BusinessNews

Volkswagen delays profitability target for core brand by three years

By Frank Johannsen, dpa. German car manufacturer Volkswagen announced on Thursday that it is extending the timeline for achieving its planned cost reductions for its core brand. The target of [..]

Swedish retailer selling branch in Baltic States

The Swedish retail group ICA Gruppen has announced plans to sell the Rimi Baltic retailer to the Salling Group in Denmark, this according to a news release from the Swedish [..]

Lithuanian, Finnish company investment approved

Atsinaujinancios Energetikos Investicijos, which is managed by the investment management firm Lords LB Asset Management, has partnered with Taaleri Energia from Finland to obtain permission to acquire 50% of PV [..]

Avia Solutions Group discloses revenue projections

Avia Solutions Group is an Irish-registered aviation group that is owned by Lithuanian businessman Gediminas Ziemelis, and it expects revenues this year to amount to USD 3 billion (EUR 2.853 [..]

Lithuanian tour company reduces loss forecast

Novaturas is a leading tour operator in the Baltic States, and it has just revised its performance forecast for 2024. The group low expects its EBITDA loss to amount to [..]

Lithuanian company opens facility in Bali

FL Technics, which is part of the Lithuanian Avia Solutions Groups, has opened a maintenance, repair and operations (MRO) facility in Bali. The group which is owned by Lithuanian businessman [..]

Nordica company expected to close, file for bankruptcy

An investor in the Nordic Aviation Group (Nordica) airline company, Lars Thuesen, announced on Monday that he is no longer planning to privatise the company, and so after an assessment [..]

TET discusses purchase of shares in LMT

The telecommunications company TET has said that it is prepared to acquire all shares in Latvijas Mobilais Telefons (LMT) so as to take over full ownership of the company. TET [..]

Commerzbank, Pekao notify authorities of plans to operate in Lithuania

Commerzbank, one of Germany’s largest banks, has informed German and Lithuanian supervisory authorities of its plans to operate in Lithuania, Gediminas Simkus, board chairman of the central Bank of Lithuania, [..]

Estonia’s Nortal buys British cybersecurity company 3DOT Solutions

Estonian strategic innovation and technology company Nortal announced on Wednesday its acquisition of 3DOT Solutions Limited, a well-known UK cybersecurity consultancy and a certified supplier to the UK armed forces [..]

Wage rally continuing in Estonian startup sector – in the 1H reached 3,609 euros

According to the data of Startup Estonia and Statistics Estonia, the average gross salary of people working in the startup sector in the first half of this year reached 3,609 [..]

Lithuania’s Vilvi Group lifts Jan-Jul sales 15 pct to EUR 137 mln

Vilvi Group, a leading Lithuanian dairy group, said on Monday that its revenue for January-July rose by 15 percent year-on-year to 137.36 million euros. Monthly revenue in July surged by [..]

Circle K pays most tax among Lithuania’s retailers in H1 – 136.7 million euros

Circle K Lietuva (Circle K Lithuania), one of the largest fuel retail chains in Lithuania, paid the highest amount of taxes into the state coffers among retailers in the first [..]

Strategic investor shows interest in airBaltic shares

A strategic investor has shown interest in the shares of Latvia’s national carrier airBaltic before the company’s potential initial public offering (IPO), Transport Minister Kaspars Briskens (Progressives) said Tuesday at [..]

Lidl Lithuania to cut share capital by EUR 30 mln, return funds to shareholder

Lidl Lietuva, a leading supermarket chain in Lithuania, is reducing its authorized share capital by 30 million euros, with the funds to be paid to its sole shareholder, the German [..]

Adax Lithuania awaits investment following acquisition of Norway’s Adax Group by GD

Adax Lithuania, the Panevezys-based household electrical appliances manufacturing company, awaits significant investments and adaptation to new standards following the acquisition of Norway’s Adax Group by the international manufacturing and solutions [..]

Orlen Lithuania has new CEO, just six months after appointing previous one

Orlen Lietuva (Orlen Lithuania), a Lithuanian oil import and refining company owned by Poland’s Orlen oil group, has been headed by its former CFO, Marek Pawel Golebiewski, since the end [..]

Gardening retailer Hortes to undergo restructuring

Gardening retailer Hortes, which has been struggling with tax debts and has not submitted annual reports for the past two years, is set to undergo court-ordered restructuring, Postimees reports. With [..]

Lithuania’s Viciunai Group to Vici brand in Baltics, plans facelift

Viciunai Group, one of the largest food production groups in Lithuania, partly owned by Kaunas Mayor Visvaldas Matijosaitis, intends to keep its Vici brand in the Baltic countries, but will [..]

Circle K Estonia suspends sale of 98 gasoline due to technical fault at terminal

As a result of a malfunction at a terminal, Circle K has suspended the dispensing of 98 octane gasoline at its filling stations in Estonia. The sale of 98 octane [..]

Lithuania’s fertilizer producer Lifosa plans to resume operations

Lithuania’s sanction-hit phosphate fertilizer manufacturer Lifosa said on Monday that it is preparing to restart production after a one-year hiatus, adding that the continuity of operations will depend on various [..]

Ministry tasked with drafting plan for Nordica’s privatization in 3 months

Estonian Prime Minister Kaja Kallas said at the government’s press conference on Thursday that the Ministry of Climate has been given a task to prepare, within the next three months, [..]

Estonian car sales market decreased by nearly one-fifth; most popular – Toyota, Skoda, VW

In March, the sales volumes of cars and commercial vehicles in Estonia decreased by nearly one-fifth, or 20.6 percent, compared to the same period last year, with a quarterly decline [..]

Merger of Coop Pank, Coop Finants completed

Coop Finants, a 100-percent subsidiary of listed Estonian bank Coop Pank, merged with its parent on April 1, as a result of which Coop Finants has been dissolved with Coop [..]

Lithuania’s Verslo Zinios sells job ad website cv.lt

Lithuania’s media company Verslo Zinios has sold its job ad website cv.lt to CV Keskus, an Estonian company that is part of the Swiss media group Ringier, Verslo Zinios said [..]

Belarus’ import ban expected to affect only individual Lithuanian companies

Business representatives say that Belarus’ ban on a range of imports from Lithuania in retaliation for its closure of two more border checkpoints will only affect individual companies. A spokesman [..]

Latvenergo plans to start exports to Poland at the end of this year

Joint-stock power supply company Latvenergo plans to expand its export market by starting to export to Poland at the end of this year, Martins cakste, Chairman of the Board of [..]

Kempinski hotel in central Vilnius to be replaced by Hilton

The Grand Hotel Kempinski Vilnius located next to the capital’s central Cathedral Square will be replaced by Curio Collection by Hilton, an upscale hotel brand of Hilton, a leading global [..]

Fly Dubai set to enter Lithuanian market

One more new air carrier is set to enter the Lithuanian market – FlyDubai, a low-cost subsidiary of the UAE’s Emirates Airlines, Lithuanian Transport and Communications Minister Marius Skuodis told [..]

Omniva to cut 75 jobs in Estonia

Citing a difficult economic situation, Estonia’s state-owned postal service and logistics company Omniva announced on Wednesday that it is about to make 75 jobs redundant in Estonia. The collective redundancies [..]

Latvian exports of wooden furniture down 22.3% in first 11 months of 2023 – the largest number sold in Denmark

In the first 11 months of 2023, Latvia’s export of wooden furniture decreased by 22.3 percent year-on-year, with the largest number of wooden furniture still sold in Denmark, according to [..]

Estonian ministry has contacted 7 interested parties re sale of Nordica airline

The Ministry of Climate has contacted seven interested parties from Europe regarding the sale of the Estonian national airline Nordica and it is planned to reach a preliminary agreement on [..]

Veolia says ready to pay Vilnius about EUR 35 mln

Veolia has said it is ready to pay almost 35 million euros to Vilnius after the Stockholm Chamber of Commerce’s Arbitration Institute on November 30 issued its ruling in a [..]

Veolia ordered to pay Vilnius EUR 83 million – arbitral court

Vilnius has won an international arbitration case against the French group Veolia and its subsidiary Vilniaus Energija (Vilnius Energy) as an arbitral court has awarded the city more than 83 [..]

Eurostat: Business bankruptcies down, registrations up in Q3 2023

In the third quarter of 2023, the number of bankruptcy declarations of EU businesses decreased by 5.8% compared with the previous quarter. Overall, the number of bankruptcy declarations in 2023 [..]

Lithuania’s LTG Cargo asks law enforcement to probe transport of luxury cars to Russia

LTG Cargo, the freight arm of Lietuvos Gelezinkeliai (Lithuanian Railways, LTG), Lithuania’s state-owned railway company, has asked law enforcement to investigate a possible violation of international sanctions in the export [..]

Survey: Less than half of employers in Estonia planning pay hikes

According to the autumn labor market survey by wage information agency Palgainfo Agentuur and job classifieds portal CVkeskus.ee, almost one in three employers in Estonia are sure that they will [..]

DS-1 terminates contract with Alvora on Orlen Lithuania reconstruction

DS-1, a company building and installing engineering systems, has terminated its joint activity contract, worth tens of millions of euros, with Alvora, a construction company building energy infrastructure, for the [..]