The city council of Estonia’s mostly Russian-speaking northeastern border town of Narva has elected the Estonian Centre Party’s Jaan Toots as the city’s new mayor, ERR reports. Toots replaced Katri Raik, who was ousted in a no-confidence vote after one city councillor defected from Raik’s Respect alliance to the Centre Party’s coalition partner, Plan B,…
Lithuania is drawing up a contingency plan in the event that Latvia’s national airline, airBaltic, reduces flights or withdraws entirely from Lithuania, Transport Minister Juras Taminskas announced, BNS reports. Earlier, Latvian Finance Minister Maris Kucinskis said that airBaltic would likely need to reduce its operations. Taminskas said that a sudden suspension of airBaltic’s flights would…
Latvian President Edgars Rinkevics has turned to the State Security Service (VDD) over Hungarian banking group OTP Bank’s plan to acquire the Baltic banking group, Luminor Bank, LSM reports. He noted that the statement of intent on the possible acquisition was just the start of the process, adding that regulatory approval for the deal would…
The Latvian government is holding talks with 23 potential investors on the acquisition of Swedish telecommunications group Telia’s shares in the Latvian telecommunication companies, Tet and Latvijas Mobilais Telefons (LMT), Economy Minister Viktors Valainis announced, LETA reported. He said that there was strong international interest in the deal and that the transaction was progressing largely…
Hungarian banking group OTP Bank’s operations in Russia raise “legitimate questions” about its planned acquisition of the Baltic banking group, Luminor Bank, Lithuania’s central bank, the Bank of Lithuania, stated, Reuters reports. Earlier, OTP Bank announced that it had signed an agreement to buy Estonia-based Luminor. The Bank of Lithuania said that the European Central…
The Latvian state is in talks with three potential investors in the country’s national air carrier, airBaltic, Prime Minister Andris Kulbergs announced, LSM reports. Speaking in an interview with Latvijas Radio, Kulbergs said that the state should no longer be involved in the aviation business. Also, he insisted that the state’s share in shouldering airBaltic’s…
Hungary’s OTP Bank has signed an agreement to acquire the Baltic banking group, Luminor Bank, from US-based private equity fund manager Blackstone and Norway’s DNB Bank, Baltic News reports. OTP Bank had already expressed interest in acquiring Luminor several years ago, LETA reported. Luminor is the third-largest provider of financial services in the Baltic States….
An interagency commission of the Estonian government has proposed several measures to reduce the consumption of alcohol in the country, ERR reports. The commission has published a framework plan for Estonia’s alcohol policy for 2026-2035. The document calls for raising the alcohol excise tax, shortening retail alcohol sales hours, reducing the number of licensed outlets,…
The Latvian government is in talks with a strategic investor for the country’s ailing national airline, airBaltic, Prime Minister Andris Kulbergs revealed, Reuters reported. He said that the potential investor was “a serious partner,” but refused to indicate what stake the investor could acquire. The state’s main condition was that the investor maintain airBaltic’s hub…
