Baltic States

US sanctions cause a storm in Latvia’s ports

Wojciech Kosc in Warsaw December 11, 2019

The Latvian government hastily decided to take over control of the country’s two largest ports in Riga and Ventspils after the US imposed sanctions on leading local businessman Aivars Lembergs.

Lithuanian PPI deflation eases in November

bne IntelliNews December 10, 2019

The indicator’s fall eased from a decline of 4.5% y/y in September but still marked the sixth straight month of PPI deflation.

Estonia and Latvia mull 1 GW offshore wind project

bne IntelliNews December 10, 2019

Offshore wind farm to add to low-carbon energy sources in the Estonian and Latvian energy mixes, in line with the EU’s climate goals. Estonia’s electricity production currently relies on burning oil shale and is among the dirtiest in Europe.

Estonian anti-money-laundering startup Salv secures seed funding

bne IntelliNews December 9, 2019

Salv's ambition to tackle financial crime should resonate well in Estonia and in the Baltic region, where a number of banks have been embroiled in money laundering scandals.

Estonia’s “secret career app” MeetFrank raises funds for international expansion

bne IntelliNews December 8, 2019

Latest round of venture capital funding for startup that aims to internationalise job searches comes amid further tightening of labour markets across CEE.

Erdogan backs off threat to veto Nato defence plan for Poland, Baltics

bne IntelliNews December 4, 2019

Military bloc’s leaders don’t discuss Turkish leader’s demand for classification of Kurdish militia as “terrorist”. Communique describing “a forward-looking reflection process” appears to give strongman way out of dispute.

Estonia’s Coop Pank raises €37.9mn in IPO on local exchange

bne IntelliNews December 3, 2019

Coop Bank sells 71% of offered shares as retail investors help get IPO away despite disappointing response from institutional amid flood of negative news stories on Baltic banking sector.

Estonian GDP growth rate accelerates to 4.2% y/y in Q3

bne IntelliNews December 1, 2019

The pick-up in economic expansion in the third quarter arrived on the back of investment growing 8.1% y/y.

Used clothing marketplace Vinted becomes Lithuania's first ever $1bn tech unicorn

Clare Nuttall in Glasgow November 28, 2019

Lithuania-based Vinted has raised €128mn in its latest funding round, which values the company at over $1bn making it Lithuania's first ever tech unicorn.