Reval Hotels
Pietari Express
 Observer Latvija SIA

WEEK 31.2005

Friday, the 5th of August, 2005

Credit rating increased
The international ratings agency Standard & Poors increased the credit rating of Riga from BBB- to BBB. The short-term rating of the Latvian capital is A-3. According to the analysts of Standard & Poors, the reasons of the increase are the European money flow into Riga and the improvements in capital’s financial management.

Thursday, the 4th of August, 2005

The European Commission notices the small ones
In autumn 2005 the European Commission is going to launch the programme of small and medium enterprises support. It would stimulate the banks to provide credits not only to energy monopolists and other large companies, but also to summer cafes and shoes ateliers. The programme will also make the EU legislation more friendly towards small and medium enterprises.

Wednesday, the 3rd of August, 2005

Unemployment level decreases
In June 2005 the unemployment level in Latvia was 9.0% of economically active inhabitants. According to Eurostat data, in May 2005 it was 9.1%. However, despite the consequent decrease, it is the seventh highest index in the EU. The highest unemployment level is in Poland, 17.6%, and Slovakia, 15.4%, but the lowest in Ireland, 4.3%.
Dienas Bizness

Tuesday, the 2nd of August, 2005

Quitrent for mortgage credits
The initiative group of new projects developers in the real estate market sent an open letter to the Latvian government. It expressed concern that while discussing the possible introduction of mortgage credits tax, no one asked for the opinion of people, who work in this branch. The group wishes to warn the government about the possible dramatic consequences of measures, which are not well-considered. The tax could hinder the growth of welfare, make the prices of real estate objects higher and hamper the development of the market.

Monday, the 1st of August, 2005

Gazprom is going to go in for Latvian inflation
In 2006-2007 the increase in gas retail prices could influence inflation level by 1-1.5%. If the Russian company Gazprom will review the tariffs of gas deliveries to Latvia, the influence could be more significant. However, the Latvian authorities, which decided to combat inflation, did not even take into consideration the swift growth of gas prices.

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