The Baltic banking group, Luminor, reported a net profit of EUR 178.3mn in the first nine months of 2023, which was up more than double from EUR 84.4mn in the same period of 2022. Net income on interest amounted to EUR 399.1mn (EUR 202.4mn) and net income on fees and commissions to EUR 63.8mn (EUR…
Latvian businesses urge the government to ease the rules on the entry of foreign labour into the country, LSM reports. Speaking at a conference on human capital development in the Latvian parliament, the Saeima, business representatives and market analysts noted that Latvia’s human resources were exhausted. They called for improving labour availability through relaxed rules…
Latvia’s Office of the Prosecutor General has fined the local LPG supplier, Latvijas Propana Gaze (LPG), and its co-owner, Anatolijs Cernihs, for attempted violation of international sanctions, LETA reports. The prosecutor banned LPG from making any transactions with Belarusian companies for one year. The sanctions violation involved iron and steel products. The prosecutor confiscated EUR…
Estonia’s state-owned airline, Nordic Aviation Group (Nordica), generated consolidated revenue of EUR 85.5mn in the first nine months of 2023, which was up 29.8% from the same period of 2022, ERR reports. The rise in revenue was due to fleet expansion and increased number of passengers. However, revenue remained significantly lower than targeted due to…
The Balticconnector gas pipeline between Estonia and Finland has been closed due to a possible leak, ERR reports. Finnish gas transmission system operator Gasgrid Finland reported that the 77-kilometre undersea pipeline experienced a pressure drop in the early hours of the morning of 8 October 2023. The cause of the problem and the location of…
Lithuanian cyber security company Nord Security has attracted a new USD 100mn (EUR 95mn) investment from US private equity firm Warburg Pincus, LRT reports. Existing investors, Novator Partners and Burda Principal Investments, also contributed in the latest round. Nord Security will expand its NordVPN and Surfshark cyber security products in various markets. Also, the company…
Latvia’s Riga Regional Court has sentenced former Ventspils mayor Aivars Lembergs to four years in prison and confiscation of property, LSM reports. The second-instance court found Lembergs guilty of taking bribes, money laundering, unauthorised participation in a property transaction, and falsification of documents. At the same time, the court acquitted him of charges of concealing…
Prosecutors in Estonia suspect fuel retailer Olerex and its co-owner, Andres Linnas, of submitting false information to the Estonian Environmental Board (Keskkonnaamet), ERR reports, citing Eesti Päevaleht. Prosecutor Gerd Raudsepp said that Linnas had ordered Olerex employees to submit false information on a diesel fuel shipment to Estonia in December 2022. The company claimed that…
The most attractive employer in Estonia in 2023 is LHV Bank, according to branding agency Instar’s poll, Estonian World reports. The survey showed that LHV Bank was the most attractive employer both among university students and experienced workers. Meanwhile, the most attractive employer among vocational school students was entertainment company Apollo Group. The second-most attractive…