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Latvia Business News: Archive 2003-2006

WEEK 32.2006

Friday, the 11th of August 2006

More large companies
Ltd Lursoft, which processes the database of the Register of Enterprises of the Republic of Latvia, informed that in 2005 the number of large enterprises in Latvia grew by 35% or more than 1000 companies, compared to 2004. According to annual reports submitted to the Register of Enterprises, 2818 companies corresponded to the definition of a large enterprise set in the regulations of Latvia. Submission of the annual reports of 2005 still continues thus the number of large enterprises could rise.
Dienas Bizness

Riga is recognized as cheap city
According to the survey of Swiss Bank UBS Riga is one of the cheapest cities in the World. In the most expensive World’s city rank Riga takes 56th place.
Dienas Bizness

Wednesday, the 9th of August 2006

Vegetables have impacted the numbers of inflation
In July 2006, the Latvian consumer prices increased by 0.6 per cent compared to June. The analysts informed that usually in July the consumer prices generally fall due to the cheaper food products in summer time, however, this year vegetable prices increased. In total, the consumer prices increased by 6.9 per cent year-on-year, which is the highest increase in July since 1994. The market analysts say that the average level of inflation forecast should be increased from 6 per cent a year to 6.3-6.5 per cent.
Dienas Bizness

Hoping to have more flexible tax evasion fine system
On August 8, the government of Latvia supported amendments to the Law of Tax and Charges, which include more proportionate penalty sanctions for reducing the tax money payable to the budget. The Parliament of Latvia will have to approve the amendments. The Ministry of Finance promised to continue to work on making the law more flexible. Latvian entrepreneurs believe the amendments will ease the business operating.

Tuesday, the 8th of August 2006

In autumn will decide about the adoption of euro
In September 2006, the Cabinet of Ministers of Latvia will decide about postponing the adoption of euro. The Ministry of Finance of Latvia together with the Bank of Latvia and the Ministry of Economics will propose several alternatives, however the Prime Minister Aigars Kalvitis has already conceded that euro could be adopted in 2010 due to the present inflation in Latvia.
Dienas Bizness

Monday, the 7th of August 2006

Fitch – both positive and concerned
The international rating agency Fitch Ratings confirmed long-term credit rating of Latvia in A level, the state rating in A+ level, but short-term credit rating in E2 level. The agency’s analyst David Heslam explained that these ratings are based on the spectacular economic growth of Latvia and real convergence with Western Europe. However, Heslam believes that the delay in the adoption of euro until 2010 adds the risks associated with Latvia’s high external debt. Latvia has also been warned about the risk of overheating in the economy.

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