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Monday 17.12.2018 | Name days: Teiksma, Hilda

Producer price level in Latvia grew 0.9% in January

Compared to December 2017, level of producer prices in Latvian industry rose by 0.9 % in January 2018. Prices of products sold on the domestic market went up by 1.2 % and prices of exported products by 0.6 %.

Proportion of people working in Latvia’s culture sector is larger than the average in EU

The number of people working in Latvia’s culture sector is equal to 4.5% of the total number of employed people in the country. This proportion is also larger than the average one across the European Union, according to data published by Eurostat.

Association: ECB should become more involved in resolving Latvia’s financial scandal

Association of Latvian Commercial Banks sees a need for the European Central Bank (ECB) to become more involved in the discussion and help resolve the situation, considering evaluation of ABLV Bank’s business model is in direct competence of ECB.

Hesburger to invest 11.5 million euros in Baltics this year

The largest fast food catering restaurant network in Finland and Baltic States – Hesburger – plans to invest approximately EUR 11.5 million in business development this year. EUR 5.5 million are planned to be invested in Latvia’s market, says Hesburger Development Director Ieva Salmela.

European exchange indexes decline; Wall Street enjoys a holiday

European exchange indexes declined on Monday, 19 February. No trading was performed at American stock markets, because the country was celebrating President’s Day.

Week in Lithuania. Lithuania celebrating centennial of statehood

Leaders of European countries gathered in Vilnius on Friday, February 16, to celebrate the 100-year anniversary of restored statehood, and festive events were taking place in many cities and towns of Lithuania.

Estonian income tax should be simplified, parties believe

The existing income tax scheme in Estonia should be simplified, three parties in the Estonian Riigikogu find, but there are differences in opinion as to maintaining the current state budget income. Meanwhile, the opposition Reform Party has voiced backing for an annual tax-free income of 6,000 a year to every earner.

Latvia’s cosmetics market – 160 million euros

Latvia’s cosmetics market is worth approximately EUR 160 million. Similar to Europe, skin and hair care products are the most popular ones. The smallest market proportion is occupied by decorative cosmetics, according to data from Latvian Cosmetic Manufacturers Association (LCMA).

Third of beer consumed in Estonia in 2017 bought in Vidzeme, Estonian factory breweries evaluate

Saku and A. Le Coq, two largest beer makers in Estonia have not published their exact sales numbers for the last year, but have been quick in stating that about one third of all beer drunk in Estonia was purchased in Latvia.

Estonian ultracapacitor maker to relocate manufacturing entirely to Germany

Estonian ultracapacitor maker and exporter Skeleton Technologies has decided to relocate its production from Estonia to Germany with the aim if working at a location closer to its clients.

Estonia allocated 200 million euros to compensate population for second level pension contributions

To compensate to the part of Estonian population that during and after the financial crisis voluntarily continued their contributions to the second level pension fund or paid higher second level pension fund contributions from 2014 to 2017, the Estonian state has transferred additional 227 million euros to the fund during the three-year period.

Week in Lithuania. Parliament speaker urges academic ethics guard to resign amid anti-Semitism claims

Parliament Speaker Viktoras Pranckietis on Friday, February 9, urged Vigilijus Sadauskas , ombudsman for academic ethics and procedures, to step down amid allegations of anti-Semitism after he proposed a reward for a research thesis about Jewish crimes in the 1900s.

Income of electric car maker Tesla measured in billions

The income of the American electric car maker Tesla have in the last quarter of 2017 been above three billion U.S. dollars, while losses have also been large.

European Commission predicts Latvia the most rapid growth among Baltic States

The latest economic outlook by the European Commission estimates that Latvia’s GDP may grow 3.5% in 2018, which is the most rapid growth rate among Baltic States.

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