Editor's note  

News & Views  

Who deserves credit for strong Latvian lat, Lithuanian litas and Estonian kroon?
As it used to be the previous years, the balance-of-payment deficit in the Baltic states has had almost no effect on the Baltic national currencies’ exchange rates.   

The Baltic way to a “European Road”
The Baltic motorways and bridges have groaned under excessive traffic burden; they wear out in need of urgent repair and reconstruction that on turn demand constant investments, i.e. a lot of money. To rely on the EU funds seems quite unreasonable, any Euro funds from EU would be directed to another transport project in the region – Via Baltica.  

Container transport and globalization
The Baltic states joining the European Union, globalization issues as well as concentration and integration of container transportation, all that has already caused increasing fears among people involved in the business. The prevailing threat is such that changes in the “rules of the game” would affect both the participants of the market and mainly cargo owners. What are experts’ predictions as to the tendencies in the transport service sector’s development?  

The Earth’s heat to warm pavements 
Lithuania is the only Baltic State which uses Earth’s geothermal energy for consumption, thus following Iceland example, the world acknowledged leader in the “green” thermo-energy usage  

Non-residents’ attack
The unique situation in the Baltic states’ banking sector is such that more than a half of all depositors of the Latvian banks are traditionally non-residents.  

We look now in the direction of Japan
This year, the trademark Parex becomes 15 years old. Not so long ago, the company Parex Asset Management entered the list of the largest asset managers working in Europe.  

European money for our roads
A true transport revolution awaits future EU member states in the next three years. The BC discussed the issue with Lithuanian Deputy-Minister for Transport and Communications Valerijus Ponomariovas.  

A Trend for Three Participants
The year 2003 was full of hopes to bring long-awaited activity for Baltic states’ real estate owners.  The numbers of big deals in real estate market have already increased  considerably, especially in Riga and Vilnius.  

An art of catching a dark cat in a dark room  

Constitution for Europe, Part II
We continue to publish most important articles new EU Constitutional draft with our short commentaries (previous part I is in BC’s summer issue No 10, 2003, pp.38–41). We hope that our readers can find the Draft Constitution in the net, as we are not able to cover all aspects of the Draft in our magazine. But we intend to inform top managers and business leaders about the consequences of the new Constitution on undertakings and member states.  

Failure of Fortum: when politics lead economy 
Autumn 2003 has brought the most significant news for the Finnish economy for years: energy giant Fortum has decided to de-fragment itself, with a separately new company Fortum Oil that will concentrate its business exclusively on oil.  

Slovakia: part of Europe worth seeing
The Slovak Republic Embassy in the Baltic states situated in Latvian capital city has already been working for more than three years. During that time a trade turnover with the Baltic countries has doubled.  

Kobilzhon Nazarov: “It’s a pleasure to work with such partners”
Kobilzhon Nazarov, the Republic of Uzbekistan Extraordinary and Plenipotentiary Ambassador to the Baltic states, in an exclusive interview to BC expressed an opinion that existing amount and structure of trade with Latvia, Lithuania and Estonia is not adequate to these countries’ great potentials.  

Approximations of White 
The paintings of Michael Rogatchi, artist from Finland, are due to be exhibited in Lithuania later this autumn. The works are truly amazing because of its’ warmth, unparalleled combination of the paintings’ closeness to reality and the stunning romanticism at the same time.  

Business without borders
Maston Toshov, MAM Financial Resources  and Avisto Ltd., general director . He is quite certain that he can be of use to his country and his people.   

Lattelekom – your partner in the Baltic states
Lattelekom is the largest telecommunications company in Latvia. It was established on January 14, 1994, upon signing of the Umbrella Agreement between the Latvian Government and the international telecommunications consortium TILTS Communications. 51% of capital shares of Lattelekom are owned by the Latvian State, and 49% – by TILTS Communications.