Latvia and Estonia face an increased risk of economic recession in the next 12 months, which may put pressure on their credit ratings, Fitch Ratings said.

The change of owners resulted in better results of the insurance company Reso Europa. Over the first six months of this year, the employees of Reso Europa signed 115,000 insurance contracts, the worth of which totals 44.7 million litas (13.02 million euro

Estonia's Finance Ministry said it expects 2009 gross domestic product growth of 2.6 percent, down from a previous estimate of 6.4 percent, on lower consumption and investments.

Two companies of Invalda assets group - the pension and investment fund management company Finasta Investiciju Valdymas and the real estate management company InRed - have registered new company names: Invalda Turto Valdymas and Invalda Nekilnojamojo Turt

Minister of Foreign Affairs Maris Riekstins (People's Party) condemns Russian President Dmitry Medvedev's signing of decrees recognizing the independence of Georgia's breakaway regions of South Ossetia and Abkhazia.

Students in Lithuania, Latvia and Estonia, Baltic Sea countries that once were the Soviet Union's westernmost border, are fleeing.

Half of the refugees granted asylum in Lithuania would like to stay in the country and own their business. 21 percent of the respondents have not decided yet, whereas 15 percent of the individuals intend to return to their homeland after the war.