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Friday 22.06.2018 | Name days: Ludmila, Laimdots, Laimiņš

Facebook prohibits promoting virtual currencies in ads

The world's leading social network has stated it would not allow advertising to offer any virtual currency products and services.

Estonian industrial production increases by 8% in 2017

Estonian industrial companies made by 8% more produce in 2017 than in 2016 and volumes went up most in mining and manufacturing, according to official statistics.

Butter goes cheaper in Estonia; producers speak of unpredictable price fluctuations

Price of butter in Estonia has dropped after its peak and shortages in 2017, yet it is unclear to producers if the record price level would not return.

Ministry: fuel and food trade secured the biggest retail trade growth in the last 2.5 years

Retail trade turnover in December 2017, when compared with the same month of 2016, had increased 6.4%, demonstrating the most rapid growth since June 2015. This increase was largely secured by growing trade of fuel and food products – 8.3% and 8.8% respectively, as detailed in Finance Ministry’s report.

VW CEO assumes responsibility for exhaust experiments on humans and monkeys

Scandal-scarred German automotive giant Volkswagen has assumed partial responsibility for diesel fume experiments with humans and monkeys.

Latvia’s retail trade turnover increased 4.2% in 2017

Compared to 2016, total retail trade turnover rose by 4.2 % in 2017. Turnover of retail trade in food products increased by 3.9 %, turnover of retail trade in non-food products, except for retail sale of automotive fuel, grew by 5.1%, whereas turnover of retail sale of automotive fuel – by 2.9 %.

With higher alcohol excise tax, Estonia bound to have missed income forecast by 40 million euros

After Estonia raised its alcohol excise tax rates considerably in 2017, Estonian daily Postimees has estimated that the target of the money the alcohol excise tax would bring into state coffers could have been missed by at least EUR 40 million.

Baltic International Bank increases base capital by six million euros

In support of expansion of Baltic International Bank’s activities in Latvia and other target markets, the bank’s shareholders have decided to increase the bank’s capital by six million euros, as mentioned in information submitted to Nasdaq Riga.

Germany surprised over diesel exhaust experiments on monkeys and people

The German federal government in Berlin has condemned tests financed by German automotive companies, where, according to press reports, people and monkeys have been subjected to inhaling diesel exhaust gases.

Lithuania seeks to deepen economic ties with Georgia

Lithuanian head of government Saulius Skvernelis has went on a visit to Georgia, where in talks with his Georgian counterpart Giorgi Kvirikashvili he has discussed ways to expand economic relations between the two friendly nations.

Unresolved question: does transit face a hard landing in Latvia?

The fact that Latvia’s ports will feel the pressure from cargo decline even more was clear since the exchange of sanctions between the European Union and Russia. Consequences to this are still present. Some industries have felt this more than others. One of the industries that have suffered the most is Latvia’s transit industry, as reported by ventspilnieks.lv portal.

Estonian farmers reach considerable cereal crops despite rainy summer

Farmers in Estonia have managed to reach the average cereal yield in 2017 amounting to 3,967 tonnes per hectare, which according to Estonian statisticians is a considerable result despite a very rainy summer.

With legalisation of recreational marijuana in sight, Canadian growers to merge into world's most valuable cannabis company

Hazy profit is expected as two Canadian marijuana grower companies have concluded a deal to establish a 4.8 million-euro worth company readying for the legalisation of recreational marijuana in the country in 2018.

Nordea to bar workers from investing in cryptocurrencies

The largest bank of the Nordic countries, Nordea has stated it would ban its employees from buying bitcoin or other cryptocurrencies due to perceived risks.

Riga Freeport wants to borrow up to EUR 77 million to finance Krievu Island project

Riga Freeport authority has announced an open procedure for talks regarding a loan of up to EUR 77 million to finance the development of Krievu Island and continue relocation of port activities from the city centre to the island.

Estonia to start buying land for Rail Baltica railway construction

Continuing its way to beginning the construction of the pan-Baltic Rail Baltica slated for 2020, the management of Rail Baltic Estonia, has unveiled that this year will be spent on negotiations with land owners and the marking-out of the railway.