These problems are said to include high personnel turnover, which is one of the most unattractive business aspects possible. This turnover means that the rate of staff is constantly being churned through the business, with employees rarely staying for long. This is very bad news, as it forces the company to spend time and money on the recruitment process a lot more often than formerly required.

Another problem the company is experiencing is a lack of motivation amongst its employees. This is likely to cause targets to be missed and doesn’t set the workplace up for attaining corporate goals. Communication is vital in a business, but this is yet another thing Ober-Haus is said to be having trouble with. Low levels of communication can lead to disastrous outcomes in any institution.

It is stated that problems begun when Tarmo Kase took over as CEO of the company at the end of 2010. Several sources conclude that the decisions he made have actually forced nearly 20 employees to leave their job in a very short period. Kase was asked to make the company more profitable by restructuring, but all his efforts seem to have backfired, as most of the key staff have left or are in the process of leaving.

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The manager of hotel Olumpia, Vitali Makejev, has recently disclosed that they already have 15-20 days this summer where the hotel has over 90% of its rooms booked. This is likely to have something to do with all the great events that have been planned for Tallinnthis summer, such as Red Hot Chilli Peppers and Lady Gaga concerts. The Tallinn Cup 2012 also takes place this July.

Tallinn is already known for its fantastic hotels – from resorts to quaint boutiques, with the number one spot going to Hotel Schlossle, rated number 1 on Tripadvisor.com. The hotel features unique decoration, designed to reflect the charm of Tallinn’s ‘OldTown’. With the historic restored beams and a number of antique furnishings and tapestries, mixed in with a luxurious spa and sauna and up to date technologies, its no wonder Estoniais topping the tourist charts. Most of Europe is feeling the pinch with the present credit crunch, but every one needs a break and a reasonably priced destination oozing with quirky and beautiful medieval architecture, Tallinn’s old town hits the mark. Tourism will bring Estonia a welcome boost to the local economy.

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airBaltic has reported that during the first four months of 2012 their airline transported 841,146 passengers,  with an overall 3 percent improvement of load factor of 70% compared with the first four months of 2011. Load factor represents the number of passengers as a proportion of the number of seats available. 90.4% of airBaltic flights in April 2012 departed on time or with a delay of not more than fifteen minutes. From the airports base in Riga, Latvia, airBaltic provides direct flights to 60 different destinations and via North Hub Riga connecting flights spanning Europe, Scandinavia, Russia, CIS and the Middle East.

Chief Executive Officer of airBaltic, Martin Gaus stated  “airBaltic has an excellent team  in operations, who achieved outstanding efficiency and made airBaltic the most punctual regional airline in continental Europe in 2011. We are delighted to welcome Martin Sedlacky as a new Chief Operations Officer and a Member of the executive Board. I am confident that he will be a tremendous asset to airBaltic’s operations and continue to contribute to business restructuring programme airBaltic ReShape.”

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Minister Ronis has been promoting the essential qualities provided by Port of Riga. Since 2001 the Northern Distribution Network (NDN), dubbed the new silk road, has utilised the strategic position and unarguably rising efficiency of Port of Riga as an important link in the success of the new supply route from the Baltic and Black Seas through to Central Asian countries and to Afghanistan. In the last three months alone approximately 9.5 million tons of cargo have passed through the Free Port of Riga.

During his visit to the U.S. Minister Ronis met with Transport Secretary Ray LaHood, the Pentagon logistics specialists, Defence Logistics Agency and participated in a conference to discuss NDN future prospects with Latvian and Russian embassies in the U.S., American Transport Department, high ranking officials and international logistics company representatives in attendance. Several U.S. companies met with the Minister Ronis to discus using Latvia as a distribution centre for their supplies to Russia, the CIS countries and Central Asia.

In a meeting with Air Force General William M. Fraser III at Scott Air Force base the General expressed to Minister Ronis the importance placed upon Latvia as a partner to America and the coalition forces in the movement of cargo transported through Port of Riga to safely reach forces stationed in Afghanistan.

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Bank Parex to Reverta. Branding one item to another is a key step in many situations for example especially in Banks where recently the re-branding of the Bank Parex to Reverta. The coming of Reverta is believed to cost in the order of over 20,000 Euros.

“Parex is associated with words like crash, crisis and bad bank”, said D. Pavluts continuing with, “The initiative means that the ailing bank has been re-branded for the second time since the initial bailout”, Mr D. Pavluts is the Latvian Economy Minister.

Moves like this can only encourage the public more as it does show much is being done by the economists to recover the recent years of downturn.

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Egidijus Aleksandravičius, director of the Lithuanian Emigration Institute and professor at VMU, first proposed the idea and subsequently the first course of its kind was held in July of 2010. Egidijus Aleksandravičius said of the course, “the way has been paved by many years of observation. Except for Ireland, other attempts by universities to take original courses of action were weak. VMU is the first one to create a course which meets the challenges of distant future and provides a significant common good.”

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The CEO of Estonian Air Tero Taskila said, “Estonian Air is aiming to attract different types of travellers, paying more attention to increase the share of transfer passengers”. The CEO carried on saying, “As Estonian market is limited, we need to expand our market size, so the flights from Estonia are financially sustainable.”

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“The government decided to act proactively in the defense of the state’s interests and take control of AirBaltic,” said the ministry and indicating it is not to effect the coming Budget in the new year.

A shareholder in BAS and a earlier CEO (Chief Executive Officer) Bertolt Flick said, “It’s obvious that that 200,000 lati for 47.2 percent of AirBaltic’s shares is an inadequately low sum”, continuing with, “and in this situation the government and also Krajbanka’s administrator has acted against the interest of the airline and the bank’s depositors.”

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Lithuania is on the up with records of over 6.5 percent growth in the first six months of 2011 making its economy rise one of the fastest in Europe; this is great news for the country and of-course for the Baltic Region as it cannot be forgotten how Lithuania’s GDP dropped by approximately 14 percent in 2009.

This achievement is believed to be the result of the high exports of over 37 percent. This will most definably help the Eurozone crisis that is taking place as confidence is very much needed in Europe and around the World.

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“Whether it is Russia, or China, or Zimbabwe, or Burundu Murundu, or the planet Mars, so to speak, the more competition, the better. In this case I don’t have any preconceived notions,” said Vitas Vasiliauskas.

According to records held by the Central Bank of the Republic of Lithuania, major commercial banks are preparing to trim down personnel and customer service departments, although not as much as some of the world banks have done. Reputedly, some employees have lost their positions since the early stages of the crisis; though, the redundancy of some staff in foreign banks may influence their branches in Lithuania. Lithuanian banks accrued millions in profits and are not considering reducing the number of employees as some of the foreign larger banks do. During the first 10 months of this year, total profits of commercial banks in Lithuania were just above 700 million litas.

Stasys Kropas, President of the Association of Lithuanian Banks, considers that global banks are reducing employee numbers in order to increase authorized capital, while Lithuanian banks will cut down on employees only when it becomes possible to expand electronic banking services.

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