International Internet Magazine. Baltic States news & analytics
Saturday, 22.10.2016, 19:02
Following the plan on completing Europe's Economic and Monetary Union, the Commission decided last October to set up a European Fiscal Board as an independent advisory board on fiscal matters. The Board consists of five “fiscally-wise persons” and will start working soon.
Keyword tags: Analytics, Banks, EU – Baltic States, Financial Services, Modern EU
Several years ago "economics guru" could argue that economic growth is hindered by "expensive money". Nowadays, with historically low interest rates and Latvian commercial banks literally rolling in money (having 3 billion euro on corresponding accounts with Latvijas Banka), the economic growth is indeed weak. Despite the fact that politicians have been mentioning the word "reforms" for years and the need to address bottlenecks in crucial sectors is obvious to everyone, little is being done in reality, and the majority of true reforms die out because of red tape.
In August 2016, Latvia’s current account had a surplus of EUR 0.03 bln, which was the second smallest surplus among EU member states, reporting their current account data, the EU’s statistics office Eurostat informed.
Lithuania's state-run companies posted 137.499 mln euros in an aggregate normalized profit (net profit excluding property and commodity taxes payable to the state) in January through September 2016, up by 18.9%, from 115.602 mln euros, from the same period of 2015, reports LETA/BNS.
During the first nine months of this year SEB Group generated EUR 42.8 mln in Latvian profit, up 53% against the same period a year ago, the bank's spokeswoman Kristine Martinsone informed BC.
Latvia's Norvik Banka posted audited profit of EUR 7.7 mln for the first half of 2016, which is a 33% growth compared to the first six months in 2015, board chairman Oliver Bramwell told the press on Thursday, informs LETA.
Estonian natural gas seller Eesti Gaas sold 328 mln cubic meters of gas in nine months of 2016, an increase of 18 % compared to 277 mln cubic meters a year ago, informs LETA/BNS.
New sales of Estonian leasing companies in the first nine months of 2016 totaled 840 mln euros, representing an increase of 23.7% against the same period last year, writes LETA/BNS.
Since the Ukraine crisis began, the Baltic countries' orders for new defense equipment have doubled and will double again in the next two years, according to an analysis released by IHS Markit on Thursday writes LETA.
SIA Merks, Latvian subsidiary of the listed Estonian construction group Merko Ehitus, is slated to start building a seven-story apartment building in Riga in October, Merko informed the stock exchange .
The total value of the loan portfolio of creditors in Estonia was 682 mln euros at the end of June and the volume of loans issued to finance consumption grew at a rapid rate during the first half-year, it appears from an overview of the financial services market published by the Financial Supervision Authority. Precise accounts of creditors are available to the Financial Supervision Authority starting from 2016,writes LETA/BNS.
Lithuania plans to spend over 170 mln euros on information and communication technology (ICT) development over the next three years, with a large portion of the money to go toward making various public and administrative services available online, writes LETA/BNS.
Lithuania's regulator has given the green light for merging the mobile operator Omnitel into the integrated telecoms, IT and TV services provider Teo LT, informs LETA/BNS.
As things stand now, the penalties meted out to the shipyards building new ferries for Estonian island routes for delays in the delivery of the ferries have covered the costs of the rent of substitute vessels, Minister of Economic Affairs and Infrastructure Kristen Michal said.
Latvia’s Milda KM food processing company has started exports to Australia and has sent the first shipment of canned grey peas to this country, the company’s representative Elina Cape reported LETA.