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US Navy Rear Admiral visit highlights commitment to NATO in the Baltics | Feb. 21, 2019

Rear Adm Stephen C. Evans, commander of the US Navy's Carrier Strike Group 2, has met key leaders in Estonia, reaffirming US commitment to NATO and the importance of strengthening interoperability with its allies and partners at all levels.

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Tax and customs authority issues Facebook warning

BNS | Feb. 21, 2019

The Tax and Customs Board (MTA) has issued warnings surrounding rather amateurishly written fake messages appearing via social media site Facebook, purporting to be from the authority itself.

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British fintech company Revolut to expand in Estonia

BC, Tallinn | Feb. 21, 2019

The British financial services and payments company Revolut Ltd has reached four million users and is to establish local offices in European countries, including Estonia.

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Nordic countries should establish new kind of union

BNS/TBT | Feb. 20, 2019

Estonia is one of the countries of the Nordic region that should establish a union of a new kind and serve as a modern champion of ties in relations with the United States, a report by the Nordic West Office think tank whose compilation was led by former Estonian president Toomas Hendrik Ilves suggests. 

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EAS to again bring in foreign IT specialists to look at employment prospects in Estonia

BC, Tallinn | Feb. 19, 2019

The Work In Estonia program of the Enterprise Estonia (EAS) foundation for the second time is to launch the recruitment campaign entitled Career Hunt aimed at international IT specialists, with which 25 people will be flown to Estonia to meet with local IT companies.

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Estonia orders Danske Bank branch to shut

BBC News | Feb. 19, 2019

Estonia has told Danske Bank to close its branch in Tallinn before the end of 2019 after a money-laundering scandal.

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New e-Estonia Briefing Centre taking Estonian digital success stories to the world 

Invest in Estonia | Feb. 19, 2019

On February 19th, the President of the Republic of Estonia Kersti Kaljulaid opened the new e-Estonia Briefing Centre in the Öpiku Building in Ülemiste City, which introduces our unique digital society and e-solutions to high-level foreign visitors from both the private and public sector.

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Military industry falling behind technological development

Estonian news | Feb. 18, 2019

President Kersti Kaljulaid’s highlights from this year’s Munich Security Conference include a feeling of sisterhood created during her breakfast with Advisor to the U.S. President Ivanka Trump and the new leader of Germany’s conservatives Annegret Kramp-Karrenbauer, as well as concerns that national military industrial complexes are being outpaced by technological development.

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Kaljulaid: Fear no excuse to deprive citizens of digital technologies

ERR News | Feb. 18, 2019

Speaking as the Munich Young Leaders' guest of honour, President Kersti Kaljulaid said on Sunday that summarily calling certain technologies "unsafe" is no excuse to remain passive in the further development of e-services.

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Estonia: E-Piim to start building EUR 100 mln dairy processing plant in Paid

BC, Tallinn | Feb. 18, 2019

Estonian dairy cooperative E-Piim is preparing for the establishment of a 100 million euro dairy processing plant in Paide, for which final coordination with the Agricultural Registers and Information Board (PRIA) and signatures to construction and technology contracts are needed.

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Study shows cruise tourists spend over EUR 50 mln in Tallinn in 2018

BNS/TBT | Feb. 16, 2019

Over 645,000 cruise passengers visited Tallinn in 2018, spending on average 80 euros per person in the capital city of Estonia, it appears from a study carried out by cruise organization Cruise Baltic.

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Tariff agreement once the Balticconnector pipeline is running

World Pipelines | Feb. 15, 2019

The interconnected natural gas markets of Finland, Estonia and Latvia will open to competition in the beginning of 2020 once the Balticconnector pipeline is up and running. The amendments to the Natural Gas Market Act enabling such a reform will enter into force in a few weeks’ time.

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President Kaljulaid, Ivanka Trump discuss Estonia's e-state

BNS | Feb. 15, 2019

Estonian President Kersti Kaljulaid met with Ivanka Trump, daughter and adviser of US President Donald Trump, in Munich on Friday to discuss the empowerment of women and introduced Estonia's digigirls initiatives.

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Elering signs agreement to launch joint gas market with Finland, Latvia

BC, Tallinn | Feb. 14, 2019

The Estonian transmission system operator Elering has signed a new voluntary agreement on inter-TSO compensation with the gas transmission system operators in Finland and Latvia, which enables the functioning of a single gas transmission tariff zone for Finland, Estonia and Latvia from the beginning of 2020.

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More than 300 companies by Indians find base in Estonia, Reliance Jio sets-up research centre 

ET Online | Feb. 14, 2019

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Related: Reliance Industries opens research centre in Estonia to study digital society

MoneyCotrol | Feb. 14, 2019

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Several solutions considered for acquisition of Conexus shares held by Gazprom

LETA/TBT | Feb. 21, 2019

Several solutions are being considered for acquisition of shares in Latvia’s Conexus Baltic Grid (Conexus) gas transmission and storage system operator held by Russian gas concern Gazprom, Economics Minister Ralfs Nemiro (KPV LV) told LETA.

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New Latvian financial sector update published

LSM.LV | Feb. 20, 2019

A new edition of the Financial Sector Update bulletin that is part of the government's drive to improve the reputation of the financial sector, has been published at the Cabinet of Ministers website

The Update can be read online or downloaded in PDF form.

Liepaja company iCotton invests EUR 5.7 mln in construction of new production facility

BC, Riga | Feb. 20, 2019

Liepaja hygiene products maker iCotton is investing EUR 5.79 mln, received from BlueOrange Bank and the Central Finance and Contracting Agency, in construction of a new production facility and new equipment.

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Discussions on possible tax changes to begin in April - Reirs

LETA/TBT | Feb. 20, 2019

Discussions on possible tax changes will begin in April this year, Finance Minister Janis Reirs (New Unity) told LETA. As ministers on Tuesday debated the Health Ministry’s proposal to amend the Healthcare Financing Law, Prime Minister Krisjanis Karins (New Unity) said that the proposal requires taking a broader look at the tax system and might even require some tax changes before 2021.

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Lursoft: nearly 32,000 Latvian companies have disclosed true beneficiaries

BNN | Feb. 19, 2019

31,800 Latvian companies have disclosed their true beneficiaries. Of those businesses, 28,300 had registered this information last year. Among the most frequently mentioned names of beneficiaries in Latvia are Aigars Kesenfelds, Guntis Rāvis and Ernests Bernis, according to data from Lursoft.

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Latvian exports of wooden furniture up 0.3% in 2018

BC, Riga | Feb. 18, 2019

In 2018, Latvian exports of wooden furniture contracted 0.3% from 2017, with most of the Latvian-made furniture sold in Denmark, according to information released by the Agriculture Ministry.

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airBaltic carries 12% more passengers during first month of 2019

TBT | Feb. 18, 2019

Latvian airline airBaltic has carried 260 383 or 12% more passengers during January 2019 than in the same period last year to its network spanning Europe, Scandinavia, Russia, CIS and the Middle East.

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Bite Latvija will not suspend its partnership with Huawei

LETA /TBT | Feb. 15, 2019

Despite the security scandals involving Chinese technology company Huawei in recent months, Latvian mobile phone operator Bite Latvija will not suspend its partnership with the company and will go forward with its plans to introduce a 5G network with the help of Huawei, Bite Lavija technical director Gints Butens told LETA.

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Latvia's GDP growth was faster than EU average in Q4 2018 – Eurostat flash estimate

LETA/TBT | Feb. 14, 2019

In the fourth quarter of 2018, Latvia’s gross domestic product (GDP) grew at a faster rate than the European Union’s economy on average, according to a preliminary flash estimate on 19 of the bloc’s member states released by Eurostat.

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Instant payments worth €494 million made in Latvia last year

LSM.LV | Feb. 14, 2019

Last year 2.4 million flash payments worth €494 million were made in Latvia last year, the Bank of Latvia reported.

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Latvian ports handle 12.7% more cargo in January

BC, Riga | Feb. 14, 2019

Latvian ports handled 5.661 mln tons of cargo in January, which is a 12.7% increase on the same period last year, according to the Transport Ministry's data.

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Treasury of Latvia issues EUR 700 mln worth of 30-year bonds

BC, Riga | Feb. 12, 2019

The Treasury of Latvia on Tuesday issued EUR 700 million worth of 30-year bonds, Treasury spokeswoman Eva Smite-Kregere told LETA.

The lead managers of the bond issue were Citi, Credit Agricole and Goldman Sachs.

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Rail Baltica developing efficient and sustainable energy supply system

TBT | Feb. 11, 2019

The joint venture of the three Baltic states RB Rail AS has commenced the Study for the Development of the Rail Baltica Energy Subsystem Procurement and Deployment Strategy.

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Latvian start-up Funderful acquired by U.S. giant in fundraising

BNN | Feb. 8, 2019

Latvian start-up Funderful, which provides artificial intelligence-based communication tools to university campuses, has been bought by U.S. firm Ruffalo Noel Levitz (RNL).

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airBaltic selects New York headquartered Investment bank Greenhill as financial adviser

TBT | Feb. 7, 2019

The Latvian airline airBaltic has mandated global investment bank Greenhill to evaluate financing options for the future development of the airline, which includes the search for a potential new investor.

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The Most Innovative Fintech Companies In 2019

Forbes | Feb. 4, 2019

2019 US Consumer Trends Report

Finance, CPG, Entertainment, Transportation, and Technology | © Crimson Hexagon

Forecast: Life assurance and non-life insurance markets should see balanced growth in 2019

Bank of Lithuania | Feb. 21, 2019

According to Bank of Lithuania projections, in 2019 growth in the domestic insurance market should moderate compared to the previous year, while life assurance and non-life insurance markets are anticipated to grow at an even pace, even though their growth rates have varied significantly over the last few years.

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Detailed statistics of the Lithuanian insurance market are available here.

Lithuanian Railways set to purchase rails from Latvia, Austria for EUR 36.5 mln

BC, Vilnius | Feb. 21, 2019

Lietuvos Gelezinkeliai (Lithuanian Railways, LG) is planning to purchase 36.5 mln euros' worth of rails for track repairs this year and next year, with the first 11.5-mln-euros contract already signed with Latvia's rail supplier Sigmen.

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Bank of Lithuania starts publishing more data on lending to Lithuanian non-financial corporations and households

Bank of Lithuania | Feb. 20, 2019

The Bank of Lithuania begins publishing quarterly data on corporations engaged in lending. The data will cover the period from the first quarter of 2015.
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Finland's Valoe investing EUR 11 mln in Lithuania's SoliTek

BNS/TBT | Feb. 19, 2019

Finland's energy solutions company Valoe is investing 11.3 million euros in the Lithuanian solar module producer SoliTek's technologies in Vilnius' Visoriai Information Technology Park (VITP).  

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UK-based Blockchain opens newest office in Vilnius

Invest Lithuania | Feb. 19, 2019

Blockchain, the world’s most popular and trusted crypto platform, today announced the opening of a new office in Vilnius, Lithuania. The office, which is Blockchain’s fifth location, will be home to dozens of designers and customer success agents as well as Android Engineers, Backend Engineers (Java, Kotlin) and Quality Engineers who will work alongside engineers in our London, New York and San Francisco engineering offices on strategic customer facing projects.

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Estonia, Latvia would get access to Rail Baltica in Lithuania via exchange – Lithuanian minister

BC, Vilnius | Feb. 18, 2019

Lithuanian Transport Minister Rokas Masiulis has once again reiterated that Lithuania will not hand over the management of the infrastructure of the European standard gauge railway Rail Baltica to any other state after the railway line, set to link the three Baltic states and Poland, is completed. But, he added, clear rules must be created for carriers from all three Baltic states to have equal rights to use this railway.

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Leading Fintech company Factris announces the expansion and investment plans in Lithuania

Invest Lithuania | Feb. 18, 2019

Factris, the Amsterdam-based provider of factoring services has merged its operations with Lithuanian Fintech company Debifo. Factris intends to scale its development team and operations in Lithuania to accelerate the development of its factoring platform and execute on its ambition to become the Pan-European leader of working capital solutions for SMEs.

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UK payments firm Earthport sets up unit in Vilnius

BC, Vilnius | Feb. 15, 2019

Earthport, a UK-based cross-border payments firm that the world's credit card giants Visa and MasterCard are battling for, has registered a company in Lithuania.

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iSignthis muscles into Lithuania’s paytech space with BBS acquisition

BankingTech | Feb. 15, 2019

Australia’s financial services and payments technology provider iSignthis has acquired Baltic Banking Services (BBS), a Lithuania-based developer of banking software.

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Bank of Lithuania position on virtual assets and initial coin offering reflects changing market realities

Bank of Lithuania | Feb. 14, 2019
Taking into account current market developments and evolving regulatory regimes as well as seeking to ensure a level playing field for all financial market participants, the Board of the Bank of Lithuania has updated its position on virtual assets and initial coin offering. The position is intended for existing and potential financial market participants as well as entities intending to organise initial coin offerings or provide the possibility for Lithuanian investors to invest in this product type.  
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Read the position here

Lithuania could be gateway for US LNG to Europe

BNS/TBT | Feb. 12, 2019

Lithuania could serve as a gateway for US liquefied natural gas (LNG) to Europe, Foreign Minister Linas Linkevicius said on Tuesday, noting that Lithuania has already imported two LNG cargoes.    

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Lithuanian Energy looking for partners for offshore wind farm projects

BC, Vilnius | Feb. 12, 2019

Lietuvos Energija, one of the largest state-owned energy companies in the Baltic States, announces international search for a strategic partner to develop offshore wind energy projects. Lithuanian company has initiated an Expression of Interest (EOI) process to select an experienced partner for the development of projects in the European Economic Area, Dominykas Tuckus, a board member at Lietuvos Energija, said in a statement.

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Lithuania attracts London fintech firms as Brexit looms

France 24 | Feb. 12, 2019

Worried over Brexit uncertainty, dozens of fintech companies have applied for licences in Lithuania to secure access to the EU market, the Baltic state's central bank said Tuesday.

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Phase II of the LBChain project: Registration for FinTech companies has started

Bank of Lithuania | Feb. 8, 2019

The Bank of Lithuania starts the second stage of the LBChain project. FinTech companies seeking to develop or test a blockchain-based product together with leading experts are invited to apply for participation by 15 February.

Find out more here

Registration for co-creators of the LBChain platform


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