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Pakmarkas launches gear unit assembly line

Thu, 23 May 2013 09:30:26 GMT

Gear unit replacement options for industrial enterprises have just got much faster and simpler, thanks to a new business line at Lithuanian Pakmarkas, writes news2biz LITHUANIA.

Profit of PKC Eesti down 23% to EUR 19.1m

Thu, 23 May 2013 09:00:58 GMT

Estonian manufacturer of wire harnesses PKC Eesti reported that its profit fell 23.5% last year to EUR 19.1m.

US company to open agri machinery plant in Lithuania

Thu, 23 May 2013 07:59:39 GMT

US Kinze Manufacturing that produces farming machinery will invest LTL 22m in its first production location abroad near Vilnius, writes news2biz LITHUANIA.

Port of Tallinn to double revenue, profit by 2020

Thu, 23 May 2013 07:00:59 GMT

The board of the state-owned Port of Tallinn approved a long-term plan today to double turnover and profit by 2020.

Moscow police: cars with Baltic license plates often used in criminal activities

Thu, 23 May 2013 06:27:42 GMT

Moscow traffic police pay more attention to cars with foreign license plates because such vehicles are often used in crimes, the press office of the State Traffic Safety Inspectorate for Moscow told Interfax.

KPMG: Latvian businessmen work longer hours than Estonian, Lithuanian

Thu, 23 May 2013 05:54:02 GMT

Latvian businessmen, compared to their colleagues in Estonia and Lithuania, work longer hours, according to "The Pulse of Economy 2013" survey carried out by KPMG Baltics, wrote the Baltic Course.

Polish private equity fund sets sights on Lithuania

Wed, 22 May 2013 12:00:52 GMT

Lithuania's ever more active venture capital and private equity investment market is attracting new players, writes news2biz LITHUANIA.

Probable forgeries turn up in Latvijas Krajbanka's case

Wed, 22 May 2013 11:00:40 GMT

Almost a year and a half after the Lithuanian-Russian owned Latvian bank Latvijas Krajbanka was declared insolvent, new documents have been leaked suggesting that the decision was at least to some extent influenced by fraud, reported news2biz LATVIA.

SEB Bank downgrades Estonia’s GDP forecast

Wed, 22 May 2013 10:30:58 GMT

In its fresh Nordic European Outlook, SEB has downgraded its economic growth forecast for Estonia to 3.3 percent, compared with the 3.8 percent predicted in March, reported ERR.

Estonia unhappy with EU plan to reduce reporting obligations

Wed, 22 May 2013 10:00:45 GMT

Estonia is not supporting the proposal made by the European Commission to ease reporting obligation of small enterprises, writes Äripäev.

Shareholder fighting haunts Liepajas Metalurgs

Wed, 22 May 2013 08:59:34 GMT

The troubled Latvian steel mill Liepajas Metalurgs may desperately need a solution to keep it afloat, but finding one is made much harder by fighting among the company's main shareholders, Kirovs Lipmans, Sergejs Zaharjins and Ilja Segals, writes news2biz LATVIA.

Eesti Energia: Visaginas nuclear power plant not feasible today

Wed, 22 May 2013 07:44:53 GMT

The Lithuanian plan to build a nuclear power plant is not economically feasible, according to Estonian power company Eesti Energia.

NIB lends for upgrade of east-west railway corridor in Latvia

Wed, 22 May 2013 07:37:40 GMT

The Nordic Investment Bank (NIB) and Latvia's state railway company VAS Latvijas dzelzcels have signed a new loan totalling EUR 17 million for the upgrade of a railway section in the country's east-west transport corridor.

VSS starts combined electricity supplies

Tue, 21 May 2013 12:31:24 GMT

From 2014, Latvian fibreglass manufacturer Valmieras Stikla Skiedra (VSS) will start purchasing its electricity from several suppliers, writes news2bis LATVIA.

Swedes to manufacture LCD panels in Ventspils

Tue, 21 May 2013 12:30:11 GMT

On 17 May, Latvian-Swedish SIA EuroLCDs opened an LCD panel plant in Ventspils, reports news2biz LATVIA.

Arco Vara turns EUR 1.3m loss into 39,000 euro profit

Tue, 21 May 2013 09:30:52 GMT

The listed Estonian real estate group Arco Vara finished the first quarter of 2013 with a profit of 39,000 euros, compared with a loss of 1.3 million euros made during the the same period a year ago.

First Latvian satellite nearing launch in space

Tue, 21 May 2013 08:13:27 GMT

The first Latvian satellite Venta-1 has been finished and is ready to be launched in space. Its creators are now negotiating possible launch vehicles, reports news2biz LATVIA.

Plus Punkts clashes with suppliers

Tue, 21 May 2013 08:12:19 GMT

Danish-Latvian kiosk chain Plus Punkts has run into problems with its suppliers. As a result, it has stopped selling press and, for several days, public transportation tickets, writes news2biz LATVIA.

Ilves at Google Conference: Estonia is a world power in IT

Tue, 21 May 2013 07:01:21 GMT

Estonian President Toomas Hendrik Ilves who is on a working visit to the UK to attend the Google conference Zeitgeist 2013 said in his speech that IT solutions have made Estonia a world power in terms of IT.

H&M to open in Gedimino 9 mall in Vilnius

Mon, 20 May 2013 15:06:01 GMT

As probably many on the market had expected, the arriving Swedish H&M fashion retailer will become the anchor tenant of the Gedimino 9 shopping centre in central Vilnius.

Yet another case of unfounded insolvency in Latvia

Mon, 20 May 2013 14:46:30 GMT

Latvian construction company BMGS is the latest victim of an unpleasant feature of the Latvian business environment: using insolvency requests to settle disputed debts. The request was quickly redrawn, though, and the insolvency hearings were closed.

Finnish recruiter Joberate expands its Lithuanian business

Mon, 20 May 2013 09:22:02 GMT

Joberate is not your traditional recruitment agency that posts want ads in papers and CV portals to wait for potential candidates to apply and to be assessed. Instead, it delves right into social media areas where these potential candidates reside, be it the wide LinkedIn professional network or narrow-subject specialist chat rooms, reports news2biz LITHUANIA.

US-based IT group to hire up to 1,000 in Vilnius

Mon, 20 May 2013 09:19:16 GMT

CSC Baltic, the Lithuanian arm of US Computer Sciences Corp (CSC) global IT services player, plans to boost its Vilnius-based office with hundreds of new staff, reported news2biz LITHUANIA.

Tallinn expects 16,000 turnaround tourists

Mon, 20 May 2013 07:59:53 GMT

This year's turnaround season in the port and airport of Tallinn is expected to see 16 000 tourists switch from planes to cruise ships and vice versa in the Estonian capital.

LHV takes over Snoras Leasing

Mon, 20 May 2013 06:06:46 GMT

Estonian-owned LHV bank announced that it has successfully concluded negotiations to purchase a controlling share of the Lithuanian investment company Snoras Leasing.