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Baltic Business
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WEEK 49th 2003

Friday, the 5th of December, 2003

Latvian financiers - richest in Baltic States
The number of millionaires in the local market has significantly increased in the last years due to the rapid economical development of the Baltic States. According to the Baltic Times, a group of people whose net richness exceeds EUR 100 million has appeared, and soon many other millionaires will join this group. Among the hundred of largest banks of Central and Eastern Europe in the list compiled by The Banker magazine some Latvian banks are found. The highest evaluation among all the Baltic banks has got Hansabank Group that holds 16th position. Three Latvian banks are included in the list, too. These are Parekss Banka (47), Latvijas Unibanka (58) and Nord/LB Latvija (98). The owners of Parekss Banka, Valerijs Kargins and Viktors Krasovickis, are the richest men in the Baltic States according to the Baltic Times. They own EUR 300 million each. The third richest man is the mayor of Ventspils, Aivars Lembergs, whose wealth amounts to EUR 230 million.
(Diena)

Thursday, the 4th of December, 2003

Electronic payments to shape future
The Ministry of Economy anticipates that the increase of GDP will amount to 6 percent this year. The GDP will be increasing by 5 to 7 percent annually during the time period from 2004 to 2008. The largest increase will be in the construction industry. Its growth will reach 10 percent this year, whereas in next five years, construction will be growing by 7.1 to 12 percent annually. The trade will increase by 10 percent this year, whereas from 2004 till 2008 it will grow by 5 to 6.7 percent annually. One of the factors to contribute to the increase of GDP is Internet and e-commerce in particular.
(Dienas Bizness)

Wednesday, the 3rd of December, 2003

Economical activity grows
In October, the index of the economical activity increased by 7.8 percent in comparable prices if compared to October a year ago. The index increased due to the growth in state budget's income
and due to the increase in retail's turnover.
(Dienas Bizness)

Tuesday, the 2nd of December, 2003

LDA representative offices in Sweden and France
On December 1, two representative offices of Latvian Development Agency (LDA) have started their work in Stockholm and Paris. The representative offices will be located in the buildings of Latvian embassies. Harolds Celms will be the representative of LDA in France, whereas Imants Gross will represent LDA in Sweden. The foreign offices of LDA are providing practical support for the Latvian entrepreneurs in finding co-operation partners and in forming and maintaining business contacts. They are performing market researches as well.
(Dienas Bizness)

Monday, the 1st of December, 2003
Volume of credits has increased by 28.6 percent in ten months
According to the Association of Latvian Commercial Banks, the volume of the credits issued by Latvian commercial banks in the first ten months of 2003 has increased by 28.6 percent reaching LVL 2.734 billion by the end of October. In October, the volume of the issued loans increased by 2.1 percent. Latvijas Unibanka issued most of the loans by the end of October or LVL 650.238 million, followed by Hansabanka with LVL 591.358 million and Parekss Banka with LVL 419.171 million. These largest commercial banks of Latvia occupied 60.7 percent of the market of issued loans by the end of October.
(Diena)

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