Telia ready to give up control of merged telecom says minister

The Swedish telecommunications group Telia, the private shareholder in the Latvian telecommunication companies Lattelecom and Latvijas Mobilais Telefons (LMT), has notified the Latvian Economics Ministry that it would agree to the Latvian state obtaining a controlling stake in any new company created as a result of a merger between Lattelecom and LMT, Economics Minister Arvils Aseradens (Unity) told TV3 commercial television October 9.

Baltic bourses merge their depositories

Markets giant Nasdaq on September 18 announced the cross-border merger of the central securities depositories (CSDs) of Estonia, Latvia and Lithuania into a single licensed legal entity – Nasdaq CSD Societas Europaea.

Just 7% of women negotiate for higher salaries

In Latvia, men earn an average 10% more than women do. When starting work, 57% of men negotiate for their salary compared to just 7% of women who do the same, according to research by the Fontes consultation firm.

Steelworks buyout negotiations extended

Negotiations with potential investors in the insolvent KVV Liepajas Metalurgs steelworks are in the concluding stage, said Latvian Economics Minister Arvils Aseradens in an interview with commercial LNT television on Monday.

Plans in motion to revamp Hare Island

Within a month, public consultations are to start over building a business center on Zaķusala (Hare Island) beside the Latvian Television building, with an estimated €65m to be attracted from investors. The city of Riga meanwhile hopes to use the island to build a fun park complete with a Ferris wheel, reports Latvian Radio.

Steelworks buyers still being sought

Potential investors in the insolvent KVV Liepajas Metalurgs steelworks are from other countries, said Latvian Economics Minister Arvils Aseradens (Unity party) in an interview with Latvian public television on August 15.

Does your start-up need seed? Apply here.

The Digital Freedom Festival, in cooperation with the association Latvian Business Angel Network (LatBAN), has issued an invitation to 'pre-seed' startups to submit applications for its November Investment Session.

Lidl to open store in Riga

German retail chain Lidl is planning to open a store in Riga's Purvciems neighborhood. Locals dislike the proposal as trees would have to be cut down, while industry experts say it will benefit the retail market, reported LTV7 on July 27.

Lithuanian fund to invest €200m in former Soviet high-rise

Lords LB Special Fund V of the Lithuanian investment management company Lords LB Asset Management is going to invest more than €200 million in development of the territory that comes with Preses Nams, a Soviet-era high-rise in Riga, that the Lithuanians have just acquired.

First US gas shipment to Baltics to be stored at Inčukalns

Lithuania's natural gas supply and trade company Lietuvos Duju Tiekimas (Lithuanian Gas Supply, or LDT) has signed a contract with Cheniere Marketing International and purchased a liquefied natural gas (LNG) cargo from the US company, LETA reported on June 26.

Russian billionaire may be interested in Latvian gas companies

Russian businessman Igor Makarov, the owner of international group Areti (formerly Itera), is interested in buying shares belonging to Itera Latvija in Latvijas Gaze and Conexus Baltis Grid natural gas companies, said Itera Latvija board chairman Juris Savickis.

Giant structures should be finished September 2018

SIA Merks, the Latvian part of Estonia's large AS Merko Ehitus construction group, has signed a 36 million euro contract to complete the 'Z-Towers', a pair of structures at 30 Ranķa Dambis, Riga that look like enormous salt and pepper shakers.

Foreign investors urge faster pace from government

The Foreign Investors Council in Latvia (FICIL), the country's leading organization for foreign-owned businesses, on May 26 urged the government to be more decisive in its reform drive and to provide a predictable environment for future investment. 

No gambling houses in central Riga, rules council

The Riga City Council's committee on security, public order and corruption prevention on May 22 upheld the suggestion to ban gambling halls in the city's historical center, with the exception of four- and five-star hotels, the Riga City Council said.

Offshore files reveal political ties to payday lending giant

The 4Finance payday loan company, set up in 2008 by four Latvian students, was taken over in late 2009 by associates of so-called oligarch Andris Šķēle and well-known businessman Māris Martinsons. They were able to escape paying taxes on cash loans almost completely by using companies in Malta and Belize, according to document copies obtained by the of investigative journalists.