International Internet Magazine. Baltic States news & analytics
Friday, 29.04.2016, 22:45
Parliamentary Secretary, Ministry Edgar Putra thinks that the bank or the financial services industry Latvian should evolve in quality, rather than quantity direction, so that Latvia, like Switzerland, after some time be able to say that our banks work as precisely as a Swiss clock. Politician points to the important role of banks in economic growth, while developping loans.
Keyword tags: Analytics, Banks, Direct Speech, Economics, EU – Baltic States, Financial Services, Latvia
The assets of pension plans under the government-funded or second-pillar pension scheme in Latvia grew by EUR 73 million in the first quarter of 2016 to EUR 2.4 billion at the end of March, the Finance and Capital Market Commission (FCMC) said, cites LETA.
Latvia's distressed asset manager Reverta last year recovered EUR 61.3 million from the restructuring and sale of distressed assets. Reverta's loss amounted to EUR 45.5 million compared to EUR 57.5 million in loss in 2014, according to the comapny's audited financial report, cites LETA.
Operating income of Danske Bank Estonia increased in the first quarter of 2016 by 15% year on year to 5.6 million euros and net profit grew 47% to 3.2 million euros. Lithuanian branch of Danske Bank said that its first-quarter net profit from core activities of corporate and private banking fell to 3.3 million euros and in Latvia Danske Bank closed the first quarter with EUR 0.92 million in profit, informs LETA/BNS.
A competitive bids multi-price auction on April 28th sold the whole supply of 21-day T-bills worth EUR 50 million, the Nasdaq Riga stock exchange reported, cites LETA.
The Estonian government has decided to reduce in 2017 the fees related to oil shale mining but to do it through refunding the fees paid in previous years, informs LETA/BNS.
Estonian companies in 2015 produced x 200 million euros' worth of ready-made foods of which almost a half was exported, it appears from a survey by the Ministry of Rural Affairs, reports LETA/BNS.
Decreasing economic growth pace in Latvia is the main reason why the State Revenue Service's tax collection in the first quarter pf 2016 was short of the target, as the Revenue Service's Director General Inara Petersone told reporters on April 28th, cites LETA.
The Estonian government on April 28th endorsed the budgetary strategy for 2017-2020, according to which in the next few years Estonia's UN Security Council campaign would be supported as well as the reconstruction and restoration of the building complex of the Estonian embassy in Moscow, reports LETA/BNS.
The bankrupt Estonian peat harvesting company Sangla Turvas whose assets are up for auction will stop producing peat briquette and lay off the remaining 16 workers as no bidders have turned up, informs LETA/BNS.
The Estonian government has decided to raise to 40,000 euros the annual turnover threshold beyond which businesses are obliged to register as value added tax (VAT) payers, informs LETA/BNS.
EUR 11.48 million from the EU Cohesion Fund have been earmarked for Riga International Airport in the programming period 2014-2020 in order to reduce the airport’s impact on the environment, improve security and increase the energy efficiency of the airport’s infrastructure, informs LETA.
The Estonian government on April 28th endorsed the budgetary strategy for the next four years, which envisages increased investment in research and infrastructure and minor tax changes, informs LETA/BNS.
No public procurement tender is threatened, and no tenders have been cancelled, the Finance Ministry in Latvia said today following media reports about major procurement deals being halted due to two new laws that still have not come into force, informs LETA.
Developers of the Balticconnector gas pipeline between Estonia and Finland, Elering and Baltic Connector Oy, on Wednesday filed with the European Commission an application for cofinancing from Connecting Europe Facility, which is a precondition for the project developers in making the final investment decision, informs LETA/BNS.