http://www.baltic-course.com/eng/ The Baltic Course - International Internet Magazine. Analysis and background information on Baltic markets. eng Tue, 06 Jan 2009 12:06:57 +0200 Baltic Course, The baltic-course@baltic-course.com dmitrijs@mansbirojs.lv http://www.baltic-course.com/eng/real_estate/?doc=8464 As of 2009, vessels carrying the new European safety certificate are allowed to navigate on all rivers in the Union, including the Rhine. According to the new Community rules this single certificate is delivered on technical requirements for inland waterway vessels. The implementation of these common rules is a great step forward for the safety of inland waterway transport in Europe. Tue, 06 Jan 2009 12:00:00 +0200 1231236000 http://www.baltic-course.com/eng/real_estate/?doc=8471 At the end of the year 2008, apartment prices in Riga fell on the average by 9.9%, according to a market study carried out by the real estate company Arco Real Estate (Arco). Tue, 06 Jan 2009 11:00:00 +0200 1231232400 http://www.baltic-course.com/eng/transport/?doc=8472 While Vilnius has taken over the European capital of culture relay from Liverpool, Kaunas Airport becomes a symbolic link between these two towns. As of spring, Ryanair flights from Kaunas to Liverpool and back are to be renewed. Tue, 06 Jan 2009 11:00:00 +0200 1231232400 http://www.baltic-course.com/eng/energy/?doc=8474 It is visible from the information on the progress of events related to gas supply received from Ukraine that the situation is complex, therefore Lithuania supports the idea that the EU should get involved in the solving of this matter, said Lithuanian Foreign Minister Vygaudas Usackas on Monday. Tue, 06 Jan 2009 10:45:00 +0200 1231231500 http://www.baltic-course.com/eng/energy/?doc=8473 The Russian natural gas company Gazprom decision to halt gas supplies to Ukraine will not have any effect on Latvia, as the joint-stock company Latvijas gaze press secretary Vinsents Makaris told LETA. Tue, 06 Jan 2009 10:30:00 +0200 1231230600 http://www.baltic-course.com/eng/real_estate/?doc=8463 Considerable sale of real estate in Lithuania is expected to continue in the first half of the year 2009. It will raise supply and the prices graph is likely to go down 5-10% on average. Tue, 06 Jan 2009 09:30:00 +0200 1231227000 http://www.baltic-course.com/eng/analytics/?doc=8461 Estonia's leading analysts expect the average economic decline to be 4.48% in 2009, the Baltic Business News channel/LETA reported via Postimees. Mon, 05 Jan 2009 17:00:00 +0200 1231167600 http://www.baltic-course.com/eng/transport/?doc=8460 In 2008, Vilnius International Airport (TVOU) witnessed 2.048 million passengers. This is a total record of this strategic company over the 17 years of its operation. Mon, 05 Jan 2009 16:00:00 +0200 1231164000 http://www.baltic-course.com/eng/transport/?doc=8459 The colleagues of the train engineer and his assistant who died in a train collision at Ventspils in December believe that the train collision happened as a result of traffic controllers' negligence, the newspaper Neatkariga writes today. Mon, 05 Jan 2009 15:30:00 +0200 1231162200 http://www.baltic-course.com/eng/energy/?doc=8454 Residents of Hiiumaa Island are collecting signatures against plans to build one of Europe's largest wind farms on the Estonian island, the Baltic Business News channel/LETA reports. Mon, 05 Jan 2009 15:00:00 +0200 1231160400 http://www.baltic-course.com/eng/baltics_cis/?doc=8436 According to Statistics Estonia, in November 2008 compared to November of the previous year the retail sales of goods of retail trade enterprises decreased by 9% at constant prices. Mon, 05 Jan 2009 14:00:00 +0200 1231156800 http://www.baltic-course.com/eng/transport/?doc=8455 After the amendment of the Traffic Act entered into force in Estonia on December 27 2008, the police officers fined a total of 1,245 individuals a total amount of 1,092,780 kroons in the first week, writes Eesti Päevaleht/LETA. Mon, 05 Jan 2009 13:30:00 +0200 1231155000 http://www.baltic-course.com/eng/finances/?doc=8449 In 2008, the insurance company PZU Lietuva grew most rapidly in the non-life insurance market – by 35.8% or 20.6% above the average growth in the market and made an increase of 9.7% year-on-year. Mon, 05 Jan 2009 13:00:00 +0200 1231153200 http://www.baltic-course.com/eng/transport/?doc=8445 In December 2008, Lithuania"s new car market dropped by 41% to total 1,256 purchased cars. In December 2007, 2,129 cars were registered in the country. Mon, 05 Jan 2009 12:30:00 +0200 1231151400 http://www.baltic-course.com/eng/tourism/?doc=8450 Estonian tourism accommodations must be flexible to survive the economic downturn, and the relation between price and quality will have more importance this year, Tarmo Mutso, the Director of the Estonian Tourism Board told ERR News, as BBN/LETA reported. Mon, 05 Jan 2009 12:30:00 +0200 1231151400 http://www.baltic-course.com/eng/eu_baltics/?doc=8432 Almost half of the EU-27 budget for 2009 is being devoted to research, innovation, employment and regional development programs, combining short and longer-term measures to help the EU member states both to boost economy and adequately respond to the current economic crisis. Mon, 05 Jan 2009 12:00:00 +0200 1231149600 http://www.baltic-course.com/eng/analytics/?doc=8439 In 2009, the strongest companies in the real estate market will survive, the prices will become more adequate to the residents' purchasing capacity, as the experts, polled by the newspaper Diena prognosticate. Mon, 05 Jan 2009 12:00:00 +0200 1231149600 http://www.baltic-course.com/eng/analytics/?doc=8440 Ardo Hansson, the analyst of the World Bank, shared his opinion that Estonia currently should use the reserves that it has accumulated in earlier years, the Baltic Business News channel/LETA reported. Mon, 05 Jan 2009 12:00:00 +0200 1231149600 http://www.baltic-course.com/eng/energy/?doc=8441 Electricity suppliers already forecast losses for the year 2008, since the National Control Commission for Prices and Energy (VKEKK) of Lithuania did not satisfied the requirement of the companies owned by LEO LT to increase the electricity tariffs as they desired and set lesser tariffs for this year unilaterally. Mon, 05 Jan 2009 12:00:00 +0200 1231149600 http://www.baltic-course.com/eng/markets_and_companies/?doc=8444 Cosmetic stores Douglas and Sarma in Lithuania will not increase prices at the beginning of the year 2009. Mon, 05 Jan 2009 12:00:00 +0200 1231149600 http://www.baltic-course.com/eng/real_estate/?doc=8431 In Lithuania, over the year 2008, prices for flats of old construction (up to 2007) decreased very rapidly – from 10% to 25%. Mon, 05 Jan 2009 10:00:00 +0200 1231142400 http://www.baltic-course.com/eng/analytics/?doc=8429 Director of the Estonian Institute of Economic Research Marje Josing stated that in 2008 the positive aspect was that Estonia was not hit by the same fate as Latvia and Iceland, writes the National Broadcasting/LETA. Sun, 04 Jan 2009 12:00:00 +0200 1231063200 http://www.baltic-course.com/eng/analytics/?doc=8430 Later, with a time distance it will be possible to observe also the positive effects of the current economy crisis, Chairman of the Board at Parex banka Nils Melngailis believes. Sun, 04 Jan 2009 12:00:00 +0200 1231063200 http://www.baltic-course.com/eng/transport/?doc=8427 During the year 2008, a total of 47,402 cars were registered for the first time in Estonia, 24,590 of them were new, writes EPL Online/LETA. Sat, 03 Jan 2009 12:00:00 +0200 1230976800 http://www.baltic-course.com/eng/markets_and_companies/?doc=8428 Today, after the holidays, with the increase of the value-added tax (VAT) rate, newspapers in Latvia have become 5 santims more expensive. Sat, 03 Jan 2009 12:00:00 +0200 1230976800 http://www.baltic-course.com/eng/analytics/?doc=8416 In his New Year’s address, President of Estonia Toomas Hendrik Ilves stated that the year 2009 might be the most difficult one in this century in economic terms as the country is still falling to the bottom of the cycle, writes the National Broadcasting/LETA. Fri, 02 Jan 2009 12:00:00 +0200 1230890400 http://www.baltic-course.com/eng/markets_and_companies/?doc=8417 Lithuanian wood and paper producer Grigiskes launched on the market in the second half of 2008 the new type of paper Grite White Orchidea, Grite Gold Orchidea, as well as paper towels Grite Lady Rose, the company reported to Vilnius Stock Exchange. Fri, 02 Jan 2009 12:00:00 +0200 1230890400 http://www.baltic-course.com/eng/analytics/?doc=8418 In 2008, the Prime Minister of Latvia Ivars Godmanis (Latvia's First Party/Latvia's Way) convincingly gained the first place, regarding the publicity volume in the press, according to LETA Media Monitoring Department's study of publicity for politicians. Fri, 02 Jan 2009 12:00:00 +0200 1230890400 http://www.baltic-course.com/eng/legislation/?doc=8413 The law amendments, stipulating the personal income tax to be reduced in Latvian from 25% to 23%, come into force today. Thu, 01 Jan 2009 12:00:00 +0200 1230804000 http://www.baltic-course.com/eng/finances/?doc=8414 Starting today, the minimum salary in Latvia is set at LVL 180 per month, according to the amendments to the Cabinet of Ministers' regulations, regarding the minimum monthly salary and the minimum hourly wage. Thu, 01 Jan 2009 12:00:00 +0200 1230804000 http://www.baltic-course.com/eng/eu_baltics/?doc=8415 As of 1 January 2009, Lithuania starts presiding over the Baltic Council of Ministers. During the Lithuania"s presidency, an especial attention will be paid to the economic, energy and defence cooperation among the Baltic states – Lithuania, Latvia and Estonia, as well as to the development of relations with the eastern neighbors of the European Union, reported the Ministry of Foreign Affairs. Thu, 01 Jan 2009 12:00:00 +0200 1230804000 http://www.baltic-course.com/eng/analytics/?doc=8411 The interest on the first part of the International Monetary Fund's loan to Latvia is the best Latvia could have possibly been offered on the global financial markets, as several experts told LETA. Wed, 31 Dec 2008 12:00:00 +0200 1230717600 http://www.baltic-course.com/eng/transport/?doc=8412 Lithuanian airline flyLAL, which undergoing financial difficulties, has signed a cooperation agreement with Vilnius Airport to continue to service flyLAL passengers at the airport, according to the Lithuanian news-portal lrt.lt/ELTA. Wed, 31 Dec 2008 12:00:00 +0200 1230717600 http://www.baltic-course.com/eng/analytics/?doc=8394 Total retail trade turnover in January – November 2008 constituted LVL 3650 mln, according to the data of Central Statistical Bureau, of which in November – LVL 305 mln. Compared to November 2007 in November of the year 2008, according to working (trade) day adjusted data, calculating at constant prices, total retail trade turnover has decreased by 15.1%. Tue, 30 Dec 2008 17:00:00 +0200 1230649200 http://www.baltic-course.com/eng/analytics/?doc=8386 Statistics Lithuania, based on more detailed quarterly data and having estimated the value added by a more detailed list of economic activities, revised the second estimate of gross domestic product (GDP) for III quarter 2008. According to the revised data, GDP over III quarter 2008 at current prices made LTL 29854.6 million and, as compared with III quarter 2007, increased by 2.9% (the previously released second GDP estimate equalled LTL 30555.0 million, and its growth rate made up 3.1%). Tue, 30 Dec 2008 15:10:00 +0200 1230642600 http://www.baltic-course.com/eng/analytics/?doc=8395 Statistics Lithuania informs that construction input prices in November 2008, as compared to October 2008, decreased by 0.4%. Tue, 30 Dec 2008 14:30:00 +0200 1230640200 http://www.baltic-course.com/eng/analytics/?doc=8378 According to Statistics Estonia, in October 2008 compared to October 2007, exports of goods grew by 13% and imports declined by 3%. Tue, 30 Dec 2008 14:00:00 +0200 1230638400 http://www.baltic-course.com/eng/finances/?doc=8391 If the bank's capital and the credit portfolio is managed in a rational way, Parex banka (Parex) could derive an income also in the current circumstances, one of the former major shareholders of the bank Valerijs Kargins said in an interview to the newspaper Latvijas Avize today. Tue, 30 Dec 2008 14:00:00 +0200 1230638400 http://www.baltic-course.com/eng/analytics/?doc=8400 Chairman of the Confederation of Employers of Estonia Tarmo Kriis estimated that in the end of the year 2009, the unemployment rate in Estonia will reach up to 15%, writes the National Broadcasting/LETA. Tue, 30 Dec 2008 14:00:00 +0200 1230638400 http://www.baltic-course.com/eng/analytics/?doc=8390 In December 2008, consumer confidence index in Lithuania stood at minus 51, a decrease of 10% compared with November 2008. It was the lowest confidence index during the entire period of surveying since May 2001. Tue, 30 Dec 2008 13:45:00 +0200 1230637500 http://www.baltic-course.com/eng/finances/?doc=8389 Swedbank will expand its life insurance business in the Baltic states via one company. It is planned to establish headquarters in Estonia and branches of the company operating in Lithuania and Latvia. Tue, 30 Dec 2008 13:30:00 +0200 1230636600 http://www.baltic-course.com/eng/legislation/?doc=8392 President Valdis Zatlers has promulgated the Law on Administrative Territories and Residential Areas, according to a statement printed in the government's official newspaper Latvijas Vestnesis. Tue, 30 Dec 2008 13:30:00 +0200 1230636600 http://www.baltic-course.com/eng/real_estate/?doc=8398 The supervisory board of the State Real Estate Company of Estonia approved of the enterprise’s budget, according to which 835.9 million kroons will be invested in 2009, writes Postimees Online/LETA. Tue, 30 Dec 2008 13:30:00 +0200 1230636600 http://www.baltic-course.com/eng/legislation/?doc=8397 In the opinion of Lithuanian Prime Minister Andrius Kubilius, the Seimas should disapprove the veto of President Valdas Adamkus imposed on laws on pension system reform and car taxes for legal persons. Tue, 30 Dec 2008 13:00:00 +0200 1230634800 http://www.baltic-course.com/eng/tourism/?doc=8399 Regardless of the economic decline, Estonian accommodation establishments have had more visitors than last year, writes the National Broadcasting/LETA. Tue, 30 Dec 2008 13:00:00 +0200 1230634800 http://www.baltic-course.com/eng/energy/?doc=8388 Lithuania's National Control Commission for Prices and Energy made its final decision regarding consumer electricity and gas prices, the Radio Vilnius/ELTA informed. Tue, 30 Dec 2008 12:30:00 +0200 1230633000 http://www.baltic-course.com/eng/eu_baltics/?doc=8381 The Finance Ministry of Lithuania has signed an agreement on support with Switzerland. According to the agreement signed by the republic of Lithuania and the Cooperation Programme of the Swiss Confederation, Lithuania will receive 500,000 Swiss francs (336,767 euros). Tue, 30 Dec 2008 12:00:00 +0200 1230631200 http://www.baltic-course.com/eng/education/?doc=8382 The salaries paid for the employees at education and study institutions in Lithuania will be increased by 5.6% on the average as of January 2009. If the programme is implemented, the salaries for these employees will go up by 50% on the average. Tue, 30 Dec 2008 12:00:00 +0200 1230631200 http://www.baltic-course.com/eng/finances/?doc=8373 Yesterday the State Treasury of Latvia received the first part of the International Monetary Fund's (IMF) loan to Latvia, EUR 589.57 million (LVL 414.35 million), as informed the Finance Ministry's spokeswoman Diana Berzina. Tue, 30 Dec 2008 11:00:00 +0200 1230627600 http://www.baltic-course.com/eng/finances/?doc=8377 Regardless of austerity measures in the government sector of Latvia, the Riga City Council at the end of the year 2008 paid bonuses to several officials and employees at the central administration of the city council and to heads of the city council's departments. Tue, 30 Dec 2008 11:00:00 +0200 1230627600 http://www.baltic-course.com/eng/baltics_cis/?doc=8371 During his visit in Minsk, Foreign Minister of Lithuania Vygaudas Usackas informed the officials of Belarus about the intentions of Lithuania to buy electricity from Ukraine and invited Belarus together with Lithuania and Ukraine to form the trilateral expert working group for solving technical issues of electricity transit. Tue, 30 Dec 2008 10:15:00 +0200 1230624900 http://www.baltic-course.com/eng/transport/?doc=8368 The Lithuanian airline flyLAL and Vilnius Airport have come to an agreement to continue airport services after January 1, 2009, LETA found out from the airline. Tue, 30 Dec 2008 10:00:00 +0200 1230624000 http://www.baltic-course.com/eng/legislation/?doc=8370 President of Lithuania Valdas Adamkus has signed the state budget for 2009 passed by the Seimas. Tue, 30 Dec 2008 10:00:00 +0200 1230624000 http://www.baltic-course.com/eng/tourism/?doc=8372 From January to September 2008, 109,821 tourists visited the Latvian seaside resort town of Jurmala, which is 4,763 or 4% more than during the same period last year. Tue, 30 Dec 2008 10:00:00 +0200 1230624000 http://www.baltic-course.com/eng/finances/?doc=8369 According to the Krediidiinfo, the debt collecting company operating in Estonia Mentor Inkasso owes for leasing for September of the year 2008, the Baltic business News channel/LETA quoted Aripaev.ee reports. Tue, 30 Dec 2008 09:30:00 +0200 1230622200 http://www.baltic-course.com/eng/analytics/?doc=8352 Statistics Lithuania reports that based on preliminary results of the survey of trade and catering enterprises, turnover of retail trade, sale of motor vehicles and motorcycles, maintenance and repairs of motor vehicles and motorcycles, as well as retail sales of automotive fuel trade enterprises (VAT excluded) over January–November 2008 made LTL 32 769.5 million (in 2007, LTL 28 408.7 million respectively) and as compared with the same period in 2007 increased by 5.5% at constant prices (in January–November 2007, against the same period in 2006, turnover grew by 18.3%). In November 2008, against November 2007, turnover decreased by 11.7%. Mon, 29 Dec 2008 15:00:00 +0200 1230555600 http://www.baltic-course.com/eng/transport/?doc=8350 As of January 1, 2009, Vilnius Airport is planning to discontinue offering its services to the Lithuanian airline flyLAL, according to the airport's press secretary. Mon, 29 Dec 2008 14:00:00 +0200 1230552000 http://www.baltic-course.com/eng/finances/?doc=8360 So far, LVL 673.915 million have been invested to stabilize the activity of Parex banka, as LETA was informed by the Head of Finance Ministry' Communications Department Diana Berzina. Mon, 29 Dec 2008 14:00:00 +0200 1230552000 http://www.baltic-course.com/eng/real_estate/?doc=8351 Arco Group of Estonia refinanced its long-term debt in SEB bank in projects Laeva and Tivoli in Tallinn, Estonia, as the result of which Arco must pay back principal in amount of 40 mln kroons, and SEB Bank agreed to release liquidity covenant, Arco reported to Tallinn Stock Exchange. Mon, 29 Dec 2008 13:30:00 +0200 1230550200 http://www.baltic-course.com/eng/finances/?doc=8344 2008 has not been a lucky year for the Riga Stock Exchange (RSE) as almost all enterprises quoted on RSE experienced a steep fall of their shares' value over the year 2008, as the experts, polled by LETA admit. Mon, 29 Dec 2008 13:00:00 +0200 1230548400 http://www.baltic-course.com/eng/analytics/?doc=8353 Prime Minister Andrus Ansip noted in his end-of-the-year 2008 interview to Eesti Televisioon on Sunday that the economy will next year probably not fare as well as it did in 2007 and in 2008, writes the National Broadcasting. Mon, 29 Dec 2008 12:30:00 +0200 1230546600 http://www.baltic-course.com/eng/baltics_cis/?doc=8340 Foreign Minister Vygaudas Usackas expects that Belarus will use the given opportunity to go closer to Europe and that Vilnius will not only be the European Capital of Culture in 2009, but also a business gate between Belarus and the rest of Europe. Mon, 29 Dec 2008 12:15:00 +0200 1230545700 http://www.baltic-course.com/eng/analytics/?doc=8339 In taking over Parex banka, the government of Latvia has done the best that it could do, as the President of the Bank of Latvia Ilmars Rimsevics admits in an interview to the newspaper Dienas Bizness. Mon, 29 Dec 2008 12:00:00 +0200 1230544800 http://www.baltic-course.com/eng/transport/?doc=8354 The tax on car intended to be introduced in Lithuania as of July 2009 would reach 15-20 litas (4.31-5.75 euros) per month, Prime Minister Andrius Kubilius told at a news conference on Monday. Mon, 29 Dec 2008 12:00:00 +0200 1230544800 http://www.baltic-course.com/eng/baltics_cis/?doc=8333 On 26 December in Kiev, Lithuanian Foreign Minister Vygaudas Usackas started his official visit in Ukraine by meeting with President of Ukraine Victor Yushchenko. Mon, 29 Dec 2008 11:00:00 +0200 1230541200 http://www.baltic-course.com/eng/markets_and_companies/?doc=8346 Lithuanian agriculture company Agrowill Group successfully bought out 9.48 million litas non-public bonds emission and continues its plan to reduce the amount of financial debt, the company announced to the Stock exchange. Mon, 29 Dec 2008 11:00:00 +0200 1230541200 http://www.baltic-course.com/eng/markets_and_companies/?doc=8341 Lithuanian drugmaker Sanitas AB acquired 100% of shares in Polish ointment producer Homeofarm, Sanitas officially announced. Mon, 29 Dec 2008 10:30:00 +0200 1230539400 http://www.baltic-course.com/eng/analytics/?doc=8331 In 2008 in the tourism sector of Latvia, the overall trend was toward better quality and improving efficiency, as several experts told the business information portal Nozare.lv. Sun, 28 Dec 2008 18:00:00 +0200 1230480000 http://www.baltic-course.com/eng/analytics/?doc=8330 Finance Minister of Latvia Atis Slakteris commented to LETA that the year 2008 has been a year of economic changes, which will make people look at many things differently – from the perspective of saving money. Sun, 28 Dec 2008 12:00:00 +0200 1230458400 http://www.baltic-course.com/eng/analytics/?doc=8332 The structure of the Latvian national economy will change in 2009, and these changes will show whether Latvian government agencies and companies are capable of tackling new challenges and finding solutions necessary to ensure further growth and development, as the Economy Ministry's Public Relations Department told LETA. Sat, 27 Dec 2008 12:00:00 +0200 1230372000 http://www.baltic-course.com/eng/analytics/?doc=8320 2009 will be the worst year for the global economy since the Great Depression of the 1930s, as the SEB banka socio-economic expert Edmunds Rudzitis writes in his blog at the business information portal Nozare.lv. Fri, 26 Dec 2008 12:00:00 +0200 1230285600 http://www.baltic-course.com/eng/legislation/?doc=8322 The Government of the Republic of Lithuania approved a proposal to slow down the increase of salaries of teachers of institutions of higher education in 2009, the Radio Vilnius/ELTA informed. Fri, 26 Dec 2008 11:00:00 +0200 1230282000 http://www.baltic-course.com/eng/analytics/?doc=8321 Over nine months of 2008, 1.2 million of Lithuanian residents went abroad, an increase of 19.7% year-on- year. Thu, 25 Dec 2008 12:00:00 +0200 1230199200 http://www.baltic-course.com/eng/analytics/?doc=8318 The international credit ratings agency Fitch has upped Latvia's short-term credit rating, LETA was informed by Ministry of Finance of Latvia. Wed, 24 Dec 2008 12:00:00 +0200 1230112800 http://www.baltic-course.com/eng/finances/?doc=8319 Yesterday evening, the International Monetary Fund's (IMF) board confirmed an international loan to Latvia. Wed, 24 Dec 2008 12:00:00 +0200 1230112800 http://www.baltic-course.com/eng/eu_baltics/?doc=8309 The European Commission has approved a Latvian support scheme to stabilize financial markets by providing guarantees to eligible banks to ensure their access to financing, the Commission said in a statement. Tue, 23 Dec 2008 16:00:00 +0200 1230040800 http://www.baltic-course.com/eng/analytics/?doc=8298 In the third quarter of 2008, the current account deficit of the balance of payments in Latvia continued to diminish and amounted to LVL 489 million or 12.6% of gross domestic product, as informed the Bank of Latvia. Tue, 23 Dec 2008 14:30:00 +0200 1230035400 http://www.baltic-course.com/eng/finances/?doc=8308 Latvia's external debt totalled LVL 20.638 billion at the end of the third quarter of 2008, which is 18% more when compared to the end of Q3 last year, according to the Bank of Latvia's data. Tue, 23 Dec 2008 14:30:00 +0200 1230035400 http://www.baltic-course.com/eng/energy/?doc=8302 The companies owned by the national investment company LEO LT offer the National Control Commission for Prices and Energy (VKEKK) to set electricity prices for 2009 unilaterally. Tue, 23 Dec 2008 14:00:00 +0200 1230033600 http://www.baltic-course.com/eng/transport/?doc=8294 Polish refinery PKN Orlen in cooperation with its subsidiaries – Lithuanian Mazeikiu Nafta and Unipetrol of Czech Republic settled a tender for deliveries of bio-components throughout the next year, the Polish company announced. Tue, 23 Dec 2008 13:30:00 +0200 1230031800 http://www.baltic-course.com/eng/analytics/?doc=8300 President Toomas Hendrik Ilves stated that Estonian kroon will not be threatened by devaluation if the revenue next year will be sufficient, writes the National Broadcasting/LETA. Tue, 23 Dec 2008 13:30:00 +0200 1230031800 http://www.baltic-course.com/eng/markets_and_companies/?doc=8301 Sportland, the biggest retailer of sporting and recreational goods in Estonia, boost its turnover by two times during the last pre-Christmas weekend in 2008 in the year-on-year comparison, writes Äripäev.ee/LETA. Tue, 23 Dec 2008 13:00:00 +0200 1230030000 http://www.baltic-course.com/eng/finances/?doc=8291 The Bank of Latvia recommends distributing the international aid for Latvia via commercial banks. Tue, 23 Dec 2008 12:30:00 +0200 1230028200 http://www.baltic-course.com/eng/analytics/?doc=8289 In 2009, the unemployment level in Latvia could be even higher than 10%, as the President of the Bank of Latvia Ilmars Rimsevics said in an interview on the Latvian State Radio this morning. Tue, 23 Dec 2008 12:00:00 +0200 1230026400 http://www.baltic-course.com/eng/finances/?doc=8290 President of Latvia Valdis Zatlers has promulgated amendments to the 2009 national budget. Tue, 23 Dec 2008 12:00:00 +0200 1230026400 http://www.baltic-course.com/eng/finances/?doc=8299 All of the decisions of the government of Latvia must be made with a view toward the introduction of the euro in Latvia, Bank of Latvia President Ilmars Rimsevics said in an interview on Latvian State Radio this morning. Tue, 23 Dec 2008 12:00:00 +0200 1230026400 http://www.baltic-course.com/eng/transport/?doc=8293 The company Kroviniu Terminalas, owned by the concern Achemos Grupe, has received the quality management standard certificate. Tue, 23 Dec 2008 11:30:00 +0200 1230024600 http://www.baltic-course.com/eng/finances/?doc=8280 Lithuanian Seimas has approved the state budget for 2009 prepared by the coalition Government led by Andrius Kubilius. On Monday, 77 MPs voted for the deficit-ridden budget, which is expected to help the country to manage finance and overcome the economic crisis, 42 parliamentarians were against it, five MPs abstained from voting. Tue, 23 Dec 2008 10:45:00 +0200 1230021900 http://www.baltic-course.com/eng/finances/?doc=8282 According to Prime Minister’s economic adviser Aare Järvan, Estonia will participate in the IMF-led aid package to Latvia with 100 million euros which will probably be taken from reserve funds, writes Äripäev.ee/LETA. Tue, 23 Dec 2008 10:45:00 +0200 1230021900 http://www.baltic-course.com/eng/analytics/?doc=8277 The possible aggravation of the financial crisis, reduced availability of loans and curtailed government expenditures could cause the gross domestic product (GDP) to drop by 10%-13% in 2009, as the Economy Ministry of Latvia prognosticates in its informative report "On The Macroeconomic Situation in the Nation", which was reviewed by the Cabinet yesterday. Tue, 23 Dec 2008 10:30:00 +0200 1230021000 http://www.baltic-course.com/eng/analytics/?doc=8283 Director of the Institute for Economic Research of Estonia Marje Josing stated that the decline in fuel prices is a great relief for the economy and will offer breathing room, taking into account the increase in other cost articles, writes the National Broadcasting/LETA. Tue, 23 Dec 2008 10:30:00 +0200 1230021000 http://www.baltic-course.com/eng/baltics_cis/?doc=8279 Sergei Stepashin, head of the Accounts Chamber of Russia, the Russian federal audit agency, commented to reporters yesterday that in wake of the economic crisis, it is important for Latvian and Russian institutions to synchronize their activity and to cooperate. Tue, 23 Dec 2008 10:00:00 +0200 1230019200 http://www.baltic-course.com/eng/transport/?doc=8281 After the state of Lithuania decided not to purchase a 51-% holding of flyLAL – Lithuanian airlines for 1 litas, the airline company announced about the reduction of flights. Tue, 23 Dec 2008 10:00:00 +0200 1230019200 http://www.baltic-course.com/eng/transport/?doc=8269 Managing director of Viking Line Estonia Inno Borodenko believes in 2009 he competition will be fierce in the shipping sector, which means a pricing war and that will be useful for passengers, writes Äripäev.ee/LETA. Tue, 23 Dec 2008 09:30:00 +0200 1230017400 http://www.baltic-course.com/eng/legislation/?doc=8278 Without objections, the Cabinet of Ministers of Latvia gave its approval for increased volume of felling of trees in state forests by four million cubic meters in 2009 and 2010. Tue, 23 Dec 2008 09:30:00 +0200 1230017400 http://www.baltic-course.com/eng/finances/?doc=8268 On Monday the supervisory board of the Unemployment Insurance Fund of Estonia approved of the 2009 budget, according to which in 2009 1.102 billion kroons will be received as unemployment insurance payments and return on investments, writes EPL Online/LETA. Tue, 23 Dec 2008 09:00:00 +0200 1230015600 http://www.baltic-course.com/eng/analytics/?doc=8266 In October 2008 compared with September 2008, industrial orders in Lithuania went down by 9.6%. In October 2008 compared with October 2007, Lithuania"s industrial orders decreased by 6%, reported Eurostat, the Statistical Office of the European Communities. Mon, 22 Dec 2008 18:00:00 +0200 1229961600 http://www.baltic-course.com/eng/transport/?doc=8263 The national airline airBaltic President and CEO Bertolt Flick has established a new company – Baltic aviacijas sistemas (Baltic Aviation Systems), according to Lursoft data from the Registry of Enterprises. Mon, 22 Dec 2008 16:00:00 +0200 1229954400 http://www.baltic-course.com/eng/finances/?doc=8265 Latvia's foreign currency reserves at the end of November 2008 were USD 4.244 billion (LVL 2.092 billion), which is by 21% or USD 1.157 billion less than in the previous month, reveals information, provided by the Bank of Latvia. Mon, 22 Dec 2008 15:00:00 +0200 1229950800 http://www.baltic-course.com/eng/analytics/?doc=8253 According to Statistics Estonia, in November 2008 the percentage change in the producer price index was 0.0% compared to October and 6.2% compared to November of the previous year. Mon, 22 Dec 2008 14:30:00 +0200 1229949000