A consortium led by US-based JPMorgan will advise on the Latvian state’s buyout of Swedish telecommunications group Telia’s shares in the Latvian telecommunications companies, Tet and Latvijas Mobilais Telefons (LMT), BNS reports. Under the agreement, the consortium, which besides JPMorgan includes A&O Shearman, Deloitte, Hardiman Telecommunications, TEGOS, and WALLESS, will advise Latvia’s state-owned energy group, Latvenergo,…
Estonia’s Ministry of Economic Affairs and Communications has announced a procurement tender for a consultant to plan a 600-MW nuclear power plant in the country, ERR reports. Under the contract, the winning bidder will help compile baseline planning guidelines and an environmental impact assessment plan for the project. The consultant will provide advice on site…
The first ship carrying Latvia’s strategic oil reserves arrived at the Freeport of Riga on 2 December 2024, the Ministry of Economy announced, LETA reports. Economy Minister Viktors Valainis said that the state would purchase 20% of the required reserves annually. The state would thus be in possession of 100% of the oil reserves in…
Several ministries in Estonia have criticised the Ministry of Climate’s proposed new climate law, ERR reports. The ministries argued that the bill’s structure and purpose were unclear, and that the bill failed to define the rights and obligations under the proposed law. Interior Minister Lauri Läänemets and Justice Minister Liisa Pakosta said that the bill…
Russia’s military intelligence (GRU) stole thousands of confidential electronic documents, including business secrets and health data, from Estonian ministries in November 2020, ERR reports. Margo Palloson, director general of the Estonian Internal Security Service (KAPO), said that no state secrets were accessed. The Ministry of Economic Affairs and Communications lost 360 GB of data in…
Lithuania seeks to attract more flights to the seaside resort of Palanga, BNS reports. The Ministry of Transport, the Ministry of Economy, and the Klaipeda Region Association (AKR) have agreed to raise public funds for increasing traffic at Palanga International Airport (POU). AKR unites the seven municipalities in the Klaipeda county. The goal is to…
Estonia’s Ministry of Economy and Ministry of Finance have drafted legislation mandating gender balance on the boards of listed companies, ERR reports. An EU directive requires that at least 40% of supervisory board members or 33% of the total board and council members be from the underrepresented gender by the end of June 2026. Currently,…
Latvia’s Ministry of Economy and Ministry of Welfare have proposed reducing the amount that employers pay for sick leave, LSM reports. Under the proposal, the first day of sick leave would remain unpaid, while days 2-3 would be compensated at 60% of the salary and days 4-8 at 70%. From the 9th day onwards, the…
The Investment and Development Agency of Latvia (LIAA) will provide EUR 73.38mn of support from EU structural funds for small and medium-sized enterprises, LSM reports. LIAA expects the programme to support a total of 1,500 innovative businesses. The Ministry of Economy said that the support programme would help businesses developing high-value-added products in the medium-high…