Latviski English По-русски
Friday 18.08.2017 | Name days: Liene, Helēna, Elena, Ellena, Liena

Balticovo: speculative feed grain prices complicate situation in the industry

(+1 rating, 1 votes)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU, Arnis Veinbergs

Balticovo head Arnis Veinbergs

Although due to speculative feed grain prices the situation in the sector is complex, Latvia’s population has returned to the tradition to cook at home, boosting eggs sales. For example, last year 500 million eggs were produced – one for each European Union citizen, Balticovo head Arnis Veinbergs points out in an interview to the business news portal BNN.

What are the recent key events in your sector?

It is the fact construction of liquid egg mixture or melange factory is coming to end. The investments placed amount to around two million euro. It will allow producing products with added value. We plan to export 95% of the total production, because melange is highly demanded in the Western Europe. The new facility will enable production capacity of five tons of melange per hour.

Speaking of the overall situation in the industry, last year was not very easy due to speculative feed grain prices. At the same time, in the economic crisis conditions people are buying more eggs because many have returned home-cooked meals. Moreover, eggs are still the cheapest source of animal protein.

Do you feel the lack of skilled labour?

No, we do not.

What changes would you like to see in the Latvian legislation?

More attention should be paid to the state functions assessment, because it seems the function audit is superficial. It should be revised whether the state monitoring institutions’ resources are made efficient use of. Institutions should carry out their core functions, creating equal business environment, rather than filling up the State Treasury by means of repressive measures. For example, the VAT collection system should be changed, as the state still collects this tax on transactions that have not taken place yet.

How did the crisis affect your industry?

Despite the fact last year we managed to produce 500 million eggs – enough to give one egg to each European Union citizen, compared to the previous year, in 2010 the turnover dropped 5.8%. This was tied to fluctuating egg prices, propelled by speculative feed grain prices and other conditions resulting from the economic downturn. Although the company’s production grew 10% and we produced half a billion of eggs over the year, the turnover shrank because the price of eggs fell across the European Union.

When will your company attain the pre-crisis performance?

It depends on the economic recovery and more moderate speculations on the feed grain market.

What is your assessment of the government’s policy to improve the economic situation?

Currently, it is negative, because practically nothing is done to foster the business environment. The possibility of setting up a micro-business is just a drop in the vast sea of work still ahead.

Leave a reply

  1. hemen parekh says:

    A Full Blown Crisis ?

    World Bank president Robert Zoellick warns that the world is one shock away from a full-blown crisis.

    Here are my guesses re: where that one shock may come from :

    > European Invasion [ Libya ]

    > Ethnic Massacres [ Africa ]

    > Population Explosion [ India ]

    > Regimes Overthrow [ Middle East ]

    > Nuclear Nemesis [ Japan ]

    > Economic Collapse [ PIGS ]

    > Overheated Economy [ China ]

    > Melting Snows [ Poles ]

    > Terror Exports [ Pakistan ]

    > Food Shortages [ Developing Countries ]

    > Global Warming [ Worldwide ]

    Feel free to add your own.

    There is no doubt that in 2011, a “ Black Swan “ event is around the corner !

    With regards

    hemen parekh

    Jobs for All = Peace on Earth

    Thumb up 0 Thumb down 0

New mandatory tests in schools to be introduced four years from now

In four years’ time – 2021/2022 school year – it is planned to introduce completely new mandatory tests in schools, as reported by State Education Content Centre Director Guntars Catlaks.

Nearly 9,000 children and their parents got homes thanks to state support programme

In the first half-year of 2017, state support helped 1,527 families in Latvia to buy homes. Compared with last year, families’ demand for state support has grown 6%, as reported by Altum finance institute.

Prediction: Aseradens will likely take control over Unity

Economy Minister Arvils Aseradens will become the head of Unity, Betsafe bookmakers predict. The possibility of Aseradens becoming the head of the party is given 45% probability by Betsafe.

Provisional estimate for next year’s fiscal space in Latvia is EUR 60 million

Next year’s fiscal space has been estimated at EUR 60 million, as noted by Finance Minister Dana Reizniece-Ozola, adding that a more precise estimate will be available at the end of August.

Reconstruction of Vilnius airport runway concludes; aircraft return to Vilnius

On Thursday, 17 August, Vilnius airport’s runway was festively opened. This was the most massive reconstruction for the airport in the past 20 years. It was a unique project for Lithuania and all of Europe, airport representatives say.

Islamic State terrorist group takes responsibility for Barcelona attack

The recent terrorist attack in Barcelona, in which a shuttle bus rammed a crowd of people on La Rambla, killing 13 and injuring at least 100, has become this week’s topic.

Weather in Latvia to be warm but rainy on weekends

The sun will appear every now and then between clouds on Friday, 18 August. Still, some rain is expected, especially in the afternoon in Latvia’s eastern regions, where thunderstorms may appear. Rain is expected to reach the capital in the afternoon. Wind will draw in from the south. Air temperature will reach +21° C… +26° C, according to State Environment, Geology and Meteorology Centre.

Latvia’s export growth was moderately rapid in the first six months of 2017

Compared with the same period of 2016, Latvia experienced a moderately rapid export growth in the first six months of 2017, according to data published by Eurostat on Thursday, 17 August.

Latvia’s annual inflation in July was one of the highest in Europe

Inflation indexes in Latvia and the UK both reached 2.6% in July, which is one of the highest indexes in the European Union, according to data published by Eurostat on Thursday, 17 August.

Kirsis withdraws his candidacy in favour of Aseradens

Riga City Council member Vilnis Kirsis has decided to withdraw his candidacy from the race to become chairman of Unity in favour of a different candidate – Economy Minister Arvils Aseradens.

Rinkevics expresses Latvia’s interest in maintaining political consultations with Palestine

On Thursday, 17 August, Latvia’s Foreign Affairs Minister Edgars Rinkevics met with the leader of Palestine’s diplomatic mission in Latvia, ambassador Taissir Al Adjouri, to discuss mutual relations between Latvia and Palestine and the peace process in the Middle East.

Putin grins to the world’s seven billionth baby, Lithuania wary of border incidents

Russian President Vladimir Putin paid a visit this Wednesday to Kaliningrad, the westernmost point of Russia, but the reports about his trip in the Russian enclave and over the border in Lithuania were strikingly different.

Survey: red considered the safest colour for a car

Most Latvian drivers consider red to be the safest colour for a car. The most popular, however, is black, according to results of a survey by Virši-A fuel trader.

airBaltic’s number of carried passengers reaches a record in second consecutive month

Latvian airBaltic airline carried 393,312 passengers in July 2017, which is 21% more than the same period last year. The number of passengers carried by airBaltic remains the highest it has ever been in the airline’s history, BNN was informed by the company.

Brivais vilnis: nearly all fish processing companies are experiencing losses

Currently nearly all fish processing companies in Latvia are experiencing major or minor losses, says Brivais vilnis chairman Arnols Babris.

American helicopters to perform low-altitude flights within Latvia’s airspace

U.S. Air Force Brigade’s Task Force Phoenix helicopters, which are stationed in Latvia as part of Atlantic Resolve operation, will be performing low-altitude flights from 16:00 to 18:00 from Lielvarde to Dobele on Friday, 18 August.

Healthcare Ministry’s state secretary Karlis Ketners may be replaced

Latvian Healthcare Ministry may replace its state secretary Karlis Ketners. It is possible he will be transferred to work at Finance Ministry, as reported by LTV.

Suspects in Europe's insecticide egg scandal before Dutch court

In the Netherlands, two men have been in court in relation to the scandal of eggs containing banned insecticide that has caused an EU-wide health scare and cost millions of euros of damages.

Indian national with fake documents apprehended on Latvian border

An Indian citizen travelling from Moscow on a bus was caught at Terehovo border control point in Latvia for presenting officers a fake EU family member’s resident card. No criminal process was launched. The person returned to the country he was travelling from.

Latvijas dzelzceļš will not have to pay dividends from last year’s profits

The government decided on Wednesday, 16 August, that Latvijas dzelzceļš will not have to pay dividends from last year’s profits, which were EUR 880,998.

Latvian citizenship provided to 103 people

The Cabinet of Ministers has issued an order to provide Latvian citizenship to 103 people through naturalization.

Estonian Inbank's profits reach EUR 5.7 million in six months

Estonian financial services' provided Inbank made a profit of 5.7 million euros in the first half of 2017, which is a 429.4% increase compared to the respective period in 2016.

Agriculture Ministry invites residents to sign up for measures to support fisheries

From 21 August onward, Rural Support Service plans to start accepting applications for projects to receive support from European Maritime and Fisheries Fund’s action plan for development of fisheries in 2014-2020 as part of projects Innovation, Productive Investments in Aquaculture and Fishing and Aquaculture project processing.

Estonia seeks to improve reputation of state as employer

As the Estonian Ministry of Finance wishes to boost the reputation and brand of the Baltic country's public sector, it has announced a procurement tender aimed at preparing an action plan for reaching these goals.

Warning: there may be short-term problems with Swedbank internet banking functionality

Because of Swedbank’s planned IT modernization work scheduled for the night to Thursday, 17 August, there may be short term problems with payment card and internet banking functionality, the bank warns.

Most read

Most commented