Latvian monetary financial institutions (MFIs), mainly banks, generated total profits of EUR 461.7mn in the first ten months of 2024, which was down 22.6% from EUR 596.2mn in the same period of 2023, according to data from the Bank of Latvia, LETA reports. The total assets of MFIs amounted to EUR 29.23bn at the end…
The crash of Spanish air carrier Swiftair’s cargo plane in the Lithuanian capital, Vilnius, on 25 November 2024 may have been caused by a technical fault or pilot error, LRT reports. One crew member perished in the incident. Surviving crew members had no indication of foul play, and investigators have found no evidence of terrorism….
The Estonian Centre Party (Keskerakond) may wait until some time in 2025 to decide which political group to join in the European Parliament, the party’s chairman, Mihhail Kõlvart, announced, ERR reports. He said that the party would not rush the decision. In the previous parliament, Keskerakond was a member of the Renew Europe/ALDE group but…
Several well-known politicians in Latvia were employed as fake consultants by Riga’s municipal public transport company, Rigas Satiksme, according to LTV’s De Facto programme, LETA reports. A court in Riga has accepted Rigas Satiksme’s plea deal, which identifies 16 fictional consultants, including several members of the company’s board and municipal councillors. Some of them represent…
China’s Foreign Ministry has condemned Lithuania’s decision to expel three Chinese diplomats, Reuters reports. The ministry asserted that Lithuania had failed to provide a reason for the expulsions. China reserved the right to take countermeasures, the ministry said. Earlier, Lithuania’s Foreign Ministry announced that the expulsions were due to violations of the Vienna Convention on…
Annual alcohol consumption in Estonia amounted to 11.2 litres of pure alcohol per capita in 2022, which was down from 14.8 litres in 2007, according to a report from the National Institute for Health Development (TAI), ERR reports. The report noted that alcohol consumption declined over 2012-2018, but began rising again in 2019 after a…
The founder of a Belarusian startup firm is on trial in Latvia for violating EU sanctions, LSM reports. Igor Medved, founder of Nordwoc, is accused of supplying high-tech equipment to the Belarusian military-industrial complex. The prosecutor has asked for Medved to be sentenced to two years in prison, fines, and confiscation of property. The entrepreneur…
Estonian transmission system operator Elering’s frequency reserve tender has attracted interest from both local and international participants, ERR reports. The tender is aimed at providing price certainty in the frequency reserve market as Estonia will withdraw from the Russian electricity system in February 2025. The total capacity to be awarded under the tender will amount…
The Latvian government will invest an additional EUR 47mn in the state-owned railway company, Latvijas Dzelzcels (LDz), LSM reports. The capital will allow the company to pay all its tax debts and some outstanding bills for services. The state has invested EUR 95.6mn in LDz since 2020 to prop up the company’s finances. LDz has…