Company briefs - 2009-06-18

Jun 18, 2009

The company Capital Department Store (CDS) plans to open an outlet of the second largest chain of British department stores Debenhams in Riga by 2010, Biznes&Baltija reports. CDS is headed by the notorious Grigorijs Rabinovics, who is involved in a number of trial proceedings. Last year CDS obtained a license valid for 10 years for developing the Debenhams brand in the Baltic States. The Debenhams chain is based in the U.K. and Ireland, where it operates 153 department stores stocking clothes, cosmetics and house ware.

Riga Port will be moved from downtown Riga to Krievu Island, with Riga City Council signing off on the necessary infrastructure development measures on June 16. It is planned that seven wharves will be built in Krievu Island where ships with tonnage of up to 1,350 tons could be unloaded. Up to 22 million tons of cargo will be handled each year within the new territory, including about 12 million tons of coal. A planned railroad station on the island will be able to load and unload up to 600 cars per day, or 13 million tons of cargo a year. The Environment State Bureau has determined the project will significantly help to improve the environmental conditions in downtown Riga without causing major disturbance to residents in the vicinity of the area.

Estonia's largest oil shale processing company Viru Keemia Grupp (VKG) says it will be forced to halt its factory operations should the Coalition and Green Party of Estonia go ahead with plans to double environmental taxes. The company said the increased expenses due to higher taxes would drive production levels into losses. "Currently we don't have room or resources for political experiments. Mistakes done today, will cost twice as much in the future and will lead to social catastrophe in the region," Priit Rohumaa, the company's CEO said.

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