Although the three Baltic countries are trying to follow the increasingly loud demand from the European Commission to initially focus solely on the main route of Rail Baltica, the project’s budget is rising to over EUR 15 billion. It could be cheaper, but this would require passengers to transfer trains to travel to Riga, and…
Latvian prosecutors are seeking a prison sentence for Estonian transport magnate Oleg Ossinovski in relation to corruption allegations. A prosecutor from the Riga Regional Court is seeking a four-year sentence in respect of Ossinovski (pictured) and also for Ugis Magonis, CEO of Latvian Railways (Latvijas dzelzcels). Latvian public broadcaster LSM reported that, according to the…
While the Bank of Latvia (Latvijas Banka) believes that commercial banks in the country have become overly cautious in granting loans, its Estonian counterpart does not see such a significant problem here. At the same time, the Bank of Estonia (Eesti Pank) acknowledges that local businesses perceive banks as not being very generous in issuing…
Enefit Green is claiming damages from General Electric, one of the world’s largest wind turbine manufacturers, and insurance company Compensa for the closure of the Akmene wind farm in Lithuania. Kadri Korsten, a spokesperson for Enefit Green, said that the company was not disclosing the amount of the claim at this time. Enefit Green may…
The heads of the customs authorities of Lithuania, Latvia, Estonia, Poland and Finland have signed an agreement on unifying measures to implement EU sanctions against Russia and Belarus. They met in Vilnius on May 9. “We must acknowledge that peace and unity once taken for granted are no longer present in some parts near Europe.…
The reason Estonia’s economy is in a comparatively worse state next to Latvia and Lithuania is that it is more sensitive to interest rate changes, Luminor Bank economist Professor Lenno Uuskula has said in an interview given to “Aktuaalne kaamera”. – Why is it the case that while Latvia and Lithuania’s economies are growing, ours…
While Estonia’s economy shrank by 2.1% YoY in the first quarter, Lithuania’s economy grew by 2.9%, according to the flash estimate. The growth was driven by both general confidence and government investment, Tonu Mertsina, chief economist at Swedbank, told ERR radio. While Lithuania’s growth was also due to the low base of comparison from a…