Archive for the Category ‘Business’

Photojournalist is new Diena editor

Photojournalist is new Diena editor

RIGA — The revolving door of the Diena editor position is spinning again, with photographer Ilmārs Znotiņš being hired for the Latvian newspaper’s top spot on Tuesday. The newspaper’s editor Sergejs Ancupovs and Diena.lv website editor Gunita Ogriņa were both dismissed on Aug. 5, the same day 51 percent of the newspaper’s parent company Dienas […]

Trade up across Baltics

Trade up across Baltics

TALLINN — The import of machinery, transport equipment and metals bolstered the strong growth of Estonian foreign trade in June. Statistics Estonia reported Tuesday that the smallest Baltic state’s export improved by 7 percent, and import by 22 percent compared to the same period last year. The export reached up to 10.2 billion krooni (€651 […]

Salaries to start increasing?

Salaries to start increasing?

VILNIUS — A new survey conducted by the Hay Group indicates that more than a third of Lithuanian employers plan to increase salaries next year. As with other economic indicators, wages in the Baltic states have been on a rollarcoaster over the past decade, shooting up from 25 percent of the European Union average to […]

Agrowill ups share capital €18 mln

Agrowill ups share capital €18 mln

VILNIUS — In an extraordinary shareholder’s meeting on Monday Lithuanian agribusiness conglomerate Agrowill agreed to increase the company’s share capital by 65 million litai (€18 million) to fund new projects. Exactly what the equity financing is planned to be covering was not disclosed by the company. The increased share capital will allow Lithuanian private equity […]

Producer prices up

Producer prices up

TALLINN — The producer price index of industrial output in Estonia is continuing to climb as the country recovers from the economic crisis. Prices rose by 3.9 percent in July compared to the same time last year. From the previous month July’s prices were up 0.5 percent, according to the country’s Department of Statistics. July’s […]

Another bread cartel?

Another bread cartel?

VILNIUS — Lithuania’s Ministry of Agriculture is recommending that the Competition Council investigate local bakeries for possibly operating a price-fixing cartel after prices increased upon news of Russia’s grain export ban earlier this month. Russia’s grain export ban put in after it was struck with wildfires, sending grain prices jumping worldwide. In Lithuania bread prices […]

Parex to return €565 mln in 7 years

Parex to return €565 mln in 7 years

RIGA — Parex Bank, which nationalized in 2008 to prevent it from going belly-up in light of the financial crisis, is promising to return 400 million lats (€565 million) to the Latvian government over the next seven years. The money will be made from the sale of government shares of Citadele Bank, the solvent portion […]

Lithuanian Shipping losses pile up

Lithuanian Shipping losses pile up

VILNIUS — The Lithuanian government is making improving the management of state-owned companies a priority. Lithuanian Shipping Company will prove a good test of its mettle for reform. While Lithuanian exports are up 22 percent year-on-year, paradoxically Lithuanian Shipping Company, the state-owned shipping company made a loss of 37 million litai (€10 million) during the […]

Kosovo hires Navirec

Kosovo hires Navirec

TALLINN — Estonian GPS and monitoring system company Navirec won a state procurement from Europe’s newest nation Kosovo to provide 5,000 state cars with tracking devices, even though Navirec had the most expensive offer. The contract between 100 percent Estonian-owned Navirec and the Kosovar government will be signed Friday, and 2,600 cars will have the […]

Brem bankruptcy case dropped

Brem bankruptcy case dropped

TALLINN — Tallinn heating company Tallinna Küte withdraw the bankruptcy request on Brem, a large Estonian real estate maintenance company after it paid most of it’s debt. Brem had 800,000 krooni (€51,129) worth of unpaid heating bills since the end of last year to Tallinna Küte, which filed for Brem’s bankruptcy in the Harju County […]

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