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Monday 19.03.2018 | Name days: Jāzeps

Turnover of drug wholesale traders grew 6% last year

In 2017, turnover of drug wholesale traders in Latvia and abroad was EUR 846.76 million without VAT. Compared to the previous year, this means an increase of 6%, according to data compiled by State Agency of Medicines.

Billion-euro pulp factory becomes «hot potato» in Estonia

Reacting to the Estonian ministries of finance and environment suggesting that a billion-euro pulp factory planned by the firm EstFor could be erected in either the city of Tartu or the town of Viljandi, the Mayor of Tartu has objected to the idea.

Retail trade turnover in Latvia up 7.1% in January

Compared to January 2017, total retail trade turnover rose by 7.1 % in January 2018. Turnover of retail trade in food products increased by 6.9 %, turnover of retail trade in non-food products, except for retail sale of automotive fuel, rose by 8.9 %, whereas turnover of retail sale of automotive fuel – by 3.1 %.

Estonian economy experiences its fastest growth in five years

Estonia's economy expanded by 4.9 % in 2017 to a gross domestic product of 23 billion euros, which has been the quickest pace of the country's economic growth in five years, estimated Estonian statisticians.

ABLV Bank: 300 people to lose jobs next week; construction of New Hanza Quarter disrupted

Next week, 30% or 300 people will lose their jobs in ABLV Bank, as confirmed by the bank’s chairman Ernests Bernis. Among those people are highly-qualified workers – financiers, marketing specialists and others. The bank’s representative adds that this means families that have a total of 700 children under the age of 12 will suffer lay-offs.

«Tough decision» – ABLV Bank shareholders decide to liquidate the bank

To ensure protection of clients’ and creditors’ interests and considering the decision made by the European Central Bank on commencement of the liquidation process, ABLV Bank shareholders made the decision on Monday, 26 February, to liquidate the bank.

Postal services provider Omniva registers EUR 99-million income in 2017

Estonian postal services group Omniva has improved its yearly income in 2017 by four percent reaching 99.8 million euros.

ECB: ABLV Bank will be liquidated in accordance with Latvia’s laws

ABLV Bank will be liquidated in accordance with Latvia’s laws, because preservation of this credit institution is not in the interest of the country’s society, announced the European Central Bank on Saturday, 24 February.

Week in Lithuania. Lithuania not affected by problems at Latvia's ABLV Bank

Financial problems faced by ABLV, one of Latvia's biggest commercial banks, will have no impact on the Lithuanian financial system, officials from the central Bank of Lithuania and the Lithuanian Banks' Association (LBA) said this week. According to Vytautas Valvonis, director of the central bank's Supervision Service, the Lithuanian financial system has become very independent in recent years.

Lithuania and Latvia: the tale between two sisters marked with rivalry

Relations between Lithuania and Latvia, two tight-knit Baltic neighbours, may exemplify a sisterly relationship from the first sight, but just over the course of a single week, several pings rang, signalling that rivalry is, and has always been, a component of coexistence.

Producer price level in Latvia grew 0.9% in January

Compared to December 2017, level of producer prices in Latvian industry rose by 0.9 % in January 2018. Prices of products sold on the domestic market went up by 1.2 % and prices of exported products by 0.6 %.

Proportion of people working in Latvia’s culture sector is larger than the average in EU

The number of people working in Latvia’s culture sector is equal to 4.5% of the total number of employed people in the country. This proportion is also larger than the average one across the European Union, according to data published by Eurostat.

Association: ECB should become more involved in resolving Latvia’s financial scandal

Association of Latvian Commercial Banks sees a need for the European Central Bank (ECB) to become more involved in the discussion and help resolve the situation, considering evaluation of ABLV Bank’s business model is in direct competence of ECB.

Hesburger to invest 11.5 million euros in Baltics this year

The largest fast food catering restaurant network in Finland and Baltic States – Hesburger – plans to invest approximately EUR 11.5 million in business development this year. EUR 5.5 million are planned to be invested in Latvia’s market, says Hesburger Development Director Ieva Salmela.

European exchange indexes decline; Wall Street enjoys a holiday

European exchange indexes declined on Monday, 19 February. No trading was performed at American stock markets, because the country was celebrating President’s Day.

Week in Lithuania. Lithuania celebrating centennial of statehood

Leaders of European countries gathered in Vilnius on Friday, February 16, to celebrate the 100-year anniversary of restored statehood, and festive events were taking place in many cities and towns of Lithuania.

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