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Wednesday 26.09.2018 | Name days: Kurts, Knuts, Gundars

Ventspils Mayor: international lenders are mostly right

We cannot say the international lenders requirements are wrong, for the most part they are right, Ventspils Mayor Aivars Lembergs says, stressing the lenders want Latvia to progress, hence the strict requirements.

Swedish Finance Minister: stronger krona raises concerns

The Swedish krona has been recognized as this year’s most valuable currency. However, the country’s Finance Minister Anders Borg warns that further krona gains could give way for concerns.

Mortgage loan receivers to prove ability to repay loans

The European Union’s residents willing to obtain a mortgage loan will have to prove their ability to repay the loan; it is proposed in the new Bill on mortgage loans.

Changes in OCTA law enable receiving indemnity from one's own insurer

The direct loss regulation system, stipulating that owners of cars damaged in road traffic accidents receive a compensation from their insurer, will facilitate Latvian vehicle owners’ life, while the newly-adopted provision in OCTA Law will force insurers boost the quality of their services, considers the Latvian Vehicle Insurance Bureau Board Chairman Juris Stengrevics.

Expert: interest rates surge throughout the world

To restrict the price gains, interest rates are being raised all over the world. Moreover, this year the Euribor rate is climbing as well, points out Swedbank Estonia analyst Annika Paabut.

Dairy industry representative: people buy price, not product

Dairy production output dropped 15% on average during the past year, according to Latvian Dairy Producers' Central Union's data on February 2011, compared to the same period a year ago. Moreover, people are more carefully assessing what products to choose, turning especial attention to special offers and prices.

Unemployment rate falls 0.1%

In late March 2011, the unemployment rate in Latvia formed 14.4%, dropping by 0.1 percent point, compared to February 2011, the State Employment Agency informs the business news portal BNN.

Auditor General: Latvia - ship without captain

The state is drifting in an unknown direction, because the government has not formulated a specific direction of development, according to the Auditor General Ingūna Sudraba. If a vessel does not have a captain, it cannot possibly have a destination to reach either, she says.

Tariffs could be reduced at the expense of cheap Daugava HPP electricity

An alternative to the much disputed Latvenergo tariffs rise is amending the Electricity Market Law adopted in 2008. This way the river Daugava hydroelectric power plant electricity would be cheaper, thus consumers would have to pay less as well, according to the Public Utilities Commission Board member Edvīns Karnītis.

Banks start writing off debts

Several banks of Latvia have started writing off debts, for example, the state-owned Hipotēku banka (Mortgage Bank) wrote off 57 million lats last year, while Swedbank and its subsidiaries wrote off 147 million lats in 2010.

Russian tourism loses 150 million dollars due to Egypt revolution

For the first time in history, Russian tourism industry had to close down its most popular destination, resulting in loss of 150 million US dollars, which lead to about 56% ticket price drop.

Stock exchange revokes market supervision over Parex Bank

NASDAQ OMX Riga Stock Exchange decided on Friday, April 1, it is to revoke supervision status applied to AS Parex banka.