Latvian cosmetic and household product retailer Drogas, whose fourth Watsons store opened in Estonia on May 11, is set to expand to other Estonian cities by investing some 2.3 million lats (3.2 million euros) over the next couple of years. There are currently 106 Drogas stores in the Baltics, and the company is planning to open 20 more this year. Sales are projected to increase 25 percent. In 2005, Drogas posted 40.9 million lats in sales, a 28 percent rise year-on-year.
The Latvian Finance and Capital Markets Commission decided to fine Latvijas Gaze, a natural gas utility, 5,000 lats (7,114 euros) for their late un-audited annual report to the Riga Stock Exchange. Commission spokeswoman Ieva Upleja said the annual report should have been submitted to the stock exchange within two months after the reporting period. The commission will impose a fine and has instructed the company to submit the un-audited report to the stock exchange immediately.
Lithuanian Web site developer Gaumina won a contract from FIBA Europe to create the graphic design for a new Web site of the International Basketball Federation. Gaumina, which outbid four other companies, said it signed a contract with FIBA Europe on May 10. It did not disclose the value of the contract. "Lithuanians can score victories not only on Europe's basketball courts, but also in new technology competitions," said Sarunas Marciulionis, a member of the FIBA Europe board who intends to take the post of head of the federation. FIBA Europe may invite Gaumina to participate in other projects if it successfully completes the Web site project.