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Sunday 22.10.2017 | Name days: Irīda, Īrisa

Vitol realizes environmentally friendly alternative energy source project in Ghana

IFC and MIGA, members of the World Bank Group, have allocated USD 517 million to support Ghana’s Sankofa Gas Project. This integrated offshore oil and natural gas project that will provide a source of reliable, affordable energy in this West African country.

Tallink shipping company cuts share capital

One of Estonia’s largest companies Tallink Grupp has announced on Wednesday, December 28, that it has ended the procedure of reducing its capital.

Estonian competition watchdog: Electricity network fees should be lowered

The Competition Authority of Estonia released on Tuesday, December 27, a conclusion that the cost of electricity distribution services of electric grid operator Elektrilevi is not adjusted to their current costs and should be lowered by 6.7%.

Latvia’s banking sector earned more than EUR 440 million this year

In the first eleven months of 2016, the country’s banking sector functioned with profits of EUR 440.1 million. All sixteen Latvian and three out of seven foreign banks functioned with profits in this period of time; their total market in banking assets reaching 97.5%.

Construction costs influenced by wage decline for asphalt pavers

Compared to October, the level of construction costs in Latvia dropped by 0.1 % in November 2016. Labour remuneration of workers reduced by 0.8 %, maintenance and operational costs of machinery and equipment dropped by 0.1 %, whereas the prices of building materials went up by 0.2 %.

Eurobalt Junipro requests insolvency of Baltic Aviation Systems

On 4 January 2017, Riga City Northern District Court will view the insolvency case of Baltic Aviation Systems. Eurobalt Junipro turned to court with a case against the company, as confirmed by the court.

Estonia working on attracting foreign ships to register under its flag

Estonian Maritime Administration continues its work on a push to attract shipping firms to register their ships in Estonia by offering e-registration and a reduced tax burden.

Latvian Shipping Company reaches an agreement on loan refinancing

Latvian Shipping Company has achieved an agreement in regards to loan contract conditions with a three-bank syndicate – HSH Nordbank, DVB Bank SE, SEB (Stockholm) – for the refinancing of the USD 360 million loan.

Uberization of the economy – what it means and what businessmen should watch out for?

Situation on the market plays a major role for business development, as does the ability of businessmen to compete and adapt to the changing environment. Modern technologies and market powers assist with rapid development of collaborative economics, which means sales of goods and services online, as BNN was told by Coface Latvia Director Arnis Blumfelds.

Estonian lenders continue work on positive credit rating register

Lenders in Estonia are continuing to build a common positive credit rating register to enable banks and creditors assess the ability of upcoming clients to repay their debts.

Italy backs 20 billion euro bank bail-out plan eying its 3rd largest bank

Italian parliament has backed a plan to create a 20 billion euro rescue fund for Italy’s banking sector in part to support the world’s oldest bank, Monte dei Paschi di Siena with the likely government bailout to be a major test for eurozone bank rescue rules.

Putin combats «cosmetics spirits» as bath lotion claims new victims

Following over 50 deaths in Russia from drinking a bath lotion, the country’s President Vladimir Putin has on December 21 issued orders trying to curb the sale of alcohol-containing liquids.

Estonian milk and pork purchase prices recover

Over the first nine months of 2016, purchase prices have slightly recovered with farmers being able to sell milk 2.5% higher and pork – 9% higher, the Estonian Rural Affairs Ministry found in a survey.

Fourteen major legislative changes to come into force in Latvia next year

Minimal wage increase, not labour pay system for workers of certain sectors and amendments to unemployment benefits – these and other major legislative changes will come into force in Latvia next year and will affect all Latvian residents, as stated by SEB bank economist Dainis Gaspuitis.

Italy looking for 20 billion euros to support banking system

The government of Italy is pushing for parliamentary approval to borrowing 20 billion euros to inject in the country’s ailing banking system and possibly to rescue its third largest bank.

Amendments to Micro-enterprise Tax Law to come into force next year

Starting from 2017, micro-enterprise tax rate in Latvia will be 15% of turnover. At the same time, the government has decided to cancel the introduction of minimal social insurance fees. This is provided by amendments to Micro-enterprise Tax Law and State Social Insurance Law approved by the Saeima on Tuesday, 20 December.