http://www.baltic-course.com/eng/ The Baltic Course - International Internet Magazine. Analysis and background information on Baltic markets. eng Sat, 22 Nov 2008 08:40:53 +0200 Baltic Course, The baltic-course@baltic-course.com dmitrijs@mansbirojs.lv http://www.baltic-course.com/eng/analytics/?doc=7311 In January-October 2008, 32.7 million tones of cargo was loaded in Klaipeda State Port including Butinge Terminal, an increase of 22.8% year-on-year. Fri, 21 Nov 2008 18:00:00 +0200 1227283200 http://www.baltic-course.com/eng/finances/?doc=7308 The profit of Parex Group over the first nine months of 2008 totalled LVL 13.2 million, according to the bank's announcement at the NASDAQ OMX Riga Stock Exchange. Fri, 21 Nov 2008 15:00:00 +0200 1227272400 http://www.baltic-course.com/eng/transport/?doc=7309 The price of 95-octane fuel at ''Statoil'' fuel stations has fallen below LVL 0.60 per liter and today was LVL 0.599 per liter, according to information available on the Internet. Fri, 21 Nov 2008 15:00:00 +0200 1227272400 http://www.baltic-course.com/eng/analytics/?doc=7315 The Global Finance magazine named DnB NOR as best foreign exchange bank of Norway. Fri, 21 Nov 2008 15:00:00 +0200 1227272400 http://www.baltic-course.com/eng/finances/?doc=7310 The Ventspils University College lecturer Dmitrijs Smirnovs has been detained on suspicion of spreading rumors about devaluation of the Latvian national currency, the newspaper Telegraf reports today. Fri, 21 Nov 2008 14:00:00 +0200 1227268800 http://www.baltic-course.com/eng/eu_baltics/?doc=7314 Europe has to learn from the events in Caucasus and react to changes in Belarus, towards which Russia has started applying the policy of "handwringing", in appropriate way, claims Foreign Ministry Undersecretary Laimonas Talat-Kelpsa. Fri, 21 Nov 2008 14:00:00 +0200 1227268800 http://www.baltic-course.com/eng/analytics/?doc=7299 The government's decision to launch talks with the International Monetary Fund for the stabilization of the macroeconomic situation in the country is a farsighted move, which will prove to be very useful in case the volume of money in global and the Latvian economy decreases more yet, as the President of the Bank of Latvia Ilmars Rimsevics said in an interview on the Latvian State Radio this morning. Fri, 21 Nov 2008 13:30:00 +0200 1227267000 http://www.baltic-course.com/eng/transport/?doc=7298 The Latvian National Opera Director Andrejs Zagars received the Spidola Economy Award from the Latvian Economists Association 2010 in a ceremony yesterday. Fri, 21 Nov 2008 12:00:00 +0200 1227261600 http://www.baltic-course.com/eng/analytics/?doc=7301 In October 2008 21,800 jobseekers applied to local labor exchanges in Lithuania, an increase of 13.5% compared to September 2008 and over 33% more than in the same month last year. Fri, 21 Nov 2008 12:00:00 +0200 1227261600 http://www.baltic-course.com/eng/eu_baltics/?doc=7302 Partial financing from the EU finances has been confirmed in Brussels for the project on the Lithuanian-Swedish marine highway. Fri, 21 Nov 2008 12:00:00 +0200 1227261600 http://www.baltic-course.com/eng/finances/?doc=7292 The Baltic states of Lithuania and Estonia said on Thursday they would not follow neighbouring Latvia in seeking financial aid from the International Monetary Fund or European Union. Fri, 21 Nov 2008 11:30:00 +0200 1227259800 http://www.baltic-course.com/eng/transport/?doc=7300 The Office of the President of Lithuania will pay three million Lithuanian litas to the carrier flyLAL over two years for the services rendered, the Radio Vilnius/ELTA informed. Fri, 21 Nov 2008 11:30:00 +0200 1227259800 http://www.baltic-course.com/eng/analytics/?doc=7290 In 2009 Lithuania"s economy will grow only as much as the companies exporting products will manage to advance it. However, due to the dropping demand on the domestic market, economic development is likely to be small in the forthcoming several years and the economy rise will happen not earlier than in 2011-2012, Swedbank analysts forecast. Fri, 21 Nov 2008 11:00:00 +0200 1227258000 http://www.baltic-course.com/eng/finances/?doc=7291 NASDAQ OMX Group announced on Thursday that it plans to extend the trading hours at its three Baltic exchanges in Tallinn, Riga and Vilnius. Fri, 21 Nov 2008 11:00:00 +0200 1227258000 http://www.baltic-course.com/eng/analytics/?doc=7281 The number of stays at rural tourism accommodations in Latvia has dropped 20%, compared with year 2007, president of the rural tourism association Lauku celotajs, Asnate Ziemele, informed LETA. Fri, 21 Nov 2008 10:00:00 +0200 1227254400 http://www.baltic-course.com/eng/finances/?doc=7288 Launching talks on possibly receiving a loan from the International Monetary Fund (IMF) is only preparatory work to evaluate the possibility of receiving loans in the future, Martins Gravitis, press secretary at the Latvian Central Bank, informed LETA. Fri, 21 Nov 2008 10:00:00 +0200 1227254400 http://www.baltic-course.com/eng/transport/?doc=7289 A second ferry ship – the "AVE Libeka" – will be a part of the regular Liepaja-Travemunde (Germany) as of the year 2009. Fri, 21 Nov 2008 10:00:00 +0200 1227254400 http://www.baltic-course.com/eng/legislation/?doc=7293 The Government of Estonia supported on Thursday the legislative proposal which would bring digital identity documents used exclusively for electronic authentication besides current ID cards, writes Postimees Online/LETA. Fri, 21 Nov 2008 10:00:00 +0200 1227254400 http://www.baltic-course.com/eng/transport/?doc=7294 The Lithuanian air company flyLAL denies misleading accusations made by Riga Airport. Fri, 21 Nov 2008 10:00:00 +0200 1227254400 http://www.baltic-course.com/eng/legislation/?doc=7282 At 7 p.m. on November 19, Jurmala City Prosecutor's Office brought charges against Jurmala City Council Chairman Girts Trencis for misuse of power. Fri, 21 Nov 2008 09:30:00 +0200 1227252600 http://www.baltic-course.com/eng/analytics/?doc=7263 The economies of Estonia and Latvia, the former Soviet republics that entered recession in the second quarter of 2008, will shrink more through 2009 than previously expected, top Baltic lender Swedbank AB said. Thu, 20 Nov 2008 17:30:00 +0200 1227195000 http://www.baltic-course.com/eng/analytics/?doc=7258 The data of the Central Statistical Bureau show that, in January – September 2008 total volume of goods in foreign trade of Latvia at current prices reached 9048.7 mln lats – an increase of 316.0 mln lats or 3.6%, if compared to January – September 2007. Thu, 20 Nov 2008 16:00:00 +0200 1227189600 http://www.baltic-course.com/eng/finances/?doc=7274 Today, the government of Latvia authorized Finance Minister Atis Slakteris (People's Party) to launch talks with the International Monetary Fund regarding support for stabilization of the macroeconomic situation in Latvia, the Prime Minister Ivars Godmanis (Latvia's First Party/Latvia's Way) said after the Cabinet meeting. Thu, 20 Nov 2008 16:00:00 +0200 1227189600 http://www.baltic-course.com/eng/finances/?doc=7276 Due to the quick reaction of the government, Parex banka is becoming more stable, Prime Minister Ivars Godmanis (Latvia's First Party/Latvia's Way) told members of the press today after a government meeting. Thu, 20 Nov 2008 16:00:00 +0200 1227189600 http://www.baltic-course.com/eng/eu_baltics/?doc=7264 European Union (EU) farm ministers agreed today to divert chunks of longstanding subsidies, now enjoyed by large farms, into countryside preservation schemes in the biggest revamp of EU farm policy for five years. Thu, 20 Nov 2008 15:30:00 +0200 1227187800 http://www.baltic-course.com/eng/legislation/?doc=7277 Riigikogu suspended the income tax reform for a year and amended the Value Added Tax Act and the State Fees Act in order to find more revenue in next year’s State budget, writes EPL Online/LETA. Thu, 20 Nov 2008 15:30:00 +0200 1227187800 http://www.baltic-course.com/eng/Technology/?doc=7266 Tallinn-based startup Modesat Communications has launched its first microwave radio modem products and is planning to open a Silicon Valley office, Eetimes.eu/LETA reported. Thu, 20 Nov 2008 15:00:00 +0200 1227186000 http://www.baltic-course.com/eng/finances/?doc=7265 The European Bank for Reconstruction and Development plans to invest a record 7 billion euros (8.8 billion dollars) in Central and Eastern Europe in 2009 to help the region weather a global economic slump. Thu, 20 Nov 2008 14:30:00 +0200 1227184200 http://www.baltic-course.com/eng/finances/?doc=7251 It is possible that the government of Latvia today could consider launching official consultations with the International Monetary Fund and the European Commission regarding a loan for stabilization of the financial system of Latvia. Thu, 20 Nov 2008 14:00:00 +0200 1227182400 http://www.baltic-course.com/eng/analytics/?doc=7257 Central Statistical Bureau continues preparation for the Population and Housing Census 2011. Main aim of the Census is to specify the number of population in Latvia. Thu, 20 Nov 2008 13:45:00 +0200 1227181500 http://www.baltic-course.com/eng/markets_and_companies/?doc=7254 During their final parliamentary session, the outgoing Seimas amended the Euro-integration Data Retention Act, obliging fixed and mobile phone operator companies to register telephone conversations, SMS and e-mails, reports The Baltic Times/ ELTA. Thu, 20 Nov 2008 13:30:00 +0200 1227180600 http://www.baltic-course.com/eng/investments/?doc=7253 The Latvian Investment and Development Agency (LIDA) is currently working on attracting two large-scale industrial projects to Latvia. Thu, 20 Nov 2008 13:00:00 +0200 1227178800 http://www.baltic-course.com/eng/transport/?doc=7248 During the first ten months of the year 2008, a total of 660,288 passengers travelled with Estonian Air, writes EPL Online/LETA. Thu, 20 Nov 2008 12:00:00 +0200 1227175200 http://www.baltic-course.com/eng/analytics/?doc=7233 According to Statistics Estonia, in October 2008 the percentage change in the producer price index was 0.8% compared to September and 6.3% compared to October of the previous year. Thu, 20 Nov 2008 11:30:00 +0200 1227173400 http://www.baltic-course.com/eng/analytics/?doc=7245 An Estonian entrepreneur Rainer Nolvak – the developer of an idea of nationwide cleanup campaign "Let’s Do It!" was named as Estonia's most innovative person of 2008, Tigerprises.com reported. Thu, 20 Nov 2008 11:15:00 +0200 1227172500 http://www.baltic-course.com/eng/markets_and_companies/?doc=7242 Retail of alcoholic beverages in Latvia decreased by 5% in the first nine months of 2008, according to information from the State Revenue Service, based on the nine-month data on revenue stamps. Thu, 20 Nov 2008 11:00:00 +0200 1227171600 http://www.baltic-course.com/eng/legislation/?doc=7243 Prime Minister of Latvia Ivars Godmanis (Latvia's First Party/Latvia's Way) has issued a ban on any use of national budget money for staff recreational events for all ministries, the Corruption Prevention Bureau, the Civil Service Administration, the Information Analysis Office and the State Chancellery. Thu, 20 Nov 2008 11:00:00 +0200 1227171600 http://www.baltic-course.com/eng/finances/?doc=7246 On Wednesday, the outgoing Government of Lithuania led by Gediminas Kirkilas approved Lithuania"s position on the EU drafted budget for 2009, which will be considered at the ECOFIN meeting in Brussels on Friday. Thu, 20 Nov 2008 11:00:00 +0200 1227171600 http://www.baltic-course.com/eng/transport/?doc=7247 The number of containers processed in the Muuga CT Container Terminal operating in the Port of Muuga grew by 1% in the first ten months of the year 2008, writes EPL Online/LETA. Thu, 20 Nov 2008 11:00:00 +0200 1227171600 http://www.baltic-course.com/eng/markets_and_companies/?doc=7241 Riga Central District Court has launched an insolvency case against the company FK Riga Ltd. as claimed by a private individual, as informed court chairperson's aide Kaspars Sadauskis. Thu, 20 Nov 2008 10:30:00 +0200 1227169800 http://www.baltic-course.com/eng/legislation/?doc=7231 Acting Prime Minister Kirkilas has received news that the Special Investigation Service (STT) has launched a pre-trial investigation on alleged violations related to the establishment of the company Gamtiniu Duju Terminalas calmly. Thu, 20 Nov 2008 10:00:00 +0200 1227168000 http://www.baltic-course.com/eng/markets_and_companies/?doc=7232 The international retail trade chain Make Up Store has opened its store in Vilnius old town. A total of 350,000 litas (101,142 euros) have been invested into it. An international make up center of the same brand is to be opened there in the nearest future too. Thu, 20 Nov 2008 09:30:00 +0200 1227166200 http://www.baltic-course.com/eng/legislation/?doc=7244 A total of 2,077 Latvian district, regional, municipal and Land Register judges and court officials were paid out LVL 499,000 on the occasion of the Latvian Republic's 90th anniversary. Thu, 20 Nov 2008 09:00:00 +0200 1227164400 http://www.baltic-course.com/eng/analytics/?doc=7225 Every year survey on the usage and e-commerce of information and communication technologies among Latvian enterprises with the number of employees 10 and more is carried out in all European Union. Majority of questions are on the situation in January 2008, but some indicators, for example, on cooperation with central and local government institutions and e-commerce are regarding 2007. Wed, 19 Nov 2008 17:00:00 +0200 1227106800 http://www.baltic-course.com/eng/analytics/?doc=7218 In October 2008, the monthly minimum subsistence level per capita in Latvia increased to LVL 167.69, as the Central Statistical Bureau informed LETA. Wed, 19 Nov 2008 15:00:00 +0200 1227099600 http://www.baltic-course.com/eng/analytics/?doc=7221 In November 2008, the Lithuanian Department of Statistics forecasts lesser harmonized monthly inflation than that in October 2008, and says that Lithuania will have one-digit annual inflation at last. Wed, 19 Nov 2008 15:00:00 +0200 1227099600 http://www.baltic-course.com/eng/real_estate/?doc=7219 Arco Construction, a 55% joint-venture of Arco's construction division in Latvia, has signed a construction contract with Stockmann Center to design and build a pedestrian tunnel under Gogola Street to the trade center "Stockmann" in Riga, as Arco informed the Tallinn Stock Exchange. Wed, 19 Nov 2008 14:30:00 +0200 1227097800 http://www.baltic-course.com/eng/legislation/?doc=7220 Riga City Central District Court has ordered Baltcom TV to suspend carrying the TV3 program over the experimental digital land-line television waves, as LETA learned from TV3 public relations coordinator Marta Zandersone. Wed, 19 Nov 2008 14:30:00 +0200 1227097800 http://www.baltic-course.com/eng/legislation/?doc=7222 Klaipeda city local court abolished the detention imposed on German citizen Michael Rinau. Soon the European arrest warrant to the man, who had taken away his minor daughter to Germany, should also be cancelled. Wed, 19 Nov 2008 14:30:00 +0200 1227097800 http://www.baltic-course.com/eng/analytics/?doc=7208 According to the latest statistical data from the European Union's Eurostat service, the number of immigrants in Lithuania is among the lowest in the European Union, and the majority of immigrants who come to Lithuania are non-EU citizens, Radio Vilnius informs. Wed, 19 Nov 2008 14:00:00 +0200 1227096000 http://www.baltic-course.com/eng/transport/?doc=7209 In 2009, Lithuanian citizens will be able to go to Canada without visas only with biometric passports, the Foreign Ministry reported. Otherwise, they will have to obtain the Canadian visa. Wed, 19 Nov 2008 13:30:00 +0200 1227094200 http://www.baltic-course.com/eng/finances/?doc=7212 Celebrations of the 90th anniversary of the Republic of Latvia cost approximately LVL 1.8 million, as the State Chancellery Director Gunta Veismane informed in an interview on the Latvian State Radio this morning. Wed, 19 Nov 2008 13:30:00 +0200 1227094200 http://www.baltic-course.com/eng/finances/?doc=7217 Last week Novermber 10-16 the Bank of Latvia sold EUR 267.6 million for lats, LETA learned from the central bank. Wed, 19 Nov 2008 13:30:00 +0200 1227094200 http://www.baltic-course.com/eng/analytics/?doc=7206 Rumors about the possible depreciation of the Latvian national currency, which has brought on raised interest from residents to exchange lats to euros this past weekend, are ungrounded, Prime Minister Ivars Godmanis (Latvia's First Party/Latvia's Way) underlined in an interview on LNT television's broadcast this morning. Wed, 19 Nov 2008 13:00:00 +0200 1227092400 http://www.baltic-course.com/eng/markets_and_companies/?doc=7207 Coca-Cola Hellenic Bottling Co., the world's second-largest bottler of Coke beverages, may relocate its Estonian bottling plant to neighboring Latvia, Estonian daily Aripaev reported, citing a spokeswoman. Wed, 19 Nov 2008 13:00:00 +0200 1227092400 http://www.baltic-course.com/eng/baltics_cis/?doc=7211 On Wednesday, the interim Cabinet of Ministers approved the intergovernmental agreement on economic cooperation, signed by Lithuania and Uzbekistan in Tashkent on 19 June this year. The agreement is intended to develop and strengthen the economic relations between state institutions and economic operator in all spheres, which are of interest to both countries. Wed, 19 Nov 2008 12:30:00 +0200 1227090600 http://www.baltic-course.com/eng/analytics/?doc=7193 Moody's Investors Service does not expect the Baltic states of Estonia, Latvia and Lithuania to devalue their currencies, analyst Kenneth Orchard said. Wed, 19 Nov 2008 12:00:00 +0200 1227088800 http://www.baltic-course.com/eng/analytics/?doc=7197 A total of 8,448 purchase-sale transactions on real estate were notarised in the third quarter of 2008 in Estonia, writes Statistics Estonia. Wed, 19 Nov 2008 12:00:00 +0200 1227088800 http://www.baltic-course.com/eng/analytics/?doc=7188 In the first eight months of 2008, Latvia's exports increased by 16%, compared to the respective period of 2007, reaching EUR 4.6 billion, which was the seventh fastest increase in the European Union, according to Eurostat data. Lithuania registered the steepest increase in exports – by 33%, and Estonia's exports increased by 6%. Wed, 19 Nov 2008 11:30:00 +0200 1227087000 http://www.baltic-course.com/eng/finances/?doc=7210 Ukio Bankas has returned two syndicated loans. Wed, 19 Nov 2008 11:30:00 +0200 1227087000 http://www.baltic-course.com/eng/markets_and_companies/?doc=7194 Many farmers from Latvia staged a rally in Brussels yesterday to protest the unequal direct payments in the European Union, and the protest did not go unnoticed, as the Latvian Farmers' Federation board's chairwoman Arija Jerumane and the European Commission Representation in Latvia spokesman Ivars Busmanis informed LETA. Wed, 19 Nov 2008 11:00:00 +0200 1227085200 http://www.baltic-course.com/eng/markets_and_companies/?doc=7195 Trade unions of Lithuania ask President Valdas Adamkus not to sign the law on the MPs" salaries passed by the Seimas on November 13. Wed, 19 Nov 2008 11:00:00 +0200 1227085200 http://www.baltic-course.com/eng/transport/?doc=7196 On Tuesday, the legal argument regarding a debt of 12.6 million US dollars adjudged to the Swedish company Svenska Petroleum Exploration by the International Arbitrage finished with a peaceful agreement. Wed, 19 Nov 2008 11:00:00 +0200 1227085200 http://www.baltic-course.com/eng/finances/?doc=7184 Chairman of the Pro Patria and Res Publica Union Mart Laar proposed that in order to promote a favourable entrepreneurial environment, all tax changes should be suspended since January 1, 2009, writes Postimees Online/LETA. Wed, 19 Nov 2008 10:00:00 +0200 1227081600 http://www.baltic-course.com/eng/finances/?doc=7182 Danske Fund investment funds registered in Luxembourg have changed name to Danske Invest. The assets of the funds distributed under this name totals about 30 billion euros. Wed, 19 Nov 2008 09:30:00 +0200 1227079800 http://www.baltic-course.com/eng/real_estate/?doc=7186 The property management company City Service will supervise the buildings belonging to the National Defence Ministry (KAM) of Lithuania. Wed, 19 Nov 2008 09:30:00 +0200 1227079800 http://www.baltic-course.com/eng/transport/?doc=7185 On November 13, State Revenue Service (SRS) Customs Criminal Department officers stopped to inspect an automobile in the Latvia-Estonia border and found one kilogram of cocaine. Wed, 19 Nov 2008 09:00:00 +0200 1227078000 http://www.baltic-course.com/eng/analytics/?doc=7177 President Valdas Adamkus attended the first sitting of the newly elected Seimas and delivered an address. President Adamkus underlined that the citizens of Lithuania placed high hopes and expectations in the new Seimas, which had gathered this Monday for its first sitting. He pointed out that Lithuania’s dignity and well-being, its image in the world and the general mood of its citizens mostly depended on the newly elected members of parliament. Tue, 18 Nov 2008 13:00:00 +0200 1227006000 http://www.baltic-course.com/eng/markets_and_companies/?doc=7176 PKN Orlen SA, Poland's largest oil refiner, having control over Lithuanian oil company Mezeikiu Nafta, gave up plans to open gas stations in Latvia and may cut investments in Lithuania, Gazeta Prawna reported. Tue, 18 Nov 2008 12:30:00 +0200 1227004200 http://www.baltic-course.com/eng/energy/?doc=7174 Prime Minister Andrus Ansip admitted that valuable time has been lost with the project of the new nuclear power plant in Ignalina, writes EPL Online. Tue, 18 Nov 2008 12:00:00 +0200 1227002400 http://www.baltic-course.com/eng/education/?doc=7167 Having passed the amendments on the postponement of payments for studies for half a year to the law on higher education, universities of Lithuania are collapsing – finances for lecturers" salaries are lacking and they are asked to work for free. The Government, which promised to compensate these lacking finances from the state budget, now suggests universities that they should borrow finances from themselves. Mon, 17 Nov 2008 13:00:00 +0200 1226919600 http://www.baltic-course.com/eng/finances/?doc=7166 After lengthy debates, Latvian Saeima passed the 2009 national budget in the final reading on Friday; the budget deficit projection was set at 1.5% of the gross domestic product. Mon, 17 Nov 2008 12:15:00 +0200 1226916900 http://www.baltic-course.com/eng/analytics/?doc=7155 Marje Josing, the director of the Institute of Economic Research stated, when commenting on the new unemployment rate numbers that the Estonian labour market is yet not in crisis, but the trend is certainly a negative one, writes Postimees Online/LETA. Mon, 17 Nov 2008 12:00:00 +0200 1226916000 http://www.baltic-course.com/eng/markets_and_companies/?doc=7165 The excise tax on beer in Latvia will increase on February 1 2009 from the current LVL 1.30 to LVL 1.45 per 100 liters of beer or by a half-santim for each 0.5-liter beer bottle, according to amendments to the Law on Excise Tax that Saeima endorsed in the final reading on Friday. Mon, 17 Nov 2008 12:00:00 +0200 1226916000 http://www.baltic-course.com/eng/transport/?doc=7175 The newly built Southern Bridge in Riga will be ceremoniously unveiled today. Since the restoration of independence, the Southern Bridge has been the biggest and most complicated construction project in the country. Mon, 17 Nov 2008 12:00:00 +0200 1226916000 http://www.baltic-course.com/eng/legislation/?doc=7157 On Friday, the last working day of this term of office, the Lithuanian Seimas passed amendments to the Law on Electronic Communications or so-called the "law on general surveillance". They will come into force on March 15 next year. Sun, 16 Nov 2008 12:00:00 +0200 1226829600 http://www.baltic-course.com/eng/eu_baltics/?doc=7156 On Thursday, Foreign Minister of Latvia Maris Riekstins (People's Party) met with Norwegian Foreign Minister Jonas Gahr Store, as part of his working visit to Latvia, LETA was informed by the Foreign Ministry's information and public relations department. Sun, 16 Nov 2008 12:00:00 +0200 1226829600 http://www.baltic-course.com/eng/finances/?doc=7153 The total credit portfolio of Latvian banks has increased by 12.5% since the beginning of the year 2008, according to the Financial and Capital Markets Commission's (FCMC) preliminary data. Sat, 15 Nov 2008 12:00:00 +0200 1226743200 http://www.baltic-course.com/eng/finances/?doc=7154 Despite the fact that in absolute figures, the revenue collected in the State budget of Estonia has grown, in comparison to the planned amounts the State budget shortfall in October 2008 is by 8.1 percentage points greater than in 2007, writes EPL Online/LETA. Sat, 15 Nov 2008 12:00:00 +0200 1226743200 http://www.baltic-course.com/eng/eu_baltics/?doc=7152 The European Commission hopes to come to a decision on providing financial support for Latvia "fairly soon", said European Commission spokesman Jonathan Todd. Fri, 14 Nov 2008 18:00:00 +0200 1226678400 http://www.baltic-course.com/eng/analytics/?doc=7138 Annual inflation in Latvia in October 2008 decreased one percentage point, reaching 13.7%, however, it remains the highest in the European Union (EU), according to the EU statistical office Eurostat data released today. Fri, 14 Nov 2008 15:00:00 +0200 1226667600 http://www.baltic-course.com/eng/analytics/?doc=7146 Latvia's gross domestic product in the third quarter of 2008 contracted 4.2% compared to the third quarter of 2007, which was the biggest decrease in the European Union, according to Eurostat data released on Friday. Fri, 14 Nov 2008 15:00:00 +0200 1226667600 http://www.baltic-course.com/eng/finances/?doc=7150 The unprofitable subsidiaries of joint-stock Parex Banka, which do not offer financial services, will most likely be sold off, as Financial and Capital Market Commission Deputy Chairman Janis Brazovskis said. Fri, 14 Nov 2008 15:00:00 +0200 1226667600 http://www.baltic-course.com/eng/analytics/?doc=7137 The Latvian health care system is ranked as the worst in Europe, according to Euro Health Consumer Index. Fri, 14 Nov 2008 14:00:00 +0200 1226664000 http://www.baltic-course.com/eng/finances/?doc=7140 Partners in the future ruling coalition have finally agreed that all taxes – income tax, profit tax and value-added tax – will be set at 20% and that social security tax will be included as part of the income tax as of January 1, 2009, the Radio Vilnius/ELTA informed. Fri, 14 Nov 2008 14:00:00 +0200 1226664000 http://www.baltic-course.com/eng/finances/?doc=7136 Deposits worth a total of LVL 461 million were withdrawn from Latvian banks in October 2008, according to preliminary data from the Financial and Capital Market Commission (FCMC). Fri, 14 Nov 2008 13:00:00 +0200 1226660400 http://www.baltic-course.com/eng/finances/?doc=7141 In October 2008, currency in circulation rose 618.9 million litas (174.98 million euros) to 9.7 billion litas (2.7 billion euros) at the end of the month, the Bank of Lithuania informs. Fri, 14 Nov 2008 13:00:00 +0200 1226660400 http://www.baltic-course.com/eng/analytics/?doc=7130 The Lithuanian Free Market Institute (LLRI) criticizes the crisis defeat action plan, which is being formed by the future coalition Government of Lithuania, and underlines that the foreseen increase of the majority of main taxes will only deepen the crisis suffered by residents, business and authority. Fri, 14 Nov 2008 12:30:00 +0200 1226658600 http://www.baltic-course.com/eng/analytics/?doc=7123 Based on provisional data released by Statistics Lithuania, in III quarter 2008, 292 new residential buildings were constructed in Lithuania. In these residential buildings, 2458 dwellings were equipped. Against III quarter 2007, the number of completed dwellings increased by 1%. In III quarter 2008 against II quarter 2008, the number of completed dwellings decreased by 195, while the useful floor area decreased by 51.3 thousand m2. Fri, 14 Nov 2008 12:00:00 +0200 1226656800 http://www.baltic-course.com/eng/analytics/?doc=7126 Latvian Mortgage and Land Bank (Latvijas Hopiteku un zemes banka, Mortgage Bank) head Inesis Feiferis, now also chairman of Parex banka board, believes that the situation at Parex banka will improve in six to nine months, as Feiferis said in an interview to the newspaper Diena. Fri, 14 Nov 2008 12:00:00 +0200 1226656800 http://www.baltic-course.com/eng/transport/?doc=7127 "Audi" importer in Latvia Moller Auto Baltic posted LVL 29,401,063 in turnover in 2007, according to the Registry of Enterprises' Lursoft data. Fri, 14 Nov 2008 12:00:00 +0200 1226656800 http://www.baltic-course.com/eng/analytics/?doc=7128 Deputy Governor of the Bank of Estonia Andres Sutt stated that the exchange rate of the kroon towards the euro will not be changed, writes Postimees Online/LETA. Fri, 14 Nov 2008 12:00:00 +0200 1226656800 http://www.baltic-course.com/eng/finances/?doc=7129 The real hole in the state budget of Lithuania has been revealed to residents only after the Seimas elections. Up till then Prime Minister Gediminas Kirkilas was constantly calming the media and the public that there is no crisis in the country and the experts" warnings are merely propaganda before the elections. According to him, such threats "are hilarious". Finance Minister Rimantas Sadzius supported the prime ministers" claims. Fri, 14 Nov 2008 12:00:00 +0200 1226656800 http://www.baltic-course.com/eng/analytics/?doc=7112 According to Statistics Estonia, in September 2008 176,000 tourists stayed in accommodation establishments. The number of tourists decreased by 12,000 compared to September of the year 2007. Fri, 14 Nov 2008 11:15:00 +0200 1226654100 http://www.baltic-course.com/eng/analytics/?doc=7108 According to Statistics Estonia, in the 3rd quarter of 2008, the unemployment rate rose to 6.2%. The unemployment increased on account of persons who have lost the job as well as on account of young people entering the labour market. Fri, 14 Nov 2008 11:00:00 +0200 1226653200 http://www.baltic-course.com/eng/analytics/?doc=7120 Parex banka's liabilities will have no direct impact on the state budget deficit, Bank of Latvia President Ilmars Rimsevics told reporters yesterday. Fri, 14 Nov 2008 11:00:00 +0200 1226653200 http://www.baltic-course.com/eng/analytics/?doc=7121 CEO of Sampo Pank Aivar Rehe noted that Estonia’s economic results in the third quarter of 2008 were worse than expected, writes Postimees Online/LETA. Fri, 14 Nov 2008 11:00:00 +0200 1226653200 http://www.baltic-course.com/eng/analytics/?doc=7122 According to the results of the public survey conducted by the public research and marketing company Baltijos Tyrimai on October 21-31, people distrust the Seimas most. 75% of all respondents expressed distrust in the Seimas. Fri, 14 Nov 2008 11:00:00 +0200 1226653200 http://www.baltic-course.com/eng/finances/?doc=7110 The proposal of the State Auditor of Estonia Mihkel Oviir to raise the pension age might not significantly decrease spending on pensions, stated Andres Võrk, an analyst of the think tank Praxis, writes the National Broadcasting/LETA. Fri, 14 Nov 2008 10:30:00 +0200 1226651400 http://www.baltic-course.com/eng/markets_and_companies/?doc=7111 In 2007, Latvia's largest egg and egg product producer Balticovo Ltd. managed to increase its export volume by 275%, compared with the results of 2006, the newspaper Dienas Bizness reported yesterday. 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