Posts published in Day: May 4, 2021

Wood processing plant explosion injures eight in Lithuania (VIDEO)

Tuesday, May 4, 2021

An explosion at a wood processing facility in the Lithuanian seaport of Klaipeda injured eight people on May 3. A building collapsed during the incident and 28 people were evacuated from the Vakaru Medienos Grupe (VMG) facility. The Klaipeda fire department told Lithuanian news site Delfi.en that all eight injured people had been taken to hospital. Firefighters attended the scene after report of a fire at around 12:30 local time.…

Poland’s Constitution under siege

By Judy Dempsey on Tuesday, May 4, 2021

Poland and the EU are locked in a bitter battle over the rule of law. At stake is something so fundamental to both sides: the meaning and exercise of sovereignty. It was a remarkable document for its time. 230 years ago, the Polish-Lithuanian Sejm rushed through a hastily drawn-up bill. It was radical in its content, political in its goal, and emotional in its execution. The bill in question was…

Tallinn tourism service providers join Goodwill Agreement

Tuesday, May 4, 2021

Tourism service providers in Tallinn can now join a Goodwill Agreement to show they are following coronavirus safety guidelines and can provide guests with a safe experience. The agreement confirms the provider is following the rules issued by the Health Board and promises to inform guests about the rules they must follow themselves. Providers of tourism services who have signed the Goodwill Agreement are classified on the websites visitestonia.com and…

Eesti Energia reports Q1 net profits of €26.5 million

Tuesday, May 4, 2021

State-owned energy firm Eesti Energia’s sales revenue has reported a first quarter 2021 (Q1 2021) sales revenue increase of one third, year-on-year, to €297.3 million. Net profit in Q1 2021 stood at €26.5 million, the company says, compared with losses of over €2 million in Q1 2020. At the same time, Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 46 percent, to €72.4 million, on year. Andri Avila,…

SEB forecasts 4.5 percent economic growth for Estonia for 2022

Tuesday, May 4, 2021

The economy has adapted to the coronavirus, therefore there’s no reason to be too pessimistic about economic growth, and SEB expects the Estonian economy to grow 3.3 percent in 2021 and 4.5 percent in 2022, Mihkel Nestor, economic analyst at SEB, said on Tuesday. As recently as in January this year, the bank predicted Estonia’s gross domestic product to grow 3.5 percent in 2022. Nestor noted in a press release…

Lithuanian public debt is at record highs

Tuesday, May 4, 2021

Lithuania has never before had so much debt. In a few years’ time, several billion more will lie on the shoulders of the state. During the last pandemic year, according to preliminary data, public debt increased by 5.5 billion to more than 23 billion euros. And in the next few years, it is expected to grow at a similar rate, reaching over 29 billion euros in 2023. This makes us…

Bankruptcy of JSC Baltic Defence Industries in Lithuania

By Donatas PALAVENIS on Tuesday, May 4, 2021

The Lithuanian defence industry is quite small and produces mostly tier 2 and tier 3 type products. Most of the production goes for export, which comprises around one percent of all the state export. Two years ago a new player “NBC Security Inc”, registered in the US, established a subsidiary in Lithuania – Joint Stock Company (JSC), “Baltic Defence Industries”, which has provided some expectations in improving the indigenous defence…

Launchpad Capital to invest $35 million in Lithuanian fintechs

Tuesday, May 4, 2021

Launchpad Capital, a new early-stage venture capital firm led by long-time San Francisco-based fintech investor and entrepreneur Ryan Gilbert, has raised $35 million to support early stage Lithuanian startups targeting North America. The firm plans to make five early-stage investments in 2021 ranging in size from $100,000 to $2 million and has appointed former Invest Lithuania fintech advisor Dominykas Stankevičius as its lead investment associate in the Baltic region, based…

Estonia: Unemployment Fund pays out €27 million in wage compensation in April

Tuesday, May 4, 2021

The Unemployment Insurance Fund (Töötukassa) paid out nearly €27 million in wage support during April. Additionally, the number of registered unemployed decreased in Estonia last month. Tentative figures show the rate of unemployment at the end of the month was 8.6 percent and people registered as unemployed with the Unemployment Insurance Fund numbered approximately 56,100. At the end of March, the number was nearing 57,500. The registered unemployment rate continues…

Survey: Families in Tallinn need €1,063 minimum income each month

Tuesday, May 4, 2021

A family of four in Tallinn needs a minimum income of €1,063 a month to sustain itself, which is more than in Riga or in Vilnius, a survey by the Swedbank Institute for Finances found. Of the Baltic capitals, families living in Tallinn have the highest incomes and more money left over after paying mandatory expenses. An analysis based on household models showed the monthly costs for food, housing and…