From 2014, Latvian fibreglass manufacturer Valmieras Stikla Skiedra (VSS) will start purchasing its electricity from several suppliers, writes news2bis LATVIA.
On 17 May, Latvian-Swedish SIA EuroLCDs opened an LCD panel plant in Ventspils, reports news2biz LATVIA.
The first Latvian satellite Venta-1 has been finished and is ready to be launched in space. Its creators are now negotiating possible launch vehicles, reports news2biz LATVIA.
Danish-Latvian kiosk chain Plus Punkts has run into problems with its suppliers. As a result, it has stopped selling press and, for several days, public transportation tickets, writes news2biz LATVIA.
The Danish engineering company DGE Group, a specialist in soil and environmental analysis, has started up a new office in Latvia after being in place in Lithuania since 2005, reports news2biz LATVIA.
Latvian construction company BMGS is the latest victim of an unpleasant feature of the Latvian business environment: using insolvency requests to settle disputed debts. The request was quickly redrawn, though, and the insolvency hearings were closed.
Nobel Prize winner in Economics, Princeton University Professor Paul Krugman will not participate in the First Riga Economic Forum due to the controversy that his invitation to the forum has caused in Latvia, reported the Baltic Course.
The second-largest Latvian pharmaceutical manufacturer Olainfarm has acquired a 47.5% share in the third-largest pharma manufacturer Silvanols. In the nearest future, Olainfarm plans to acquire an additional 20% of Silvanols' shares, reports news2biz LATVIA.
Baltic countries are reaping the rewards of austerity measures, the European Bank for Reconstruction and Development points out in its latest economic outlook.
European statistics office Eurostat has summed reports that, in 2011, Latvia took the second place in EU by the share of renewable energy in its total consumption.
The Latvian government, together with other large creditors of the troubled Latvian steel mill Liepajas Metalurgs, has announced that its owners must give up their shares in the company, find an investor or close down, writes news2biz LATVA.
Latvian shipping and transit company Ventspils Nafta (VN) has announced its 2012 financial results.
Latvian investigative journalism company Re:Baltica claims that Latvian businesses tend to pay inadequately low salaries to their workers while providing them little social security or even decent working conditions, reports news2biz LATVIA..
Anri Leimanis, attorney of TRINITI, a pan-Baltic alliance of law firms, writes on the subject of franchising.
Forget the stereotype of Latvia as a gloomy place inhabited by desperate people, writes news2biz LATVIA.
Japanese conglomerate Mitsui & Co, Ltd has acquired an 80% share in the Latvian port operator SIA Rigas Universalais Terminals (RUT), reported news2biz LATVIA.
We are looking for a skilled and driven Project Manager for our signaling system division’s - Rail Control Solutions (RCS) Riga facility
The Latvian government has confirmed its Convergence programme for 2013-2016 and submitted it to the European Commission, writes news2biz LATVIA.
The first Latvian satellite Venta-1 has been finished and is ready to be launched in space. Its creators are now negotiating possible launch vehicles, writes news2biz LATVIA.
The Latvian financial watchdog Finansu un kapitala tirgus komisija (FKTK) reports that, continuing to improve their balance sheets, Latvian banks wrote off LVL 338m worth of loans in 2012. It is an 11% increase from 2011.
International ratings agency Moody's Investors Service has released a special comment on Latvian banking system, titled "Increasing non-resident deposits in Latvia are credit negative for the banking system," reports news2biz LATVIA.
Danish-owned AdEvolution, a layout production supplier for publishers and ad agencies, is expanding staff in Riga, writes news2biz LATVIA, sister publication of BBN.
The largest Latvian telecom provider Lattelecom has opened 2,000 free public access Wi-Fi hotspots throughout Latvia, writes news2biz LATVIA, sister publication of BBN.
Latvian retail chain Partikas tirdzniecibas apvieniba, operating under the Elvi brand, has launched a new brand Mazais Elvi (Small Elvi), aimed at smaller stores, writes news2biz LATVIA, sister publication of BBN.
The Latvian competition watchdog Konkurences Padome has fined the Latvian copyright management agency AKKA/LAA in the amount of LVL 45,646.
Olainfarm, the second-largest pharmaceutical manufacturer in Latvia, has opened a co-generation power plant near its production plant in Olaine, writes news2biz LATVIA, sister publication of BBN.
As of 2012 the three Baltic countries have been implementing a joint strategy of attracting tourists from more distant markets together, writes news2biz LATVIA.
AS Diena, the publisher of the largest Latvian daily Diena, reports that, once again, it has been operating at a loss in 2012. It has not yet stated the exact amount of losses, but they exceed LVL 1.45m it lost in 2011. To get back on track, it has now adopted a new value system and strict austerity measures, writes news2biz LATVIA, sister publication of BBN.
Latvian dairy processor and bakery SIA DK Daugava has found a Russian investor. Its founder and previous owner Aigars Vaivars has sold a 40.31% share in the company to the Russian dairy processor Gogol Mogol Group. He still retains a 59.69% share in the company, writes news2biz LATVIA, a sister publication of BBN.
Even though Latvia has not yet completely reached its current foreign policy goal – introducing the EUR – it has already set sights on the next challenge: joining the Organisation for Economic Co-operation and Development (OECD), writes news2biz LATVIA, sister publication of BBN.
The Latvian tax collector Valsts ienemumu dienests reports that one of its tax debtors is no less than Reformu partija, the second-largest government coalition party. Its debt stood at LVL 4,611 and has now been paid, writes news2biz LATVIA, sister publication of BBN.
The first Riga Economic Forum will be held July 24 to July 26, which will also be attended by American economist and Nobel laureate Paul Krugman, who has been highly critical of Latvia's model for overcoming the economic crisis, reported The Baltic Course.
airBaltic CEO Matin Gauss is confident that the airline will become profitable in 2014, writes news2biz LATVIA.
The UK-based financial newspaper Financial Times has published a research article claiming that Latvia is the most obvious destination for Russian money fleeing from Cypriot banks, despite the Latvian government's claims of the opposite, writes news2biz LATVIA.
On 17 April, Latvia's second-largest pharmaceutical manufacturer Olainfarm had an accident in its Olaine production plant: one of its chemical reactors in its nitrofurantoine production unit exploded, reported news2biz LATVIA, sister publication of BBN.
British shadow immigration minister Chris Bryant said it would be nice to go into a hotel in Britain which had a British receptionist, writes Mail Online.
The sixth-largest Latvian bank Rietumu banka has launched a Chinese version of its website to attract new Chinese customers and better serve the existing ones, reports news2biz LATVIA, the sister publication of BBN.
Swedish Zaveria started buying Latvian forestry properties in 2009. Now, the company, which is owned by two investors residing in Sweden, has 940 hectares within a 50 km radius from Jekabpils. reports news2biz LATVIA.
In comparison of Baltic countries, the cheapest 95 octane petrol was in Estonia, while the most expensive was in Lithuania, according to Eurostat.
The Danish environment consul-tancy and solutions provider Krüger A/S has completed a DKK 60m refurbishing of Riga's city owned water and sewage company Rigas Udens' wastewater facility at Daugavgriva near Riga, reports news2biz LATVIA, sister publication of BBN.
In March, the Estonian producer price index of industrial output was 5% higher than in March 2012, according to Statistics Estonia.
The troubled Latvian steel mill Liepajas Metalurgs (LM) has turned to the Latvian government for help. As the government still remains undecided, LM has prepared its own austerity plan and is looking for new investors abroad, writes news2biz LATVIA, sister publication of BBN.
Investment and Development Agency of Latvia (Latvijas Investiciju un attistibas agentura; LIAA) has prepared a new promotional video touting the advantages of Latvia as an investment destination, reports news2biz LATVIA, sister publication of BBN.
Latvian airline airBaltic said its net result for 2012 was a loss of EUR 27m, a signifant improvement from a loss of EUR 121m made a year earlier.
A survey of research company Gemius SA shows that the use of mobile devices in Latvia is growing quickly, reports news2biz LATVIA, sister publication of BBN.
Finnish-owned alcohol maker Altia will relocate the production of alcoholic beverages from its Latvian distillery to its Tabasalu plant, reports Äripäev.
Low real estate prices together with rising wages mean that buying residential property is now more affordable than ever, but the down payment still is too big an obstacle for many potential buyers, reports news2biz LATVIA.
Latvian-based New Rosme that produces corsetry, lingerie and swimwear has acquired Estonian lingerie producer Linette, which owns a chain of eight stores in Estonia, reported the Baltic Course.
Even though Latvia was to complete its liberalisation of electricity market on 1 September 2013, the Latvian Ministry of Economy now says that it may delay it, reports news2biz LATVIA.
Riga has the lowest office space rent in comparison with Tallinn and Vilnius, shows Central and Eastern Europe Office Markets Property Report for Q4 2012 published by BNP Paribas Real Estate, the real estate subdivision of the French financial group BNP Paribas, reported news2biz LATVIA.
Latvian Insurers Association (Latvijas Apdrosinataju asociacija; LAA) reports that, in 2012, the Latvian insurance market grew by 12%, reaching LVL 214m. The insurance companies paid out LVL 118.9m in rewards, reported news2biz LATVIA.
According to the latest data on Latvia's industrial output, in February, the Latvian industry fell 1.9% y-o-y, the first annual drop in more than a year, reports news2biz LATVIA.
Latvian business environment has changed beyond recognition since 2005 when Ferroplan, Finnish manufacturer of conveyor solutions, opened its plant in Jelgava, Tomi Laurén, production manager for SIA Ferroplan, told news2biz LATVIA.
German companies operating in the Baltic States are more optimistic than a year ago, shows a survey made in 2013 amongs the members of the German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK Baltic States) in which 104 companies participated.
Latvian national carrier airBaltic will grow its Bombardier Q400 NextGen fleet by 50% this summer. The brand new aircraft will be phased in airBaltic operations from early May to July, as they leave the manufacturing facility in Canada, said the airline.
Swedbank has upped Latvia's gross domestic product growth forecast for the year 2013 from 4.1% forecast this past January to 4.3% now.
President of Latvia Andris Berzins has again criticised the Latvian government, suggesting that a constitutional reform might be needed to solve the issue for good, reports news2biz LATVIA
To satisfy rapidly growing demand on Riga-Stockholm route, Estonian ferry company Tallink has bought another ferry, called M/S Isabella, writes news2biz LATVIA.
On 6 July, the European Commission will officially announce whether Latvia will be admitted to the eurozone. Latvia submitted its application on 6 March, writes news2biz LATVIA.
International Monetary Fund (IMF) will close its representation office in Latvia this summer, writes news2biz LATVIA.
In annual growth of retail sales in February, Baltic countries posted a mixed picture, according to the latest data from the EU's statistical office Eurostat.
Latvian pharmaceutical manufacturer Olainfarm is making no secret that its ambitious is to become the largest pharmaceutical manufacturer in the Baltic countries, writes news2biz LATVIA
Swedish Lantmännen Cerealia has sold the Latvian grain processor Rigas Dzirnavnieks to Lithuanian Malsena, writes news2biz LATVIA.
"Latvia could become a Switzerland for Russians. The German-speaking part of Switzerland is pretty much an offshore Germany right next door to it. Latvia could be the same for Russia: an easy and comfortable place to do business in," says Eduard Boze, CEO of Russian company Felzer that recently started to manufacture air coolers in Riga.
General Prosecutor Office of Latvia has launched a criminal case against the previous management of the state-owned Latvian passenger train operator Pasazieru vilciens (PV), reported news2biz LATVIA in its latest issue.
One of the largest companies in Latvia, steel mill Liepajas Metalurgs, is hoping for a LVL 57.6m bailout from the government, reports news2biz LATVIA.
The Norwegian developer Linstow is considering an expansion of the 63,500 sq.m Alfa mall in Riga, writes news2biz LATVIA in its latest issues.
Swedbank has decided to discontinue its remaining operations in Ukraine and Russia, said the bank.
Real estate agency Latio has published its latest residential market overview which shows an increasing market for apartments in new residential projects, writes news2biz LATVIA.
Latvian mobile operator Latvijas Mobilais Telefons (LMT), co-owned by Swedish TeliaSonera and the State of Latvia, has finished re-branding and launched a new logo, writes newsb2iz LATVIA.
Swedish Lantmännen Cerealia has sold the Latvian grain processor Rigas Dzirnavnieks to Lithuanian Malsena, writes news2biz LATVIA.
Janis Maizitis, the former Chief Prosecutor of Latvia, has been appointed as the new head of the Latvian intelligence and counter-intelligence service Satversmes aizsardzibas birojs (SAB; Constitution Protection Bureau), writes news2biz LATVIA.
2012 was the first year since 2008 when the Latvian banking sector worked with a profit. In 2012, Latvian banks earned LVL 122.3m; in 2011, their losses still reached LVL 178.7m, writes news2biz LATVIA.
EfTEN Real Estate Fund acquired a property in Jelgava near Riga, where the fund is planning to build a local shopping centre, the anchor tenant being RIMI, announced the company.
Counterfeit consumer goods are not exactly a rarity in the Baltics but now fake products have started to penetrate the region's industry, potentially causing both economic and reputational damage, writes news2biz LATVIA.
The Latvian government is planning tougher restrictions on selling land, which may affect foreign investors, writes news2biz LATVIA.
Latvia that some time ago was named the sick man of the Baltics, is now the fastest growing EU member, writes news2biz LATVIA in its latest issues.
SIA Pillar, Latvian real estate company which is part of ABLV Group, reports a strong growth in 2012: it has doubled its sales, selling 254 objects, writes news2biz LATVIA in its latest issue.
Latvia, already home to sizeable deposits of Russian money, is not expecting an increase in flows of deposits due to the woes in Cyprus, Latvian banking regulator said on Thursday, reported Reuters.
Economic growth in Eastern and Central Europe, in particular in Baltic countries, writes SEB in the latest issue of its twice-yearly Eastern European Outlook.
Norway's O. Kavli AS is transferring the production of the classic Norwegian Korni bread biscuit (flatbrød in Norwegian) to Latvian NP Foods owned Staburadze, writes news2biz LATVIA.
Latvia, which wants to join the euro region next year, will become increasingly attractive for Russians seeking to redirect investments from crisis-struck Cyprus, according to pan-Baltic investment bank Trigon Capital.
Finnish meatpacker HKScan has finalised the merger of its Latvian units Rigas Miesnieks and Jelgavas Galas Kombinats, reports news2biz LATVIA in its latest issue..
A new hotel chain has opened its first hotel in Riga: Astor Hotels, jointly owned by Latvian and foreign capital, opened Astor Riga. It is a four-star hotel catering to business travellers, but the chain also plans to open two three-star hotels for budget travellers and a spa centre in Jurmala, reports news2biz LATVIa in its latest report.
Magnusson, a law firm founded in Sweden with its focus on Scandinavia and the countries around the Baltic Sea, is filling some holes in its coverage by opening offices in Latvia and Lithuania, writes news2biz LATVIA in its latest issue.
A year after announcing the plan to do so, Poland's biggest insurer PZU has finally expanded to its second Baltic market, Latvia, by using its 10-year-old base in Lithuania. Next will come Estonia, reported news2biz POLAND.
Latvian IT start-up Froont has attracted EUR 150,000 from Finnish venture capital company Inventure, reported news2biz LATVIA.
The Latvian chefs association Latvijas pavaru klubs together with Riga Tourism Development Bureau (RTAB) has launched a programme that aims to promote Riga's restaurants among the Latvian public, writes news2biz LATVIA.
The ratings agency Moody's Investors Service has raised Latvia's government bond rating to Baa2 from its previous level at Baa3. The outlook remains positive, reports news2biz LATVIA.