Posts tagged as company

Latvian railway company will need state support until 2025

Monday, September 21, 2020

Latvijas Dzelzcels (LDz) railway company will need financial support from the state until 2025, said LDz board chairman Maris Kleinbergs. The government this year decided to invest EUR 32.422 million in LDz share capital and it was necessary for the company to complete the started investment projects, he said. “After analysis of the third quarter results, we will be able to tell whether and how much funding is needed this…

Tet sells subsidiary to Estonian software company

Monday, August 3, 2020

Latvian IT company Tet (formerly known as Lattelecom and before that Lattelekom) anounced August 3 it had decided to sell its ‘T2T’ subsidiary  to the Helmes international software company from Estonia. The deal was concluded on August 3 for an undisclosed amount. “The main strategic plan of Tet in the coming years is to develop its main operating activities and its complementary services, implement an extensive digital transformation process and invest in emerging…

Latvian company develops virtual COVID-19 training for medics

Friday, May 15, 2020

The Latvian company Exonicus has recently developed a virtual scenario for medics to help with reducing spread of COVID-19, said chief executive Jānis Kondrāts to Latvian Radio on May 15. The company develops trauma simulations in virtual environment for training of military medics. However, with the spread of COVID-19, another scenario has been created to help medics prepare correctly before contact with the patient. “Last year, we received a grant…

Latvian company AirDog purchased by US technology giant

Friday, May 15, 2020

A Latvian start-up company, unmanned aircraft manufacturer AirDog, has been purchased by one of the largest developers of smart home solutions in the US, Alarm.com, said the start-up representatives on May 15. Alarm.com develops advanced technology that help millions of people in 40 countries manage and protect their homes and businesses. With the acquisition of AirDog, the NASDAQ listed company intends to promote research and development of  Alarm.com robotics for smart…

Construction company’s Lithuanian dealings under investigation

Wednesday, April 29, 2020

The State Revenue Service (VID) has begun investigating Binders road construction company’s transactions with a little-known Lithuanian company owned by a Latvian hotelier who went bankrupt 20 years ago, based on information gathered by the Financial Intelligence Unit (FID), according to Latvian Television’s “De facto” broadcast on April 26. Binders is one of the key players in Latvian road construction. The company has allegedly attracted the attention of VID’s Tax…

Poland fines French company over Nord Stream 2

Wednesday, November 13, 2019

The Polish Office of Competition and Consumer Protection (UOKiK), the country’s anti-monopoly body, has fined French  energy   company Engie over 40 million euros for failing to provide information regarding its involvement in Russia’s Nord Stream 2 gas pipeline. The fine was announced on November 8 based on the results of a UOKiK investigation launched in April 2018 against Russian energy giant Gazprom and the five other shareholders in the…

Lithuanian police detain ex-executive of Ukraine’s state company, suspected of corruption

Friday, November 1, 2019

Lithuania’s police detained the former board chairman of Ukraine’s State Food and Grains Corporation earlier this week in Vilnius, suspected of large-scale corruption in his country, law enforcement reported on Thursday. “I can confirm he was detained at the beginning of this week,” Ramunas Matonis, spokesman for Lithuania’s police, told BNS Lithuania on Thursday. The National Anti-Corruption Bureau of Ukraine (NABU), which reported on the arrest on Thursday, did not…

$5 billion fine doesn’t mark the end of Facebook’s troubles

Thursday, July 25, 2019

Facebook will pay a $5 billion fine for privacy violations and will be subject to broader oversight, but ongoing probes in Europe and the U.S. could present even bigger headaches for the company. The FTC fine is by far the largest the agency has levied on a technology company. The settlement also comes with restrictions and government oversight. Facebook for a decade had largely been trusted to regulate itself and keep its…

Defense Ministry has approached 12 countries regarding armored vehicles procurement

Monday, July 15, 2019

The Defense Ministry has approached 12 countries as potential suppliers of armored vehicles to the Latvian military as part of a major procurement, LETA was told at the ministry. The Defense Ministry has conducted research to determine which partner countries would be ready to supply the vehicle platforms for the National Armed Forces’ operational needs. In all, 12 countries have been offered to submit their bids in the tender, the…

Corruption watchdog officer interviewed LU vice-rector following some person’s request

Thursday, July 11, 2019

University of Latvia vice-rector and Riga City Council deputy Baiba Broka, who was detained on Monday, 8 July, and then subsequently released from custody is fully prepared to cooperate with Corruption Prevention and Combating Bureau (KNAB) in the investigation of the criminal case regarding the EUR 20 000 bribe. The suspended vice-rector added that she is also prepared to provide answers to journalists, because she believes corruption has no place…