The banking sector in Lithuania is seeing sustainable growth throughout the first half of this year. Meanwhile, new home loan rates shrank by 0.7 percent points and are now down to 3.1%, which is the lowest since the collection of data began in October 2004.
Inflation in June of 2012 compared to June 2011 is 2.9 percent, while last July’s inflation was 4.6 compared to the previous year.
It seems Lithuanian households are recovering well after the latest financial crisis. In the first half of 2012, bank deposits consistently continue to grow mounting up by 921 million (2.1%) up to 44.1 billion Litas. According to the Central Bank of Lithuania, this growth is mainly due to a strong increase in household deposits.
With more money in the bank, households are quicker on returning their loans. A clear sign of this is that the total home loan portfolio shrank by 1 percent, to 19.37 billion Litas, The Lithuania Tribune reported.
Moreover, households are also keener on new house loans. While home loan interest rates were record high in October of 2008, namely 6.47%, they are now a mere 3.1 percent on average.
SEB bank claims the number of housing loans it issued this year increased by nearly 10 percent compared to the same period last year. What is more, the consumers expect property prices to decline even further. According to SEB Bank, around 20% of their surveyed households hope the housing prices will fall.
Still economists note that, although Lithuania has had many good news regarding its economy for its households, there are still warnings of a second financial crisis around the corner. It is therefore the consumer’s choice to decide, whether it is wise to take out a loan now.
The global coffee prices are falling. Latvia, however, is not experiencing anything of the sort. This is mainly due to the excise tax. Experts believe this situation was made possible because the current supply of coffee in the world exceeds the total demand.
The number of refugees and asylum seekers in the worlds is at its peak since 1994. The crisis in Syria plays a large role in this, as stated in the UNHCR report on global forced displacement.
Last year, 110 children were adopted in Latvia. 144 children were adopted by foreigners. There are currently 99 potential adopters waiting for approval in Latvia.
Leaders of the G8 countries have agreed to abolish the practice of paying terrorists ransom money for hostages, as reported by the British Prime Minister David Cameron.
Melna kafija (Black coffee) producer has decided to invest LVL 30 000 in the creation of a new brand in order to strengthen its position on the market. The new Melnā coffee brand is called to increase the retail market share in the Baltics and export markets – Russia, Denmark, Finland and Belarus.
The decision of the Finance and Capital Market Commission (FCMC) to revoke the licenses of Balva Insurance Company will change the market. This will increase competition among other insurance companies, as Ergo Baltic Board member Ingrida Kirse told BNN.
The world's leading plane manufacturers Airbus and Boeing have received many orders at the Le Bourget air show near Paris. Demand for fuel-efficient long-haul planes indicates that airlines are willing to invest in modern airplanes.
Latvian Finance Minister Andris Vilks has appointed the Deputy State Secretary Baiba Bane as the ministry's representative in the Board of Riga Free port.
The rapid economic growth of 2011 and 2012 contributed to the rise of income of Latvian households. However, it was not equal in all of the regions. Inequality remains. In addition to that, last year's general income increased the slowest in less developed regions.
The Corruption Prevention and Combating Bureau (CPCB) has submitted a request to the Prosecutor General's Office to initiate criminal proceedings against nine officials for possible criminal activities in relation to contracts of the Road Administration.
Preliminary consolidated sales figures of OlainFarm for May show that sales have reached LVL 3.38 million (EUR 4.8 million), which is 7% more than a year ago. The biggest sales increases were achieved in Kyrgyzstan (growth by 152%), Uzbekistan (growth by 111%) and Georgia (growth by 108%).
Due to the neglect of its owners, one of the oldest Art Nouveau buildings in Riga is falling apart. It was built in 1899. Its architect is Rudolf Heinrich Von Zirwitz. The building situation on Vilandes Street 11 in Riga is a national architectural and cultural landmark.
Bergvik Skog plans to sell a little more than 2 000 ha of agricultural land in Latvia.
The blast, believed to have been performed by a suicide bomber, comes on the day when NATO is expected to formally hand over command of security responsibilities to Afghan forces.
According to Latvian Transport Minister Anrijs Matiss, negotiations with two potential investors are currently being held in regard to Latvia's National airBaltic airline.
The embassy of Ecuador in London will continue to offer asylum for the founder of WikiLeaks Julian Assange, as the country's Foreign Minister Ricardo Patiño. He announced this after his discussion with the British government, where no progress regarding Assange was made.
During the June 17 meeting of the Saeima Praesidium, the parliament's budget for 2014-2016 was confirmed. The parliament does not plan to increase expenses for current activities, rather divide the funding for two main budget goals – LVL 255 thousand for Latvia's presidency over the Council of the European Union and LVL 2.76 million for the reconstruction of the main building on Jekaba Street 6/8.
Deputy Chairman of Riga Free port Eriks Skapars has submitted his resignation to Latvian Finance Minister Andris Vilks for the recent working visit to Kazakhstan.
EURIBOR and RIGIBOR interest rates that compile the variable part of loan interest rates have been at their lowest since 1999.
Two Latvian companies – Centre Composite and Aviatest – will be participating in the Paris Air Show this week. This will be the first time for Latvian companies to participate in an event that gathers giants like Boeing, Airbus, Bombardier Aerospace and Eurocopter.
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Ilmars @ 2013-06-16 14:07:28
What sanctions are there against businesses that dont use the correct BL exchange rate ? None. "voluntary obligation" should be correctly interpreted as meaning "no obligation". As happened in other euro countries , Latvian consumers can expect to be robbed during the introduction of the euro.
JPR @ 2013-06-15 15:01:35
JPR @ 2013-06-15 15:01:06
JPR @ 2013-06-15 14:58:47
J. @ 2013-06-14 16:22:21