Lithuania’s state-owned railway company, Lietuvos Gelezinkeliai (LTG), has appointed Kristina Meide as CEO of its passenger train operator, LTG Link, for a five-year term, BNS reports. Meide will replace interim CEO Gediminas Seckus. LTG Link’s previous CEO, Linas Bauzys, was appointed CEO of the Ignalina Nuclear Power Plant (IAE) in September 2023. Prior to her…
Latvia’s Foreign Ministry called on authorities to check whether the top management of major Latvian companies and organisations include any Russian, Belarusian, or other third-country nationals who support Russia’s military aggression in Ukraine and who may have links to Russian state institutions, LETA reported. The ministry insisted that such persons should be subject to EU…
An investigation into the outage of the EstLink 2 power interconnection between Estonia and Finland has so far found no “intentional external damage” in the undersea cable, Estonian transmission system operator Elering announced, ERR reports. The exact location of the fault and the specific cause of the outage remain to be determined, however. Finnish transmission system operator…
The Baltic banking group, Luminor Bank, posted a pre-tax profit of EUR 273.2mn in 2023, which was up 92% from EUR 142.4mn in 2022, The Baltic Times reported. The Estonia-based group’s annual net profit amounted to EUR 194.7mn, which was up 56% from EUR 124.7mn a year earlier. Luminor attributed the sharp rise in profit…
Farmers in Lithuania staged a protest rally in the country’s capital, Vilnius, on 23-25 January 2024, Baltic News Network reported. Around 3,000 farmers gathered in front of the government building with over 1,500 tractors and forestry trucks blocking the city’s main street. The farmers oppose a rise in the excise duty on LPG, a ban…
Latvian financial institutions, including banks, generated total profits of EUR 573.5mn in 2023, which was up 75% from EUR 326.3mn in 2022, according to data from the Bank of Latvia, LETA reports. The total assets of monetary financial institutions amounted to EUR 27.874bn at the end of 2023, which was up 3% from EUR 27.056bn…
New players will enter the Lithuanian banking market in 2024, Simonas Krepsta, board member of the Bank of Lithuania, announced, BNS reports. Speaking in an interview with LRT, Krepsta said that Polish banks had contacted Lithuanian regulators and the business community. He noted that the Lithuanian banking sector was “exceptionally profitable.” Earlier, Poland’s Bank Pekao…
Latvia’s ruling coalition has agreed to ban imports of Russian and Belarusian grain, BNS reports. The coalition expects the parliament, the Saeima, to pass a bill on the ban in February 2024. Agriculture Minister Armands Krauze said that companies using Russian grain would be ineligible for state support. Also, the Food and Veterinary Service (PVD)…
Estonia ranked best and Latvia worst in the Baltic States on Transparency International’s latest Corruption Perceptions Index, LSM reported. Estonia ranked 12th out of 180 countries worldwide in 2023, which was up from 14th place in 2022. Lithuania ranked 34th (33rd) and Latvia 36th (39th). Estonia scored 76 points on the index in 2023, which…