Baltic Business

WEEK 25th 2003

Friday, 20th of June, 2003

MicroLink resign from computer production
The Baltic IT company MicroLink has sold its computer production units in Latvia and Estonia. The company MA 1 Datori purchased the company MicroLink Datori, whereas the shares of the Estonian company MicroLink Artivud bought in its management. The member of MicroLink's board, Janis Bergs, explained that it is a strategic decision carried out several years before. The company MicroLink intends to pay more attention to the development of integrated IT solutions for middle and large-scale clients, and will concentrate on IT solutions which provide greater added value - software production, integration of systems, as well as different services. Mr. Bergs, informed that the company does not intend to sell more of MicroLink's companies. The consolidated turnover of the MicroLink Group will decrease by 20%, whereas the profit will grow down by 5%. Moreover, a merger of 10 MicroLink's companies is taking place at the moment.
(Dienas Bizness)

Thursday, 18th of June, 2003

Budget fills well
The fiscal residue of the consolidated combined budget reached LVL 10.4 million in the first five months this year. The revenue of the combined budget in the first five months was LVL 827.6 million, which is 8.8% more than in the respective time period last year, whereas the expenditure of the combined budget reached LVL 818.7 million. In May 2003, the revenue amounted LVL 188.7 million, whereas the expenditures – LVL 181 million.
(Dienas Bizness)

Tuesday, 17th of June, 2003

25 million in 5 months
The profit of the commercial banks of Latvia has reached LVL 25.7 million in the first five months 2003, which is an increase of 36.7% or LVL 6.7 million if compared to the respective time period last year. In May 2003, the profit of the commercial banks of Latvia amounted LVL 6.4 million.

Monday, 16th of June, 2003

Latvia is dependent only on one of Russia's products
During the first years after Latvia gained its independence, Russia was its main trading partner, however currently; it is only one of its largest partners. Experts admit that Latvia is totally dependent only on one of Russia's products- natural gas. Last year, export to Russia amounted to a total of 5.9% of the entire Latvia's export volume. Import from Russia has increased slightly last year- reaching 8.8%.
(Neatkariga Rita Avize)

Banks intend to use more loans
According to the survey provided by the market research company Datu Serviss, the clients of the banks of Latvia are more interested in taking loans in the banks than in depositing their free assets. The most used service provided by the banks of Latvia is utility payment, which is used by 59% of all the banks' clients. The next most used services are debit cards, deposit accounts, and utilization of ETM. Only 5% are using term deposits, and 4% - mortgage loans.
(Dienas Bizness)

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