41% of Latvian residents do not make savings for retirement, reports Luminor Bank with reference to results of a recent survey. Head of Asset Management and Pensions Department of Luminor Bank Atis Krumins comments that the largest portion of Latvian residents who do not make savings for retirement are aged between 18 and 39 years.…
The work to disconnect Baltic power grids from the Russia-controlled BRELL network is going as planned, Latvian Minister of Energy and Climate Kaspars Melnis has said in an interview to LTV programme Rita panorama. “Everything is going according to the schedule and there are no signs of any problems or delays,” said the minister. However,…
Regional countries have agreed to create a “drone wall” to protect their external borders using unmanned aerial vehicles, Lithuanian Interior Minister Agne Bilotaite has said. She made the remarks after a meeting on May 24 in Latvia with her counterparts from the other two Baltic States, Poland, Finland and Norway. “This is a completely new…
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…