Latvia’s national airline, airBaltic, posted an all-time record revenue and profit in 2023, LSM reported. The company’s annual turnover amounted to EUR 668mn, which was up 33.6% from EUR 500mn in 2022. The carrier’s net profit stood at EUR 34mn, which was up from a loss of EUR 54mn a year earlier. The company will…
The US ambassador to Latvia, Christopher Robinson, expressed concern about the potential for backsliding in Latvia’s fight against corruption, Baltic News Network reported. Speaking in an interview with TVNET, Robinson specifically highlighted Aivars Lembergs, the sanctioned former mayor of Ventspils, as a symbol of the dangers of returning to oligarchic influence. He said that the…
The EstLink 2 undersea electricity cable connecting Estonia and Finland malfunctioned in late January 2024 due to an internal short circuit, transmission system operator Elering announced, ERR reports. The short circuit may have been caused by the cable’s steep angle where it transitions from land to sea. Experts believe the fault resulted from either geological…
Members of the Estonia-Taiwan Support Group of the Estonian parliament, the Riigikogu, will visit Taiwan on 4-8 March 2024, ERR reports. The largest ever Estonian delegation to Taiwan, the MPs will meet with Taiwanese President Tsai Ing-wen, parliamentary speaker Han Kuo-yu, Prime Minister Chen Chien-jen, and Foreign Minister Joseph Wu, as well as representatives of…
The Estonian government has failed to include a project to open a regular passenger train connection between Tartu and the Latvian capital, Riga, in its long-term budget plans for 2025-2027, ERR reports. The government points to concerns about a competing Latvian proposal that would entail lower costs but less convenient departure times. Nevertheless, the government…
Lithuanian banks and credit institutions paid around EUR 256mn in temporary solidarity tax in 2023, according to the Bank of Lithuania, BNS reported. The central bank estimates that revenue from the solidarity tax could amount to around EUR 190mn in 2024. The government will use the proceeds from the bank tax to pay for military…
Latvian fuel retailer Virsi-A (Virsi) posted consolidated unaudited net sales of EUR 343.732mn in 2023, which was down from EUR 375.110mn in 2022, LSM reported. The company’s gross profit amounted to EUR 37.692mn (EUR 32.771mn) and net profit to EUR 5.099mn (EUR 10.370mn). Virsi reported an all-time record EBITDA of EUR 13.7mn in 2023, which was…
Estonia’s electricity transmission system operator, Elering, has finally located the fault in the EstLink 2 power cable connecting Estonia and Finland, ERR reports. Complexities due to the area’s terrain and the cable’s design mean that repairs will now extend until the end of August 2024, the company announced. Initially, Elering expected the cable to be…
Polish farmers are holding a week-long protest at the Lithuanian border, collaborating with authorities to check incoming trucks for Ukrainian grain, BNS reports. While some trucks have been diverted for inspection, most vehicles are being allowed to flow freely and no traffic jams have occurred. The farmers allege that Ukrainian grain is being falsely labelled…
