Latvia’s retail sector has had no competition, especially in grocery trade, for years, Agriculture Minister Didzis Smits stated, LETA reports. Speaking in an interview with LTV, Smits asserted that retailers could set markups of 300% plus VAT on local produce and still compete, which he said was “abnormal” and “unpatriotic.” He insisted that in such…
Latvia’s Economy Minister, Ilze Indriksone, visited South Korea together with a delegation of Latvian entrepreneurs, LSM reported. She suggested that Latvia could become a gateway to the European market for South Korea. Also, the two countries could cooperate on technology transfer in strategic industries, biotechnology, and biomedicine, Indriksone said. She noted that South Korea was…
Latvia’s Riga City Council has obliged owners of outdoor sales and catering establishments to ensure that their sound equipment and musical instruments do not disturb local residents, LSM reports. Under the new rules, municipal police can impose limits on loud music in outdoor cafés, bars, and similar establishments. Violations can lead to fines of up…
Shorter alcohol sale hours in Lithuania have led to a decline in male deaths on Sundays and Mondays, according to a new study, BNS reports. Daumantas Stumbrys, senior researcher at the Lithuanian University of Health Sciences (LSMU), found that the mortality rate spiked on Sundays and Mondays, but had decreased to the weekly average since…
Estonia’s retail group, Tallinna Kaubamaja Grupp (TKM Grupp), posted unaudited consolidated sales revenue of EUR 460.5mn in the first half of 2023, which was up 11.8% from EUR 411.9mn in the same period of 2022, GlobeNewswire reports. Sales of the group’s supermarkets amounted to EUR 301.7mn (up 6.5%), department stores to EUR 51.7mn (up 6.7%), car…
The Lithuanian fashion retailer, Apranga Group, posted a retail turnover of EUR 147.6mn (including VAT) in the first half of 2023, which was up 15.6% from the same period of 2022, GlobeNewswire reports. Sales in Lithuania amounted to EUR 89.7mn (up 14.8%), in Latvia to EUR 35.0mn (up 14.5%), and in Estonia to EUR 22.9mn…
Estonia’s exports of goods totalled EUR 1.6bn at current prices in May 2023, which was down 15% from the same period of 2022, according to data from Statistics Estonia, ERR reports. Exports of goods of Estonian origin fell by 21% and accounted for 65% (69%) of total exports. Overall imports totalled EUR 1.9bn, which was…
Estonian ticket sales platform Piletilevi Group will acquire majority ownership of Romania’s oldest ticket sales company, Departamentul Logistic Event (Bilete.ro), BNS reports. Under the deal, Piletilevi Group will acquire 80.2% of shares in Bilete.ro, with current shareholders retaining 19.8% ownership. Andreea Pop will continue as CEO of Bilete.ro, which employs 40 people. The company, which…
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,…