Archive for the Category ‘Latvia’

Olympic losses ebb

Olympic losses ebb

RIGA — The Olympic Entertainment Group, which runs a pan-Baltic chain of casinos, is losing less money than during the deepest period of economic crisis. In the second quarter of 2010 the company lost €790,000, significantly less than during the same period in 2009 when the company posted -€3.6 million. Overall revenue was down €1.1 […]

Kampers: cancel airBaltic brand sale to Flick

Kampers: cancel airBaltic brand sale to Flick

RIGA — Latvia’s Ministry of Transport is in a huff about airBaltic’s undisclosed sale of its branding and trademark to CEO Bertolt Flick’s company Baltijas Aviācijas Sistēmas. In December 2009, in the wake of poor financial results, Latvia’s national airline sold the branding and trademark of airBaltic as well as its subsidiaries to Flick, who […]

Gray market exposed

Gray market exposed

TALLINN — Estonia’s Tax and Customs Board is attacking the country’s gray market, widespread throughout the Baltic states, by cracking down on tax delinquents. The state missed out 566 million krooni (€36.1 million) through undeclared and unpaid taxes, Estonian Tax and Customs Board reported Friday and of those cases 89 percent were conducting illegal business […]

EBRD takes 25 percent share of Citadele

EBRD takes 25 percent share of Citadele

RIGA — The European Bank of Reconstruction and Development will take a 25 percent stake in the new Citadele bank, which is due to start trading on Monday. Citadele, Latvia’s newest bank, was started by the government as the good half of the nationalized Parex Bank. Parex was nationalized in 2008 amid fears it would […]

Maxima turnover €1 bln in Baltics

Maxima turnover €1 bln in Baltics

TALLINN — Lithuanian-based chain Maxima posted a net turnover of €1 billion in the three Baltic states during the first half of 2010, 11.1 percent smaller compared to the same period last year. Maxima’s net turnover in Estonia was fell by 3.2 percent to 1.93 billion krooni (€123.3 million). The decrease is the smallest that […]

€141 mln for Citadele

€141 mln for Citadele

RIGA — Citadele, the fiscally-healthy offshoot bank of Parex, had its capital increased by 99 million lats (€141 million) to make a total of 101 million lats. Citadele was created to be the stable part of Parex Bank, which was nationalized in 2008. The new bank will be responsible for lending to consumers and holding […]

Internet, TV companies ask to merge

Internet, TV companies ask to merge

RIGA — Internet and cable TV providers Baltkom and Izzi are attempting to merge in order to compete with Lattelecom, but first they need to ask permission from the competition council. The Latvian companies are intending to lump their expertise and infrastructure together so they can compete in what they say is a monopolized market. […]

EURIBOR hike rattles Latvian borrowers

EURIBOR hike rattles Latvian borrowers

RIGA — About half of Latvian businesses and consumers might soon be climbing an even steeper hill in loan repayments after the EURIBOR interest rates rose. Many Latvians chose to take out their loans in euros when they first were given credit because of its lower interest rate and seemingly higher stability. Now they are […]

Swedbank improves

Swedbank improves

TALLINN — Swedbank’s Baltic division improved considerably in the second quarter of this year, even returning to profit in Estonia after being hammered with losses as the economic crisis took hold last year. Swedbank’s Estonian subsidiary earned a 108 million krooni (€6.9 million) profit in the second quarter, although the first quarters losses were deep […]

Riga airport countersues airBaltic

Riga airport countersues airBaltic

RIGA — The dispute between Riga International Airport and airBaltic over ground handling fees heated up a notch on Monday as the airport announced a countersuit against the airline for not paying 2.5 million lats (€3.5 million) in charges. The airport alleges that airBaltic is not paying the increased fees after the discount offered to […]

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