The average gross monthly salary in job advertisements in Estonia amounted to EUR 1,481-1,947 in the first half of 2023, which was 13% higher than in 2022, according to data from recruitment portal CV Keskus, Postimees reports. The average salary offered for top specialists and middle managers stood at EUR 2,170-2,728 (up 17%), for mid-level…
The Lithuanian government has allocated EUR 276mn from borrowed funds for military mobility and infrastructure projects in 2023, BNS reports. Finance Minister Gintare Skaiste said that the Defence Ministry would invest EUR 148mn and the Ministry of Transport and Communications another EUR 128mn in the first year of the investment programme. Total investments in military…
Estonia’s Swedbank will relocate its head office from the current premises on Tallinn’s Liivalaia Street to a new office tower in the new Arter business quarter in the first half of 2025, ERR reports. Olavi Lepp, CEO of Swedbank, said that the current premises have become too small and are old-fashioned. Property developer Kapitel’s new…
The Investment and Development Agency of Latvia (LIAA) has approved 20 foreign direct investment (FDI) projects to the tune of EUR 371.5mn so far in 2023, LSM reports. The projects will create 1,160 new jobs. The investment projects are in sectors such as bioeconomy, ICT, photonics and smart materials, smart energy and mobility, as well…
The Estonian retail bank, Coop Pank, made a net profit of EUR 19.741mn in the first half of 2023, which was up 144% from EUR 8.089mn in the same period of 2022, GlobeNewswire reports. Net interest income amounted to EUR 39.416mn (EUR 22.224mn) and net fee and commission income to EUR 2.211mn (EUR 1.699mn). In…
The total profit of banks operating in Estonia in the first half of 2023 was almost as high as in the whole of 2022, ERR reports. Swedbank’s net profit amounted to EUR 214mn in six months, which was EUR 148mn from a year earlier. In 2022, Swedbank’s annual net profit stood at EUR 224mn. SEB…
Latvia’s State Revenue Service (VID) has decided to shut down the business operations of Klaugu Muiza, which is ultimately owned by sanctioned Russian billionaire Pyotr Aven, LETA reports. At the same time, VID banned any reorganisation of the company and change of board members. The company owns the Klaugu Manor in Lazdona parish. The EU…
Latvia’s President, Edgars Rinkevics, met with the governor of the Bank of Latvia, Martins Kazaks, to discuss issues related to the banking and financial sector, Baltic News Network reports. The officials noted that high lending costs weakened banks’ interest in providing lending services. Rinkevics called for a “radical change of direction” from Latvian commercial banks,…
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…