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Tuesday 25.09.2018 | Name days: Rauls, Rodrigo

Tverijons does not want to keep heading Commercial Banks Association

Teodors Tverijons, a long-standing President of the Association of Latvian Commercial Banks, has informed the Association council he does not want to take up the next term of the post.

Republicans propose cutting US budget for 2012

One of the two major contemporary political parties in the United States The Republican Party has submitted a bill proposing 61 billion dollar cuts of the public expenditure in 2012 budget. The Republicans acknowledge it is not possible to balance the budget simply by reducing nonsecurity and nondefense spending.

Prime Minister: final decision on budget consolidation in few weeks

The final agreement on which sectors will be subject to consolidation of 50 million lats, required by the international lenders, will be reached in the following weeks, the Prime Minister Valdis Dombrovskis says.

HTC enters tablet market with HTC Flyer

Taiwanese smartphone maker HTC entered tablet market on February 15 by presenting its new device HTC Flyer.

Marupe Agricultural Centre applies for insolvency

The poultry company Marupe Agricultural Centre has applied for insolvency, mentioning the difficult economic situation as the reason, the Centre’s Board Member Kārlis Krastiņš points out.

Taxi wars also in Liepaja

Taxi companies interests have clashed also in Liepaja, similarly as two years ago in Riga. Local taxi services providers have already divided their territories, which is against the law. Moreover, they do not intend to let their competitors enter them. A fight has brought the conflict to the Court already.

Riga Dairy to focus on Russian market

Riga Dairy (A/S Rīgas piena kombināts) turned 53 million lats last year, surpassing the performance of 2009 by 12 million lats. The company explains this by growing exports, amounting to 22% of the total turnover, Riga Dairy public relations manager Irēna Bērziņa told the business news portal BNN.

Latvia might face simultaneous labour shortage and high unemployment

Unemployment in Latvia hit the peak in early 2010 and since then is gradually decreasing. However, it is impossible to say that the unemployment problems are solved. The unemployment rate still remains high; moreover, the concept of structural unemployment is even more mentioned regarding Latvia.

Savickis: Baltic countries are economic competitors

There is no doubt Lithuania will do its best to achieve that the liquefied natural gas terminal is built in Lithuania, not Latvia. The three Baltic states are economic competitors for a long time already, they are no sentimental friends, according to Itera Latvija President Juris Savickis.

Estonian economy grew 3.1% in 2010

Estonian gross domestic product increased 6.6% in the 4th quarter of 2010 compared to the same quarter of the previous year. This means that the GDP for 2010 grew by 3.1% compared to the previous year, according to the flash estimate of Statistics Estonia.

White House: US budget deficit to hit 1.6 trillion dollars

This fiscal year, the US budget deficit will be higher than expected, hitting a record-high sum – 1.6 trillion dollars, or more than one-tenth of the gross domestic product, indicates a statement released by the White House.

Electricity tariffs not to change for 49% of Latvia’s households

After analyzing the data of all households’ consumption in 2010, it was found that the annual electricity consumption is less than 1 200 kWh for 61% of households in Latgale, 51% in Kurzeme, 48% in Zemgale and 46% in Vidzeme; therefore, they will pay for electricity in line with the current electricity tariff.

American radio station reveals Coca-Cola secret recipe

The American radio show This American Life claims to have obtained the recipe of the soda drink Coca–Cola. The broadcast presenters indicate they have found photos showing the handwritten recipe published on February 8, 1979 in the journal Atlanta Journal–Constitution.

Latvian ICT market based on Soviet mathematicians

Information and communication technology (ICT) specialists are still among the most demanded professions in Latvia, as the number of qualified workforce is dropping and the sector is resting on ten-year-old laurels, ICT companies managers told the business news portal BNN.

European Union GDP spikes 0.2% in fourth quarter

Compared to the preceding quarter, the European Union’s gross domestic product rose 0.2% in the fourth quarter of 2010, while in the eurozone – 0.3%, according to the EU central statistical office Eurostat data.

Construction output fell 23.6% in 2010

In 2010 the construction volume at current prices was 757.5 million lats, of which in the fourth quarter – 228.9 million lats.

External trade grows 26.4%

The total external trade turnover at current prices formed 10 507.3 million lats last year – 26.4% or 2 195.3 million lats more than in 2009.

President of Lithuania seeks to break heating monopoly

The president of Lithuania Dalia Grybauskaitea has pressed lawmakers to break the monopoly of the heat supply market, simplifying the terms of abuse of a dominant market position as well as increasing penalties.

Court bans Swedbank to operate with Daugava’s pledge in their discretion

Riga City District Court has decided to ban AS Swedbank to use the commercial pledge rights against SIA DK Daugava’s property which is pledged on Swedbank, inform the company’s Head Aivars Vaivars.

Foundation: LNG projects in Latvia and Lithuania can be mutually compatible

Projects of liquefied natural gas (LNG) reception terminal with a re-gasification plant can break Gazprom’s monopoly in the three Baltic States and Poland, creating a competitive regional market through supply diversification and mutual interconnection.

January minimum subsistence level - 171.41 lats

The minimum monthly subsistence level in Latvia has climbed up to 171.41 lats, reaching 21-months high, according to the Central Statistical Bureau (CSB).

Second largest bank of Russia may expand to Estonia

Russia’s second-largest bank VTB in which the Russian state owns 85.5% may become a controlling shareholder in Estonian Credit Bank if its bid to acquire 100% of Bank of Moscow that owns Estonian Credit Bank is successful.

Rubiks: Latvia has two options – coming to senses or falling again

Latvia could resume the growth path by developing agriculture sector, for instance, flax and hemp cultivation, as well as by cleaning local lakes; thus, gaining valuable sapropel, believes Alfrēds Rubiks, the European Parliament Deputy and the Latvian Socialist Party Chairman.

Number of air passengers to exceed 3 billions in following years

In 2014, the number of international air passengers will comprise 3.3 billion – by 800 million more, compared to 2009.

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