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WEEK 4.2005

Thursday, the 27th of January, 2005

Forecast steady development to Latvia
The director of the National Economy Structural Policy Department of the Ministry of Economy, Olegs Baranovs, said that Latvian national economy would continue to develop in the near future and get closer to the EU welfare level. According to him, in 2005 the inflation should reduce, as well as import’s predominance over export and unemployment level. His forecast is based on the annual report on the development of the national economy prepared by the Ministry of Economy.
Diena

Kalvitis declared war to “laundries”
Latvian government created a new structure, the Council for Prevention of Legalization of Finances Received In Illegal Way. It is headed by Latvian PM, Aigars Kalvitis. Kalvitis said that if Latvia does not fight against laundering of money received through its banking sector, the USA can apply serious sanctions. As a result, Latvian banks could lose a part of their business. At present there are hundreds of cases of money laundering through Latvian banks. Foreign special services investigate these cases.
Kommersant Baltic Daily

Wednesday, the 26th of January, 2005

Join Aile Group
One of the largest producers of glass constructions, Aile, bought a companies group Logu Servisa Centrs, which includes three enterprises. The group’s turnover in 2004 constituted EUR 3.13 million, and it has 16 trading places in Latvia. The sum of the deal was not revealed. The director of Aile Group, Valdis Mors, said that with buying Logu Servisa Centrs, Aile would have broader opportunities in the local market, as well as would be able to concentrate on the improving of the effectiveness of the production.
Dienas Bizness

Tuesday, the 25th of January 2005

Germany greets partners
This year milk processing company Preilu Siers, biotechnology producer Biosan and wooden toys producer Varis Toys received German national economy awards in Latvia. Preilu Siers received the prize in large enterprises group, but Biosan was the best among small and medium companies. Varis Toys received a special award for the best products design and its identification in Latvia and Germany. All the winners will have an opportunity to visit Germany and meet their partners and potential partners, as well as to take part in the international exhibition.
Dienas Bizness

Monday, the 24th of January 2005

Forecast financial difficulties to the state
Insolvency Administration forecast a financial crisis to the companies, which did not re-register and began their insolvency process. He believes that creditors will apply for the significant part of these companies. Taking into consideration that approximately 25,000 firms have not re-registered, steady increase in insolvency cases could be expected. It would be a serious financial burden for the state. In this case only the amendments in budget could help.
Dienas Bizness

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