One of Estonia’s wealthiest businessmen, Margus Linnamäe, will buy out his business partner, Ivar Vendelin, in the Apollo and MM Group investment companies, ERR reports. Vendelin will focus on real estate investments instead. Following the transaction, Apollo will be fully owned by MM Group. Linnamäe will own 98% and lawyer Aare Kurist the remaining 2%…
Amid rising incomes and optimism about their financial situation, Lithuanians are spending more on food and non-essentials but are increasingly reluctant to dine out due to high restaurant prices driven by rising labour costs and the expiration of pandemic-era tax breaks, LRT reports. While supermarket food sales are boosting economic growth, restaurant turnover has fallen…
Estonian consumers made purchases using payment cards, both home and abroad, for a total sum of around EUR 2.5bn in the second quarter of 2023, which was up 5.3% from a year earlier, according to data from the Bank of Estonia, ERR reports. Compared to the first quarter of 2023, card payments rose by 15.2%….
Estonia’s biggest beer producer, Saku Õlletehas (Saku Brewery), reported sales of EUR 72.3mn in 2022, which was down 11% from 2021, ERR reports. The company’s annual net profit amounted to EUR 6.6mn, which was down 18.5% from a year earlier. The company attributed the worse results to the cessation of exports to Russia and Belarus,…
Beer prices in Lithuania are rising, leading locals to question why they have to pay as much as they would in Paris or Rome, LRT reports. The price of a pint of beer in central Vilnius can range from EUR 3.5 to EUR 6. Raimondas Pranka, president of the Vilnius nightlife association, NaktA, explains that…
Latvian restaurant operator Rosinter Restaurants, which owned the IL Patio, Planeta Sushi, and TGI Fridays restaurants in Riga, has been liquidated, TVNET reports. The company was registered in 2004 and was one of the oldest catering companies in Latvia. The company initiated insolvency proceedings in autumn 2021. Rosinter Restaurants reported a turnover of EUR 1.4mn…