||WEEK 40th 2004
Friday, the 1st of October, 2004
Resources are exhausted
Because the level of businessmen activity is too high, Latvian Investments and Development Agency is going to interrupt accepting projects for receiving the EU finances in the infrastructure sphere. As of now, 71 projects were submitted, and the finances required for them constitute EUR 51.53 million. However, in total only EUR 56.92 million are available for these projects in 2004-2006.
Bank of New York stops collaboration with banks in Latvia
American branch of Danish bank ABN Amro, which is known under the name the Bank of New York, stopped correspondent business with many Latvian banks. It happened because experts consider Latvia to be one of the centres for laundering Russian money. At present the American Judicial Department investigates transaction for the sum USD 885 thousand, which was made from Latvia through the Bank of New York in the middle of 2000. This transaction could be a part of a fraudulent deal for not paying taxes in Russia.
Wednesday, the 29th of September, 2004
Promise a new player in the market
The Prime Minister of Latvia, Indulis Emsis, announced that the auction for selling the third GSM and UMTS license should be arranged. The minimal cost of this license is EUR 2.09 million. Emsis refused to say, when the auction could take place. However, the buyer of this license will become the fourth mobile operator, because soon the third one, Triatel, is going to start its work. The commercial director of Triatel, Uldis Sture, said that the company is not worried about the auction, as by that time it would gain its market share. Triatel will work in 450 MHz frequency range using CDMA-450 technology, which is similar to UMTS. The company will get the licence approximately for EUR 307.6, together with its partner Radiokoms.
Tuesday, the 28th of September 2004
Next year 65 Latvian companies, which produce glass, metal, concrete etc., will be submitted to the euro-directive, which limits the possible amount of atmospheric emissions. According to it, the enterprises will have quotas. If a company has not used the full quota, the remains could be sold abroad, to any enterprise within the EU. Now it will be more profitable for the companies to protect air and environment: the less they pollute it, the more quotas they can sell.
Kommersant Baltic Daily
Monday, the 27th of September, 2004
We invest more
In 2003 Latvias investments flow grew significantly. It reached EUR 27.69 million, while earlier it was in average EUR 9.23 million a year. The current year Latvia invests even more: in the first quarter of the year this index was EUR 23.07 million. The most part, 63% of all the investments, went to Switzerland. This is why banking deals constituted the most part of Latvian investments abroad. Wholesale and retail trade companies form the second largest investment flow. Last year Latvia invested the biggest sums in Lithuania, Russia, Estonia and the USA.
Dienas BiznessInvestments leaders remain the same
Businessmen from 117 countries invested money in Latvian enterprises last year. The largest investors were the USA, EUR 258.49 million, Sweden, EUR 236.56 million, and Denmark, EUR 186.87 million. However, according to the amount of accumulated investments the leaders are Germany, EUR 452.76 million, Sweden, EUR 388.92 million, and Denmark, EUR 308.15 million. The USA is only on seventh place.
Baltic Weekly MonitorA