Summed up

1998-07-16

LATVIAN PORT COMPLETES SOUTHERN PIER: Latvia's port of Skulte has completed construction of its southern pier, according to Administrator Ivars Bergmanis, and will now conduct dredging works. The southern pier will be formally opened late in July or early in August, Bergmanis said. The port of Skulte is one of the seven small ports of Latvia. It reloaded 36,000 tons of cargo during the first half year of 1998. Latvia's small ports in total reloaded 211,500 tons of cargo during the first five months of 1998. (BNS)

NO INFLATION FOR LITHUANIA: For the first time this year, Lithuania registered a month with no inflation. Prices of consumer goods and services dropped by 0.5 percent in June compared to May, according to Lithuanian statistics department data. Since the start of the year, the Lithuanian CPI rose by 2.6 percent. In June, Lithuania registered 1.6 percent lower foodstuffs and soft drinks prices, 1.1 percent drop in leisure and cultural expenses compared to May. Communications services last month rose by 1.5 percent, while prices of alcoholic drinks and tobacco registered one percent growth compared to May. (ELTA)

FORMER GRINDEX DIRECTOR OFF TO TALLINN: The council of Tallinn Pharmaceuticals Plant (Farmaatsiatehas) appointed July 9 Valdis Jakobsons, director general of the Latvian pharmaceuticals company Grindex, chairman. Grindex, the leading Latvian pharmaceuticals company, has taken a 55 percent stake in FARMA. The council of FARMA also elected Andres Toome as its member. Toome heads the investment arm of Estonian Investment Bank that is the controlling stockholder of Grindex. Toome also belongs to the council of Grindex. Jakobsons, new chairman of the council of FARMA, graduated as economy major from Latvia University and he has been the director general of Grindex since 1991. (ETA)

INSURANCE COMPANY HAS TOUGH FIRST HALF: Expenditures in the first half of the year for the Lithuanian social insurance fund, SoDra, exceeded its revenues by about 70 million litas ($17.5 million), the fund board vice chairwoman Ceslava Zabuliene reported. The social insurance fund first quarter deficit stood at 90 million litas. Larger fund income in June assured that pensions and social benefits last month were paid on time, however, the fund still owed 40 million litas to banks, about 12 million litas to the labor exchange employment fund and about 7 million litas to the sick fund. (ELTA)

SAKU TAKES HOME FIRST PLACE AT BEER AWARDS: Saku Originaal, the most popular brand of beer in Estonia, won a gold medal in the international beer competition Riga Beer '98. The competition was attended by 29 brands of beer from Estonia, Latvia, Lithuania, Norway, Hungary and Great Britain. All brands were divided into five categories according to their color and alcohol content. Saku Originaal won the gold medal in the category of light beers and it was the most favored brand in the competition, gathering 22 points out of 25 points possible. A jury consisting of beer experts from seven countries, needed two rounds to give their approval to the brands. (ETA)

ASSETS INCREASE FOR LATVIAN BUSINESS BANK: Latvian Business Bank assets totaled 4,631,000 lats ($7.4 million) as of June 30, up from 4,610,000 lats in May, according to the bank's monthly balance sheet. Latvian Business Bank equity and reserves totaled 2.8 million lats. The bank provided no information on its earnings. Latvian Business Bank is ranked 31st in assets among commercial banks in Latvia. (LETA)

BEER CONSUMPTION ON THE RISE: The largest Lithuanian breweries in the first half of this year sold 7.08 million decaliters of beer, or 21 percent more than during the same period last year, according to the Lithuanian Brewers Association. During the first six months of this year, the largest Lithuanian beer producer, Kalnapilis Brewery, saw sales soar by 49.5 percent compared to the first half of 1997 and stood at 2.06 million decaliters. First half-year beer sales of the second-largest brewery, Lithuanian Svyturys, rose by 28.2 percent to 1.6 million decaliters. (ELTA)

UNITED DAIRIES WATCHES PROFITS DWINDLE: United Dairies, the largest dairy concern in Estonia, has postponed several projects as its profits dwindled, Estonian newspapers reported last week. The previously profitable concern is now operating at zero profit as export prices slumped and dairy products became cheaper in main export markets. As a result, United Dairies has reviewed its budget and postponed several expansion projects. One of the main postponements was the construction of its own plant in Ukraine and several other yet-to-be revealed projects have been postponed by one year. United Dairies earns 95 percent of its profit on export. (ETA)