International Internet Magazine. Baltic States news & analyticsTuesday, 09.02.2010, 18:33
Government of Latvia agrees on course of future budget preparation
09.02.2010Latvia’s government today agreed on the measures that would be carried out in order to ensure the fiscal consolidation of the state budget for the following two years. The government's decision foresees that by May 25, the Ministry of Finance in cooperation with the Bank of Latvia and the Ministry of the Economy will prepare a medium-term macro-economic development and fiscal policy framework for 2011-2013. It is planned that this document will be examined by the government's Reform Management Group by June 18 and then forwarded to the government.
Keyword tags: Financial Services, Latvia, Legislation
Lithuania takes actions to adopt euro in 2014
09.02.2010Prime Minister Andrius Kubilius says that the Government takes actions so that Lithuania could adopt the euro in 2014 as it is predicted.
Swedbank ended 2009 with a 1.1 bln kroons loss in Estonia
09.02.2010Swedbank ended the year 2009 in Estonia with a 1.1 bln kroons loss while a year earlier, it had posted a profit of 2.7 bln kroons, LETA/National Broadcasting reports.
Estonia's euro adoption moves raise concern in Latvia
09.02.2010As Estonia edges closer to adopting the euro, the prospect is causing jitters in neighbouring Latvia as it tries to climb out of a deep economic crisis and risks fragmenting the Baltic trio on the eastern edge of the European Union. "I think, initially, the impact will be negative," Latvia's central bank chief Ilmars Rimsevics told reporters recently.
Finance Ministry hopes that LVL 100 mln will be the final state investment in Parex banka
09.02.2010We hope that this LVL 100 million will be the state's final investment in Parex banka, and that following the sale of the bank we will receive all this money back, said the Finance Ministry's State Secretary Martins Bicevskis in an interview this morning with the LNT TV show "900 seconds".
Moody’s leaves Latvia's ratings unchanged
The Latvian government's Baa3 ratings with a negative outlook reflect the impact of the severe economic recession and uncertainties around Latvia's economic and financial outlook, says Moody’s Investors Service in its new sovereign credit report on Latvia. The government's ratings also take into account demonstrated financial support from the EU, IMF and neighbouring countries.
Number of Estonian companies applying for tax debt deferral tripled in 2009
The number of Estonian companies applying for tax debt deferral tripled in 2009 to 8,000, of which the Tax and Customs Baird (TCB) rejected nearly a quarter of applications, LETA/National Broadcasting reported.
Bank of Latvia's foreign exchange reserve in January – at USD 6.874 bln
The Bank of Latvia's foreign exchange reserve at the end of January of the year 2010 stands at USD 6.874 billion (LVL 3.526 billion), the bank informed the business portal Nozare.lv. The Bank of Latvia's external exchange reserves at the end of December were USD 6.905 billion (LVL 3.48 billion).
Securities Commission approved Lithuania’s SEB's prospectus for issuing non-equities
Lithuanian Securities Commission approved on February 4, 2010, appendix to SEB Bank's Base prospectus of 1.5 billion litas for issuing non-equities (the move was approved on October 1, 2009), SEB reported to the Stock Exchange.
Huge interest among Swedes in investments in Baltics
Due to huge demand and inflow of money, the Swedish investment company East Capital has temporarily closed its Baltic Fund, according to the di.se portal of the Swedish business newspaper Dagens industri.
European Commission’s president reveals challenges and shows perspectives
The Commission’s president underlined main strategic components and opportunities that the EU has had facing transformation in the second decade on this century. His view on financial sector deserves particular attention.
NASDAQ OMX launches INET Trading System across its 7 markets in the Nordics and Baltics
The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) reports today that it successfully rolled out the INET trading system in all seven of its equities markets in the Nordics (Copenhagen, Helsinki, Iceland and Stockholm) and the Baltics (Riga, Tallinn, and Vilnius).
SmartSafe – the solution that helps to ensure cash management optimization
The ongoing economic downturn both in the country and in the whole world has a great impact on the activity of institutions that offer financial services. Banks more often seek for new and effective ways to optimize work, which would help achieve the greatest efficiency of the activities performed. Since banks’ cash operations are characterized by extremely high level, usually last longer and require employees with especially high qualification degree, banks demonstrate an increasing interest in organizing cash flows of the subsidiaries. BS/2, a company operating internationally in the banking sector, offers an integrated solution of the problem, consisting of the automatic hardware and its control system SmartSafe. Currently this solution is installed and successfully operates in various banks of different regions.
Ekspress Grupp gets extra time to pay back loans
Estonian newspaper publishing group AS Ekspress Grupp concluded on Friday an agreement with a syndicate of local banks that extended the repayment term of loans, LETA/Postimees Online reports.
State to pour in additional LVL 100 mln into Parex
The state intends to pour in an additional LVL 100 million into Parex banka, LETA was informed by the head of the Finance Ministry's communications department Baiba Melnace.
Recovery lessons to choose: for beginners and prospective business 
