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Tuesday 24.04.2018 | Name days: Nameda, Visvaldis, Ritvaldis

Strike in HKScan's meat factory in Estonia continues for month

In the Estonian Rakvere Meat Processing Plant, owned by Finnish HKScan, a strike has been continuing for a month and the plant's management has not clarified whether or not it would raise wages to strikers.

In support of Baltic micro-businesses, EU guarantees 123 million euros in loans

To improve access to business loans for micro-businesses in the Baltic states, the European Investment Fund has concluded a deal with Swedbank have signed a micro-finance agreement to ensure EUR 123 million in financial support in line with the EU Programme for Employment and Social Innovation.

Lithuania prepares digital coin for collectors

The Bank of Lithuania announced that it will release a crypto coin aimed at numismatics' enthusiasts some time in 2017 and the virtual coins will not be meant for use in circulation or employed as a recognised medium of payment.

Volume of energy realized by Enefit in Latvia grew 15% in 2017

Enefit reached stable growth indexes in Latvia’s gas market in 2017, concluding the year with 23.5% growth of profits and an expanded customer portfolio.

First Baltic fin-tech accelerator opens up

Swedbank headquarters in Riga has become the home for B2B accelerator Startup Wise Guys start-up support programme. Nine start-ups from nine corners of the world were picked from 80 contenders, as reported by Swedbank representatives.

Turnover of drug wholesale traders grew 6% last year

In 2017, turnover of drug wholesale traders in Latvia and abroad was EUR 846.76 million without VAT. Compared to the previous year, this means an increase of 6%, according to data compiled by State Agency of Medicines.

Billion-euro pulp factory becomes «hot potato» in Estonia

Reacting to the Estonian ministries of finance and environment suggesting that a billion-euro pulp factory planned by the firm EstFor could be erected in either the city of Tartu or the town of Viljandi, the Mayor of Tartu has objected to the idea.

Retail trade turnover in Latvia up 7.1% in January

Compared to January 2017, total retail trade turnover rose by 7.1 % in January 2018. Turnover of retail trade in food products increased by 6.9 %, turnover of retail trade in non-food products, except for retail sale of automotive fuel, rose by 8.9 %, whereas turnover of retail sale of automotive fuel – by 3.1 %.

Estonian economy experiences its fastest growth in five years

Estonia's economy expanded by 4.9 % in 2017 to a gross domestic product of 23 billion euros, which has been the quickest pace of the country's economic growth in five years, estimated Estonian statisticians.

ABLV Bank: 300 people to lose jobs next week; construction of New Hanza Quarter disrupted

Next week, 30% or 300 people will lose their jobs in ABLV Bank, as confirmed by the bank’s chairman Ernests Bernis. Among those people are highly-qualified workers – financiers, marketing specialists and others. The bank’s representative adds that this means families that have a total of 700 children under the age of 12 will suffer lay-offs.

«Tough decision» – ABLV Bank shareholders decide to liquidate the bank

To ensure protection of clients’ and creditors’ interests and considering the decision made by the European Central Bank on commencement of the liquidation process, ABLV Bank shareholders made the decision on Monday, 26 February, to liquidate the bank.

Postal services provider Omniva registers EUR 99-million income in 2017

Estonian postal services group Omniva has improved its yearly income in 2017 by four percent reaching 99.8 million euros.

ECB: ABLV Bank will be liquidated in accordance with Latvia’s laws

ABLV Bank will be liquidated in accordance with Latvia’s laws, because preservation of this credit institution is not in the interest of the country’s society, announced the European Central Bank on Saturday, 24 February.

Week in Lithuania. Lithuania not affected by problems at Latvia's ABLV Bank

Financial problems faced by ABLV, one of Latvia's biggest commercial banks, will have no impact on the Lithuanian financial system, officials from the central Bank of Lithuania and the Lithuanian Banks' Association (LBA) said this week. According to Vytautas Valvonis, director of the central bank's Supervision Service, the Lithuanian financial system has become very independent in recent years.

Lithuania and Latvia: the tale between two sisters marked with rivalry

Relations between Lithuania and Latvia, two tight-knit Baltic neighbours, may exemplify a sisterly relationship from the first sight, but just over the course of a single week, several pings rang, signalling that rivalry is, and has always been, a component of coexistence.

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