Gene Zolotarev on how to destabilize the EU financial system and re-draw the map of Europe in three easy steps

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Company briefs - 2007-08-29

Aug 29, 2007

Tele2, one of Latvia's three mobile operators in the GSM standard, posted the largest profit in Latvia in 2006. According to the Latvian Business Register, Tele2 Holdings earned 68.6 million lats (97.7 million euros) in profit last yer, surpassing the 2005 leader, Latvijas Mobilais Telefons (LMT), which in 2006 posted earnings of 60.7 million lats.

EasyJet announced it may raise the frequency of flights to and from Tallinn next year. Indrek Raudjalg told the Baltic News Service that the frequency of flights could be raised this coming winter, though commercial director John A. Kohlsaat told the Baltic News Service that plans were still unclear. "We're now working out the timetables for next summer. Balance is important for us in terms of Tallinn-based flights. On the Berlin route the load factor from Germany to Estonia is 70 percent, while on the flight from Tallinn the load factor is 40 percent, and this is a good balance," Kohlsaat said.

A Kaunas court opened bankruptcy proceedings against Alytus Textile, the state-owned textile manufacturer. The court appointed a new bankruptcy administrator and set a 40-day deadline for creditors to file their claims. The company's debts are believed to amount to over 40 million litas (11.6 million euros). The company, which was privatized but later transferred to state hands after an investor failed to meet contractual demands, filed for bankruptcy this summer.

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