preliminary data. No oil has been detected on the Baltic Sea coast from Sventoji to Liepaja after Monday's spill at the Butinge crude terminal, the Lithuanian unit of Poland's oil group Orlen said, cites LETA/BNS.

Keyword tags: Energy, Latvia, Lithuania, Oil, Port, Transport

Lidl Lithuania to destroy Salmonella-contaminated eggs from Ukraine

German-owned retailer Lidl Lietuva will have to destroy 38,400 cartons of chicken eggs delivered from Ukraine, which have been found to be contaminated with Salmonella, the Lithuanian State Food and Veterinary Service said on December 22nd, cites LETA/BNS.

Keyword tags: Baltic States – CIS, EU – Baltic States, Legislation, Lithuania, Markets and Companies, Ukraine

Movement of parcels between Estonia, UK suspended until New Year; Lithuanian Post warns of delays

Due to the aggressive spread of the new coronavirus strain in the United Kingdom, flights to and from the UK have been suspended and also the movement of parcels from the UK to Estonia and vice versa has been halted until the new year. Lietuvos Pastas (Lithuanian Post) also has warned of delays in parcel deliveries to and from the United Kingdom amid new transport restrictions, informs LETA/BNS.

Keyword tags: Estonia, EU – Baltic States, Legislation, Lithuania, Markets and Companies, Post Office, Transport

EUR 170 mln Estonian-Latvian electricity connection to start work Jan. 1

The third Estonian-Latvian electricity connection has been completed and will commence operation on Jan. 1; the total cost of the new connection for the two countries is approximately 170 million euros, informs LETA/BNS.

Keyword tags: Energy, Estonia, EU – Baltic States, Financial Services, Latvia

Electric power generation in Latvia down 21% in November

In November 2020, electric power generation in Latvia decreased by 21% from November 2019, Augstsprieguma Tikls (AST) transmission system operator's representative Aija Ikstena reported LETA.

Keyword tags: Analytics, Baltic, Energy, Energy Market, Latvia

Estonia: Online shopping rising along with spread of coronavirus

With the coronavirus on the rise once more during the final quarter of the year, the number of online shoppers has notably increased in nearly all product groups, it appears from the latest study of trends in online commerce conducted by pollster Kantar Emor, writes LETA/BNS.

Keyword tags: Analytics, Estonia, Internet, Markets and Companies, Retail

Shopping malls in Latvia extend opening hours on Friday

Several shopping malls have extended their opening hours on Friday, LETA learned after talking to Riga shopping centers.

Keyword tags: Covid-19, Latvia, Legislation, Markets and Companies, Retail

New Year Cards and Calendars of Rietumu Bank presented

As with every year, we at Rietumu Bank have created special 2021 holiday greeting cards and calendars for our clients.

Keyword tags: Banks, Culture, Financial Services, Forum, Latvia

Estonia: Up to 1 mln Saunum shares to be admitted to trading on First North

According to the Dec. 8 decision of the listing and surveillance committee of Nasdaq Tallinn, up to 1,000,000 shares of Estonian developer of sauna heaters and indoor air conditioners Saunum Group with a nominal value of 0.1 euros will be admitted to trading on the First North alternative market, writes LETA/BNS.

Keyword tags: Estonia, Exchange, Financial Services, Markets and Companies

Eesti Pank forecasts that the economy will probably recover to its pre-crisis level in the second half of next year

The latest economic forecast from Eesti Pank expects the Estonian economy to recover from the crisis in 2021 and to return to where it was before the crisis in the second half of next year.

Keyword tags: Analytics, Banks, Economics, Estonia, Financial Services

Insurance premiums grow 1.4%, claims down 5.3% in 9 months in Latvia

In the first nine months of 2020, Latvian insurers and the Latvian branches of foreign insurance companies raised gross premiums 1.4% against the respective period in 2019, while gross insurance claims declined 5.3% year-on-year, informs LETA, according to the data released by the Finance and Capital Market Commission (FCMC).

Keyword tags: EU – Baltic States, Financial Services, Insurance, Latvia

Estonia: Inbank acquires 53% stake in full-service vehicle rental company Mobire

Inbank on Monday signed an agreement to acquire 53% of the full-service vehicle rental company Mobire Group OU; parties have agreed not to disclose the price of the transaction, writes LETA/BNS.

Keyword tags: Banks, Car market, Estonia, Financial Services, Latvia, Transport

State Revenue Service has paid EUR 715,773 in downtime benefits and wage subsidies so far

The State Revenue Service (VID) from December 1 until December 11 has paid EUR 715,773 in downtime benefits and wage subsidies, LETA learned from VID.

Keyword tags: Covid-19, Financial Services, Latvia, Markets and Companies

Budget revenue collected by Latvian Revenue Service in 11 months 6.4% short of target

In the first 11 months of 2020, the State Revenue Service in Latvia collected EUR 8.949 billion in budget revenue, which is 6.4% short of the target, writes LETA, according to the information released by the service.

Keyword tags: Budget, Financial Services, Latvia, Taxation

Share of Latvian residents accumulating savings has shrunk as a result of Covid-19

The Covid-19 crisis has left an impact on Latvian residents' habits to accumulate savings - 56 percent of residents take care of their "safety net" this year, which is by 3 percentage points less than in the past three years, according to Maxima Retail Compass data.

Keyword tags: Analytics, Covid-19, Financial Services, Latvia, Society

University of Tartu among best in emerging Europe, Central Asia

In the newly published ranking list of universities from emerging Europe and Central Asia, the University of Tartu has reached the second place, which is also the highest among Estonian universities. Lomonosov Moscow State University has been the first from the start, informs LETA/BNS.

Keyword tags: Baltic States – CIS, Education and Science, Estonia, EU – Baltic States, Latvia, Rating

Primary schoolchildren in Lithuania start early winter holidays

Primary schoolchildren in Lithuania are starting their winter holidays on Monday after they were brought forward due to the coronavirus situation, informs LETA/BNS.

Keyword tags: Covid-19, Education and Science, Legislation, Lithuania

All school pupils will have to wear face masks from January

From January 4, both pupils and teachers in schools will have to wear face masks both during lessons and outside the teaching process, the government decided last night, writes LETA.

Keyword tags: Covid-19, Education and Science, Latvia, Medicine

EU Parliament demands Belarusian authorities to investigate murder of art-teacher Raman Bandarenka

The European Parliament demands a prompt, thorough, and independent investigations into the murder of art-teacher Raman Bandarenka and the protest related deaths of other Belarusian civilians, LETA was informed by the European Parliament's press service.

Keyword tags: Baltic States – CIS, Belarus, Education and Science, EU – Baltic States, Legislation

Minimum floor space at schools should be 3 m2 per pupil, teachers will have to wear masks

Due to the Covid-19 outbreak, the government decided on harsher restrictions in education and sports, as agreed by the Cabinet and the Crisis Management Council, writes LETA.

Keyword tags: Covid-19, Education and Science, Latvia, Medicine

Estonia: Mailis Reps announces resignation from minister post

Center Party politician Mailis Reps, who this week found herself in the center of a scandal related to the use of ministry vehicles for the needs of her family, on Friday announced her resignation from the post of minister of education and research, reported LETA/BNS.

Keyword tags: Education and Science, Estonia

Coalition in Latvia agrees to increase government guarantees for study loans

The government coalition on Monday agreed on raising the amount of government guarantees available for study loans, Raivis Dzintars, leader of the National Alliance, told journalists following the weekly coalition meeting, informs LETA.

Keyword tags: Education and Science, Financial Services, Latvia, Legislation, Loan

Estonia: All Narva schools switch to distance learning

On the recommendation of the Health Board, the Narva city government has put all general education schools and hobby schools in the northeastern border city to distance learning starting from Thursday, according to the regional newspaper Pohjarannik information reported LETA/BNS.

Keyword tags: Covid-19, Education and Science, Estonia

Landsbergis: Lithuania to declare state of emergency if people fail to obey lockdown

The Lithuanian parliament could declare a state of emergency if people failed to follow the lockdown restrictions imposed by the government to get the spread of COVID-19 under control, Foreign Minister Gabrielius Landsbergis said, cites LETA. "If it is decided, or more precisely, if there is a need, if the numbers do not fall and the public fail to come to the understanding that the situation has to be taken seriously, then the Seimas could be asked to impose additional restrictions," Landsbergis, the chairman of the conservative Homeland Union–Lithuanian Christian Democrats, the biggest party in the parliament, said in an interview with BNS.

Keyword tags: Baltic States – CIS, Direct Speech, Energy, EU – Baltic States, Interview, Lithuania, Transport

Balance of payments under the sign of COVID-19

In the third quarter of 2020, the balance of payments developments were driven by the economic recovery which was facilitated by the easing of the mobility restrictions, introduced to contain the outbreak, and improved economic sentiment among consumers and businesses.

Keyword tags: Analytics, Banks, Economics, Financial Services, Latvia

Following a leap in the third quarter, wage growth will decelerate as a result of the prolonged COVID-19 crisis

According to the data compiled by the Central Statistical Bureau of Latvia, the average monthly gross wage increased by 5.9% year-on-year in the third quarter as part of the containment measures were eased and the economic activity was recovering. However, the second wave of the COVID-19 pandemic presents new challenges to the labour market, and this might have implications for wage developments at the end of the year.

Keyword tags: Banks, Direct Speech, Financial Services, Latvia

The third quarter recorded GDP growth, albeit amid rising concerns

Following the COVID-19 outbreak in spring, the third quarter was more favourable for the economy. We already knew this from the GDP flash estimates published a month ago (although the estimates suggested less pronounced growth) and from other data.

Keyword tags: Banks, Direct Speech, Economics, GDP, Latvia

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

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.

Keyword tags: Analytics, Banks, Direct Speech, Financial Services, Lithuania

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.

Keyword tags: Direct Speech, EU – Baltic States, Innovations, Technology, Transport

Rebounding confidence in the summer has led companies to borrow more actively in the autumn

The uncertainty that was caused by the coronavirus crisis caused many companies to put new investment on pause in the spring, reducing the need for new long-term loans. The general fall in economic activity at the same time also reduced the need for short-term working capital loans.

Keyword tags: Banks, Economics, Estonia, Financial Services

Relationship between the housing development services market and the mortgage lending system in Latvia

In a modern welfare state, regardless of its model, the mortgage institute is significant. It is an economic instrument that facilitates implementation of various social projects.

Keyword tags: Banks, Financial Services, Real Estate, Round Table

The photo exhibition “Icons – an Exhibition about the Right to Exist” opened in Rietumu in Riga

The Swedish Ambassador to Latvia, Ms Karin Hőglund, recently hosted an online broadcast from the photo exhibition “Icons – an Exhibition about the Right to Exist”, which opened in early December in Rietumu Gallery.

Keyword tags: Banks, Culture, EU – Baltic States, Financial Services, Forum, Latvia

Global Business Summit to focus on digital turnaround in fight against COVID-19

A global business summit, a joint initiative of Estonia and the United Arab Emirates, is to be held virtually on Wednesday; the summit seeks to bring together the public and private sector to expedite a digital turnaround in the fight against COVID-19, informs LETA/BNS.

Keyword tags: Estonia, EU – Baltic States, Forum, Innovations, Markets and Companies, Technology

37 companies, organizations from Estonia to go to EXPO 2021

In total 37 companies and organizations from Estonia are to take part in EXPO 2020 in Dubai, which has been postponed until October 2021, informs LETA/BNS.

Keyword tags: Estonia, EU – Baltic States, Forum, Markets and Companies

Latvian MFA took part in the World Press Freedom Day Conference

On December 9th, Latvian Foreign Minister Edgars Rinkevics took part in the World Press Freedom Day Conference, co-hosted by the Netherlands and the United Nations Education, Science and Culture Organization (UNESCO), LETA was informed by the Foreign Ministry.

Keyword tags: Baltic States – CIS, Belarus, Forum, Latvia, Legislation

Mayor of Riga presents an Ambitious Agenda and Plans for the City

The Mayor of Riga Mārtiņš Staķis who was elected earlier this year during Extraordinary Elections of the Council of Riga on the platform to change the corporate governance culture in Riga and reshape Riga into orderly, open, green and people-friendly metropolis of Northern Europe, last week spoke to the Norwegian investor community in Latvia and presented his personal priorities and the plans of the newly-established “Riga Change Coalition”.

Keyword tags: Business, EU – Baltic States, Forum, Investments, Latvia, Real Estate

Estonia: Conference and Table-Top Exercise to focus on challenges of securing elections in the digital era

The Conference and Table-Top Exercise "Securing elections in digital era" will be attended participants from 55 countries. The event will take place online on the 24th of November 2020 at 10:00 – 14:30 (GMT +2) and is live streamed at E-Governance Academy's Facebook page.

Keyword tags: Estonia, Forum, Internet, Security

IIHF's Council does not make final decision regarding 2021 Ice Hockey World Championships

Despite persistent violence still being carried out by the Belarus regime against its people, the council of the International Ice Hockey Federation on November 19th did not make a final decision on the organization of the 2021 Ice Hockey World Championships, cites LETA.

Keyword tags: Baltic States – CIS, Belarus, EU – Baltic States, Forum, Latvia, Legislation

NAPA Baltic 2020 Winners Presented in a Virtual Exhibition

23 designs were recognized at the annual Baltic Packaging Design Awards NAPA Baltic, with 7 of them awarded the highest, gold prize. The Awards were organized by the Lithuanian Design Association, which introduces the winners in a unique virtual exhibition.

Keyword tags: Advertising, Forum, Lithuania