Lithuanian factoring company PayRay plans to launch its online bank's business in the middle of 2020 after being granted a banking license earlier this month.

LG Cargo, the cargo transportation subsidiary of the state-owned railway company Lietuvos Gelezinkeliai (Lithuanian Railways), plans to carry around 30 mln tons of cargoes of Achemos Grupe (Achema Group) operating a fertilizer plant, trade companies, the largest handling company in the port of Klaipeda and other businesses, over the next three years.

The Lithuanian Cabinet approved on Wednesday a general development plan for the seaport of Klaipeda.

Latvian airline airBaltic continues its expansion in the Baltics and announces the launch of four new direct destinations from Tallinn, Estonia, and five new destinations from Vilnius, Lithuania. In total, airBaltic will add 13 new routes to its summer season 2020 route map, informed airBaltic representatives.

The rebuilding of a 19-km railway section between Lithuania's Mazeikiai and Renge, in Latvia, that was dismantled a decade ago, is nearing completion, says the CEO of its major contractor Vitras-S, a railway construction and repairs company owned by Estonia's railway services group Skinest Rail.

France's payment solutions group Edenred has applied for regulatory approval to buy EBV Finance, a Lithuanian tax services provider that is indirectly controlled by two private individuals.

On 3 December, the heads of the Lithuanian and Polish transmission system operators have signed an agreement for EUR 10 million in EU support for the Harmony Link submarine power interconnection. EUR 4 million has been allocated to Lithuania under this agreement.

Lithuania's state-own railway company Lietuvos Gelezinkeliai (Lithuanian Railways, LG) should post over 50 mln euros in profit this year, just as it did last year, its CEO Mantas Bartuska says.

Lithuania's state-owned energy group Ignitis Group is set to delist its subsidiaries, Ignitis Gamyba and Energijos Skirstymo Operatorius (ESO).

The European Union has allocated 10 mln euros in financial support for the execution of seabed studies and other preparatory work needed for a new submarine cable, named Harmony Link, with Lithuania set to receive 4 mln euros.