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WEEK 44th 2003

Friday, the 31st of October, 2003

Latvia has increased rating
According to the World Economic Forum, Latvia has moved from the 45th place to 29th in the international competitiveness rating. Moreover, it has changed the 43rd place to 37th in the competitiveness of the economical development. The rating evaluates perspectives of economical growth of the country, the macroeconomic environment, and the development of technologies.
(Biznes & Baltija)

Credit boom increases pace
In the first nine months of 2003, the credit institutions of Latvia earned LVL 52.643 million, whereas in the respective time period last year they earned LVL 39.264 million. According to the Financial and Capital Market Commission, volume of the issued loans for private companies has increased by 22% reaching LVL 1.52 billion, whereas crediting of private entities has increased by 52.2% reaching LVL 0.650 billion in the first nine months of current year. The volume of the assets of the Latvian commercial banks has increased by 20.7% reaching LVL 5.340 billion.
(Biznes & Baltija)

Wednesday, the 29th of October, 2003

72 hours to create a company
The Latvian Development Agency informs that according to the report of the World Bank, Doing Business 2003, Latvia has one of the most advantageous business environments in the world. Only Denmark is ahead of Latvia in the speed of establishing a new company among the countries of Europe. 11 days are needed to register a new company in Latvia. The Chief Notary of the Latvian State Enterprise Register, Janis Endzins, states that in 2005 there will be needed only three days to register a new company in Latvia, and the number of the needed documents will decrease from ten to six.
(Biznes & Baltija)

Tuesday, the 28th of October, 2003

Anticipate good future for banks
On October 27, at the conference Banks and Finances in Baltic 2003, the Vice President of HSH Nordbank, Michael Hoffmann, anticipated that banks of the Baltic States will expand their work in Russia, Ukraine and Byelorussia. To his mind, banks can increase the added value of their services in these countries by offering modern technologies and competitive conditions. The Head of the Regional Nordea Bank for Baltic states and Poland, Thomas Neckmar, stated that the leaders in the financial market of the Baltic States will be those banks that are having high credit rating, access to international markets and funds, and those who are offering modern services. The experts of banking sector informed that the business of Baltic banks is stable and in good condition.
(
Dienas Bizness)

Monday, the 27th of October, 2003

Risk capital raises business
On October 24, Latvian Association of Risk Capital was established in Latvia. It unites six large companies, which are managing investment funds. The association intends to popularise financial services among domestic entrepreneurs. The fund will provide long-term investments in the capital of companies. The creditor of the company becomes its co-owner, and takes over part of its risks. Currently Baltcap Management Latvia, EKO Investors, Hanseatic Capital Latvia, NCH Advisors Inc, Norway-Latvia Business Development Fund and Small Enterprise Assistance Fund belong to the association.
(Biznes & Baltija)

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