German postal and logistics giant DHL, which operates in Lithuania, has agreed to acquire Venipak, a parcel delivery group operating in the Baltic States and Poland. The value of the deal was not disclosed. The acquisition includes Venipak companies in Lithuania, Latvia and Estonia and will allow DHL to establish its own local logistics network…
Russian businessman Sergei Shnaider, the owner of the Mere discount retail chain operating in Lithuania and Latvia, has been added to the European Union’s 21st sanctions package, prompting the chain’s operators in Latvia to halt their activities, according to Latvia’s Financial Intelligence Unit. The Latvian authority said sanctions applied to Latprodukti, which operated the Mere…
The energy ministers of Lithuania, Latvia and Estonia agreed on July 22 to strengthen joint reserve capacities for their power systems and to explore sharing emergency grid equipment in the event of major disruptions. Meeting in Riga, Lithuanian Energy Minister Lukas Savickas and his Latvian and Estonian counterparts signed a declaration committing the three countries…
OTP Bank has signed an agreement to acquire Luminor, the third-largest banking group in the Baltic region, as it looks to expand its presence in the region. OTP Group is a leading banking group in Central and Eastern Europe, serving 17.5 million customers across 11 countries. It has continued to operate in Russia after the…
Home prices in Lithuania and Estonia have risen several times faster than the European Union average over the past five years, according to new data from the bloc’s statistics agency, Eurostat. Eurostat figures show residential property prices have increased by nearly 80% in Lithuania since the beginning of 2021, the sharpest rise among the three…
Plans for a new electricity connection between Estonia and Latvia will go on display today after two years of discussions. However, it remains unclear when the project could be completed. The new connection will strengthen Estonia’s security of supply, improve the functioning of the electricity grid and create better opportunities for the use and export…
Latvia’s inability to complete Rail Baltic construction by the set deadline will inevitably end up costing Estonia as well, Auditor General Janar Holm has said. The Riigikogu Anti-Corruption Select Committee discussed the Rail Baltica construction schedule, the sustainability of its financing and the main risks related to the project’s implementation on June 8. Sander Salmu,…