The Latvian government is discussing possible changes to second-tier pension funds, LETA reports. The Latvian parliament, the Saeima, will consider a public initiative opposing the government’s plan to reduce automatic second-tier pension contributions, LSM reports. The petition collected the necessary signatures in record short time. The government has proposed transferring 1% of second-pillar pension funds…
Estonia will chair the Freedom Online Coalition (FOC) in 2025, Foreign Minister Margus Tsahkna announced, ERR reports. He said that Estonia’s primary objective would be to share its know-how in building an e-state. Also, Estonia’s chairmanship would focus on values of openness, transparency, access to information, and inclusion, Tsahkna added. The FOC is a group…
Lithuania has established official diplomatic relations with the Kingdom of Tonga, BNS reports. The official ceremony took place in conjunction with the United Nations General Assembly meeting in New York. Until now, Tonga was one of the six remaining UN member states with which Lithuania had no diplomatic relations. Lithuanian Foreign Minister Gabrielius Landsbergis thanked…
The Latvian government plans to raise taxes on fuel, harmful beverages, tobacco, and gambling, LETA reports. Under the plan, the excise tax on fuel will amount to EUR 10 per tonne of CO2 in 2025 and to EUR 20 per tonne in 2026. The excise duty on sugary non-alcoholic beverages will rise from the current…
Estonia’s GDP will decline by 0.4% in 2024, before rising by 1.9% in 2025 and 3.0% in 2026, according to the Bank of Estonia’s latest forecast, ERR reports. Annual inflation will reach 3.5% in 2024, rising to 3.9% in 2025 and then falling again to 3.6% in 2025, the central bank projects. Inflation will rise…
The Maltese-flagged ship, Ruby, carrying a cargo of ammonium nitrate from Russia, is no longer headed for Lithuania’s port of Klaipeda, BNS reports. Algis Latakas, CEO of Klaipeda State Seaport, announced that the ship had removed Klaipeda as its final destination at the port’s request. He said that the ship would name its new destination…
Latvia’s State Treasury has issued seven-year eurobonds worth EUR 600mn on international financial markets, LETA reports. The bonds will mature on 25 January 2032. The bond yield is 3.138%, and the coupon is 3%. Demand for the bonds among investors amounted to almost EUR 5bn. The number of investors was 140. In May 2024, Latvia…
The Estonian Trade Union Confederation (EAKL) and the Confederation of Estonian Employers (ETK) have begun negotiations on the minimum wage for 2025, ERR reports. EAKL demands that the minimum wage be raised by 12%. Arto Aas, managing director of ETK, has little hope of an agreement. Earlier, EAKL and ETK signed a “goodwill agreement” to…
The presidents of the three Baltic States — Estonia’s Alar Karis, Latvia’s Edgars Rinkevics, and Lithuania’s Gitanas Nauseda — have called for reforming the United Nations Security Council (UNSC), BNS reported. They stressed the need to support Ukraine and hold Russia accountable for its military aggression. Karis pointed to the UNSC’s current inability to resolve conflicts,…