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 Observer Latvija SIA

WEEK 36th 2004

Friday, the 3rd of September, 2004

Nelss buys Centrex
The owner of the largest building materials shops chain in Latvia, Nelss, agreed with the company Vincents about buying its trade centre Centrex. The name and field of work of the centre will not change. After Centrex changes its owner, its assortment will increase. At present Nelss has 15 shops in Riga and Latvian regions.
Dienas Bizness

Thursday, the 2nd of September, 2004

Boom of new enterprises
Latvia experiences boom of creating new enterprises. If the tendency remains the same, in the end of the year the number of companies in the country will increase by 33-35%. If in 2002 only 6,288 new enterprises appeared, in January-August 2004 there were 6,400 new companies. In general this year their number could exceed 10,000.
Kommersant Baltic Daily

Banking adds one billion
During the first seven months of 2004 Latvian banks increased their assets by 18.7%, up to EUR 10,44 billion. Last year this index was 13.9%. If the sector keeps the same tendency, then in the end of 2004 banks assets would grow by 40%. The leaders among Latvian banks are Parex Banka, which occupies 18.2% of the market, Hansabanka, 16.6%, and Latvijas Unibanka, 14.9%.
Bizness&Baltija

Wednesday, the 1st of September, 2004

Last year businessmen’ turnover increased by 15%
In 2003 the net turnover of Latvian companies was EUR 21.23 billion, which is by 15% more than the previous year. The total profit of 41,000 economically active enterprises after paying the taxes was EUR 0.46 billion, by 54% more in comparison with 2003. The leaders were trade industry, manufacturing industry, as well as transport and communications sphere. The commercial profitability of the companies also grew.
Dienas Bizness

Crediting keeps growth tendency
In January-July 2004 the amount of credits issued by Latvian banks increased by 23.9%. The credits issued to private persons grew by 39.7%. In the end of July the total amount of loans reached EUR 5.69 billion, and EUR 1.69 billion were issued to private persons, mostly as mortgage credits. This year crediting of private enterprises increased by 22.6%.
Dienas Bizness

Tuesday, the 31st of August, 2004

How to make businessman’s life easier
Latvian government approved measures for improving the business environment. Most of them are referred to tax policy. For example, the ministers are going to optimize the tax system in the country and introduce a number of tax allowances. It is also decided to improve the web-sites of the Latvian ministries, State Revenue Services and Main Customs Administration, as well as to improve the legal environment.
Telegraf

Monday, the 30th of August, 2004

Salaries grow faster
In the second quarter of 2004 salaries in Latvia grew faster than consumer prices in comparison with the same period of 2003. According to the data of the Central Statistical Bureau, the prices increased by 5.8%, while salaries grew by 8.2%. The average net wages in Latvia in April-June 2004 was EUR 228.56.
Dienas Bizness

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