Direct Speech

International Internet Magazine. Baltic States news & analytics Monday, 21.09.2020, 23:00

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Bank of Lithuania: Electronic money and payment institutions managed to withstand the shock of COVID-19

Bank of Lithuania: Electronic money and payment institutions managed to withstand the shock of COVID-19

16.09.2020

In the first half of 2020, the number, payment transactions and income of electronic money and payment institutions (EMIs/PIs), which hold a significant share of the Lithuanian fintech sector, continued to grow at a rapid pace.

Keyword tags: Banks, Direct Speech, Financial Services, Fintech, Lithuania



Manufacturing has bloomed over summer but autumn is coming

Manufacturing has bloomed over summer but autumn is coming

15.09.2020

There was no doubt that the manufacturing output would increase in July: such projections were based on the industrial confidence data which suggested that optimism was rapidly improving. What we did not expect, was the rather impressive growth rate that reached +4.1% compared to June and even exceeded the level of the previous year (1.8% increase year-on-year).

Laila Odiņa: Riga Airport Maintains Its Strategic Goal of Becoming a Northern European Aviation Hub

Laila Odiņa: Riga Airport Maintains Its Strategic Goal of Becoming a Northern European Aviation Hub

10.09.2020

Despite the crisis in the aviation sector caused by the novel coronavirus COVID-19 pandemic, Riga Airport maintains its strategic future goal to become a Northern European air traffic hub, the Chairperson of the Airport Board Laila Odiņa emphasized at Riga Aviation Forum.


The second quarter balance of payments  also faced fluctuations due to COVID-19

The second quarter balance of payments also faced fluctuations due to COVID-19

09.09.2020

The restrictions related to the exacerbation of the spread of the COVID-19 virus and the dramatic decrease in economic activity determined developments of the balance of payments in the second quarter of 2020. However, several sectors of the economy saw the shock caused by the virus abate already in May and rapid recovery start in June.

Even the FBI and the U.S. Attorney General have shown interest in the violation of Latvian entrepreneurs’ rights in Ukraine

Even the FBI and the U.S. Attorney General have shown interest in the violation of Latvian entrepreneurs’ rights in Ukraine

07.09.2020

Latvian businesses are not only determinedly increasing their exports, but also expanding their operations to various countries, also beyond the European Union. Jānis Lagzdiņš, Managing Partner at PwC Legal Latvija, explains what to prepare for and what problems may be encountered.


03.09.2020

The better performance of the economy than expected allows the Estonian government to intervene less

Gross Domestic Product (GDP) in Estonia was 6.9% less in the second quarter than a year earlier in the data of Statistics Estonia. This means the economy has done substantially better than was forecast in spring.

02.09.2020

Waves in the sea go up and down – one. Waves in the sea go up and down – two? Rhyme on Latvia's GDP

A month ago, the previous series of the GDP flash estimate revealed that the second quarter saw Latvia's economy shrink relatively significantly, i.e. by 7.5% quarter-on-quarter. At the same time, the contraction was less dramatic than in other EU countries. This series or specified GDP production and expenditure components reveal a more detailed picture of the "culprits" driving the change. Moreover, they show that GDP contracted by 6.5%, i.e. less than previously expected.

31.08.2020

The coronavirus crisis slowed the growth in wages

Data from Statistics Estonia show that the average wage was 1% higher in the second quarter than it was at the same time a year earlier. The seasonally adjusted average wage was lower than in the first quarter. The lowest point in the first half of the year was reached in May, and wages started to rebound in June.

28.08.2020

Corporate and household deposits grew fast during the crisis

The bank deposits of the Estonian non-financial sector have grown strongly in recent years, and since the start of the coronavirus crisis the rate of growth of deposits has increased even further. The yearly growth in deposits was 11% in July. Corporate deposits grew by 226 million euros over the month to 7.7 billion, while household deposits grew by 71 million euros to 8.8 billion. Deposits were able to grow so fast during the economic difficulties as companies reduced their investment and households reduced their consumption. It is probable though that the growth in deposits was distributed unevenly between companies and between households.

26.08.2020

WHO: timely and decisive decisions allowed Latvia significantly reduce the number of Covid-19 infections

Timely and decisive decisions made by the government allowed Latvia to significantly reduce the number of Covid-19 infections, the Special Representative of the World Health Organization (WHO) Regional Director for Europe, Dr Michel Thieren, told LETA.

25.08.2020

Swedbank Economic Outlook: Baltic – resilient and likely to recover swiftly

The Baltic countries managed to suffer in the second quarter a milder contraction than the rest of the euro area, and they to seem recovering fast. Given the somewhat smaller than expected drop and the second quarter and the very rapid recovery in the household consumption, we had revised the GDP forecast upwards for all three Baltic countries, especially Lithuania, which has suffered a very mild and short-lived recession, writes in the Swedbank latest economic forecast.

24.08.2020

Tikhanovskaya in Vilnius: I'm national leader with mission to hold new, fair election

Svetlana Tikhanovskaya, a participant of the recent presidential election in Belarus, says she now considers herself a national leader whose key mission is to help the people of Belarus to hold a fair and transparent election, reported BNS/LETA.

24.08.2020

Kazaks: Lowest point in Covid-19 crisis for Latvia's economy is behind

The lowest point in Covid-19 crisis for Latvia's economy is already behind, said Bank of Latvia president Martins Kazaks in an interview with commercial TV3 today, cites LETA.

20.08.2020

Better than expected labour market indicators in Latvia

The second quarter saw a less pronounced drop in the economic activity than expected at the onset of the crisis, being also reflected in a more moderate rise in unemployment. The support measures extended by the government also contributed to preventing unemployment growth.

14.08.2020

Bank of Lithuania: Progress of financial innovations requires equal treatment and solutions at European Union level

In response to the European Commission’s consultations on the development of the digitalisation of financial services in Europe, the Bank of Lithuania proposes to apply uniform regulation throughout the European Union (EU), following a technologically neutral approach, and applying smart supervisory solutions more widely.

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