Latvia: prices of alcoholic beverages not dropping yet

Although the Latvian excise duty on strong alcoholic beverages has been cut by 15%, retailers haven’t yet lowered prices, as they are still selling the products purchased at the previous tax rate, Henriks Danusevics, president of the Latvian Traders Association, announced. Danusevics explained that retailers could start buying alcoholic beverages at the reduced tax rate…

Latvia: 40.5% of unemployed people middle-aged

At the end of 2018 Latvia’s State Employment Agency (SEA) focused on the category of unemployed people older than 50. These people accounted for 40.5% of all unemployed people in Latvia, according to the agency’s 2018 report. Long-term unemployed people were also SEA’s focus last year. These people account for 25.1% of all unemployed people…

Latvia: construction costs up in May 2019

Compared to April, the level of construction costs in Latvia grew by 0.6% in May. Labor remuneration of workers increased by 1.7%, prices of building materials by 0.5%, and maintenance and operational costs of machinery and equipment by 0.1%. In May, the average level of construction costs was affected the most by the increase in…

Latvia: energy giant’s council suspended

The council of the Latvian state energy giant AS Latvenergo has been removed by Economy Minister over lack of productivity. Yet its members have stated they are satisfied with the achievements of their work. Latvian Economy Minister Ralfs Nemiro (KPV LV) removed the council of the state capital company on June 19. Nemiro thanked council…

Latvia: new concert hall to recover investments in 15 years

In the first 15 years after construction of Latvia’s new National Acoustic Concert Hall it will earn Latvia’s national economy a total of EUR 107.6 million, fully compensating investments and creating additional profits of EUR 17.6 million, as concluded in Latvia’s Culture Ministry’s ordered social-economic analysis. According to estimates, the concert hall project’s economic viability…

Latvia: ABLV Bank’s liquidation model still not approved

U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) distances from Latvian Finance and Capital Market Commission’s (FCMC) statement regarding the coordinated liquidation model for ABLV Bank, as noted by the US Embassy in Latvia. FCMC had previously reported that after meeting with representatives from FinCEN the committee saw no obstacles for the execution of FCMC’s…

Latvia: inflation at 3.2-3.4% predicted for April 2019

Compared to March, consumer prices in April possibly grew by 0.6-0.8%, which means annual inflation in Latvia has reached approximately 3.2-3.4%, bank analysts predict. Swedbank’s acting chief economist in Latvia Agnese Buceniece notes that in April, when compared to March, consumer prices increased by 0.6%, whereas annual inflation was approximately 3.2% when compared to April…

Latvia: Deglava Bridge reopens for public transport

Augusta Deglava Overpass was reopened for public transport on May 4. A speed limit of 20 km/h was imposed, however. Riga City Council, Transport Department, Riga City Construction Office, State Police and State Construction Control Office representatives agreed as much on May 3. During the joint meeting, participants discussed the option to reopen the bridge…

Latvia: Swedbank’s profit up in Q1 2019

Swedbank’s profit in Q1, compared to the same period of 2018, grew to EUR 29 million. The reason for this was increased economic activity by the bank’s clients and therefore bigger income for the bank, as reported by the bank’s representative Janis Krops. Net interest income, when compared to Q1 2018, grew by 6%, which…

Latvia: Riga’s public transport company fined EUR 2.4 million in nano-water criminal case

Latvia’s Competition Council has applied a fine of EUR 2.4 million to Riga’s public transport company Rigas satiksme for participating in a prohibited agreement in the so-called nano-water case, as reported by the council on April 24. The Competition Council uncovered a prohibited agreement in two of Rigas satiksme’s price surveys on procurement of nano-technological…