Latvia plans to build a new factory producing modular powder charges for artillery ammunition in Iecava parish, LETA reports. The factory will have a production capacity of 50,000 charges annually. The plant is expected to begin operations in 2026. The project will cost an estimated EUR 12mn, with EUR 1mn to come from EU co-financing…
Latvia’s ruling coalition will soon need to discuss “painful decisions” on taxes, Prime Minister Evika Silina stated, LETA reports. Speaking in an interview with TV3, Silina said that simplifying taxation was an important priority. The Ministry of Finance has developed potential proposals for changes on real estate tax, labour costs, corporate income tax, VAT, small…
Electrifying the public transport system in Estonia’s Harjumaa county would require EUR 2bn in grid investments, Tallinn deputy mayor Kristjan Järvan stated, ERR reports. He said that the project would include major upgrades to both the distribution and transmission networks to support the increased use of electric vehicles. Electrifying Tallinn’s bus fleet alone would cost…
Estonian investment holding company Infortar has announced a voluntary takeover offer to acquire all remaining shares of shipping and tourism group Tallink Grupp for EUR 0.55 per share, GlobeNewswire reports. Infortar currently owns 46.76% of Tallink’s shares and seeks to acquire the remaining 53.24%. The offer period runs from 2 July 2024 to 5 August…
Estonian biomaterials company Fibenol plans to invest EUR 600-700mn in a biorefinery in Latvia, ERR reports. Fibenol’s pretreatment technology will convert locally-sourced wood into biomaterials that can replace fossil fuel-based chemicals in various industries. The company had initially intended to build the plant in Estonia. Fibenol’s owner, Raul Kirjanen, noted that countries rich in wood…
Latvian fuel retailer Virsi-A (Virsi) posted consolidated unaudited net sales of EUR 343.732mn in 2023, which was down from EUR 375.110mn in 2022, LSM reported. The company’s gross profit amounted to EUR 37.692mn (EUR 32.771mn) and net profit to EUR 5.099mn (EUR 10.370mn). Virsi reported an all-time record EBITDA of EUR 13.7mn in 2023, which was…
Latvia’s state-owned Riga International Airport (RIX) made a profit of EUR 1.6mn in 2023, which was up 4.6 times from a year earlier, LSM reported. The company’s net turnover rose by around 25% to EUR 72.5mn. Revenues from aviation services amounted to EUR 36.7mn (up 18%) and from non-aviation services to EUR 21.2mn (up 38%)….
Estonia’s GDP totalled EUR 37.7 billion at current prices in 2023, which was down 3% from 2022, according to data from Statistics Estonia, ERR reported. Robert Müürsepp, national accounts team lead at Statistics Estonia, said that Estonia’s economy was in broad-based recession in 2023, with decline recorded in most major sectors. Information and communication had…
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…