News & Views  

Who has more money?
Money turnover rate in the Baltic States doubles that of the developed countries.  

Where should the railways turn to...
The national economy's blood transferring system, i.e. the railway system, is functioning in the Baltic region for already more than a century.   

Finartis Casts Off from Muuga Port
Finartis Moscow, a leading Russian investment firm, has opted to sell its stake in Dry Bulk Terminal (DBT), located in Tallinn’s port of Muuga.  

New nuclear power station in Lithuania:  dreams and realities
Closing Ignalina nuclear power station (INPS) whose first power unit should be closed in 2005, and the second – in 2009, makes supporters of atomic energy in Lithuania to seek both political possibilities and technical solutions  

Always on the move 
Riga Managers School (RMS) implements a project “The Perspectives of Wind Energy Development in Latvia” within the framework of the EU PHARE programme. RMS’ senior consultant Alexandr Gamaleyev (BC) is reporting on this project.  

To understand, to accept and to make the whole process automatic
With the Baltic States about to join the EU, Enterprise Resource Planning (ERP) systems are becoming a standard tool in manufacturing and trade management. Introduction of the Western management traditions helps companies to increase competitiveness. The following article is the first one by the BC aimed to analyse the Baltic ERP’s market.  

The Magnificent Ten
According to the list of 50 richest people in the Baltic drawn by The Baltic Times newspaper, five out of ten most wealthy people in the Baltic States originated in Latvia. Anyway, so far there aren’t any billionaires in the three Baltic States.  

Turning point in standard-design residential market
Apartment houses marketing situation has leveled out in 2003 in the three Baltic States – in Latvia, Lithuania and Estonia.   

“We are partners, not just family’s junior brothers and sisters”
Lithuanian Ambassador Petras Austrevicius during last six years was Lithuania’s chief coordinator in the country’s negotiations with the Commission and main person behind Lithuanian's EU policy formation. In an exclusive BC interview, he provides interesting insights on the Union with 25 members of which Lithuania is going to be an integral part, and on Lithuanian foreign policy in this regard.  

European-style stock market in Latvia
Rules of the game on Latvian stock market have changed as of January 1, 2004, as the existing law on securities was replaced by a new law on financial instruments.  

Baltic oil: down-to-earth reality
Deep sea, off-shore and other remote geological undergrounds in the Baltic area can attract developers’ attention only in great need... or wanting to skim the cream.  

North Sea Oil: challenges and profits
 The year 2004 started for oil extractors in northern Europe with good news, i.e. the price for crude oil has been at the level of 28 USD per barrel. For oil producers in the North Sea it’s going to be even higher: because of transportation additional costs, the price of oil is around 30-31 USD per barrel. With these high profits for oil businesses, some governments would like to check existing situation in oil and gas agreements, e.g. Danish government started to re-examine exiting accord with its main contractor, i.e. A.P.Moller-Maersk AS company involved in oil and gas extraction  

Lithuanians capture the market fed up with wars
Following the Kaunas UBIG company from many Lithuanian businessmen settle into Bosnia and Hercogovina.  

EU Economic policy in view of the new Draft Constitution
Our magazine has already twice published short comments on the new constitutional draft (See our Summer Nr. 10 and Autumn Nr. 11 issues).  

Andrei Illarionov: “Russia may be facing economic blackout”
Professor Andrei Illarionov, Russian Institute of Economic Analysis’ director is a civil servant rarely found in any country: he always has his own opinion and has consistently defended it for years. His opinion is not a decoration one brings out for the election campaign; it’s not a party membership badge or a product or tool of lobbyist actions. His point of view has been evolving and keeps evolving through years of hard work and by enormous effort of a person, who treats his country with full responsibility and believes that the only way one shows his respect to others is by not lying to them. Western experts think that Russian President is very lucky to have such a chief economic adviser.   

Cherished images of history
It’s always good to know neighbors’ history, in particular, if neighbors have common routs in historic development and cultural traditions. One has to acknowledge such factors as a “complex historical destiny”, on the one side, with contradictions and clashes between Eastern (Oriental) and Western (European) cultures and their consequential influence for the Baltic States’ development, on the other.   

Lattelekom throughout the Baltics: no other evidence but real customers
Year 2003 has been of a special importance in Lattelekom’s operations. With the end of monopoly, at the beginning of the year we could only try and guess how successful the company would be in retaining its position in the fixed telecommunications service market in Latvia and how severe the competition would be.