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WEEK 7.2006

Friday, the 17th of February, 2006

Direction is EU level of life
The Latvian Minister of Economy, Krisjanis Karins, presented the regular bulletin on national economy development in Latvia. He stressed that the economic activity grows in all the main branches, industrial development promotes export, and GDP grows. However, it is basically Riga and its surroundings which develop. The Minister believes that new system of distribution of the EU structural funds finances would stimulate the development of provinces. In 2006 Latvia could acquire from the EU Regional Development Fund EUR 71.42 million.

Thursday, the 16th of February, 2006

Hansabanka again is the first one
In 2005 profit of Hansabanka reached EUR 58 million which is the biggest profit among Latvian banks. SEB Unibanka earned EUR 48.28 million, and Parex Banka EUR 36.57 million. Hansabanka’s head of the board, Ingrida Bluma, stressed that the profit came mostly from interest rates. Last year bank’s credit portfolio increased by 78.3% to EUR 2.42 billion. Now it is the biggest in the market and occupies its 24.5%.
Dienas Bizness

Tuesday, the 14th of February, 2006

Threaten to block
The Latvian Minister of Economy, Krisjanis Karins, invited Latvian members of the European Parliament not to support the draft services directive if the principle of the country of origin is crossed out. He also invited them to look for allies among parliamentarians of other EU-states who stick to similar opinion so that the EP resolution could be blocked if necessary.
Dienas Bizness

Monday, the 13th of February, 2006

Our generation will live in capitalism
According to Forbes Magazine, Latvia is no longer the poorest EU nation; its GNP for one person in 2005 was EUR 10,700, whereas Poland’s GNP was EUR 10,614. The Latvian Prime Minister Aigars Kalvitis believes this is a good sign, and Latvia will enter the top-20 list of the richest European nations in 10 years’ time. However, Poland still is ahead of Latvia in all the other areas except GNP; its work productivity is 60 per cent of European average, whereas Latvian is just 43 per cent, its average wage is EUR 5.27 per hour, whereas the Latvian is EUR 2.37, Poland’s inflation is substantially lower, and there are more scientific innovations. Therefore, the GNP is just an illusion; it is mainly created by exporting wood and selling imported goods.
Biznes & Baltija

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