The Baltic Course | Baltic States news & analytics http://www.baltic-course.com/eng/ The Baltic Course - International Internet Magazine. Baltic States News & Analysis, Baltic market reviews eng Mon, 17 Jun 2019 00:10:21 +0300 Baltic Course, The baltic-course@baltic-course.com dmitrijs@mansbirojs.lv Nord Stream 2: The Russian gas pipeline splitting the European Union in two http://www.baltic-course.com/eng/direct_speech/?doc=149855 The dogs may bark, but the caravan moves on. Russia’s state-owned gas company Gazprom gave an update on progress of the construction of the Nord Stream 2 gas pipeline in early April. Fri, 14 Jun 2019 21:00:00 +0300 1560535200 Latvia elected to UN Economic and Social Council http://www.baltic-course.com/eng/good_for_business/?doc=149853 Latvia was elected a member of the Economic and Social Council (ECOSOC) for the term of 2020–2022 at the plenary session of the United Nations (UN) General Assembly in New York on Friday, the Latvian Foreign Ministry informed LETA. Fri, 14 Jun 2019 20:30:00 +0300 1560533400 Two Rail Baltica contracts signed in Vilnius http://www.baltic-course.com/eng/good_for_business/?doc=149851 A contract on the detailed technical design of the European standard-gauge railway Rail Baltica's section from Ramygala to the Lithuanian-Latvian border has been signed in Vilnius on Fridau, RB Rail, the pan-Baltic company behind the project, announced, informed LETA/BNS. Fri, 14 Jun 2019 20:20:00 +0300 1560532800 Baltic states still at risk of Russian money laundering - Europol http://www.baltic-course.com/eng/finances/?doc=149852 The risk of Russian money laundering is still present in the Baltic states, Pedro Felicio, who is responsible for fighting money laundering at European police agency Europol, according to the Reuters. information writes LETA. Fri, 14 Jun 2019 20:10:00 +0300 1560532200 Although Lithuania’s financial system is stable, both external and internal risks prevail http://www.baltic-course.com/eng/direct_speech/?doc=149857 Despite the deteriorated international environment, Lithuania’s financial system is stable, while banks’ resilience to potential shocks remains high. The country’s financial system is subject to two key risks: financial imbalances in the Nordic states that Lithuania’s banks are interconnected with and stronger activity in Lithuania’s credit and real estate (RE) market. Banks are increasingly more willing to grant loans to households, even though corporate lending has slowed down. Such trends are revealed in the latest Financial Stability Review of the Bank of Lithuania. Fri, 14 Jun 2019 20:10:00 +0300 1560532200 Is the Earth's rotation slowing down or does Latvia's economic growth lose momentum? http://www.baltic-course.com/eng/direct_speech/?doc=149856 The global economic growth is gradually slowing down; therefore, people and businesses in Latvia were also expected to gradually become more cautious, and this would mean lower GDP growth. Fri, 14 Jun 2019 20:00:00 +0300 1560531600 Chinese conclusions on beef exports from Lithuania due in late summer http://www.baltic-course.com/eng/baltic_export/?doc=149850 Lithuania expects the conclusions of a recent week-long audit by Chinese experts into beef exports from the Baltic country in late summer, informed LETA/BNS. Fri, 14 Jun 2019 19:50:00 +0300 1560531000 Foreigners have made half a million Tax Free purchases in Latvia http://www.baltic-course.com/eng/markets_and_companies/?doc=149849 According to the data summarized by the Tax Free Shopping concept creator Global Blue, during the last 20 years, tourists from 179 countries have done shopping in Latvia, making more than 520,000 purchases in our shops, informed Global Blue representative. Fri, 14 Jun 2019 19:20:00 +0300 1560529200 Estonian police detain 3 Tallinn Business Bank employees on suspicion of money laundering http://www.baltic-course.com/eng/legislation/?doc=149848 Officers of the Central Criminal Police on Tuesday detained for 48 hours three employees of Tallinn Business Bank, one of whom is suspected of money laundering and the other two of accepting a bribe and money laundering, informed LETA/BNS. Fri, 14 Jun 2019 19:00:00 +0300 1560528000 The highest scoring category – Platinum Category – on the annual Sustainability Index was awarded to Baltic International Bank http://www.baltic-course.com/eng/finances/?doc=149859 The results of the annual Sustainability Index were announced on 13 June, and we are proud that this year Baltic International Bank won the highest platinum award. The Platinum Category is awarded to companies that have fully integrated corporate governance into their operations, and in which responsible persons have been appointed at both the managerial and executive levels. These companies systematically collect data and assess impact. They report on their activities with a high level of transparency and engaging stakeholders, and their published data was approved by the external auditor. Fri, 14 Jun 2019 19:00:00 +0300 1560528000 The Tretiak School of Goaltending Is in Riga Again http://www.baltic-course.com/eng/forums/?doc=149861 From 15 to 23 June, already for the tenth time, classes of the Vladislav Tretiak and Sergey Naumov International School of Goaltending will be held in Riga.During these years, dozens of trainees of the School have achieved success in their sporting careers, many have gone on to join top class teams and represent their nations or are hot prospects for the future. From the very start of the School in Riga, it has been supported by Rietumu Bank. Fri, 14 Jun 2019 19:00:00 +0300 1560528000 Insane Behring-Breivik fan planned attack on a Jurmala school - prosecution http://www.baltic-course.com/eng/legislation/?doc=149847 A man who last year posted xenophobic comments about Roma and Russians on social networks and praised Norwegian right-wing extremist and mass murderer Anders Behring-Breivik, had plotted terror attacks on a school and several other locations in Jurmala, Laura Majevska, a spokeswoman for the prosecutor’s office, told LETA. Fri, 14 Jun 2019 18:50:00 +0300 1560527400 A Year in the Klaipeda FEZ: 1.2 bn EUR in revenue, record-breaking sales, and paid taxes http://www.baltic-course.com/eng/good_for_business/?doc=149854 2018 was the best year in the Klaipeda FEZ, the total revenue of the 34 investors established in the zone was 1.239 bn EUR, a 20% increase over 2017. The last year also broke records in exports, purchases in Lithuania, as well as taxes paid. Fri, 14 Jun 2019 18:50:00 +0300 1560527400 Eurogroup reaches agreement in principle on Stability Mechanism amendments http://www.baltic-course.com/eng/baltic_states/?doc=149844 The finance ministers of the euro area, or the Eurogroup, reached an agreement for the most part on amendments to the European Stability Mechanism (ESM) agreement in Luxembourg, informed LETA/BNS. Fri, 14 Jun 2019 18:20:00 +0300 1560525600 Lithuanian Railways removes Skinest Baltija, Askita from its tenders http://www.baltic-course.com/eng/transport/?doc=149845 Lithuania's state-run railway company Lietuvos Gelezinkeliai (Lithuanian Railways, LG) has removed Skinest Baltija and Askita from its tenders due to an alleged competition-restricting agreement, reported LETA/BNS. Fri, 14 Jun 2019 18:20:00 +0300 1560525600 Lithuania registers positive migration balance for 4th month in a row http://www.baltic-course.com/eng/good_for_business/?doc=149846 Lithuania registered a positive migration balance for the fourth successive month in May as more people came into the country than left, with economists pointing to rising wages and facilitated immigration processes as determining factors, informed LETA/BNS. Fri, 14 Jun 2019 18:20:00 +0300 1560525600 Estonia: Bolt launches service for people with special needs http://www.baltic-course.com/eng/good_for_business/?doc=149831 Taxi hailing service Bolt, founded and run by Estonians and formerly named Taxify, launched the Assist category in Tallinn in which drivers have been trained to help people who need support getting from point A to point B. Fri, 14 Jun 2019 11:45:00 +0300 1560501900 Lithuania remains dependent on imported energy http://www.baltic-course.com/eng/energy/?doc=149830 Lithuania used more energy resources last year, and the country remains dependent on imported energy, reported LETA/BNS. Fri, 14 Jun 2019 11:20:00 +0300 1560500400 29.2 mln Tallinna Sadam shares change hands in 1st year of listing http://www.baltic-course.com/eng/finances/?doc=149829 Thursday marked a year since the listing of Estonian port company Tallinna Sadam on the Nasdaq Tallinn stock exchange on June 13, 2018 and altogether 29.2 mln of the company's shares changed hands over the course of the company's first year of listing. Fri, 14 Jun 2019 11:00:00 +0300 1560499200 Estonia: Logging volume grows to 15.6 mln cubic meters in 2018 http://www.baltic-course.com/eng/good_for_business/?doc=149827 The volume of logging in Estonian forests increased by 12.8% year over year to 15.6 mln cubic meters in 2018, figures retrieved from felling documents and made available by Statistics Estonia show. Fri, 14 Jun 2019 10:40:00 +0300 1560498000 Saaremaa to start search for operator of Montu-Ventspils ship route http://www.baltic-course.com/eng/good_for_business/?doc=149828 he rural municipality government of Saaremaa, Estonia's largest island, has decided to arrange a procurement for finding an operator for the Montu-Ventspils ship route, according the regional Saarte Haal information reports LETA/BNS. Fri, 14 Jun 2019 10:30:00 +0300 1560497400 Saeima amends Credit Institution Law defining FCMC's obligations in credit institutions’ liquidation process http://www.baltic-course.com/eng/finances/?doc=149826 - Saeima today passed in the final reading amendments to the Credit Institution Law defining the Financial and Capital Market Commission’s (FCMC) obligations in the process of a credit institution’s liquidation, informed LETA. Fri, 14 Jun 2019 10:20:00 +0300 1560496800 LMT and Lufthansa Systems are working on development of drone traffic management platform http://www.baltic-course.com/eng/Technology/?doc=149823 Latvia's mobile operator Latvijas Mobilais Telefons (LMT) and German aviation company Lufthansa Systems are working on development of drone traffic management platform in Latvia, LMT spokeswoman Elina Lidere reported. Fri, 14 Jun 2019 10:10:00 +0300 1560496200 Nortal increased revenue, as well as operating profit, in 2018 http://www.baltic-course.com/eng/good_for_business/?doc=149811 Multinational strategic change and technology company Nortal increased total consolidated revenue in 2018 by 38% to 66.8 mln EUR, and operating profit (EBITDA) by 39% reaching 7.4 mln EUR. Thu, 13 Jun 2019 13:20:00 +0300 1560421200 GET Baltic is expanding regional gas exchange operations to Finland from 2020 http://www.baltic-course.com/eng/good_for_business/?doc=149810 Regional Gas Exchange GET Baltic, operating in Lithuanian, Latvian and Estonian market areas is prepared to expand geographical coverage to other Northern Europe countries by launching new market area in Finland, and contributing to deeper integration of the Finnish and Baltic gas markets from 1st January 2020, informed Get Batlic rerpresentative. Thu, 13 Jun 2019 13:00:00 +0300 1560420000 Tallinna Sadam signs agreements for dry bulk, general cargo terminal development at Muuga http://www.baltic-course.com/eng/good_for_business/?doc=149809 The listed Estonian port company Tallinna Sadam signed a cooperation agreement and a building title agreement with PK Terminal OU for the development of a dry bulk and general cargo terminal in Muuga Harbor, which deals with the handling and storage of round timber, wood pellets, metal products and crushed stone, informed Tallinna Sadam. Thu, 13 Jun 2019 12:40:00 +0300 1560418800 Finnish shipper Viking Line to add departures on Tallinn-Helsinki route from Friday http://www.baltic-course.com/eng/good_for_business/?doc=149808 Starting from Friday, Finnish ferry operator Viking Line is to add departures on the Tallinn-Helsinki route for the summer period, reported LETA/BNS. Thu, 13 Jun 2019 12:20:00 +0300 1560417600 Ian Brown appointed new EBRD Head of Baltics http://www.baltic-course.com/eng/good_for_business/?doc=149807 The EBRD has appointed Ian Brown to lead its operations in the Baltics. He will follow Matti Hyyrynen as the Head of Office in Vilnius and assume his post in August 2019, EBRD representative informed BC. Thu, 13 Jun 2019 12:10:00 +0300 1560417000 Global Peace Index: average level of global peacefulness improved http://www.baltic-course.com/eng/analytics/?doc=149806 The results this year show that the average level of global peacefulness improved very slightly in the 2019 GPI. This is the first time the index has improved in five years, informed Institute of Economics and Peace. Thu, 13 Jun 2019 11:40:00 +0300 1560415200 Latvian Welfare Ministry shuts down family supports center Saulstari http://www.baltic-course.com/eng/markets_and_companies/?doc=149804 Due to a number of violations ascertained at family support center Saulstari (formerly children's home Likumi) in Sala Region's Selpils County, the Welfare Ministry has decided to close the center, as the ministry's deputy state secretary Jana Muizniece told Saeima Public Expenditure and Audit Committee citing LETA. Thu, 13 Jun 2019 11:00:00 +0300 1560412800 Latvian market of non-alcoholic beverages grew by more than a third in Q1 - Aldaris http://www.baltic-course.com/eng/good_for_business/?doc=149802 During the first quarter of this year the Latvian market of non-alcoholic beverages expanded by more than a third, representatives of Latvia’s Aldaris brewery informed citing data from Nielsen research company, writes LETA. Thu, 13 Jun 2019 10:40:00 +0300 1560411600 Planned legislative amendments suggest of wish to get rid of FCMC council – ombudsman http://www.baltic-course.com/eng/finances/?doc=149803 The planned legislative amendments to the law on the Financial and Capital Market Commission (FCMC) do not suggest of a democratic country where changes are being discussed, following the rule of law, but rather of the wish to get rid of the incumbent FCMC council, said Chief Ombudsman Juris Jansons in his letter to the Saeima and the president, informed LETA. Thu, 13 Jun 2019 10:40:00 +0300 1560411600 Latvia ranks 17th in EU Digital Economy and Society Index http://www.baltic-course.com/eng/Technology/?doc=149799 Latvia this year ranked 17th in the EU Digital Economy and Society Index (DESI) among all 28 EU member states, lagging behind Lithuania and Estonia, the European Commission announced today. Wed, 12 Jun 2019 21:30:00 +0300 1560364200 Estonian funding and trading platform Funderbeam raises USD 4.5 mln http://www.baltic-course.com/eng/good_for_business/?doc=149798 Funderbeam, global funding and trading platform based in Estonia, has raised 4.5 mln US dollars in Series A funding to develop its secondary market offering as well as expand into markets in Asia and continental Europe, informed LETA/BNS. Wed, 12 Jun 2019 21:00:00 +0300 1560362400 Klaipeda port's cargo traffic up 8.5% to 19.8 mln tons http://www.baltic-course.com/eng/good_for_business/?doc=149797 Cargo traffic in the Lithuanian seaport of Klaipeda rose 8.5% to 19.77 mln tons in the first five months of this year from the same period las year, the port authority said LETA/BNS. Wed, 12 Jun 2019 20:30:00 +0300 1560360600 Number of new foreign investments projects in Latvia drops significantly – study http://www.baltic-course.com/eng/analytics/?doc=149796 Last year 34 new foreign investments projects should be started in Latvia compared to 53 new investments projects started in 2017, according to a study conducted by EY audit company referred LETA/BNS. Wed, 12 Jun 2019 19:00:00 +0300 1560355200 Rimi retail chain to launch online trade in Baltics by 2020 http://www.baltic-course.com/eng/good_for_business/?doc=149787 The Rimi retail chain plans to launch its online trade in the Baltic states by 2020, Gustav Fernstrom, marketing and business development director at Rimi says LETA/BNS. Wed, 12 Jun 2019 11:50:00 +0300 1560329400 PM Karins promises to make sure property tax does not climb too steeply http://www.baltic-course.com/eng/finances/?doc=149786 As the government decides on changing the cadastral values of real estate and consequently also property taxes, Prime Minister Krisjanis Karins (New Unity) is determined to make sure the rise of property taxes is not too steep,the premier said in an interview to LNT TV channel. Wed, 12 Jun 2019 11:45:00 +0300 1560329100 Tallink launches Muuga-Vuosaari route between Estonia, Finland for regular passengers http://www.baltic-course.com/eng/good_for_business/?doc=149785 The listed Estonian shipper Tallink Grupp on Wednesday starts transporting regular passengers with vehicles on the Muuga-Vuosaari cargo route between Estonia and Finland, reported LETA/BNS. Wed, 12 Jun 2019 11:30:00 +0300 1560328200 Eesti Energia starts producing oil from scrap tires http://www.baltic-course.com/eng/energy/?doc=149784 The state-owned energy group Eesti Energia started producing oil from end-of-life tires, the amount of which generated in Estonia each year is 12,000 tons, while the local factories are capable of using up to 260,000 tons of tires per year, informed company. Wed, 12 Jun 2019 11:20:00 +0300 1560327600 Lords LB fund attracts EUR 30 mln for solar project in Poland http://www.baltic-course.com/eng/good_for_business/?doc=149783 Atsinaujinancios Energetikos Investicijos (Renewable Energy Investment), a company operated by investment company Lords LB Asset Management's Energy and Infrastructure SME Fund has reached agreement with France's Eiffel Energy Transition Fund on the sale of the company's ordinary debentures worth over 30 mln euros, reported LETA/BNS. Wed, 12 Jun 2019 11:10:00 +0300 1560327000 Cido Grupa becomes sole owner of Bauskas Alus brewery http://www.baltic-course.com/eng/good_for_business/?doc=149772 Cidos Grupa beverages company has become the sole owner of Bauskas Alus brewery, representatives of the companies reported LETA. Tue, 11 Jun 2019 17:00:00 +0300 1560261600 Vasiliauskas: Lithuania’s experience helps shape international fintech best practices http://www.baltic-course.com/eng/finances/?doc=149771 As emphasised today during the joint high-level seminar held by the Bank of Lithuania and the International Monetary Fund (IMF), financial technologies (fintech) have a vast potential to benefit consumers and boost economic growth, yet fintech development needs to be properly managed to ensure resilience to potential risks. Tue, 11 Jun 2019 16:50:00 +0300 1560261000 Estonia’s Hestia takes over operation of Radi Un Draugi hotel in Riga http://www.baltic-course.com/eng/good_for_business/?doc=149770 Estonia’s Hestia Hotel Group (Hestia) has taken over operations of Radi Un Draugi holtel in Old Riga, Hestia representatives reported LETA/BNS, Tue, 11 Jun 2019 16:40:00 +0300 1560260400 Prices continue to rise much faster in Estonia than in the euro area as a whole http://www.baltic-course.com/eng/direct_speech/?doc=149767 Prices continue to rise much faster in Estonia than in the euro area as a whole. Tue, 11 Jun 2019 16:20:00 +0300 1560259200 Revenue Service raids Our Lady of Sorrows Church http://www.baltic-course.com/eng/legislation/?doc=149769 The State Revenue Service (VID) has raided the Our Lady of Sorrows Roman Catholic Church in Riga, the church confirmed. Tue, 11 Jun 2019 16:20:00 +0300 1560259200 The Estonian external economy was in balance in the first quarter http://www.baltic-course.com/eng/finances/?doc=149768 The current account of the Estonian balance of payments was in surplus by 70 million euros in the first quarter of 2019, which is the same as in the first quarter of 2018. Tue, 11 Jun 2019 16:10:00 +0300 1560258600 Lending continues on a gradual upward trend in Latvia http://www.baltic-course.com/eng/direct_speech/?doc=149766 Latvia's domestic loan portfolio expanded in April. As expected, however, the increase was not very steep. Deposits grew only in the household sector, whereas corporate deposits and the total amount of deposits declined slightly. Tue, 11 Jun 2019 16:00:00 +0300 1560258000 29% of entrepreneurs in Latvia have started feeling effects of recession - survey http://www.baltic-course.com/eng/analytics/?doc=149764 A total of 29% of entrepreneurs in Latvia admit they are starting to feel effects of recession amid slowing economic growth, shows the European Payment Report 2019, released by Intrum credit management services company citing LETA. Tue, 11 Jun 2019 15:20:00 +0300 1560255600 Estonia issues EUR 200 mln worth of treasury bills http://www.baltic-course.com/eng/finances/?doc=149765 The Treasury of Estonia for the first time sold 200 million euros' worth of treasury bills with a negative yield at an auction on Monday, reported LETA/BNS. Tue, 11 Jun 2019 15:20:00 +0300 1560255600 Lithuania's cyber security center warns about WiFi equipment risk http://www.baltic-course.com/eng/Technology/?doc=149753 Lithuania's National Cyber Security Center warned on Tuesday about the risk posed by some of the WiFi equipment used in the country as it uses Russian technology, reported LETA/BNS. Tue, 11 Jun 2019 11:40:00 +0300 1560242400 Latvia: About 150 people in picket by Russian embassy demand release of detained Russian journalist Golunov http://www.baltic-course.com/eng/baltic_states_cis/?doc=149751 About 150 people, including media representatives, have gathered in a picket by the Russian embassy in Riga, demanding release of journalist Ivan Golunov who has been detained in Russia, LETA observed. Tue, 11 Jun 2019 11:10:00 +0300 1560240600 Bolt starts business in London http://www.baltic-course.com/eng/good_for_business/?doc=149752 The taxi hailing service Bolt, founded and run by Estonians, launched operations in London on Tuesday and is servicing the whole Greater London, including Gatwick, Heathrow, Luton and Stansted airports, reported LETA/BNS. Tue, 11 Jun 2019 11:10:00 +0300 1560240600 Finnish subsidiary of Nordecon Betoon signs EUR 7.6 mln construction contract http://www.baltic-course.com/eng/good_for_business/?doc=149750 A Finnish subsidiary of Nordecon Betoon OU belonging to the listed Estonian construction group Nordecon, has signed a 7.6-million-euro contract for the building of concrete constructions of Raitinkartano shopping center in Espoo, Finland, Nordecon told the stock exchange. Tue, 11 Jun 2019 10:40:00 +0300 1560238800 Estonia: Merko buys real estate development area in Lithuania for EUR 13 mln http://www.baltic-course.com/eng/good_for_business/?doc=149749 UAB Merko Bustas, part of the listed Estonian construction group Merko Ehitus, bought for 13 mln euros a real estate development area in Vilnius spanning 13 registered immovables, Merko told the stock exchange. Tue, 11 Jun 2019 10:20:00 +0300 1560237600 Estonian court orders Apotheka to immediately leave PERH http://www.baltic-course.com/eng/markets_and_companies/?doc=149747 The Tallinn-based Harju County Court enforced its May decision ordering Terve Pere Apteek OU, owner of pharmacies of the Apotheka brand, to immediately vacate the premises it used at the North Estonia Medical Center (PERH) and compensate for the damage caused by the illegal occupation of the premises, according to the news portal of public broadcaster ERR reports LETA/BNS. Tue, 11 Jun 2019 09:50:00 +0300 1560235800 Private company to accept Lithuanian visa applications in 53 countries http://www.baltic-course.com/eng/baltic_states_cis/?doc=149748 An external service provider will accept visa applications in 53 countries where there are no Lithuanian diplomatic representations or consular institutions, informed LETA/BNS. Tue, 11 Jun 2019 09:50:00 +0300 1560235800 Spring-2019: European economy’s account http://www.baltic-course.com/eng/modern_eu/?doc=149746 Several times during a year (at winter, spring and autumn), the Commission delivers assessments of the member states socio-economic development, which -being formally treated as “recommendations”- in fact are having quite serious impact on national planning. Below are some vital aspects from the Commission’s spring forecast which shall be taken into account by the Baltic States’ governments. Tue, 11 Jun 2019 09:00:00 +0300 1560232800 Lithuania: Over a year, labour costs per hour worked increased by 5.4% http://www.baltic-course.com/eng/analytics/?doc=149742 In I quarter 2019, against the same quarter of 2018, labour costs per hour worked in industrial, construction and service enterprises (individual enterprises included), calendar adjusted, increased by 5.4%, of which in business enterprises – 3.7%. Mon, 10 Jun 2019 17:10:00 +0300 1560175800 Latvia: During the year, the average level of consumer prices increased by 3.3 % http://www.baltic-course.com/eng/analytics/?doc=149741 The latest data of the Central Statistical Bureau (CSB) show that in May 2019, compared to May 2018, the average level of consumer prices* rose by 3.3%. Prices of goods increased by 3.4% and prices of services – by 3.1%. Mon, 10 Jun 2019 16:00:00 +0300 1560171600 Lithuania: Klaipedos Nafta's revenue up 11.9% to EUR 49.7 mln http://www.baltic-course.com/eng/good_for_business/?doc=149739 Lithuania's state-run oil and LNG terminal operator Klaipedos Nafta (Klaipeda Oil) posted 49.7 mln euros in revenue in the first five months of this year, up 11.9% from 44.4 mln euros a year ago, reported LETA/BNS. Mon, 10 Jun 2019 15:40:00 +0300 1560170400 Latvia: Troja wood processing company raises turnover 12.3% in 2018 http://www.baltic-course.com/eng/good_for_business/?doc=149740 Troja, a subsidiary of the largest Latvian wood processing company Latvijas Finieris (Latvian Veneer), turned over EUR 26.073 mln in 2018, up 12.3 % against a year before, while the company’s profit contracted 46 % to EUR 524,657, according to information available at Firmas.lv writes LETA. Mon, 10 Jun 2019 15:40:00 +0300 1560170400 Lithuanian Energy looking for contractor for wind farm project in Mazeikiai District http://www.baltic-course.com/eng/energy/?doc=149738 Lithuania's state-run energy group Lietuvos Energija (Lithuanian Energy), which bought a wind farm project in the country's northwestern district of Mazeikiai for an undisclosed value, is now looking for a contractor to build and maintain this wind farm, reported LETA/BNS. Mon, 10 Jun 2019 15:20:00 +0300 1560169200 Businessmen winning Russia's state tenders work for Lithuania's strategic companies http://www.baltic-course.com/eng/baltic_states_cis/?doc=149737 Businessmen from Lithuania's port of Klaipeda, who win state tenders in Russia, also receive orders from Lithuania's strategic companies and the army, the investigation team from Lithuania's public broadcaster LRT has discovered, referred LETA/BNS. Mon, 10 Jun 2019 15:10:00 +0300 1560168600 Estonia: Lux Express to go to court against state http://www.baltic-course.com/eng/legislation/?doc=149729 Hugo Osula, owner of the Estonian intercity bus operator Lux Express, is planning to go to court to seek compensation of the roughly half a million euros that his companies spend every year on the free transportation of children of preschool age and disabled people, informed LETA/BNS. Mon, 10 Jun 2019 13:10:00 +0300 1560161400 Drones pose increasing challenge to critical infrastructure protection in Latvia - Security Service http://www.baltic-course.com/eng/Technology/?doc=149728 Unmanned aerial vehicles pose an increasing challenge to the security of critical infrastructure in Latvia, therefore the regulatory framework in this area needs to be improved, the State Security Service told LETA. Mon, 10 Jun 2019 13:00:00 +0300 1560160800 INVL Baltic Sea Growth Fund to invest up to EUR 30 mln into Grigeo cardboard business http://www.baltic-course.com/eng/good_for_business/?doc=149727 INVL Baltic Sea Growth Fund, a private capital investment fund managed by INVL Asset Management, one of the largest asset management groups in the Baltic states, will invest up to 30 mln euros into Grigeo cardboard business, a leading paper and wood industry company for the Baltic region, reported LETA/BNS, Mon, 10 Jun 2019 12:30:00 +0300 1560159000 Apartment prices in Soviet-era standard design houses up 1.7% this year - Arco Real Estate http://www.baltic-course.com/eng/good_for_business/?doc=149726 In May this year, apartment prices in Soviet-era standard design houses in Riga rose 0.3 percent against April and climbed 1.7% from the beginning of the year, Arco Real Estate said in its latest report on the market of standard-design apartments. Mon, 10 Jun 2019 12:20:00 +0300 1560158400 Latvijas Maiznieks launches sales in Norway, Sweden and Finland http://www.baltic-course.com/eng/good_for_business/?doc=149724 Bakery Latvijas Maiznieks launched sales in Norway, Sweden and Finland in May, as the company's board member Maris Daude told LETA. Mon, 10 Jun 2019 12:10:00 +0300 1560157800 Latvian, Lithuanian and Polish transport ministers to inspect Renge section http://www.baltic-course.com/eng/transport/?doc=149725 The transport ministers from Latvia, Lithuania and Poland will on Monday inspect the Mazeikiai-Renge railway section Lithuania dismantled over a decade ago and has recently started rebuilding, reported LETA/BNS. Mon, 10 Jun 2019 12:00:00 +0300 1560157200 Comprehensive EU strategy to target urgent regional challenges http://www.baltic-course.com/eng/modern_eu/?doc=149719 Modern European challenges are becoming closer to sustainability: no wonder, the EU Baltic Sea regional forum’s 10-year jubilee takes circular and sharing economy issues as its main agenda. They have already become an integral part in some EU states’ governing aspects. Besides, ideas of “reduce, reuse and rethink” (the so-called “4T” issues) would be of interest too… Mon, 10 Jun 2019 10:10:00 +0300 1560150600 First LNG cargo for Lithuania's Imlitex on its way to Klaipeda http://www.baltic-course.com/eng/energy/?doc=149714 Imlitex, a company of Lithuania's raw materials supply group Imlitex Holdings, expects to take delivery of its first LNG cargo this weekend and plans to continue using the Klaipeda LNG terminal, informed LETA/BNS. Fri, 07 Jun 2019 20:20:00 +0300 1559928000 Lithuanian labor market to need some 105,000 new workers by 2022, research center says http://www.baltic-course.com/eng/analytics/?doc=149712 The Lithuanian labor market will need some 105,000 new salaried employees by 2022, the Research and Higher Education Monitoring and Analysis Centre (MOSTA) said on Friday LETA/BNS. Fri, 07 Jun 2019 20:20:00 +0300 1559928000 Estonia receives 111 votes in 1st round of UN Security Council vote http://www.baltic-course.com/eng/good_for_business/?doc=149711 Estonia received 111 votes in the first round of secret voting for the distribution of non-permanent seats on the United Nations Security Council on Friday, informed LETA/BNS. Fri, 07 Jun 2019 20:10:00 +0300 1559927400 Latvian Finance Ministry refuses to approve pay rise for teachers due to lack of education reforms http://www.baltic-course.com/eng/education/?doc=149710 The Finance Ministry would not yet approve the planned pay rise for teachers due to the lack of reforms necessary in the education sector, LETA was told at the Finance Ministry. Fri, 07 Jun 2019 19:50:00 +0300 1559926200 Amber Beverage Group set to become a 1 bn EUR company http://www.baltic-course.com/eng/markets_and_companies/?doc=149709 Amber Beverage Group (ABG) reported a 15% global net revenue increase in fiscal year 2018. This was achieved by continuous expansion and development of ABG making it a truly global player in the production, distribution, retail sales and logistics of alcoholic beverages. Fri, 07 Jun 2019 19:20:00 +0300 1559924400 Smart Energy Fund invested in Estonian startup Hepta Airborne http://www.baltic-course.com/eng/good_for_business/?doc=149707 Smart Energy Fund powered by Lietuvos Energija (Lithuanian Energy) and managed by Contrarian Ventures invested in Hepta Airborne, Estonia based startup developing solution for automatic power line inspection. Fri, 07 Jun 2019 19:00:00 +0300 1559923200 In 2018 Latvian residents spent EUR 564 million on trips abroad http://www.baltic-course.com/eng/analytics/?doc=149698 According to the latest data of the Central Statistical Bureau (CSB), in 2018 Latvian residents went on 2.2 mln trips abroad, which is 5.8% more than a year ago, and spent EUR 563.8 mln, 0.3% less. Fri, 07 Jun 2019 14:20:00 +0300 1559906400 Latvian issues in progress: EU’s vision for the country’s growth http://www.baltic-course.com/eng/modern_eu/?doc=149696 There have been recently a couple of high-rank advises for the Latvian government for a progressive development: some voluntary, like that of OECD last month, some compulsory, like the present approved by the Council of the European Union. It’s difficult to see which of these two are more important, but both can actually serve as a background for Latvian planning process for at least next two years. Fri, 07 Jun 2019 13:45:00 +0300 1559904300 Bank of Lithuania issued three electronic money institution licences http://www.baltic-course.com/eng/finances/?doc=149688 The Board of the Bank of Lithuania issued three new electronic money institution licences, informed Bank of Lithuania. Fri, 07 Jun 2019 13:20:00 +0300 1559902800 Baltic education ministers: Challenges in education field are similar http://www.baltic-course.com/eng/education/?doc=149694 The three Baltic states share challenges in education -- schools with a small number of students and the need to increase teachers' salaries -- but the capacity to address those challenges is different, it was admitted at the 25th meeting of the education ministers of Estonia, Latvia and Lithuania that began in Vihula on Thursday and is to continue on Friday, informed in the press release the Estonian Ministry of education and research. Fri, 07 Jun 2019 13:20:00 +0300 1559902800 In May, the consumer price index in Estonia was affected the most by housing and transport http://www.baltic-course.com/eng/analytics/?doc=149695 According to Statistics Estonia, the change of the consumer price index in May 2019 was 0.2% compared to April 2019 and 3.1% compared to May of the previous year. Fri, 07 Jun 2019 13:20:00 +0300 1559902800 Jusius steps down as head of Lithuania's Klaiped Nafta http://www.baltic-course.com/eng/transport/?doc=149692 Mindaugas Jusius has stepped down as general manager of Lithuania's state-run oil and LNG terminal operator Klaipeda Nafta (Klaipeda Oil), reported LETA/BNS. Fri, 07 Jun 2019 13:10:00 +0300 1559902200 Rail Baltic joint venture gets new supervisory board http://www.baltic-course.com/eng/transport/?doc=149693 The shareholders of the Rail Baltic joint venture RB Rail AS at the end of May approved a new lineup of the company's supervisory board in connection with the recall of two Latvian members of the supervisory board, reported LETA/BNS. Fri, 07 Jun 2019 13:10:00 +0300 1559902200 The number of job vacancies in Estonia remains over 10,000 http://www.baltic-course.com/eng/analytics/?doc=149691 According to Statistics Estonia, in the 1st quarter of 2019, there were approximately 11,450 job vacancies in the enterprises, institutions and organisations of Estonia. This trend has continued since the 1st quarter of 2017. Fri, 07 Jun 2019 13:00:00 +0300 1559901600 fDi Markets: Data story - Western Europe the leading destination region for FDI http://www.baltic-course.com/eng/analytics/?doc=149690 Western Europe was the leading destination region for FDI in 2018 by number of projects with 4,385 announcements. Asia-Pacific however received the largest amount of capital investment in 2018 with 377.7bn USD worth of FDI recorded from 4,218 projects, reported fDi Intelligence. Fri, 07 Jun 2019 12:50:00 +0300 1559901000 Eurostat: Migrant integration – self-employed persons http://www.baltic-course.com/eng/analytics/?doc=149689 In 2018, about 30.2 mln people in the EU aged 20-64 were self-employed. Of these, around 26.7 mln were native-born, while 3.5 mln were born in a foreign country (of which 2.2 mln were born outside the EU and 1.3 mln were born in a different EU Member State), informed Eurostat. Fri, 07 Jun 2019 12:45:00 +0300 1559900700 Estonian startup Realeyes raises EUR 11 mln, to expand to Japan http://www.baltic-course.com/eng/good_for_business/?doc=149686 Estonian emotion artificial intelligence (AI) company Realeyes has raised 11 mln euros to fund its expansion to the market of Japan, informed LETA/BNS. Fri, 07 Jun 2019 12:10:00 +0300 1559898600 Latvia: Trucking company Kreiss turnover increases 0.5% in 2018 http://www.baltic-course.com/eng/transport/?doc=149687 Trucking company Kreiss posted EUR 174.149 mln in turnover last year, which is 0.5 % more than in 2017, and EUR 1.581 mln in losses - compared to a profit in 2017, according to Firmas.lv, writes LETA. Fri, 07 Jun 2019 12:00:00 +0300 1559898000 Estonia: Magnetic MRO to raise up to EUR 8.95 mln additional capital http://www.baltic-course.com/eng/good_for_business/?doc=149684 Tallinn-based aircraft maintenance company Magnetic MRO informed the stock exchange on Thursday that it has reached an agreement with investors to raise additional capital in the amount of up to 8.95 mln euros, informed LETA/BNS. Fri, 07 Jun 2019 11:45:00 +0300 1559897100 Estonia's LHV, Danske Bank sign business transfer agreement of private loans http://www.baltic-course.com/eng/finances/?doc=149683 AS LHV Pank and Danske Bank A/S signed a business transfer agreement on Wednesday according to which LHV Pank will acquire the private loans unit of Danske Bank's Estonian branch, which essentially consists of the loan portfolio of private clients, informed LETA/BNS. Fri, 07 Jun 2019 11:45:00 +0300 1559897100 Estonia: In April, the number of tourists in accommodation establishments increased http://www.baltic-course.com/eng/analytics/?doc=149674 According to Statistics Estonia, in April 2019, a total of 262,000 domestic and foreign tourists stayed in accommodation establishments, which is 5% more than in April 2018. Compared to the same time, there were more domestic and foreign tourists. Thu, 06 Jun 2019 21:10:00 +0300 1559844600 Estonia’s trade flows can now be visualized http://www.baltic-course.com/eng/analytics/?doc=149673 Statistics Estonia launched an application that visualizes Estonia’s trade flows, giving a better overview of trade with other countries. Thu, 06 Jun 2019 21:00:00 +0300 1559844000 Remigration and brain gain in the Baltics http://www.baltic-course.com/eng/direct_speech/?doc=149675 So far this century, no country in the world has suffered a greater depopulation rate than Latvia. In 2014, the population was 19% lower than in 2000. In the past two decades, the three Baltic countries lost a significant portion of their population. A combination of low birth rates, ageing population and emigration contributed to the decline. Thu, 06 Jun 2019 21:00:00 +0300 1559844000 In 2018, Latvian residents spent EUR 334 mln on domestic trips http://www.baltic-course.com/eng/analytics/?doc=149665 According to the latest data of the Central Statistical Bureau (CSB), in 2018, as compared to 2017, the number of domestic trips of Latvian residents comprised 10,9 mln and they spent EUR 333.9 mln, EUR 31.2 mln or 8.5% less. Thu, 06 Jun 2019 17:55:00 +0300 1559832900 Estonia: UP Invest increases stake in Apollo Group http://www.baltic-course.com/eng/markets_and_companies/?doc=149664 UP Invest, a company majority owned by Estonian businessman Margus Linnamae, is increasing its stake in Apollo Group and thereby acquiring sole control over the company, informed LETA/BNS. Thu, 06 Jun 2019 17:25:00 +0300 1559831100 German-capital road infrastructure company Saferoad Baltic established in Lithuania http://www.baltic-course.com/eng/good_for_business/?doc=149662 A German-capital road infrastructure company, Saferoad Baltic, has been established in Lithuania, informed LETA/BNS. Thu, 06 Jun 2019 17:20:00 +0300 1559830800 Roshen cuts production http://www.baltic-course.com/eng/markets_and_companies/?doc=149663 The Lithuanian subsidiary of former Ukrainian President Petro Poroshenko's confectionary giant Roshen slashed down production and laid off two-thirds of its workforce as it continued to operate at a loss last year, the business daily aacording to the Verslo Zinios information reported LETA/BNS. Thu, 06 Jun 2019 17:20:00 +0300 1559830800 No suitable offers received in Tallinn tram procurement http://www.baltic-course.com/eng/transport/?doc=149661 The Tallinn public transport company TLT has deemed as terminated an international public procurement for the acquisition of eight trams announced in December 2018, as no offers meeting the terms and conditions of the procurement were received by the deadline, informed LETA/BNS. Thu, 06 Jun 2019 17:10:00 +0300 1559830200 Joint venture of Estonia's BLRT, Germany's Messer to set up gas plant in NW Russia http://www.baltic-course.com/eng/good_for_business/?doc=149659 Elme Messer Gaas, joint venture of Estonian company BLRT and Messer Group of Germany, is about to set up an air separation plant for the production of liquefied gases in the territory of Special Economic Zone Moglino in the Pskov region of Russia for about 2 bn rubles or 27.3 mln euros, BLRT said BC. Thu, 06 Jun 2019 16:40:00 +0300 1559828400