Baltic Business

WEEK 31st 2003

Friday, 1st of August, 2003

Industry goes for record
According to the Association of Latvian Commercial Banks, during the first six months of the current year, the total profit of Latvian commercial banks has reached LVL 32.93 million, which is more than a year earlier, when this indicator was LVL 23.47 million. In addition, total assets have grown by 10%, the total credit portfolio – by 15%, whereas the amount of credits issued for acquiring houses has increased by 42%.

Thursday, 31th of July, 2003

Latvian Development Agency will help to reach EU funds
Latvian Development Agency might be the main organisation, with the help of which entrepreneurs will be able to realise projects, using financial resources of the EU funds. According to the Agency's chairman of the board, Juris Kanels, starting from September the Agency will start organising educational seminars, publish booklets, as well as establish representative offices also outside Riga.
(Dienas Bizness)

Wednesday, 30th of July, 2003

Standard & Poors increases Latvia's credit rating
International credit rating agency Standard & Poors in its annual report revised its foreign currency outlook to Latvia from stable to positive that implies an increase of credit ratings in the near future.

Tuesday, 29th of July, 2003

Lithuania has prohibited importing Latvian meat-processing company products
The Lithuanian State Food and Veterinary Service has prohibited importing several meat products from the Latvian meat-processing company Rigas Miesnieks, indicating on non-compliance with the requirements. Company Rigas Miesnieks considers that prohibition of the Lithuanian State Food and Veterinary Service to import several meat products is the first response to restrictions of the pork import imposed by Latvia.

Monday, 28th of July, 2003

Ventspils Nafta keeps in plusses
During the first six months of the current year, the biggest terminal in Latvia, Ventspils Nafta, has transported 6.5 million tons of oil and oil products, which is 2.8 million tons less than that period a year earlier. Nevertheless, the company's management continues to be optimistic and recognise results of the first half a year to be successful, as the profit is still positive.

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