The three biggest risks to Lithuania’s financial system are the consequences of the war in Ukraine, the state of the economy, and cyber attacks, according to the Bank of Lithuania’s survey, ELTA reports. The risk of cyber attacks has increased significantly, the central bank noted. Dovydas Poderys, senior economist at the Bank of Lithuania, said…
Inflation continues to fall in Estonia, Rasmus Kattai, economist at the Bank of Estonia, said, BNS reports. Kattai said that the drop was mostly due to the fact that prices for energy and most agricultural commodities were coming down. However, he noted that it took time for the effect of the lower prices to pass…
NATO allies have deployed additional capabilities to safeguard the NATO summit in Lithuania’s capital city of Vilnius on 11-12 July 2023, ERR reports. Germany has stationed 12 Patriot air defence batteries, Spain has sent NASAMS air defence systems, and France will deploy Caesar mobile artillery in Lithuania. Also, Denmark, Finland, and France will station fighter…
The Estonian government has transferred 12 state-owned enterprises under the management of the new Ministry of Environment, ERR reports. The companies were previously managed by the Ministry of Economic Affairs and Communications. The Ministry of Environment will manage Eesti Raudtee, Elering, Elron, Nordic Aviation Group (Nordica), Operail, Port of Tallinn, Rail Baltic Estonia, Saarte Liinid,…
Latvia’s new president, Edgars Rinkevics, held his inauguration speech in the Latvian parliament, the Saeima, outlining his vision of a “strong, modern, just, and safe” Latvia, on 8 July 2023, LSM reports. The President noted that Latvia was one, yet not homogenous, and stressed that the rights of every person must be protected. Latvia’s biggest…
The advertising revenues generated by multinational digital corporations like Facebook (Meta) and Google (Alphabet) in Estonia are unknown and untaxed, ERR reports. Karin Ulvik, media specialist at the Estonian Tax and Customs Board (EMTA), said that tax authorities had “no aggregated information on such a narrowly defined group of companies.” Collecting such data would require…
Estonian ticket sales platform Piletilevi Group will acquire majority ownership of Romania’s oldest ticket sales company, Departamentul Logistic Event (Bilete.ro), BNS reports. Under the deal, Piletilevi Group will acquire 80.2% of shares in Bilete.ro, with current shareholders retaining 19.8% ownership. Andreea Pop will continue as CEO of Bilete.ro, which employs 40 people. The company, which…
Latvia’s Ministry of Defence has dismissed a third official implicated in a scandalous food procurement contract for the Latvian National Armed Forces (NBS), LETA reports. The official in question worked at the NBS. Earlier, the ministry dismissed Eriks Ezerins, head of the procurement commission, and Imants Freibergs, head of procurement and contracts at the NBS…
The US Federal Aviation Administration (FAA) has assigned Category 1 country designation to Latvia following an audit of the Latvian Civil Aviation Agency (CAA), LSM reports. FAA ascertained that Latvia’s civil aviation regulation and CAA’s supervisory activities complied with the standards of the International Civil Aviation Organization (ICAO). The FAA decision allows Latvian airlines to…