Latvia: Luminor bank invites clients to switch from code cards to safer security tools

Starting from July 2, Luminor bank will begin applying restrictions to payments made using code cards or GO3 code generators. “Because code cards will remain valid until September 10, clients will be able to gradually adapt to more secure authentication tools. Changes are planned because of stricter EU requirements towards clients’ digital authentication to increase…

Latvia: airBaltic commences direct flights from Riga to Stuttgart and Lviv

On March 31, Latvian airline airBaltic launched the second summer route connecting Riga and Stuttgart, Germany. In addition, airBaltic has also started flights between Riga and Lviv, Ukraine. Martin Gauss, Chief Executive Officer of airBaltic, comments: “Our business strategy Destination 2025 foresees even growth of our destination network. We will continue to increase the number…

Latvia: construction costs up in February 2019

Compared to January, the level of construction costs in Latvia rose by 0.4% in February. Maintenance and operational costs of machinery and equipment increased by 0.8%, prices of building materials by 0.5%, while labor remuneration of workers decreased by 0.1%. In February, the average level of construction costs was mainly influenced by an increase in…

Latvia: too many banks for small market

It is clear there are too many banks for Latvia’s domestic market, said chairman of Finance and Capital Market Commission Peteris Putnins. He admitted that not a single bank present in Latvia worked with just one clientele segment. However, the country’s market is not big enough for them to work as widely as Scandinavian banks,…

Latvia: improvements expected from LDz

“Last year was a turning point for railway freight. The industry managed to recover from the decline, the lowest point of which was in 2017. It is too soon to celebrate last year’s grown, because this industry remains dependent on external risks and flaws caused by internal factors of the transit corridor,” says Baltic Association…

Latvia: Port of Liepaja throughput up in 2018

Freight volume handled in the Port of Liepaja in 2018 climbed by 24.4% YoY, to 7,537,600 tons, the Port Authority says. In the reporting period, transshipment of grain grew by 20.9%, to 3,034,400 tons, anthracite – by 22.6%, to 1.47 million tons, and construction materials – by 21.9%, to 762,400 tons, while transshipment of oil…

Latvia: bread consumption down in 2018

There was a slight drop in bread consumption in Latvia last year, according to Latvian Bakers’ Association board chairman Karlis Zemess. He says the bread market is not stable and that it has a tendency to decline due to the reducing bread consumption, which in turn is caused by the ongoing population decline, promotion of…