TALLINN — In an effort to bring down power prices and increase carbon-free energy production, Estonia may get a underwater pump hydroelectricity plant along its northern coast. The plant which will be about 200 m below water and produce 300 mw of electricity, although the Ministry of Economy is questioning the need for such large [...]

VILNIUS — The Dutch-Lithuanian Middle Europe Investments Baltija real estate development company has filed for bankruptcy. Exactly what the privately-held company’s financial difficulties are remains unclear. The bankruptcy leaves a large-scale Vilnius residential development project called Evita incomplete, although the company’s general director Mindaugas Plisas assured the business newspaper Verslo Žinios that Evita’s funding would [...]

TALLINN — The economic recovery in Estonia’s Western European trade partners is being felt by the insulating foam and joint sealant manufacturer Krimelt. The Estonian company increased its turnover by 50 percent within a year, the company reported Monday. Krimelte’s consolidated turnover during the first half of 2010 was €28.3 million with most of the [...]

RIGA — Latvian retail companies continue to struggle with stagnant turnover after last year’s massive plunge as the economic crisis hit full tilt. Tweets about “hotel industry news” While Latvia’s gross domestic product is stabilizing, retail is showing little signs of recovering to anywhere near its pre-crisis levels during the “Baltic Tiger” boom, which saw [...]

TALLINN — A new audit seems to indicate that the 7.4 billion krooni (€475 million) of support to increase the productivity and export capacity of Estonian companies appears to have largely useless in improving the sector. The National Audit Office reported Wednesday that the low productivity and export capacity of companies, which form the basis [...]

TALLINN — According to information made public by the bankruptcy court it appears Estonian window manufacturer Glaskek, which was declared bankruptcy in August 11, owes a whopping 310 million krooni (€19.8 million) to Swedbank. Glaskek’s total marginal debt exceeds 364 million krooni (€23.3 million), yet the company has assets for 336 million krooni (€21,5 million) [...]

TALLINN — In light of improving economic numbers in its major trade partners, the Estonian Ministry of Finance increased its gross domestic product projections for 2010 from 1 to 2 percent. The increase will rely largely on exports, which have been boosted already this year by increasing foreign demand. Meanwhile the cost-cutting measures and improved [...]

VILNIUS — It appears PKN Orlen is vacillating in its deciding to put its Lithuanian oil refinery on sale. During a meeting with Lithuanian President Dalia Grybauskaitė on Wednesday, Polish President Bronisław Komorowski said that the partially state-owned PKN Orlen will not be selling the Orlen Lietuva refinery in Mažeikiai, Lithuania. In statements to the [...]

TALLINN — Estonian Internet advertising is the only bright spot in the Baltic state’s still declining ad market according to the latest poll from TNS Emor. Despite the 3.5 percent increase in gross domestic product, TNS Emor survey results reported Monday show that the advertising market in Estonia declined by 8 percent in the second [...]

VILNIUS — Despite improving gross domestic product numbers as Latvia and Lithuania emerge from deep recessions, unemployment numbers have yet to improve. According to the most recent domestic figures from the country’s central statistics bureau, Latvian unemployment is no longer increasing but stuck at a steady 15 percent. Meanwhile Eurostat’s numbers continue to be higher, [...]