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Wednesday 16.01.2019 | Name days: Lida, Lidija

Latvian authorities detain CityCommerce Bank co-owner accused of embezzlement

Reinis Tumovs, co-owner of Ukrainian CityCommerce Bank, has been detained in Latvia. He is suspected of embezzling nearly UAH 300 million (EUR 9.5 million), as confirmed by Ukrainian National Police Economy Protection Department on Thursday, 15 November.

EC wants to reduce funding for supplies of fruits, vegetables and milk to schools

European Commission’s proposed regulation on organization of agriculture products market provides for reducing EU funding for the support programme on provision of fruits, vegetables and milk for schools by EUR 29.2 million or the same as United Kingdom’s share.

Unemployment level in Latvia was 7% in Q3 2018

In Q3 2018 Latvian unemployment rate constituted 7.0 %. Compared to the previous quarter, unemployment rate fell by 0.7 percentage points, while over the year by 1.5 percentage points.

Germany economy shrinks for first time in three years

Germany economy has contracted by 0.2% in the third quarter of 2018, a first such result in the largest economy of the European Union in over three years.

EP’s approved EUR 17.7 million to be invested in melioration infrastructure restoration

Allocation of support finances of EUR 17.7 million has been approved by the European Parliament for Latvia to cover losses from floods of summer and autumn 2017. This funding will be used to restore important infrastructure, such as water redirection system and damaged culverts, Agriculture Ministry reports.

Finnish guests in Estonia at lowest numbers since 2008

The traditional cornerstone of Estonian tourism industry, guests from Finland, have in the third quarter of 2018 showed less interest in the Baltic country with their numbers dropping to a 10-year low.

Rīgas satiksme’s debts come close to 300 million; Ušakovs says company is doing well

Riga City Council has voted in favour of allocating an additional grant of EUR 22 million to Rīgas satiksme. This means this year the company has cost the city EUR 123 million, reminds Nekā personīga.

Week in Lithuania. Conservatives pick Simonyte as presidential candidate

Lithuania's opposition conservative Homeland Union – Lithuanian Christian Democrats has picked MP and former Finance Minister Ingrida Simonyte as the party's presidential candidate in a primary election held last weekend.

Retail trade in Latvia grows more rapidly than average in Europe

Compared to the same month of 2017, retail trade turnover in Latvia grew by 3.5% in September 2018. This is more rapidly than the average in the European Union, according to data published by Eurostat.

Consumer prices in Estonia jump 4.4% in year

The consumer price index in Estonia, has from October 2017 to October 2017 increased by 4.4%, with transport costs being the key contributing factor, according to calculations by official statisticians.

Estonia considering maritime law changes to attract 300 to carry its flag

Estonia plans amendments to its Ship Flag and Ship Registers Act and is aiming to attract up to 300 large cargo vessels under the Estonian flag in seven-years time.

Latvian farmers worried over short term for use of financial support from EP

Farmers are satisfied with the decision made by the European Parliament’s Budget Committee to provide financial support to Latvian farmers who suffered losses from intense rainfall last year. However, farmers are worried about the short period of time provided for the use of said finances.

Estonia to close railway line and wait for Rail Baltica

Passenger traffic in the Estonian railway line connecting Tallinn and forth largest city Pärnu will be railway line will be interrupted in December to be restored when Rail Baltica railway is operational in 2026.

Share of foreign deposits in Latvian banks down to 20.5%

Latvia’s banking sector has finished its self-cleansing process, dropping the far too risky foreign client segment in the process. Over the course of nearly a whole year, the share of foreign deposits in banks has been cut by nearly half: 20.5% in September as opposed to 39.7% a year prior, according to data from the Finance and Capital Market Commission.

Funding for cohesion to be Latvia’s priority in 2019 EU budget

Latvia’s priority in the 2019 European Union budget will be funding for cohesion, as mentioned in the national position approved by the Cabinet of Ministers. This position will be reported to Economic and Financial Affairs Council on 16 November.

Industrial production output in Latvia down 1.2% in September

Compared to September 2017, industrial production output reduced by 1.2 % in September 2018. The decline was caused by the production output reduction in electricity and gas supply (of 12.6 %), as the amount of electricity produced in hydro power plants dropped.

Week in Lithuania. Government to send revised martial law bill to Parliament

The Lithuanian government decided on Wednesday, October 31, to submit a package of legislative amendments aimed at clarifying the legal regulation of martial law to the Parliament for approval.