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Wednesday 26.04.2017 | Name days: Rūsiņš, Sandris, Alīna

China’s dual speed economy: winners and losers

In 2015, China’s economic growth was 6.9% - the slowest growth index in the past 25 years. Economic growth rates will remain slow in 2016 and 2017. Structural reforms that are being realized in the country to assist the development of services and consumption make China’s established dual speed economy even more pronounced, according to Coface analysts.

Self-service parcel terminals increasingly used in Lithuania

Lithuanian postal company Lietuvos paštas has in the first half of 2016 registered a considerable increase in the use of self-service parcel terminals linking it to the increasing popularity of online shopping.

New tool for measuring a person’s credit worthiness is introduced in Latvia

Credit rating is a new tool employed by Citadele Bank to help residents measure their credit worthiness online. Using credit ratings is a common practice around the world. Latvian Commercial Banks Association and Consumer Protection Centre believe this new tool will improve residents’ understanding of their credit worthiness and interest rates of consumer loans.

Long-term reconstruction planned for Tallinn’s Old City Harbor

Estonian state port administrator Tallinna Sadam has announced plans reconstruction works for the Old City Harbor of the Estonian capital that are expected to include construction of new entertainment and retail areas.

Fiscal space of next year’s budget – EUR 70 million; solidarity to be replaced

The fiscal space of Latvia’s budget for 2017 is EUR 70 million. In addition, the government plans to review the solidarity tax, which previously received heavy criticism from entrepreneurs, Prime Minister Maris Kucinskis told journalists after a government meeting.

Estonia visited by 4% more travellers

Estonia has in the second quarter of 2016 been visited by four percent more tourists than in the period from April to June in 2015.

Facebook to restrict ad-blocking software on social network

The management of Facebook has announced it would restrict the operation of ad-blocking programmes to that users of the social network could not avoid seeing advertisements.

EU not to fine Portugal and Spain for excessive budget deficits

The Council of the European Union has this week backed the proposal of the European Commission not to enforce fines pertaining to Spain and Portugal for exceeding the budget deficit rules of the EU.

Latvia’s foreign trade turnover declined 2.4% in June

In comparison with May, Latvian foreign trade turnover at current prices decreased by 2.4% in June 2016. The exports value of goods declined by 3.1% and the imports value dropped by 1.8%.

Barclays bank reaches USD 100m settlement over LIBOR manipulations

British bank Barclays has committed to paying USD 100 million in a settlement with U.S. authorities over the banks charges for manipulating interbank interest rates in LIBOR and EURIBOR indices.

Losses of bitcoin exchange generalised among clients

Bitcoin users, who kept their virtual currency at Bitfinex exchange, which reported a loss of up to 58 million euros in a cyber-attack, have been notified they would lose 36% of their assets.

State Audit: Riga Freeport’s board reports untrue information

Riga Freeport’s board has announced untrue information in relation to the decision of the Supreme Court’s decision to view the complaint against RFB and European Commission’s provided coordination proposals for Krievu Island project, as noted by State Audit.

Germany’s manufacturing recovers after 0.9% down

Germany’s official statistics show that industrial production in the European Union’s largest economy has in June increased by 0.8%.

Economic calendar of Latvia. 8 – 12 August, 2016

Calendar of economic events in Latvia for 8 – 12 August, 2016...

Firm invites to make your own smartphone design

China’s second largest telecommunications firm ZTE has launched a project urging the general public to design a smartphone that ZTE would release in 2017.

Weapon imitations no longer allowed at Gamescom

No toy weapons will be allowed in Europe’s largest video game fair – Gamescom 2016 – after terrorist attacks in Germany.

Russian central bank to keep its benchmark rates above inflation level

Bank of Russia is administrating what it calls a «moderately tight» monetary policy, while inflation has over the last year been at almost twice the central bank's 4 percent target.

Following exchange platform breach, bitcoin loses 10% of price

The value of bitcoin digital money has dropped more than 10% following an alleged theft of bitcoins worth 58 million euros from Hong Kong digital currency exchange Bitfinex this week.

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