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WEEK 22nd 2003

Friday, 30th of May, 2003

Latvian and Iceland businessman will meet
The delegation of Icelandic entrepreneurs headed by Iceland's former Minister of Foreign Affairs, Jón Baldvin Hannibalsson will visit Latvia from June 1 through June 4. Awaiting the visit, the Latvian Development Agency invites all Latvian entrepreneurs to participate in the business forum on June 2 for establishing business contacts with Icelandic colleagues.
(Dienas Bizness)

Thursday, 29th of May, 2003

Latvian bank's profit
In the first quarter of this year, the unaudited profits of 23 commercial banks of Latvia were LVL 19.3 million, whereas profits of 19 insurance companies of Latvia amounted LVL 750,000. In the first quarter of this year, the unaudited profits of commercial banks experienced an increase of LVL 4.2 million, which is 28% year-on-year increase. In April of 2003, the profit of the commercial banks of Latvia was LVL 4.8 million.
(Kommersant Baltic Daily)

Wednesday, 28th of May, 2003

Minister of Finance: size of illegal market has decreased four times
The Minister of Finance, Valdis Dumbrovskis, has announced that in the first four months of 2003, there has been a significant increase reached in excise and other tax collection, and that the flow of contraband gasoline has decreased by four times.
(Biznes& Baltija)

Monday, 26th of May, 2003

Invest in metal working
The North European metal working company Leax Group daughter company - Leax Baltix - has invested EUR 1 million in establishment of a metal-fabricating factory in Pinki. The new factory will manufacture metal products for Swedish auto construction giants, such as Volvo, Scania, Atlas Copco, Halde, and other. The company intends to profit approximately EUR 2 millions in the first production year.
(Dienas Bizness)

Latvian Guarantee Agency recommence it's work
After a long period of inactivity, the Latvian Guarantee Agency will recommence its work, which will promote and support small and medium-size business development in Latvia. The Agency has changed the terms of its guarantees, and banks have accepted the new terms. Latvian banks have expressed willingness to guarantee LVL 250,000 worth of credits. This year the bank intends to issue over 100 guarantees to small and medium-size businesses.
(Diena)

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