The Baltic Course | Baltic States news & analytics The Baltic Course - International Internet Magazine. Baltic States News & Analysis, Baltic market reviews eng Tue, 24 Jan 2017 03:07:06 +0200 Baltic Course, The Invitation to companies to bid for the provision of consultancy services for Hong Kong Economic and Trade Office in London Tue, 31 Jan 2017 23:00:00 +0200 1485896400 MG Valda to invest EUR 14 mln in Apranga's new office and logistics center in Vilnius Apranga, the Baltics' leading clothing retailer that is controlled by MG Baltic, is building a new office and logistics center in the northern part of Vilnius, close to the city's new western bypass, with MG Valda, the developer of the Vilnius Business Park where the center will be located, set to invest 14 mln euros in the project, writes LETA/BNS. Mon, 23 Jan 2017 20:00:00 +0200 1485194400 Three Latvians feature in Forbes list of young leading Europeans Alise Semjonova, a co-founder and UX designer of data visualization tool Infogram, NBA star Kristaps Porzingis and Sabine Pole, a co-founder of Sorry as a Service startup, have been included in the prestigious Forbes 30 Under 30 Europe 2017 list, Infogram communications adviser Dagnija Lejina informed. Mon, 23 Jan 2017 19:35:00 +0200 1485192900 Lithuanian electricity market prices rise w-o-w amid wintry weather Prices in the Lithuanian electricity market rose last week due to wintry weather conditions, which caused overhead lines to break under the weight of ice and forced wind turbines to stand idle, Litgrid said LETA/BNS on Monday. Mon, 23 Jan 2017 19:30:00 +0200 1485192600 Nordecon to build apartment house in Sweden Swencn AB, a company of Nordecon Group, has entered into a contract with the Swedish property development company Brabo Stockholm AB for the construction of an eight-story apartment building in Upplands Vasby in Stockholm County, Sweden, informs LETA/BNS. Mon, 23 Jan 2017 19:30:00 +0200 1485192600 Main shareholder in Latvia's Talsu Mezrupnieciba set to make mandatory final buyout offer Gatis Staks, the biggest shareholder in the Latvian wood-processing company Talsu Mezrupnieciba, has asked the financial watchdog, the Finance and Capital Market Commission, to approve his mandatory final buyout offer to other shareholders, the watchdog announced on the website of the Central Storage of Regulated Information. Mon, 23 Jan 2017 19:20:00 +0200 1485192000 Head of Latvian delegation to Baltic Assembly urges Lithuania to stop stalling Rail Baltica project Janis Vucans (Greens/Farmers), the Vice-President of the Baltic Assembly and the head of the Latvian delegation to the Baltic Assembly, at a meeting in Brussels today called for swifter progress in implementation of the Rail Baltica project for construction of the European-gauge railroad through the three Baltic states, reports LETA. Mon, 23 Jan 2017 19:10:00 +0200 1485191400 Merko launches apartment house development project in Vilnius UAB Merko statyba, a company of Merko Ehitus group, has started construction work on the Rinktines Urban residential development project in central Vilnius. Mon, 23 Jan 2017 18:50:00 +0200 1485190200 Germany's consulting firm Gopa was appointed by the Stockholm arbitration court on Monday to evaluate the technical state of the Vilnius district heating system. Germany's consulting firm Gopa was appointed by the Stockholm arbitration court on Monday to evaluate the technical state of the Vilnius district heating system, reports LETA/BNS. Mon, 23 Jan 2017 18:30:00 +0200 1485189000 Latvian militaries to make OSCE evaluation visit to Russia's 25th Independent Motor Rifle Brigade in Pskov Two representatives of the Latvian defense sector and one Lithuanian representative will be conducting an evaluation visit to the 25th Independent Motor Rifle Brigade in Pskov, Russia, on January 24-26 under the Vienna Document of the Organization for Security and Co-operation in Europe (OSCE), the Latvian Defense Ministry said LETA. Mon, 23 Jan 2017 17:40:00 +0200 1485186000 Nasdaq calls shareholder e-voting tests based on blockchain technology a success Nasdaq Baltic has conducted the first successful tests of a blockchain technology based service enabling shareholders of companies listed on Nasdaq Tallinn to vote at a general meeting of shareholders without being physically present at the meeting. Mon, 23 Jan 2017 17:40:00 +0200 1485186000 Edvīns Bērziņš approved as the Chairman of the Supervisory Board of RB Rail AS On Friday, January 20, a new Chairman of the Board of the railway line Rail Baltic/Rail Baltica project coordinator, the joint venture of the three Baltic States RB Rail AS, was approved. The new chairman is Latvian representative Edvīns Bērziņš, the Chairman of the Board of Latvijas Dzelzceļš VAS, who is replacing the previous Chairman of the Board, Lithuanian representative and the Director of Rail Baltica statyba Dainius Budrys. Mon, 23 Jan 2017 13:50:00 +0200 1485172200 Capital Markets Union, CMU: mid-term review Developing stronger and stable capital markets in the EU and the member states is crucial for the European development. CMU gives businesses access to alternative, more diverse sources of funding. The Commission suggests new CMU’s review, which will assess the optimal ways for free capital movements across borders. Besides, it will increase the European companies’ competitive and investment opportunities. Mon, 23 Jan 2017 11:30:00 +0200 1485163800 Taavet Hinrikus appointed to EU's High Level Group of Innovators A 15-member high-level work group to advise the European Commission on innovation includes the Estonian co-founder and CEO of the money transfer service TransferWise, Taavet Hinrikus, informs LETA/BNS. Sun, 22 Jan 2017 18:40:00 +0200 1485103200 Ventspils municipality to borrow EUR 435,000 for project of multifunctional innovation center The Ventspils city council in northwestern Latvia will borrow EUR 435,000 for the construction project of a multifunctional innovation center, LETA learned from the council. Sun, 22 Jan 2017 18:30:00 +0200 1485102600 PM Skvernelis thinks Polish TV channels should be available in Lithuania Prime Minister Saulius Skvernelis thinks that more viewers in Lithuania should have access to Polish TV channels, reports LETA/BNS. Sun, 22 Jan 2017 18:30:00 +0200 1485102600 Latvia’s ABLV Bank plans to issue bonds worth USD 75 mln and EUR 20 mln in late February Latvia’s ABLV Bank in late February plans to issue two-year bonds worth USD 75 mln (EUR 70.3 mln) and two-year bonds worth EUR 20 mln, the bank said in a statement to the Nasdaq Riga stock exchange. Sun, 22 Jan 2017 18:20:00 +0200 1485102000 First case of ASF in wild boars found in Ventspils The Latvian Food and Veterinary Service (PVD) has found 23 new cases of African swine fever (ASF) among wild boars this week, the PVD said. The first two dead animals with ASF have been found in Ance country of Ventspils region, northwestern Latvia, reports LETA. Sun, 22 Jan 2017 18:10:00 +0200 1485101400 Latvia exports and imports more particle boards in 2016 The value of particle boards exported from Latvia in January-November last year was EUR 146.175 mln - 11.9% more than in the first eleven months of 2015 when Latvia exported particle boards worth EUR 130.659 mln, according to the Agriculture Ministry's Forest Department writes LETA. Sun, 22 Jan 2017 17:40:00 +0200 1485099600 Income of the poorest population increased by 10.6% The results of the survey conducted by the Central Statistical Bureau (CSB) in 2016 show that, compared to 2014, in 2015 the most rapid household disposable income1 growth – of 10.6 % – was observed in the poorest households (belonging to the 1st quintile group). The average annual income increase in the country accounted for 7.6 %. The smallest increase was recorded in the households belonging to the 2nd quintile group – of 4.8%. In the richest households (those belonging to the 5th quintile group) the annual income rise (comprising 5.7%) was smaller than the national average. Sun, 22 Jan 2017 17:30:00 +0200 1485099000 Committee of European regions to hold meeting in Estonian capital in July Tallinn Deputy Mayor Taavi Aas and the president of the European Committee of the Regions, Markku Markkula, on Friday discussed matters related to the organization of a meeting of the commission for environment, climate change and energy of the European Committee of the Regions in Tallinn this summer, reports LETA. Sun, 22 Jan 2017 17:30:00 +0200 1485099000 Baltic Horizon Fund declared approx. EUR 1,4 mln distribution to investors Northern Horizon Capital AS (the Management Company) as the management company of Baltic Horizon Fund (the Fund) has declared a cash distribution to its unitholders which implies a 2% yield on the Fund’s 2016 Q4 weighted average NAV, Baltic Horizon Fund representative announced BC. Fri, 20 Jan 2017 20:00:00 +0200 1484935200 Lithuania's tax chief sacked Lithuanian Finance Minister Vilius Sapoka has sacked Dainoras Bradauskas, head of the State Tax Inspectorate (STI), after a commission set up by the ministry recommended firing him for corrupt activities and gross official misconduct, reports LETA/BNS. Fri, 20 Jan 2017 19:20:00 +0200 1484932800 Lithuanian Government greenlights police infrastructure PPP projects in Kaunas and Panevezys On the 18th of January, Lithuania's Cabinet of Ministers approved two separate PPP police infrastructure projects in Kaunas and Panevezys. The approval gives a green light to the Police Department under the Ministry of the Interior to commence tendering procedures as soon as the necessary preparations have been completed. Fri, 20 Jan 2017 19:00:00 +0200 1484931600 Latvian Financial Police in cooperation with Lithuanian colleagues break up two VAT fraud rings The Financial Police under the Latvian State Revenue Service has caught two gangs, who had been operating for nearly two years, causing great losses to the national budget through value-added tax (VAT) fraud, the State Revenue Service said LETA/BNS. Fri, 20 Jan 2017 13:10:00 +0200 1484910600 Estonian government backs three tax policy changes The Estonian government at Thursday's Cabinet meeting gave its backing to lowering the income tax rate for mature companies, restricting withdrawal of profit from subsidiaries in the form of loans and easing the taxation of and financial reporting rules for self-employed persons, informs LETA/BNS. Fri, 20 Jan 2017 13:00:00 +0200 1484910000 Estonian Harju Elekter stands to make EUR 25.8 mln from sale of PKC shares f the listed Estonian electrical equipment maker Harju Elekter accepted Indian Motherson Sumi's offer for PKC shares it would earn 25.8 mln euros from the transaction, reports LETA/BNS. Fri, 20 Jan 2017 12:50:00 +0200 1484909400 Lithuania should secure permits for beef and poultry exports to Japan by March Lithuania should secure permits to export beef and poultry products to Japan by the beginning of March, which would enable Lithuanian producers to seek direct opportunities to export their products to the market, Ambassador to Japan Egidijus Meilunas says LETA/BNS. Fri, 20 Jan 2017 12:40:00 +0200 1484908800 Venta Global Limited buys 80.1% of shares in Triatel telecommunications operator Venta Global Limited has acquired 80.1% of shares in Telekom Baltija telecommunications company, which operates under the Triatel brand name, according to a statement submitted to the Nasdaq Riga stock exchange. Fri, 20 Jan 2017 12:30:00 +0200 1484908200 Low levels of investment activity mean that companies are borrowing less than before Corporate debt liabilities shrank in the third quarter of 2016 despite the rapid growth in bank loans. Growth in household loans accelerated, but remained slower than growth in incomes and savings. As before, more financial assets were invested abroad or returned there than were taken in from abroad Fri, 20 Jan 2017 12:10:00 +0200 1484907000 In 2015 Latvian household disposable income rose by 7.6% Results of the survey conducted by the Central Statistical Bureau (CSB) in 2016 show that,compared to 2014, in 2015 household disposable income1 increased by 7.6 %, reaching 417 euros per household member monthly. Compared to the increase recorded in previous years – 9.3% in 2014 and 10.7% in 2013 – the income growth rate has slowed down slightly. Fri, 20 Jan 2017 12:00:00 +0200 1484906400 RAM Funds Have Completed 2016 with Stable Growth All Rietumu Asset Management (RAM) investment funds have shown positive dynamics over the past year. The highest growth has been demonstrated by the High Yield (+ 15.58%) and Global Equity (+ 15.12%) funds. These are the results published in the December review of the RAM investment funds. Fri, 20 Jan 2017 10:40:00 +0200 1484901600 Anti-corruption service on blockchain. E-Auction 3.0 developer will attend Tallinn On March 9, 2017, one will present the electronic auction service – e-Auction 3.0 – at Blockchain & Bitcoin Conference in Tallinn. This project has been developed by Ukrainian IT specialists. Its concept is to replace officials for transparent blockchain. It shows conditions, process and results of public property lease and sale auctions. Fri, 20 Jan 2017 10:40:00 +0200 1484901600 What will happen to retirement economy in the Baltic States The new term "retirement economy", as no other one, characterises realities not only of the modern labour market, but also of the world economy. The adverse demographic situation in the Baltic States allow speaking about the inability of the present retirement system for future pensioners. Besides low birth rate it is necessary to mention substantial out-migration of able-bodied population to other countries with good working opportunities. The adverse demographic situation and labour migration are the basis of pessimism and non-confidence of the population, especially of the youth, in the state retirement system. Thu, 19 Jan 2017 21:00:00 +0200 1484852400 Riga and Minsk to make joint bid for hosting 2021 World Ice-Hockey Championship Latvian capital Riga and Belarus capital Minsk will make a joint bid for hosting the 2021 World Ice-Hockey Championship. Thu, 19 Jan 2017 16:40:00 +0200 1484836800 Lithuanian watchdog probes possible abuse of dominant position by Swedbank The Lithuanian Competition Council (LCC) has launched a probe into whether or not Swedbank, one of the country's biggest banks, has abused a dominant position, reports LETA/BNS. Thu, 19 Jan 2017 16:40:00 +0200 1484836800 Benin-based cheats defrauding Estonians of money with offers of unsecured loan Six people who have lost money to cheats offering big unsecured loans via social media websites and by e-mail have turned to the Estonian police this year, informs LETA/BNS. Thu, 19 Jan 2017 16:00:00 +0200 1484834400 Government of Uzbekistan sums up results for 2016 and determines yearly priorities at the extended session On 14 January an extended session of the Cabinet of Ministers, dedicated to comprehensive analysis of the results of social-economic development of the country in 2016 and determining the most important directions and priorities of economic and social program of the government in 2017 was held in Tashkent. Thu, 19 Jan 2017 15:20:00 +0200 1484832000 Improvement of business environment and attraction of investments among top priorities of combating shadow economy in Latvia The American Chamber of Commerce (AmCham) together with Stockholm School of Economics in Riga held a seminar in the AmCham Outlook series to discuss the shadow economy and its impact on Latvia’s business environment on January 18 at the Stockholm School of Economics in Riga, AmCham representatives informs BC. Thu, 19 Jan 2017 14:30:00 +0200 1484829000 Estonia's Eesti Energia might sell oil shale technology to Morocco Morocco might be interested in the knowhow of oil shale studies and services of the Estonian state-owned energy company Eesti Energia, and it is possible that the company would also sell the Enefit technology to the country to process oil shale, reports LETA/BNS. Thu, 19 Jan 2017 11:20:00 +0200 1484817600 Olympus Aviation Academy signs new contract with Momook to discover growth opportunities The technology company MOMook, developing management software solutions for aviation training centres, is announcing a service agreement with Olympus Aviation Academy located in Thessaloniki, Greece, said companies representatives BC. Thu, 19 Jan 2017 11:00:00 +0200 1484816400 DealLink procurement system expands from the Baltics to Poland and the Nordics Startup, a Lithuanian-built B2B open procurement platform, has successfully expanded into the Finnish and Polish markets, it announced. The company also confirmed it will start operations in Sweden in January 2017, in Denmark in March, and in Norway in May, DealLink representatives informs BC. Thu, 19 Jan 2017 09:50:00 +0200 1484812200 Latvia records EU's biggest drop in construction output in Q3 Production in Latvia's construction sector in the third quarter of 2016 decreased 22 % as compared to July-September 2015, which was the biggest drop across the European Union member states, according to Eurostat's revised data. Wed, 18 Jan 2017 20:00:00 +0200 1484762400 Rimi Baltic retailer to announce EUR 75 mln logistics center project Rimi Baltic retail company is set to announce next week a new project providing for construction of a logistics center for EUR 75 mln, the company's representatives said LETA. Wed, 18 Jan 2017 20:00:00 +0200 1484762400 Poland's trimming of GIPL route to give Lithuania additional EUR 3 mln in EU support As Poland trims the projected Gas Interconnector Poland-Lithuania ( GIPL ) and postpones of the overall project implementation for two years, Lithuania will receive additional 3 mln euros in support from European Union (EU), which will put the total support at 58 mln euros, informs LETA/BNS. Wed, 18 Jan 2017 19:50:00 +0200 1484761800 Lithuanian spending on purchases lowest in Baltics The spending of Lithuanian households on essential goods remains the lowest in the Baltic states, however, is rapidly catching up with Latvia, shows an index of household spending published by the research company Baltic Market Insights (Baltmi). According to the survey, Lithuanians spend an average of nearly 2 euros more than Latvians during a single visit to the store, however, are still behind Estonia, reports LETA/BNS. Wed, 18 Jan 2017 19:50:00 +0200 1484761800 Record amount of power generated from renewable resources in Lithuania in 2016 – Some 1.997 terawatt-hours (TWh) of electricity was generated from renewable resources in Lithuania in 2016, up by 23.4 % from, 1.602 TWh, in the year before, the Lithuanian Wind Power Association said on Wednesday, citing power transmission system operator Litgrid reports LETA/BNS. Wed, 18 Jan 2017 19:50:00 +0200 1484761800 Latvian embassy in UK registers 2,262 newborns in 2016 – Last year the consular department of the Latvian embassy in the UK received 10,367 applications for Latvian passports, 4,188 applications for personal ID cards, and registered 2,262 newborns, informs LETA. Wed, 18 Jan 2017 19:50:00 +0200 1484761800 Estonian official discusses cooperation in e-governance in UAE During a visit that ended on Wednesday, Vaino Reinart, deputy secretary general of the Estonian Foreign Ministry for economic affairs and development cooperation, discussed with officials of the United Arab Emirates (UAE) promoting economic relations between the countries and potental cooperation in developing e-governance, reports LETA/BNS. Wed, 18 Jan 2017 19:35:00 +0200 1484760900 Lithuania's Arvi Kalakutai launches EUR 30 mln turkey product complex in Belarus Arvi Kalakutai, a turkey meat product manufacturing and trade arm of Arvi ir Ko, a Lithuanian business group owned by Vidmantas Kucinskas, has launched a 30-million-euro complex in Belarus, reports LETA/BNS. Wed, 18 Jan 2017 19:30:00 +0200 1484760600 EUR 50 million hole in social budget needs to be mended quickly The 2018 state budget will have to mend a EUR 50 million hole in the social budget, Welfare Minister Janis Reirs (Unity) said in an interview with Latvian Television, reports LETA. Wed, 18 Jan 2017 19:10:00 +0200 1484759400 Lithuanian Railways' new freight directorate chief to seek tariff transparency Egidijus Lazauskas, the newly-appointed deputy CEO of Lietuvos Gelezinkeliai (Lithuanian Railways, LG) and director of the state railway company's Freight Transportation Directorate, says his aim is to bring more transparency to the cargo transportation conditions and tariffs. In his words, he wants all of the company's clients to know what they pay for and how much, writes LETA/BNS. Wed, 18 Jan 2017 19:00:00 +0200 1484758800 Estonia's tax watchdog to counsel accommodation and food sector re envelope wages Estonian Tax and Customs Board (MTA) is to start paying more attention to undeclared cash-in-hand wages in accommodation and food establishments, and the first step is to counsel entrepreneurs regarding the employment register, according the daily Eesti Paevaleht reports LETA/BNS. Wed, 18 Jan 2017 19:00:00 +0200 1484758800 International license of Estonia's Lux Express restored by Russian authorities Russian authorities have restored the international carrier license of Russian bus company ZAO Evrolains, which belongs to Estonia's Lux Express Grupp, which was suddenly suspended at the start of the year, informs LETA/BNS. Wed, 18 Jan 2017 18:50:00 +0200 1484758200 Latvia’s Aloja Starkelsen starch maker has made first shipments to South Korea The Swedish-owned Latvian potato starch maker Aloja Starkelsen this year has already sent the first test shipments to South Korea, the company’s board member Janis Garancs told LETA. Wed, 18 Jan 2017 18:40:00 +0200 1484757600 Food Union Management has increased share capital by EUR 806,000 Food Union Management has increased its share capital by EUR 806,000, according to the information published on database writes LETA. Wed, 18 Jan 2017 18:30:00 +0200 1484757000 Estonian/US startup Pipedrive gets USD 17 mln capital injection Pipedrive, a company headquartered in Palo Alto, the U.S.A. whose development office is located in the Estonian capital Tallinn, has closed 17 million U.S. dollars in Series B funding, Techcrunch reports. Wed, 18 Jan 2017 18:00:00 +0200 1484755200 Latvian economics minister suggests providing certain business-related public services in English Latvian Economics Minister Arvils Aseradens (Unity) has suggested that certain business-related public services should be provided in the English language in order to improve business environment in the country, reports LETA. Wed, 18 Jan 2017 17:30:00 +0200 1484753400 Theresa May’s Brexit speech: EUA applauds focus on science, research and innovation Despite its regret about the UK leaving the EU, the European University Association (EUA) is pleased that UK Prime Minister Theresa May explicitly highlighted science, research and innovation in a much-anticipated speech on Brexit given from London on 17 January 2017. Wed, 18 Jan 2017 14:30:00 +0200 1484742600 Estonian businessman Oleg Ossinovski invests EUR 7.8 mln in Porto Franco A new investor of the multifunctional Porto Franco complex in the Estonian capital's harbor area is businessman Oleg Ossinovski who has signed a contract for the establishment of a mortgage worth 7.8 mln euros for the plots, according the weekly Eesti Ekspress reports informs LETA/BNS. Wed, 18 Jan 2017 11:50:00 +0200 1484733000 Tele2 partners up with Vodafone to provide services to corporate clients in Latvia, Lithuania, Sweden Swedish telecommunications operator Tele2 and British mobile operator Vodafone have concluded a partnership agreement to provide services to global and multinational companies in Latvia, Lithuania and Sweden, Tele2 representatives told BC. Wed, 18 Jan 2017 11:50:00 +0200 1484733000 Railway electrification project in Latvia could be suspended if it affects budget If the planned railway electrification project affects budget resources, the project might be suspended, said Latvian Prime Minister Maris Kucinskis (Greens/Farmers) in an interview with commercial LNT television on Wednesday, writes LETA. Wed, 18 Jan 2017 11:40:00 +0200 1484732400 Emergency situation declared in Krimulda, Adazi, Salaspils regions in relation to ASF outbreak The Latvian government today decided to declare emergency situation Krimulda region that has been affected by the latest outbreak of African swine fever (ASF) among domestic pigs, Adazi region where the pigs will be culled, and also Salaspils region where another shed belonging to the same farm is located, reports LETA/BNS. Tue, 17 Jan 2017 20:00:00 +0200 1484676000 Sadurskis promises not to touch regional universities While revising the network of higher educational establishments and making decisions on their reorganization, the Education and Science Ministry has excluded regional universities from its reform plans for now, reports LETA. Tue, 17 Jan 2017 20:00:00 +0200 1484676000 Survey finds Lithuanians to be happiest in Baltic states Residents of Lithuania are happier than Latvians and Estonians, however, all in all, people of all three Baltic states are not as happy as the world population, shows a World Barometer published by Win/Gallup International and Baltic Market Insights, writes LETA/BNS. Tue, 17 Jan 2017 19:50:00 +0200 1484675400 Riga Regional Court gives whistle-blowing hacker 60 hours of community service The Riga Regional Court today overruled the decision of the court of first instance about acquitting whistle-blowing hacker Ilmars Poikans on the charges of stealing trade secrets, found the man guilty on the charges and gave him 60 hours of community service, informs LETA/BNS. Tue, 17 Jan 2017 19:50:00 +0200 1484675400 Estonia lost EUR 10 mln due to border trade in 2016 Last year Estonia lost 10 mln euros in taxes as a result of low-alchol drinks being brought across the border, the Estonian Breweries Association said LETA/BNS. Tue, 17 Jan 2017 19:50:00 +0200 1484675400 Estonia's Magnetic MRO signs maintenance contract with Airbaltic Magnetic MRO, Estonian-headquartered Total Technical Care organization and Airbaltic, the flag carrier of Latvia, have signed a new agreement for the maintenance of the wheels and brakes of Bombardier Q400 and the wheels of Bombardier CS300, reports LETA/ BNS. Tue, 17 Jan 2017 19:50:00 +0200 1484675400 Citadele Bank to expand its retail banking operations in Estonia Latvia’s Citadele Bank, which until now focused its Estonian business on serving corporate clients, is now planning to expand retail banking services in Estonia, informs LETA/BNS. Tue, 17 Jan 2017 19:30:00 +0200 1484674200 Lithuania ahead of Baltic neighbors on Bloomberg index of most innovative economies Lithuania is ahead of the other two Baltic states on the 2017 Bloomberg Innovation Index of the world's most innovative economies, reports LETA/BNS. Tue, 17 Jan 2017 17:40:00 +0200 1484667600 Klaipeda port must be first - Lithuania's transpmin The Lithuanian port of Klaipeda, which posted a record-high cargo handling volume for 2016 and is the leader of Baltic ports, must expand and retain the leading position, says Transport and Communications Minister Rokas Masiulis. Tue, 17 Jan 2017 17:30:00 +0200 1484667000 Estonian Transiidikeskus says there are enough goods to carry on Rail Baltic route Transit operator Transiidikeskus AS which operates at Estonia's main merchant port of Muuga is waiting for the Rail Baltic European-gauge railway because in the next few years trade to Russia will definitely not recover and there would be enough goods to carry on the railway, the daily Eesti Paevaleht reports noted LETA/BNS. Tue, 17 Jan 2017 17:10:00 +0200 1484665800 Russia sanctions shouldn't be lifted as reward for cooperation elsewhere Estonian Foreign Minister Sven Mikser said on Tuesday he doesn't support the idea to ease the sanctions imposed on Russia as a result of its actions in Ukraine as a reward for Moscow cooperating in some other area, reports LETA/BNS. Tue, 17 Jan 2017 17:00:00 +0200 1484665200 Britain to leave EU's single market British Prime Minister Theresa May on Tuesday said Britain will leave the EU's single market in order to restrict immigration in a clean break from the bloc, but lawmakers can vote on the final deal, reports LETA. Tue, 17 Jan 2017 16:30:00 +0200 1484663400 In 2016 number of M&A deals in Latvia remained unchanged from a year before With roughly 50 merger and acquisition deals announced in Latvia last year, the number of M&A deals in 2016 remained virtually unchanged from 2015, according to a report released by Murinus Advisers writes LETA. Tue, 17 Jan 2017 16:30:00 +0200 1484663400 Latvijas Dzelzcels rail company might take Treasury loan for electrification project A Treasury loan might be one way to increase Latvijas Dzelzcels (Latvian Railways) rail company’s share capital so that it can finance the railway electrification project, Transport Minister Uldis Augulis told LETA today. Tue, 17 Jan 2017 16:20:00 +0200 1484662800 Sweden’s Minister for Employment and Integration visits Latvia On Tuesday, January 17, Sweden’s Minister for Employment and Integration, Ms. Ylva Johansson, will make a visit to Latvia, the Swedish embassy informs BC. Tue, 17 Jan 2017 11:40:00 +0200 1484646000 Legal nationality beyond national boundaries and the role of blockchain. Estonian project case study Estonia, well-known by its electronic legal nationality project, is light years away from other countries in digitalization and business convenience area. Well, e-Residency project allows everyone anywhere on the planet to register a company, pay taxes and conduct document management in Estonia. Tue, 17 Jan 2017 10:40:00 +0200 1484642400 Estonia's 14% tax rate for mature companies to probably take effect in 2018 Estonia's 14% income tax rate on the dividends of the so-called mature companies is to probably take effect in 2018 and the state is to calculate the income tax rate on the distributed profit of the previous three years, while a private persons have to pay the additional income tax themselves, informs LETA/BNS. Tue, 17 Jan 2017 08:20:00 +0200 1484634000 Sale of KVV Liepajas Metalurgs to start in February Guntars Koris, the administrator of the insolvent KVV Liepajas Metalurgs steel plant will complete the sale plan by the end of January, thus, the official sale procedure will start in February, the administrator’s representative Dzintars Hmielevskis reported LETA. Tue, 17 Jan 2017 08:20:00 +0200 1484634000 Bill to designate cyberspace as security environment The Ministry of the Interior is seeking opinions on a draft document setting out Estonia's security policy fundamentals, which designates cyberspace as another dimension of the security environment alongside land, territorial waters and airspace, reports LETA/BNS. Tue, 17 Jan 2017 08:10:00 +0200 1484633400 Press subscription in Latvia down 4.2 % in 2017 Press subscription in Latvia has dropped by 4.2 % to 398,722 subscriptions for 2017, Latvian national postal company Latvijas Pasts reported LETA. Tue, 17 Jan 2017 08:10:00 +0200 1484633400 Lithuanian dairy Vilkyskiu Pienine exports 1st shipment to China Vilkyskiu Pienine, one of Lithuania's largest dairy companies, has sent the first shipment of its products to China, becoming the first Lithuanian dairy to export to China – the cargo of 20 t of mozzarella should reach the Chinese market within about a month, reports LETA/BNS. Tue, 17 Jan 2017 08:00:00 +0200 1484632800 November was a record month in the Latvian export of wood products According to the data of the Central Statistical Bureau (CSB), the Latvian external trade turnover dropped slightly (0.6%) month-on-month. Within a month, the goods export and import values dropped by 0.1% and 1.1% respectively. Year-on-year, the goods export and import values posted positive growth by 3.4% and 3.2% respectively, which is a good performance, given the still low level of external demand. Tue, 17 Jan 2017 08:00:00 +0200 1484632800 We grasp Lithuania's concerns about Astravyets, don't plan embargo laws - Latvian minister The Latvian government supports the Lithuanian position to demand the highest security standards at the Astravyets nuclear power plant under construction in Belarus, however, does not consider any laws to restrict electricity imports from the utility, says LETA/BNS Latvia's Foreign Minister Edgars Rinkevics. Mon, 16 Jan 2017 20:50:00 +0200 1484592600 Swedish Trelleborg Wheels Systems to fully move its wheel systems plant to Liepaja Swedish company Trelleborg Wheels Systems has decided to fully move its wheel plants to Trelleborg Wheel Systems in Liepaja, Liepaja municipality’s representative Evita Engele told LETA. Mon, 16 Jan 2017 20:20:00 +0200 1484590800 Latvian-led consortium to reconstruct Vilnius airport runway for EUR 18.7 million Latvia's road construction company A.C.B., jointly with Lithuania's building firm Autokausta, is to reconstruct the Vilnius airport's runway for 18.713 mln euros, reports LETA/BNS. Mon, 16 Jan 2017 20:10:00 +0200 1484590200 Wind power and Swedish electricity keep prices in Lithuanian market stable Prices in the Lithuanian electricity market remained almost unchanged last week from the previous week thanks to increased wind power output and Swedish electricity imports, Litgrid said LETA/BNS on Monday. Mon, 16 Jan 2017 20:10:00 +0200 1484590200 Lithuanian PM not sure he'll sign Rail Baltica deal Estonia plans for the prime ministers of the Baltic states to sign the deal on the European-gauge railway Rail Baltica project, however, Lithuania's Prime Minister Saulius Skvernelis is not sure about the signing, informs LETA/BNS. Mon, 16 Jan 2017 15:00:00 +0200 1484571600 Small firm from Riga promises to invest EUR 40 mln in Moldovan airport's development Polo Invest, a company whose registered office is an apartment in Riga, has applied to lease an airport in Moldova, promising to invest EUR 40 mln in the airport's development although the company's annual turnover has never exceeded a few thousand euros, according to TV3 broadcast Neka Personiga (Nothing Personal) reported last night writes LETA. Mon, 16 Jan 2017 13:50:00 +0200 1484567400 Details of isolated operation of Baltic energy system expected in fall As the Baltic states ready to disconnect from the Russian BRELL electricity ring and synchronize its grids with Western Europe, tests will be conducted to check whether Lithuania, Latvia and Estonia can operate in an isolated regime. A trial study for the tests will be drafted by international consultative company Tractebel Engineering by September, writes LETA/BNS. Mon, 16 Jan 2017 13:50:00 +0200 1484567400 Lithuania and Latvia post exports decline in Jan-Nov 2016 among Balts Lithuania and Latvia were the two Balts to post a decline in exports in the January-November period of 2016 year-on-year, while Estonia observed an increase, Eurostat said on Monday. Mon, 16 Jan 2017 13:40:00 +0200 1484566800 Baltic sales of Finland’s Hesburger fast food chain reach EUR 58 mln in 2016 Sales of the Finnish-owned fast food chain Hesburger in the Baltic states reached EUR 58 mln in 2016, the company announced LETA/BNS. Mon, 16 Jan 2017 13:10:00 +0200 1484565000 Investments in commercial property in Latvia reach EUR 341.3 mln last year Last year investments in commercial real estate property in Latvia for the fourth consecutive year exceeded EUR 300 mln, Colliers International consultancy informed BC. Mon, 16 Jan 2017 12:40:00 +0200 1484563200 Over EUR 1 Million have been donated to the ABLV Charitable Foundation’s 10th Anniversary Charitable Campaign A record sum of EUR 1,046,173 has been donated to the ABLV Charitable Foundation’s 10th anniversary charitable campaign, which will make it possible - at least to the same extent as last year - to help hundreds of children, and to facilitate civic improvements in Central Riga, as well as the establishment of the Latvian Museum of Contemporary Art. Mon, 16 Jan 2017 10:30:00 +0200 1484555400 The population of Estonia increased last year According to the initial estimates of Statistics Estonia, the population number of Estonia as at 1 January 2017 was 1,317,800, which is 1,850 persons more than at the same time a year ago. Mon, 16 Jan 2017 08:00:00 +0200 1484546400 World is being accustomed to thought that small nuclear war is permissible - Landsbergis Vytautas Landsbergis, Lithuania's first post-independence leader, says that the modern world is being accustomed to medieval-style international relations where a small-scale nuclear war is permissible. Fri, 13 Jan 2017 22:10:00 +0200 1484338200 Volume of sharing economy in Estonia totals EUR 40 mln in 2016 The revenue of Estonia's three biggest sharing economy sectors was 40.3 million euros in 2016, results of a study commissioned by Ministry of Economic Affairs and Communications (MKM) and carried out by Technopolis Group Eesti OU and Ernst & Young Baltic AS show LETA/BNS. Fri, 13 Jan 2017 16:50:00 +0200 1484319000 EU-Russia relations: from strategic partnership to strategic challenge For a number of years, the EU and Russia had assumed the existence of a strategic partnership, based on the con vergence of values, economic integration and increasingly open markets and a modernisation agenda for society. Our agenda was positive and ambitious. Fri, 13 Jan 2017 16:30:00 +0200 1484317800 Lice appointed as acting board chairperson of Riga International Airport The Supervisory Board of the state-owned Riga International Airport at an extraordinary meeting on Friday appointed the company's board member, Ilona Lice, as the Acting Chairperson of the Board, the airport announced LETA. Fri, 13 Jan 2017 16:00:00 +0200 1484316000