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…
Teachers in Estonia began a nationwide strike on 22 January 2024 to press for higher pay, ERR reports. The Estonian Education Personnel Union (EHL) said that altogether 9,471 teachers at 330 general education schools were taking part in the strike. The number of strikers will almost double to 18,176 when kindergarten and vocational school teachers…
Estonia’s debt to GDP ratio rose in the third quarter of 2023 but was still the lowest in the EU, according to Eurostat data, ERR reports. Estonia’s general government gross debt totalled EUR 6.789bn, which was up from EUR 5.585bn in the third quarter of 2022. The country’s debt to GDP ratio stood at 18.2%,…
Lithuania expects negotiations on Moldova’s EU membership to begin in March 2024, President Gitanas Nauseda said, BNS reports. Speaking after a meeting with Moldovan Prime Minister Dorin Recean on the sidelines of the World Economic Forum in Davos, Nauseda called on Moldova to “mobilise on reforms.” He added that Lithuania was ready to help Moldova…
The UAE-based private real estate investment firm, Eagle Hills, plans to invest more than EUR 3bn in the Latvian capital, Riga, over 10-15 years, LSM reports. The company plans to develop an area of around 57 hectares in Riga’s Andrejsala neighbourhood, building more than 6,500 new apartments, outdoor spaces, and a new passenger terminal at…
The Estonian government plans to invest EUR 680.5mn in road maintenance in 2024-2027, which is EUR 76mn more than in the previous four-year period, the Ministry of Climate announced, BNS reports. State budget funds will account for EUR 543.8mn and funding from the EU’s Cohesion Fund and Connecting Europe Facility for EUR 136.7mn of the…
Germany’s Bundeswehr expects that the German brigade to be deployed in Lithuania will be made up of volunteers, Major General Ruprecht von Butler, commander of the German 10th Panzer Division, said, BNS reports. He assured that there would be enough troops willing to volunteer. Germany will deploy around 5,000 troops to Lithuania over 2025-2026, and…