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  • Lithuanian Energy goes with the wind
    like to acquire at least 50 MW capacity or 10 percent of the market CEO of the state owned energy holding company has said We want to check the market in the near time to issue a call so as to tell the current owners and developers of wind farms that we are interested in acquisitions We want to build a rather substantial portfolio as we believe that this segment fits perfectly well with our existing capacities in The article you requested can be accessed only by subscribing to the online version of The Baltic Times If you are already subscribed to The Baltic Times please authorize yourself Log In In case you don t have a subscription yet please visit our SUBSCRIPTION section Comments Related Articles Lithuania will host innovation experts and creators from around the globe Transport Ministry Sacks Chairman of Latvian Railways Office launch party of Latvian Asian Chamber of commerce Subscribe Advertise Log In Please enter your username and password Forgot your password Login Related Articles Goliath Wind signs 100 million euro deal in India Estonia Merko signs contract on construction of Tallinn tram line extension Russian Roulette the shot of vodka heard round the world Estonia was Europe s biggest exporter of wooden houses in 2014 Subscribe A subscription to The Baltic Times is a cost effective way of staying in touch with the latest Baltic news and views enabling you full access from anywhere with an Internet connection Subscribe Now About The Baltic Times The Baltic Times is an independent monthly newspaper that covers latest political economic business and cultural events in Estonia Latvia and Lithuania Born of a merger between The Baltic Independent and The Baltic Observer in 1996 The Baltic Times continues to bring objective comprehensive and timely information to those with

    Original URL path: http://www.baltictimes.com/lithuanian_energy_goes_with_the_wind/ (2016-02-13)
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  • Estonia’s anti-money laundering laws clamp down on Bitcoin traders
    in their trap There appears to some to be a suspicion towards Bitcoin in Estonia where currently only a handful of retail outlets accept the virtual currency including Tallinn restaurant Sushi Cat De Voogd was asked what changes he felt Estonia should make in order to be more friendly to innovation Right now I care more about what happens in the Netherlands Since this is where my future and that of my family now lies The Dutch state has been mostly neutral and not tried to hamper Bitcoin I d be happy to see it take an openly positive attitude and encourage banks to support Bitcoin startups for instance As for the Estonian government I d advise them to repeal the laws their bureaucrats and courts are using to hamper Bitcoin Those laws were never intended for that they serve no purpose but to hold Estonia back and chase businesses and people out of the country Secondly I d advise them to remove the VAT requirement from Bitcoin I am sure they ve not levied even 1 cent of VAT on Bitcoin because no one is stupid enough to buy Bitcoins with VAT in Estonia when you can buy them in any other EU country without VAT Just as with the law I mentioned above this one also serves no purpose and only chases business out of the country I still hold a little bit of hope that they might come to their senses and change these laws but as I said my future no longer depends on the Estonian government being wise or not and I d certainly not advise anyone to make plans based on possibly false hope of change in Estonia If you do want to go to the Baltics Lithuania would seem a far better choice We asked the Estonian government for a response to de Voogd s points Veronika Mets legal expert of the Entrepreneurship and Accounting Policy Department in the Ministry of Finance began by saying that Bitcoin trading was legal in Estonia It s not forbidden in Estonia but the requirements according to the Money Laundering and Terrorist Financing Prevention Act must be applied in certain cases For example today we can say that the Estonian approach is not unique in respect of requiring a licence when bitcoins are being offered as the main economic activity A similar requirement exists already in a number of countries including the United States Mets also confirmed that Estonia has participated in a number of international discussions regarding Bitcoin trading through bodies like the Financial Action Task Force FATF who published guidelines recently on the topic The guidance confirms our understanding that cryptocurrencies do pose a risk of money laundering and terrorism financing and countries must regulate accordingly Having no proper measures to combat the relevant threats and risks is definitely not a solution for countries according to the guidance Mets also had comments on de Voogd s forthright public and court statements With respect to Otto

    Original URL path: http://www.baltictimes.com/estonia___s_anti-money_laundering_laws_clamp_down_on_bitcoin_traders/ (2016-02-13)
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  • Swedbank: consumer purchasing power in Estonia to rise significantly
    power came as a result of a decline in labour taxes and a general small rise in prices He added in the first quarter of 2015 the real net wage growth reached seven percent The increase in wage level has also been assisted by the Estonian state s measures minimum wage has been increased to 390 euros per month as have public sector wages and an increased number of social benefits Elmik believes higher consumption is strong support to Estonia s economic growth at a time when exports and investments are increasing gradually in the first quarter of 2015 the volume of retail sales rose by eight percent compared to the same period in 2014 Swedbank also estimated the 4 5 percent slowdown in the growth of gross wages during the first quarter of 2015 was in line with its predictions Comments Related Articles Lithuania will host innovation experts and creators from around the globe Transport Ministry Sacks Chairman of Latvian Railways Office launch party of Latvian Asian Chamber of commerce Subscribe Advertise Log In Please enter your username and password Forgot your password Login Related Articles Goliath Wind signs 100 million euro deal in India Estonia Merko signs contract on construction of Tallinn tram line extension Russian Roulette the shot of vodka heard round the world Estonia was Europe s biggest exporter of wooden houses in 2014 Subscribe A subscription to The Baltic Times is a cost effective way of staying in touch with the latest Baltic news and views enabling you full access from anywhere with an Internet connection Subscribe Now About The Baltic Times The Baltic Times is an independent monthly newspaper that covers latest political economic business and cultural events in Estonia Latvia and Lithuania Born of a merger between The Baltic Independent and The Baltic

    Original URL path: http://www.baltictimes.com/swedbank__consumer_purchasing_power_in_estonia_to_rise_significantly/ (2016-02-13)
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  • Russian sanctions hurting Estonian dairy exports
    of the sanctions dairy producers have been forced to find new markets Compared to the first quarter of 2014 the export of non concentrated milk and cream comprised of 18 763 tonnes or one third The main export destinations of milk and cream are Estonia s neighbouring Baltic States Lithuania and Latvia Smaller amounts have been exported to Finland the Netherlands Norway and Russia lactose free cream which is not under sanctions was exported to Russia The fall in exports of non concentrated milk and cream was caused by the decrease in the export of unprocessed or raw milk In the first quarter of 2015 34 888 tonnes of raw milk was exported from Estonia which when compared to the same period of the previous year is a third 17 196 tonnes less Exports of raw milk to Lithuania have significantly fallen from 45 951 tonnes in the first quarter of 2014 to 23 779 tonnes in the first quarter of 2015 Meanwhile raw milk exports to Latvia have increased in the first quarter of 2015 11 109 tonnes of raw milk was exported compared to 6 132 tonnes last year Due to the sanctions imposed by Russia the price of unprocessed milk price exported from Estonia has decreased compared to the same period last year by 40 percent per tonne The sanctions on milk and dairy products were implemented by Russia on August 6 2014 Comments Related Articles Lithuania will host innovation experts and creators from around the globe Transport Ministry Sacks Chairman of Latvian Railways Office launch party of Latvian Asian Chamber of commerce Subscribe Advertise Log In Please enter your username and password Forgot your password Login Related Articles Goliath Wind signs 100 million euro deal in India Estonia Merko signs contract on construction of Tallinn tram

    Original URL path: http://www.baltictimes.com/russian_sanctions_hurting_estonian_dairy_exports/ (2016-02-13)
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  • Latvia fastest-growing Baltic economy over the last year
    was the EU member state registering the largest growth year on year 4 2 percent followed by Hungary 3 1 percent Slovakia 2 9 percent Spain 2 6 percent and Great Britain and the Netherlands both 2 4 percent The only country registering a reduction in GDP was Finland of 0 1 percent In Italy there was no change during the period The size of the EU s economy increased by 1 4 percent in the first quarter of the year compared to the same quarter last year while the Eurozone s GDP rose by one percent When compared to the fourth quarter of 2014 both the EU and the Eurozone saw a 0 4 percent increase in GDP Latvia s economic growth compared to the previous quarter was at 0 4 percent which is the eighth fastest growth rate in the EU Both Estonia and Lithuania posted a reduction in economic growth quarter on quarter by 0 3 percent and 0 6 percent respectively The largest quarter on quarter growth in the EU was registered in Cyprus and Romania 1 6 percent Bulgaria and Spain by 0 9 percent as well as France and Hungary by 0 6 percent Comments Related Articles Lithuania will host innovation experts and creators from around the globe Transport Ministry Sacks Chairman of Latvian Railways Office launch party of Latvian Asian Chamber of commerce Subscribe Advertise Log In Please enter your username and password Forgot your password Login Related Articles Goliath Wind signs 100 million euro deal in India Estonia Merko signs contract on construction of Tallinn tram line extension Russian Roulette the shot of vodka heard round the world Estonia was Europe s biggest exporter of wooden houses in 2014 Subscribe A subscription to The Baltic Times is a cost effective way of

    Original URL path: http://www.baltictimes.com/latvia_s_first-quarter_growth_outpaces_estonia_and_lithuania/ (2016-02-13)
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  • JCI gives young Baltic entrepreneurs a spring in their step
    this keynote speaker brought Does sustainability negatively impact profit Johanna Lundan from Finland made a very clear point that sustainability adds to profit Janis Palkavnieks from Draugiems took humanity and how it can be used to gain profit as his theme He noted that the population of Latvia is declining as young people seek better positions elsewhere but added that by embracing new styles of leadership the country could offer quality employment and a high standard of living for young people The final English training session was led by RISEBA s Vladimir Ivanov The delegates would understand and use his Agile scrum methods and come together in 45 minutes as a team to produce a book He succeeded and Ieva Lukina the General Secretary JCI Latvia was stunned when in her hand and surrounded by people from three countries speaking four languages she held the promised publication Margaretha Eriksson a Senator from Sweden working in international telecommunications was highly impressed I never knew I had been using some of Vladimir s methods before I recognised some of the techniques but with some twists I can improve and do my work better I hope that everyone will experiment with the method and do future work in a more lean and agile way Ivanovs said afterwards Lukina remarked that JCI gives young people opportunities for individual growth contact and a platform to meet mentors sponsors and trainers The Agile training application is a prime example The training has reinforced my motivation to improve myself JCI is the best platform for this Uniformly delegates praised the event and JCI s aims and methods Diana Berge said before the opening that I want to visit as many training sessions as possible today as the speakers are excellent Having been a member for only 6 months she was amazed at the value for money Gitis JCI Lithuania wanted to acquire business communication skills He attended the China and Russia workshops believing it was an area that was of growing interest to the Baltic States I have started learning Russian he said Konstantin Abramov JCI Russia delivered an inter personal communications training session A Latvian aficionado he was meeting old friends and said that whatever the language JCI brought people together and that through communication we can make the world better and give the young an opportunity Delivering a very evocative session he urged people to use every second use every minute respect the people you meet as if every day is your last and you would go far Marius Norway had this thought for younger people train your personal skills network but remember to create a safe environment A Gala evening meal with entertainment provided by Big Al The Jokers finished the event it was to be introduced by Maris Krastins just 3 years with JCI and only 21 years old This young man standing in front of 174 delegates and hosted the night What had JCI done for him It has helped me to

    Original URL path: http://www.baltictimes.com/jci_gives_young_baltic_entrepreneurs_a_spring_in_their_step/ (2016-02-13)
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  • Citadele bank privatisation milestone in Latvia's recovery: EBRD vice-president
    provide the funds needed to grow businesses especially in the small and medium sized enterprise sector where Citadele excels says Bennett EBRD welcomes the closing of the agreement to privatize Latvia s Citadele Bank As of April 20 Citadele is majority owned by a group of international investors led by the U S investment firm Ripplewood Holdings and Tim Collins founder and CEO of Ripplewood The EBRD which became a shareholder in the predecessor to Citadele in 2009 has agreed to retain a 25 percent stake alongside the Ripplewood led investors The remaining 75 percent had formerly been owned by the Republic of Latvia Following a comprehensive and multi tiered bidding process in accordance with international standards and EU requirements the government of Latvia decided in September 2014 to sell its majority stake in Citadele to a group of investors led by Ripplewood A purchase agreement was subsequently signed between the Latvian Privatisation Agency and the buyer The final agreement has now come into force with today s closing The EBRD joined the efforts of the international community to mitigate the severe impact of the global financial crisis on Latvia becoming a shareholder in Parex bank at that time the country s second largest lender in September 2009 After a successful restructuring the institution was split in August 2010 into Citadele which was prepared for privatisation and Reverta which manages the troubled assets Comments Related Articles Lithuania will host innovation experts and creators from around the globe Transport Ministry Sacks Chairman of Latvian Railways Office launch party of Latvian Asian Chamber of commerce Subscribe Advertise Log In Please enter your username and password Forgot your password Login Related Articles Goliath Wind signs 100 million euro deal in India Estonia Merko signs contract on construction of Tallinn tram line extension Russian

    Original URL path: http://www.baltictimes.com/citadele_bank_privatisation_milestone_in_latvia_s_recovery__ebrd_vice-president/ (2016-02-13)
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  • Three oligarchs sell half of Latvian transport company to Russian Railways
    transport towards Europe it formed a joint venture in Latvia Euro Rail Trans The company s board members are Ainārs Šlesers and Vladimirs Antjufejevs but the Chairman of the Board is Aleksandrs Berezins The owner of RŽD Logistics is the Joint Transport Logistics Company whereas the largest shareholders are Russian Railways 74 Kazakhstan Railways 21 and Belarusian Railway 5 According to data from Lursoft the transaction took place on 25 March this year SIA Locomotive Traction Operator the sole owner up till now and new owner RZDL Multimodial now each hold 50 of the company s shares Up to the beginning of this year LNT belonged to several Rīgas tirdzniecības ostas Riga Commercial Port companies LNT ownership structure is branched However it may be concluded that 10 of shares of Locomotive Traction Operator belong to Ivars Sormulis and 10 to Elena Volkova The remaining 80 are controlled by Latvijas transporta grupa the controlling interest of which is owned by Šķēles and Šlesers joint company SIA Regma 101 Šlesers has previously mentioned in an interview that it is his and Šķēles joint venture although officially the company belongs to the Šlesers and Šķēles families 60 belongs to the Šlesers family estate s holding company Regma 100 and 40 belongs to Inpo 21 which is one of the Skeles family s investment projects Private Asset Management which is one of the Šķēles family s Privāto aktīvu pārvaldes Private asset management investment projects As reported another similar transaction took place in March when Šlesers purchased a third of Šķēle owned AS Liepājas autobusu parks majority shareholder SIA LAP1R Translated from the original report from Delfi by Monika Hanley Comments Related Articles Lithuania will host innovation experts and creators from around the globe Transport Ministry Sacks Chairman of Latvian Railways Office launch party of

    Original URL path: http://www.baltictimes.com/three_oligarchs_sell_half_of_latvian_transport_company_to_russian_railways/ (2016-02-13)
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