After a nearly seven-hour session, Riga City Council approved amendments to its budget plan that increased the city’s expenditures by EUR 42.38 million and the expected deficit to EUR 89.31 million. The opposition voted against changes. The largest increase of expenditures – EUR 36.28 million – came from the plan to realize last year’s unfinished…
Retail trade turnover in food stores grew by 9% YoY in January. This includes a 5.8% increase in non-specialized stores and 62.2% in specialized stores, according to information from Maxima retail compass industry review. 2018 commenced with increased growth rate for retail trade sector (except for retail trade of fuel) when compared with the years…
Already this year in the Kundzinsala territory of the Freeport of Riga it is planned to begin construction works for the development of a spacious, multifunctional cargo handling, warehousing and logistics center that will serve as the hub for cargo distribution and consolidation for goods and products from India and other countries to the markets…
Latvian Prime Minister Maris Kucinskis’ managed Finance Sector’s Development Council supported initiative on prohibiting shell companies, as confirmed by the prime minister. “We have reached an agreement on prohibition of shell companies in Latvia,” said Kucinskis, adding that the government planned to review this matter on April 3, and the Saeima – on April 8.…
Cruise travel is currently one of the most rapidly growing tourism segments in the world, chosen for recreation by approximately 23 million passengers every year. Market trends suggest that the number of cruise passengers may increase by another third by 2030, revealing more and more new tourist routes and market niches. A significant increase in…
The story about economic growth is not in any way related to the work performed by Prime Minister Maris Kucinskis. Economic growth is based on money provided by European structural funds in previous planning period, says chairman of New Conservative Party and prime minister candidate Janis Bordans. “It is claimed that Kucinskis’ government has made…
Last year the largest profits among banks in Latvia were recorded for Swedbank and ABLV Bank. Seven banks worked with losses in Latvia last year, according to data compiled by Association of Latvian Commercial Banks. Swedbank’s profits were EUR 94.366 million, up by 1.6% YoY. This amount also accounted for 40% of the banking sector’s…