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Tuesday 23.05.2017 | Name days: Leontīne, Ligija, Lonija, Leokādija

Latvian companies want to cooperate with China’s largest port city

On Wednesday, 7 September, Latvian Economy Minister Arvils Aseradens took part in Discover Latvia business forum in Ningbo, China. He also met with the Mayor of Ningbo, visited Latvia’s national pavilion in Ningbo and Latvia’s Foreign Economic Representation Office in this city.

Taxis to perform a ‘warning drive’ around Cabinet of Ministers in Riga

On Thursday, 8 September, Latvian Taxi Trade Union will organize a ‘warning drive’ around the Cabinet of Ministers building in Riga at 08:30 a.m. This little protest act is meant to attract the government’s attention to the existing problems in the taxi industry and protest against irresponsible and unreasonable law amendments and regulations.

More state money - only solution to Estonian health insurer’s budget deficit

The deficit in the budget of the Estonian Health Insurance Fund is growing and the country’s Health and Labour Minister sees allocation of more state funds as the only responsible solution.

Food Union: China could become one of five largest export markets in five years’ time

In parallel with existing ice cream exports, Latvian milk processing company Food Union has commenced regular exports of dairy products to China. Food Union is the first Baltic company that has successfully entered the Chinese market with its product offer.

Minister: Latvia is interested in expanding cooperation with China

During his visit to China on 5 September, Latvian Economy Minister Arvils Aseradens met with the deputy chairman of China’s National Tourism Administration and deputy chairman of China’s National Development and Reform Commission.

Kucinskis: Baltic States could reach an agreement on Rail Baltica this week

The beginning of cooperation of Baltic States for the construction of Rail Baltica has been complicated, said Transport Minister Uldis Augulis in an interview to Latvijas Radio. Nevertheless, there are indications to suggest Batlic States will be able to reach an agreement on the project, said Prime Minister Maris Kucinskis.

Saudi-Russian talks result in oil price hike

Following an announcement by Russia and Saudi Arabia agreeing to discuss possibilities of oil market stabilisation, the oil price jumped considerably on September 5.

Supreme Court declines Lipman’s complaint against FCMC

The ruling of the Supreme Court that declines Grindeks shareholders Kirov Lipman’s and his son’s complaint against Finance and Capital Market Commission has come into force. The aforementioned complaint was submitted by Lipman and his son in order to challenge FCMC’s decision to punish them for breaching Financial Instruments Market Law.

Economic calendar of Latvia. 5 – 9 September, 2016

Calendar of economic events in Latvia for 5 – 9 September, 2016...

Latvia’s industrial production output up 2.7%

Compared to July 2015, industrial production output increased by 2.7 % in July 2016. Of which rise in manufacturing accounted for 3.4 %, in electricity and gas supply for 3.2 %, while in mining and quarrying there was a drop of 9.6 %.

Ridesharers in Estonia show profits

Although ridesharing in Estonia is currently legally unregulated, the country’s Tax and Customs Board receives statements from private informal taxi drivers showing profits.

Jurass’ acquaintances are involved in million euro bribe offer

The operation performed by Latvia’s Corruption Prevention and Combating Bureau in catching Ugis Magonis, the now former manager of Latvijas dzelzceļš, with a EUR 500,000 bribe received a continuation this summer. Prosecutor’s office has launched a criminal case against Magonis and Estonian businessman Oleg Osinovskis.

Baltic unity shaken over Rail Baltica procurement

The risk of losing money for Rail Baltica railway project first appeared because of the inability of the three Baltic States to agree on the organization of procurements in this project. Latvia, Lithuania and Estonia had to reach an agreement on the so-called finding and realization model one year ago, De Facto reports.

Latvijas Gāze shareholders support creation of a new company

On Friday, 2 September, shareholders of Latvijas Gāze supported the company’s reorganization, formation of a new company hand entrusting it with transmission and storage system assets, as confirmed by LG.

Apple deems unfounded EC’s ruling on firm owing EUR 13 billion to Ireland

The management of Apple has evaluated as unfounded the ruling by the European Commission ordering the U.S. tech giant to pay 13 billion euros in unpaid taxes to Ireland.

Consumption of renewable energy resources in Latvia grows 6.2%

In 2015, gross consumption of renewable energy resources in Latvia comprised 66.1 PJ. Consumption of renewable resources has dropped by 3.2 %, as compared to 2014, however over the decade the indicator has risen by 6.2 %.

Less freights and fewer passengers were carried in Latvia in the first half-year of 2016

Compared to the first half of 2015, the volume of freights carried by land transport and pipelines has decreased by 11.4% in the first half of 2016. The most notable drop was recorded in rail transport – of 19.8%.

airBaltic achieves fastest growth in passenger numbers in Baltics

The Latvian airline airBaltic has achieved the fastest growth in passenger numbers among the top carriers serving the Baltic region in the peak summer month of July.

32 Baltic companies mentioned in top 500 largest companies in Central and Eastern Europe

The list of five hundred largest companies in Central and Eastern Europe compiled by Coface includes eight Latvian companies, twenty Lithuanian companies and four Estonian companies.

Ikea wants to invest in Russia and operate in «fair and transparent business environment»

Ikea has on August 30 stated that it could slow down investment in Russia after a court in the country ordered the Swedish furniture retailer to pay damages worth seven million euros in a decade-long legal dispute.

U.S. officials criticise EC ruling of Apple having to repay EUR 13 billion in Irish taxes

The European Commission has on August 30 ruled that on the basis of its investigation into Ireland’s selective tax policy towards Apple, the U.S. computer technology firm has to repay 13 billion euros in taxes.

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