Friday, the 14th of October, 2005
Must declare the origin
Starting with July 1, 2006, persons, who cross the border of Latvia and carry in or out the European Community a cash that is equivalent to LVL 10,000 or more, will have to declare it. This statement was made in the law on cash declaration on the state border, which was adopted by the Latvian Parliament in final reading on October 13.
Thursday, the 13th of October, 2005
To pay salaries to the new entrepreneurs
A new support program is scheduled from the next year which will provide approximately LVL 30,000 support for education to persons who start entrepreneurship. Salaries at the beginning of the commercial activities are also anticipated. Persons who are only planning to launch their business or who have already stopped entrepreneurship will be able to apply for the support program on Training and Consultations for Starting Commercial or Self-employment Activities. The program will be implemented within the framework of the EU structural funds. The support program will have two stages. In the first stage, a three months long educational course will be available to the prospective entrepreneurs. The course will include development of a business plan. The claimant to the support will have a consultant who will supervise and help in starting the business. A micro-credit of LVL 8-10 thousand will be granted for starting the business. An essential novelty will be the so-called entrepreneurs salaries that will be paid to commercial beginners for at least half-year. This sum could reach LVL 200-300.
Wednesday, the 12th of October, 2005
Latvian business focuses on Caucasus
In the framework of the sate visit of the President of Latvia, Vaira Vike-Freiberga, to Azerbaijan, Georgia and Armenia, business forums of Latvian and Caucasian entrepreneurs were held in the three Caucasian countries. Azerbaijani showed the biggest interest in cooperation with Latvian companies. As a result, 15 protocols of intent were signed in Baku. Latvia attracts Azerbaijan entrepreneurs with the opportunity to enter the European market and with qualitative goods and services. For Latvians, Azerbaijan means rapidly growing consumer market. The IT company Tieto Enator is already working in Azerbaijan, Georgia and Armenia. Jelgavas Masinbuves Rupnica (Jelgava Engineering Plant) will probably start deliveries to the Caucasian market next year. The law office U.Grube & A.Strautins points out that some Caucasian companies that are interested in entering the Latvian market have asked for legal advices. Some alcohol and mineral water producers are thinking about production development in Latvia or buying shares of a Latvian company. Banking sector is one of the most attractive cooperation perspectives. The Ambassador of Azerbaijan to Latvia, Tofik Zulfugarov, says Latvian banks might be interested in developing market of new housing in Azerbaijan because local banks are not offering favourable mortgage loans at present.
Tuesday, the 11th of October, 2005
Inflation shocks again
The annual inflation rate reached 7.2 per cent in September in Latvia. Prices have increased mainly due to rise in prices of fuel, clothing, footwear and public catering services. The Bank of Latvia points out that government should start restricting inflation immediately. The Prime Minister Aigars Kalvitis suggests that competition in fuel and food trade in Latvia is limited. Experts say the inflation rate in September has been shockingly high. Prices in September increased by 1.5 per cent, in comparison with prices in August.
Monday, the 10th of October, 2005
Fastest growth in Europe
According to the data from Eurostat, Latvia showed the fastest retail turnover growth in the European Union from August 2004 to August 2005. In August 2005, retail turnover in Latvia had grown by 22.6 per cent, compared with August 2004. Retail turnover growth was also fast in Lithuania (14.0 per cent) and Slovenia (13.8 per cent). The smallest increase in retail turnover was observed in the United Kingdom (0.9 per cent), but in Germany and Luxemburg retail turnover had decreased by 0.8 per cent and 4.4 percent respectively. The average retail turnover growth in all 25 EU member states was 2.2 per cent.
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