Latvia’s state-owned postal service provider, Latvijas Pasts, plans to close most of its post offices by the end of 2024 due to unprofitability, LSM reports. The company will close 105 post offices, of which 93 will only provide services on demand. In the beginning of 2024, Latvijas Pasts had altogether 176 post offices, of which…
Estonia’s Swedbank posted a net profit of EUR 385mn in 2023, which was up EUR 193mn (nearly 100%) from the same period of 2022, ERR reports. Revenue rose by EUR 309mn over a year, with net interest income up EUR 244mn. New loans issued to private customers amounted to EUR 1.05bn (up 5%) and to…
The decision of the three Baltic States to build a “Baltic defence line” is preparation for a possible Russian attack, Lithuanian Foreign Minister Gabrielius Landsbergis stated, BNS reports. He said that the move served as a political message, seeking to draw the attention of allies to the threat posed by Russia. “If Russia is not…
Lithuania’s State Defence Council (VGT) has agreed to buy German-made Leopard 2 tanks for a planned new army division, Kestutis Budrys, chief national security adviser to President Gitanas Nauseda, announced, BNS reports. The council tasked the Defence Ministry to begin negotiations with German manufacturers and other countries interested in procuring the equipment. Also, the council…
Russian dictator Vladimir Putin dreams of restoring the Russian Empire, as indicated by Russian propaganda and hybrid warfare, Latvian President Edgars Rinkevics stated, LETA reported. Speaking at the World Economic Forum in Davos, Rinkevics said that the Latvian government should remember that peacetime was over, stressing the need to boost the defence industry and defence…
Estonia’s opposition Fatherland (Isamaa) party and Estonian Centre Party (Keskerakond) have decided to end their filibustering in the parliament, the Riigikogu, for now, ERR reports. The two parties withdrew their numerous submitted amendments, saying that they were against obstructing parliamentary work. The opposition’s filibustering practically halted the Riigikogu’s spring and autumn sessions in 2023. In…
US investment company Blackstone plans to sell Baltic-based Luminor Bank, according to Bloomberg, LETA reports. Blackstone expects to sell the bank for around EUR 1.9bn and to conclude the deal in 2024. Peter Priisalm, head of Avaron Investments, suggested that one potential buyer could be Polish insurance group PZU, while Valeria Kiisk, partner at Redgate…
Lithuanian President Gitanas Nauseda has called a meeting of the State Defence Council (VGT) for 23 January 2024, BNS reports. The meeting will discuss a strategic threat assessment from the Lithuanian intelligence services, the structure of the national defence system, and the economic and financial measures for building an army division. Lithuania plans to establish…
The cargo turnover of Latvian ports totalled 38.655mn tonnes in 2023, which was down 19.6% from 48.078mn tonnes in 2022, according to data from the Ministry of Transport, Baltic News Network reports. The ministry attributed the decline to changes in the geopolitical situation, particularly the sanctions against Russia. The volume of bulk cargo handled at…