Reval Hotels
Pietari Express
 Observer Latvija SIA

WEEK 21.2005

Friday, the 27th of May, 2005

It will be more difficult to launder
The Latvian Parliament accepted amendments to some laws concerning the crediting institutions, which stipulate introduction of stricter measures in combating the legalization of the illegal finances. The maximal penalties for violators are increased from EUR 7,140 to EUR 142,857. Besides, the according institutions would be able to receive information on the banks accounts and the financial deals of the banks clients in order to prevent money laundering, financing terrorism and other related crimes.

Wednesday, the 25th of May, 2005

Minister wants to make products cheaper
The Minister of Economy of Latvia, Krisjanis Karins, said that he’s going to ask the government to introduce the reduced VAT rate for food products, so that it could be 5% instead of the present 18%. In such a way he is going to stop the inflation, which could decrease by 2.3% as a result. The decrease of budget incomes would be compensated due to the increase of incomes from other duties. However, the specialists note that the decrease of tax could not have the desired effect, as the producers could just increase their own profit due to the new rule.
Biznes & Baltija

Smart cards to be produced in Riga
Multifunctional electronic cards producer XPonCards is going to open its production unit in Riga this summer. The company plans to produce smartcards for banks, retail traders, state institutions and mobile communications operators. According to the executive director of the enterprise, Flemming Breinholt, chips programming and other intellectual work will take place in Latvian production unit, while half-finished products will be produced in Sweden.
Dienas Bizness

Thursday, the 24th of May, 2005

Producers can ease up
In April of the current year producer prices grew by 8.6% in comparison with the same month of 2004. The growth is caused by an increase in producer expenses, which significantly grew in food and drinks production, by 22%. According to the Central Statistical Bureau data, this index decreased by 0.2% in comparison with March 2005.
Dienas Bizness

Monday, the 23rd of May, 2005

Baltic Kristina could leave Riga
The Transport Minister of Latvia, Ainars Slesers, announced that the next year a new operator on the route Riga-Stockholm would appear. Two modern ferries will run between these cities. The capacity of each is 1,500 passengers. This is why the operator Rigas Juras Linija thinks of the possibility to work with another route, as Baltic Kristina is invited to the line Helsinki-St. Petersburg. Slesers criticized Rigas Juras Linija for the low level of services, which causes losses. He believes that the Estonian operator Tallink and the Swedish Silja Line could change the situation.
Kommersant Baltic Daily

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