Lithuanian retailer Maxima Grupe has fired Gintaras Jasinskas, chairman of its Latvian subsidiary Maxima Latvia, over inappropriate statements that he made about the collapse of the Maxima supermarket in Riga.
Latvian Prime Minister Valdis Dombrovskis has announced today that he and his cabinet will resign over the collapse of the Maxima supermarket building in Riga last week which killed 54 people.
Lithuanian retail group Maxima confirmed yesterday that the Maxima supermarket building in Riga that collapsed last week killing 54 people belongs to Nerijus Numavicius, a controlling shareholder of Vilniaus Prekyba that owns Maxima retail group.
By most recent figures, 40 people including three rescue workers have been killed when a roof of a 500-square-metre Maxima supermarket in Riga collapsed yestereday evening.
Latvian steelmill Liepajas Metalurgs that employs about 2,300 workers was filed for insolvency yesterday, Nov 4, after the company’s shareholders refused to invest more funds.
Latvian Finace Minister Andris Vilks expects the country's economy to expand at least 4% next year, reported ERR.
Retail sales in Latvia were up 2.5% in Q3 year on year, calendar-adjusted, according to Latvian statistics office
Latvian national carrier airBaltic made a net profit of EUR 13.2m in the third quarter of 2013, reported the airline.
One of the most significant issues in cross-border merger is the choice of where the headquarters of the company will be, write Zanda Frišfelde and Zane Paeglīte, associates of SORAINEN Latvia.
Baltic private equity and venture capital investment management company BaltCap has signed an investment agreement of EUR 1.5m with Latvian cosmetics producer Stenders.
Swedish clothing retail company Hennes and Mauritz's (H&M) is opening its third outlet in Riga at the shopping centre Mols.
Latvia's ailing stteelmaker Liepajas Metalurgs that has 2,300 employees is losing hope to avoid bankruptcy as debt claims keep piling up.
Latvian authorities have imposed a fine of EUR 2.1m on
In the first nine months, the Riga International Airport served 3.72 million passengers, which is 0.6% more that a year earlier, reported Baltic Course.
Hesburger, the largest fast-food chain in the Baltics, opened a new restaurant in the town of Rezekne in Eastern Latvia in September.
This week the German-Baltic Chamber of Commerce in Estonia, Latvia, Lithuania (AHK) held a presentation of best practices with German technologies in Latvia.
Wizz Air, one of the largest low-fare airlines in Central and Eastern Europe, has announced the third aircraft for its Lithuanian base at Vilnius airport.
Latvia's economic growth will accelerate in the coming years, according to the latest forecast by E&Y, reported The Baltic Course with reference to Nozare.lv.
Latvian central bank kept its GDP forecast for 2013 at 4.1%.
Bank of Latvia President Ilmars Rimsevics is prepared to stay on for another term. In a press conference on Thursday, Rimsevics said that he would be ready to stay on for another term as the president of the central bank if he is offered to do so.
Latvian national airline airBaltic reported a net profit in the second quarter of 2013.
Latvia has been ranked highest of the three Baltic countries at 140th among 178 countries by the Foreign Policy Group and the Fund For Peace, writes Anri Leimanis, attorney of Triniti, a pan-Baltic alliance of law firms.
European Commission experts believe that building a so-called swine fence along the borders with Russia and Belarus will not be feasible.
In the second quarter, Latvian economy expanded 4.4% year on year at constant prices, according to
Compared to the respective period in 2012,
The Estonian arm of Tele2 has hired Ervins Kampans, a Latvian, as its new head of technology, writes Äripäev.
Enefit, the Latvian subsidiary of the Estonian state owned power company Eesti Energia doubled turnover and increased profit in 2013, reported the Baltic Course.
Latvian output of electric energy grew 3% year on year to 341 GWh.
Danske Bank has affirmed its economic growth forecast of Latvia and Lithuania for this year at 3.5%.
The reason Norwegian clothing retail company Varner Gruppen that operates Cubus, Dressman and Bik Bok stores in Latvia has announced leaving the Latvian clothing market.
Latvian alcohol producer Latvijas balzams earned LVL 1.4 million in unaudited profit in the first half of 2013, a 30% increase on the respective period in 2012, announced the company.
In January-July 2013, the overall cargo handling in the Baltic Eastern Coast Seaports totalled 199.2 million tons, up by 1.3% in a year, reported The Baltic Course.
US sandwich chain Subway plans to expand into Latvia and Lithuania by year's end, according to the company's regional director Mike Charest, reported Bloomberg.
Real estate belonging to exiled former Bank of Moscow President Andrei Borodin has been seized in Latvia, Russia’s Deputy Prosecutor General Alexander Zvyagintsev said in an interview to the Rossiiskaya Gazeta daily.
Foreign buyers were mainly attributable to the marked increase in interest in purchasing centrally located apartments in Riga in July, reported real estate company Ober-Haus.
US economist and Nobel prize winner Paul Krugman continues to claim that Latvia has not recovered from its economic crisis.
SIA Merks, the Latvian subsidiary of Estonian listed builder Merko Ehitus group, will build a manufacturing and logistics center for SIA Polipaks NT in the Mrupe region in Latvia.
Latvia registered the highest gross domestic product growth year-on-year in the European Union in the second quarter of 2013, according to Eurostat, the statistical office of the European Union.
Belarusian Oil Company, the principal exporter of oil products from Belarus, will build or buy a terminal at the Freeport of Riga or the Freeport Ventspils, writes The Baltic Course with reference to Biznes&Baltija.
Latvia's current account deficit widened to LVL 3.76 million in June from LVL 2.6 million in May, the Bank of Latvia reported.
McDonald's fast-food chain in Latvia is now displaying prices in both lats and euro, reported The Baltic Course.
The Latvian government has decided to extradite Latvian cyber-crime suspect Deniss Calovskis to the United States, reported The Baltic Course.
Latvian metalworking company Severstallat reported LVL 120.79 million in revenue for 2012, reported The Baltic Course.
In June, Estonia's producers prices were 14.2% higher than a year earlier, the fastest annual growth in EU, reported Europstat.
SIA Merks, Latvian subsidiary of Merko Ehitus Group, and Municipality of Liepāja have signed a contract for construction of the multifunctional centre “Lielais Dzintars” in Liepāja.
Estonia, Latvia, Lithuania and Poland are considering a plan to build fences on their borders to protect them from wild bore infected with African plague entering from Russia and Belarus, wrote Postimees daily.
Port of Riga handled 17.4 million tons of cargo in the first half of the year, more than that of Tallinn, Klaipeda, Ventspils and Liepaja, reported the Baltic Course with reference to Port of Riga..
In June, retail trade turnover in Latvia was 4.6% percent higher than a year earlier, according to the Central Statistical Bureau show.
Latvian government has repaid the principal amount of the loan owed to UniCredit by the financially-troubled metallurgical company Liepajas metalurgs, reported The Baltic Course.
Latvian national airline airBaltic carried 301,646 passengers in June 2013, reported the airline.
The European Commission yesterday adopted a report on the state of practical preparation for the introduction of the euro in Latvia. It concluded that overall it is well advanced, while recommending further efforts in certain areas
Latvia’s economy is expected to grow even faster than in the last two years in 2013, according to the country’s Ministry of Economy, writes The Baltic Course with reference to Nozare.lv.
In six months, the ports of the Baltic Sea Eastern Coast handled 168 million tons of cargo which is 0.4% more than a year earlier, wrote the Baltic Course.
European Central Bank President Mario Draghi and European Economic and Monetary Affairs Commissioner Olli Rehn will be attending
Commenting the idea of uniting the armies of the three Baltic countries, an idea most recently pitched by Latvian President Andris Berzins in an interview to the media on Friday, Latvian Defence Minister Artis Pabriks said that it was a beautiful, but unrealistic dream.
At a meeting in Brussels on July 9, European Union finance ministers officially agreed to make Latvia the 18th member of the Eurozone. Latvia will start using the new currency on January 1, 2014, writes Anri Leimanis from Triniti, pan-Baltic alliance of law firms.
The acting general director of the State Revenue Service (SRS) Inara Petersone says that the revenue service is not turning against businesses that dispute the SRS's decisions, reported the Baltic Course with reference to Nozare.lv.
German magazine Der Spiegel writes that Latvia could become the European Union's "newest tax haven and further destabilize the European economy".
According to an anonymous source, the European Commission has made a decision under which state aid provided to Latvian national carrier Air Baltic has been illegal and the airline must now repay state aid within 9 years, E24 wrote yesterday.
This week Fitch Ratings upgraded Latvia credit rating into investment-grade status, citing an invitation to adopt the euro zone single currency next year, Reuters reported.
Riga remains the most popular destination for British stag parties despite of various crime and incidents committed by drunken Brits, writes The Baltic Course, with reference to the British portal Mail Online.
Eurozone finance ministers have given the final go-ahead for Latvia's changeover to the euro next January. Latvia will become the 18th country to adopt the euro, following on the heels of Estonia in 2011. Lithuania is aiming for 2015.
Premia Foods, Baltic manufacturer of ice cream and frozen foods, reported 7% growth in six-month revenue, totalling EUR 46 million.
Riga International Airport announced that despite fewer passengers it ended 2012 with the revenue of LVL 30.2 million, an increase of approximately 25%, reported the Baltic Course.
Latvian-based real estate company Ektornet Latvia that belongs to Swedbank has sold Panorama Plaza, a shopping and commercial centre at Lielirbes street in Riga.
Latvia's industrial production increased modestly in May, ending three months of declines, helped mainly by increased activity in the mining sector, data released by the Central Statistical Bureau on July 4 show.
Norwegian Meditor Search is starting to provide employee screening services for Norwegian companies hiring Baltic staff for their homeland and Baltic operations.
Latvian natgas monopolist Latvijas Gaze has announced that, from 1 July, it could slightly lower the natgas prices. Meanwhile, the Latvian Ministry of Economy reports that it has a plan for the liberalisation of Latvian natural gas market.
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. The acquisition marks Estonian real estate fund, EfTEN’s entrance to Latvian market, as the fund manager is starting up a local company.
Latvian Giraffe Visualization Group, working with the Giraffe Visual brand, helps companies sell their products with interactive digital visualisations. Its product has quickly gained popularity in Latvia, and now it aims to increase its presence in Northern Europe – eventually aiming to be the largest European player in its field, writes news2biz LATVIA.
The Latvian postal market has been open since 1 January 2013, which means that the state-run postal service Latvijas Pasts no longer has any monopolies. Its last monopoly was on delivering letters up to 50g, writes news2biz LATVIA
The Latvian government has decided to increase the Latvian minimum wage. Starting from 1 January 2014, it will be LVL 225 or EUR 320 a month; it currently stands at LVL 200.
Latvian IT and telecom provider Lattelecom has been named the winner of the terrestrial digital TV bid.
Agervig Cattle is a family-owned cattle export company based in south-western Denmark. The Danes have been exporting cattle to Latvia and the rest of the Baltics for years, writes news2biz LATVIA.
Latvian microbrewery SIA Abula, better known for its Brengulu alus brand, has refreshed its image. It now boasts a brand-new logo – just in time for summer – replacing its previous logo which it has used for more than ten years, reports news2biz LATVIA.
Agervig Cattle is a family-owned cattle export company based in south-western Denmark. The Danes have been exporting cattle to Latvia and the rest of the Baltics for years, reports news2biz LATVIA.
Latvian natgas monopolist Latvijas Gaze has announced that, from 1 July, it could slightly lower the natgas prices. Meanwhile, the Latvian Ministry of Economy reports that it has a plan for the liberalisation of Latvian natural gas market, writes news2biz LATVIA.
Latvia's Financial and Capital Market Commission has imposed a fine of 100,000 lats (EUR 142,543) - the maximum fine under Latvian law - on a bank involved in laundering over €170 million stolen from the Russian government, reports EUobserver.
With the news of Latvia's successful eurozone bid, rising ratings and improving business environment, we are sure that we leave Latvia in the best shape it has been in years – possibly ever. Still, 2014 is to bring some key moments which will have a significant impact on Latvia's future. Therefore, we decided to prepare an overview of some of the things to look out for in 2014, writes Didzis Veinbergs, editor of news2biz LATVIA.
Back in 2011, Riga City Council announced its plans to bottle its tap water and sell it to make some extra money it could then use to improve its water supply system, writes news2biz LATVIA.
Latvian SIA RDN, working under Baltic Block brand, has opened an EUR 20m composite pallet block factory near Madona in Eastern Latvia, writes news2biz LATVIA.
Riga City Council reports that the third and final round of construction on Dienvidu tilts (Southern Bridge), the city's notorious bridge, is progressing according to the schedule and the project will be completed by 31 October 2013.
Norway's B2 Holding, a debt management business in the Nordics, has taken over a book value after deductions LVL 8.7m consumer loan portfolio from bankrupt Latvijas Krajbanka's estate. The portfolio includes 12,000 debtors, writes news2biz LATVIA.
Latvian steel mill Liepajas Metalurgs (LM) may have fallen on hard times, but it still is one of the largest Latvian companies – and it is attracting potential investors. So far, they all have the distinction of being Russian companies, writes news2biz LATVIA.
Ever since Latvia returned to international financial markets following its recovery from the recession, its bonds have been enjoying high demand – which, in turn, has brought about low prices, writes news2biz LATVIA.
In late 2010, Dojus agro, a leader on the Lithuanian agricultural machinery market, entered Latvia with after-sales services for the US John Deere brand that was underperforming under the earlier Latvian-led management.
The Latvian government has approved the merger of Latvian public television Latvijas Televizija (LTV) and Latvian public radio Latvijas Radio (LR), writes news2biz LATVIA.
Latvian startup Fastr is developing a smartphone and tablet application for speed reading. Eventually, it wants to build an entire book distribution platform around the service, reported news2biz LATVIA.