Mar 10, 2010 - Merko in a buying mood...
TALLINN - Merko Ehitus, the largest listed Baltic construction company, has its “eyes open” for acquisitions in neighboring Latvia and Lithuania, where companies are suffering from a steep regional slump, says Chief Executive Officer Tiit Roben, reports Bloomberg. Tallinn, Estonia-based Merko, which earned more than 90 percent of 2009 revenue from building projects, also wants to bo...
Mar 10, 2010 - Latvia on the laundry list...
RIGA - A report by the U.S. Department of State includes Latvia among a list of 60 countries in which money laundering took place last year, reports news agency LETA. The report says that the largest source of money laundered in Latvia is tax evasion and fraud, some of which appears to originate “from outside of the country.” Other sources include financial fraud, smuggling, and pub...
Mar 04, 2010 - Former owners unhappy with bank plan...
RIGA - Former Parex bank owners Viktors Krasovickis and Valerijs Kargins are ready to renew the bank’s normal activity in one year, stressed Krasovickis in an interview with the daily Telegraf. “Parex bank should be effectively put in order in a short period of time, and not pulled apart through restructuring. The [economic] situation will improve and the bank could return the money...
Mar 03, 2010 - One-stop solution for IT services...
VILNIUS - Baltic Data Center, a leader in the management of data centers and information systems in the Baltic States and a part of the Lithuanian-based TEO group, will provide IT Desk services to three companies in the Carlsberg Group stable - Svyturys-Utenos Alus in Lithuania, Aldaris in Latvia and Saku in Estonia, reports news agency LETA. IT Service Desk consultants will provide support ser...
Feb 24, 2010 - Bank losses expected to drop this year...
RIGA - Swedish banks - especially Swedbank and SEB - have paid a heavy price for lending to the Baltic region during years of red-hot growth, reports The Swedish Wire. Last year Swedbank, SEB and Nordea had losses in total worth 2.6 billion euros related to bad loans in the Baltics.
Economists say the worst may be over for the Baltics and banks expect the economic situation to stabilize as...