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Tuesday 25.09.2018 | Name days: Rauls, Rodrigo

ECB revokes Latvian ABLV Bank’s credit institution license

European Central Bank has decided to revoke Latvian ABLV Bank’s license, as confirmed by Finance and Capital Market Commission.

Competition Council permits merging of two energy wholesale traders and producers

On 4 July, Latvia’s Competition Council decided to permit the merging deal as a result of which Enefit Green AS will gain decisive influence over Nelka Energia AS by purchasing 100% of the company’s shares. Permission was given because the merge is not expected to have a major impact on competition on the market, the council explains.

Investors optimistic – exchange indexes and oil prices up

Share prices increased in world stock exchanges on Tuesday, 10 July, which helped improved investors’ optimism about the upcoming business season, especially in the United States of America.

Nordica airline reaches EUR 0.9 million profit in its second full year

Estonian national airline Nordica has registered a 0.9 million profit in its second full year of operations, despite being expected to accumulate losses to the amount of six million euros, the company announced.

Estonian energy progressing in renewable energy sources

As Estonia's national energy giant Eesti Energia offers its customers to opt for electricity coming from renewable sources, the contracts with the green option are said to have risen three times in 2017 and 2018.

Estonia sees increase in industrial production volume in Estonia

The industrial production volume of Estonian companies has grown by three percent between May 2017 and May 2018, official statistics show.

Heatwaves drive Lithuanians to lakes, rivers and Baltic Sea

When dozens of Lithuanian municipalities are under a state of emergency due to the lasting drought, there is one municipality on the Baltic coast than cannot be any happier about the rainless months, Palanga.

Three KVV Liepājas metalurgs real estate auctions conclude

Friday, 29 June, marks the end of three auctions for the sale of real estate properties owned by insolvent KVV Liepājas metalurgs, according to information published in Latvian Herald.

Competition Council permits merging of two LPG traders

On 21 June, Latvia’s Competition Council made a decision to permit a merge, as part of which SIA Latvijas propāna gaze gained decisive influence over SIA Eko gaze. Permission was given because the merge is not expected to impact competition, says CC.

Facebook ends project to build solar panel drone-internet provider

World's leading online social network company Facebook has decided to drop its plan to produce drones that would provide internet in remote areas of the world.

Survey: real estate purchase is the most optimal form of investment

Latvia’s residents view real estate purchase as one of the best forms of investment. 46% of Latvia’s residents would invest in real estate. Other popular forms of investment include gold, which is considered reliable by 26% of residents, and life insurance – 18%, according to results of Swedbank’s survey.

Estonian economy to grow by 3.5% in 2018, central bank estimates

Estonia's economic growth would be at 3.5% in 2018-2019, but it would slow to 2.5% in 2020, according to forecasts by the Estonian central bank, Eesti Pank.

French butchers seek protection from vegan hooligans

Butchers in France have asked the government for protection against militant vegans, accusing them of trying to affect the country's traditional meat-eating culture.

Average electricity price decline in Latvia this week – 13%

The average weekly electricity price in Latvia has declined by nearly 14% – to 42.27 EUR/MWh – in Estonia and 45.72 EUR/MWh in Lithuania. The price decline in Latvia was 13% – to 45.72 EUR/MWh, according to information from Latvenergo.

Tourist favourite Ruhnu island in Estonia affected by broken-down ferry

Estonia's scenic Ruhnu island, which is located closer to Latvian mainland than to other Estonian territories, is affected by disrupted ferry traffic from the city of Pärnu and the romantic island in the heat of the tourist season.

Greece glad about significant eurozone debt relief

Eurozone member states have adopted a long-expected debt relief deal for Greece, giving Athens more time to repay EUR 96.9bn worth of loans and extends a grace period during which Greece will pay little or no interest.

Potential investors want ABLV Bank’s owned bank in Luxembourg

Several potential investors have voiced their interest in purchasing liquidated ABLV Bank’s owned ABLV Bank Luxembourg, says the bank’s liquidator Arvīds Kostomārovs.

Evidence in criminal case at risk in ABLV Bank’s self-liquidation process

Sergei Magnitsky’s former employer, Hermitage Capital Management, sent a request to Latvia’s law enforcement authorities on 21 June 2018, asking them investigate money laundering in ABLV Bank.