Business
Manufacturing and e-commerce company Pepi Rer has announced the appointment of Vigants Lesausks, an expert in change management, as its new Chief Executive Officer (CEO).
Nearly all commercial enterprises in Latvia use the internet in some way, and more than two-thirds have their own website. Such are the results of the Central Statistical Bureau (CSB) annual survey on the use of information and communication technologies (ICT) in enterprises.
Swedbank Baltics JSC has been named the most valuable company in the country for the second year in a row, the ranking's creators Nasdaq Riga and Prudentia said November 2.
The Latvian Competition Council (KP) said November 2 it was issuing fines over an apparent cartel operating in the supply, transportation and storage of wood chips.
In October business sentiment remained positive only in the retail sector according to the latest business tendency survey carried out by the Central Statistical Bureau (CSB).
Food company JSC APF Holdings sees its Initial Public Offering (IPO) of shares close on October 30, but has already laid a golden egg in the form of its official stock market code – it will be listed on the stock exchange under the stock symbol 'EGG'.
Latvia may participate at the Expo 2025 event in Japan in a joint pavilion with Lithuania, but hopes for a pavilion featuring all three Baltic states are undermined by the fact Estonia will not be participating, according to a Ministry of Economics report presented to government on October 24.
In August innovation management company Helve, with support from the Investment and Development Agency of Latvia and Riga City Council, launched a new pre-accelerator, Future Hub Climate.
Lithuanian investors Liepojos kopos Ltd plan to build a modern spa center next to the concert venue Pūt, vējiņi, preserving and renovating the historic bathhouse. The construction project will be presented on Thursday, October 19, but some are already worried whether Liepaja will not lose historical value due to the project, Latvian Radio reports.
The Competition Council (Konkurences padome, KP) has allowed “Aqua Marina”, the parent company of “Kool Latvija”, to acquire and use the right to manage more than 50 assets of SIA “East-West transit” and SIA “Naples” – mainly gas stations working under the Latvijas Nafta brand. These assets will mainly be used in fuel retail, the KP said.
More than 1.97 million euros will be available to small and medium-sized enterprises to prepare for participation in capital markets or securities trading on the stock exchange, the government decided on Tuesday, October 17.
October 18-19 sees another business and technology event being staged in Rīga under the '5G Techritory' banner.
Latvian national airline airBaltic has abandoned plans to issue bonds, as reported by the business news agency Bloomberg and newswire LETA on October 14.
The Investment and Development Agency of Latvia (LIAA) has published an updated 'Relocation Guide to Latvia' which, it is claimed, "features all the basics at a glance of moving to Latvia and everyday living."
The State Security Service (VDD) suspects a Belarusian businessman in Latvia of breaching European Union sanctions. He entered Latvia with the support of the Investment and Development Agency of Latvia (LIAA) following Belarus opposition protests in 2020. Latvian Television's De Facto reports on October 8 that Igor Medved's shareholdings have now been arrested by the service so they can be seized in the future if necessary.
Walnut plantations have now been growing in the Renda Parish of Kuldīga municipality next to Lake Usma for several years. Growing walnut trees has become Eduards Ostrobrods' great passion. He is determined to experiment and make walnut cultivation an important agricultural sector for Latvia. The first harvest is promised in two years, Latvian Radio reported October 6.
Five Latvian startups to watch will attend TechChill Milano, which will be held from September 25-27 in Milan, Italy. Participants are invited to meet the startups at the "Latvia's startup frontiers meet Italy" side-event, which is being sponsored by the Investment and Development Agency of Latvia (LIAA) at 16:00 on September 25 at Cascina Triulza in Milan, organizers said.
Latvian construction equipment rental company Storent Holdings, one of the largest suppliers in the Baltic states, announced September 21 a bid to raise more than 4 million euros on the financial markets.
Despite the current price increase, inflation, or earlier events such as the Covid-19 pandemic, home production in Latvia is increasing every year according to statistics from the Food and Veterinary Service (PVD). Many of them choose to expand their home production over time. How many home producers are currently in Latvia, how are they doing and what are they making? Latvian Radio looked at these matters on September 19.
Bruntor, a Latvian start-up, has created an electric scooter with a cargo box, called Bruntor Cargo, intended for parcel delivery companies, reports Baltic Business Quarterly.
Helsinki and Stockholm-based early-stage investor Voima Ventures has announced what it is calling "a science challenge for pre-seed and seed stage science-based startups in the Nordic and Baltic areas, aiming to accelerate science-based innovations across the region."
September 8 saw the handing-out of Latvia's first-ever Startup Awards at a ceremony in Rīga.
The director of the Latvian Investment and Development Agency (LIAA), Kaspars Rožkalns, will leave his position at the end of the month, it was announced September 8.
More than 30 fire rescuers, seven firetrucks, two ladders and a rescue car were involved in extinguishing a hazardous fire on Tuesday afternoon. The limestone flour plant in Saldus municipality, SIA “Sātiņi LM”, was on fire. Representatives of the company do not yet know whether it will recover after this accident, Skrunda Television reported September 6.
Technology and business portal Labs of Latvia has reported on a new edition of an annual overview of the Latvian financial technologies or 'FinTech' scene.
While exports of sanctioned goods to Russia are shrinking, volumes have grown rapidly to countries that continue to trade with Russia. This has raised concerns about the circumvention of sanctions. Latvian Television's broadcast De Facto attempted to look into the issue on September 3.
The supermarket network “Rimi” has narrowed procurement from Latvian sock and stocking producers to favor Chinese-produced socks. Sock producers say they might have to look for other markets, Latvian Television reported on September 3.
"Come get state aid and we will help you exit the Russian and Belarusian market" – such calls to entrepreneurs have publicly been heard from the Ministry of Economics. Entrepreneurs, on the other hand, are frustrated that the previous export refocusing aid program is already closing, but the new one has still not started, and the process of coordination is too slow, according to a Latvian Television report September 2.
The Turkish-owned company "Liepāja Steel" has decided to abandon any plans to return to making steel in Liepāja and will instead move the steel melting furnace it bought three years ago to Turkey, reported TV Kurzeme.
International self-service and automation solution manufacturer Omnic will build a new factory in Liepāja, manufacturing parcel lockers for the European market, reported Labs of Latvia August 28.
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