Financial technology company Sun Finance has reported a record-breaking year for 2019, recording turnover of EUR 101.5 million, an increase of almost three times compared with 2018 results, according to audited financial results. The group's net profit last year was EUR 7.1 million.
Business
On Friday, October 23, the new Caljan plant opens in Liepāja, constructed on the former site of Liepājas metalurgs steelworks, Latvian Radio reported.
The Foreign Investors’ Council in Latvia (FICIL) has sent an open letter to the Ministry of Environmental Protection and Regional Development (VARAM) and the State Environmental Service (VVD) with an appeal to ensure openness in considering potential operators of a packaging deposit system, the influential organization said October 16.
Latvia University of Life Sciences and Technologies (LLU) has created a robot capable of distinguishing crops from weeds and destroying the latter, Latvian Television reported October 17.
Latvian technology companies Latvijas Mobilais Telefons (LMT) and MikroTik have jointly set up a 5G laboratory, said Elina Lidere, LMT press secretary, October 15.
Kristaps Klauss, Executive Director of the Latvian Forest Industry Federation, gives an overview of an industry that is synonymous with the Baltic region. It originally appeared in Baltic Business Quarterly magazine which is published by the German-Baltic Chamber of Commerce (AHK), and is reproduced here with permission.
The agenda for '5G Techritory', the third annual Baltic Sea Region 5G ecosystem forum, was revealed October 12. It is extremely extensive, including more than 120 speakers who will offer their insight across more than 60 keynote speeches and panel discussions.
Latvian print-on-demand company Printful announced October 12 it is opening a third fulfillment center in Europe, and seventh globally. The new fulfillment center is in Rīga at Marupe Smart Park industrial space, and covers around 3,000 square meters with operations to be launched in the first quarter of 2021.
Flour producer Dobeles dzirnavnieks, together with companies from three other countries, has been accused of dumping prices on South African markets, according to an LSM.lv report October 3.
In this special feature, originally produced for the Baltic Business Quarterly magazine published by the German-Baltic Chamber of Commerce (AHK), Monta Glumane reports from Liepāja on the changing business landscape in Latvia's third-largest city, Liepāja, and profiles some of the companies leading an undeniable economic revival.
Legendary Latvian cosmetics firm Dzintars, which went bankrupt in 2019, was recently purchased by Estonian Skinest Group. On September 29, LSM.lv spoke to industry experts about the potential future of Dzintars.
Developers have announced a second stage of construction at the 'Business Garden Rīga' business park in the Latvian capital. Vastint Latvia is planning to launch its second phase of construction following a tender and is in the process of selecting construction partners.
On September 22, in a statement to Nasdaq, pharmaceutical manufacturer JSC Grindeks identified major strategy development directions until 2025.
Arvīds Borherts-Smiļģis has created a workshop in Dobele that makes bicycles in line with each customer's wishes, Latvian Television reported September 22.
Twelve information technology (IT) industry companies could move from Belarus to Latvia in the near future. Latvian IT sector is expecting the arrival of Belarusian colleagues with mixed feelings, Latvian Television reported September 15.
Currently, twelve businesses from Belarus have decided to relocate to Latvia, Ministry of Economics (EM) said September 15.
On Monday, September 14, the Estonian industrial group Skinest Group entered into a contract for the purchase of the assets of the bankrupt Latvian cosmetics and perfumery producer Dzintars, said group representative Anastasija Udalova.
Foreign investors and state officials are getting together on September 10 under the auspices of the Foreign Investors Council in Latvia (FICIL) for a discussion titled "Value of compliance: what is the competitive advantage of Latvia?".
Businesses that feel they can no longer operate in Belarus due to the latest in a long line of brutal crackdowns by the Lukashenko regime have been contacting the Latvian Investment and Development Agency (LIAA) about possible relocation, the agency said September 7.
Foreign investors and state officials will be getting together on September 10 under the auspices of the Foreign Investors Council in Latvia (FICIL) for a discussion titled "Value of compliance: what is the competitive advantage of Latvia?".
In order to allow more start-ups to qualify for state aid, the Saeima adopted amendments in the framework of support for start-ups on Thursday, September 3, said the Saeima Press Service.
Latvia's government released information September 2 showing that attempts to broker a deal with a former owner of the Liepājas metalurgs steelworks appear to have collapsed.
Four years ago, Aksels Zingulis and Reinis Nikuļcevs started a business while still at school. Now, their company RocketGrip exports an innovative product invented in Latvia - ice hockey equipment handles - to 45 countries, Latvian Television reported September 2.
Latvia is offering businesspeople in Belarus the chance to relocate to Latvia and bring their businesses with them, according to a release from the Latvian Investment and Development Agency (LIAA).
September 18 to 20, in Liepāja University and live online, the Green Tech Copernicus hackathon will take place, representative Daira Bērtule said August 26.
Owners of adventure park "Dimantu kalns" in Ķegums have planned to expand their recreation area by raising a hill of 3,000 square meters - its base made of old tires, Latvian Radio reported August 17.
The interest in the platform established by the Latvian Investment and Development Agency (LIAA), which compiles products made in Latvia to help COVID-19 prevention, is high, but it is still necessary to address digital issues, said LIAA Director Kaspars Rožkalns August 16.
The annual fair organized by the Latvian Ethnographic Open Air Museum was due to celebrate its 50th anniversary season this year, however, due to restrictions on gatherings, the fair was postponed to 2021. However in order to provide buyers from Latvia and abroad the opportunity to purchase goods of local craftsmen and home producers and sellers to market their products, a sales portal www.egadatirgus.lv has been created.
'5G Techritory', a top event about 5G technology in the Baltic Sea region, confirmed August 12 it will return for a third year in a row on November 11-12, 2020.
A performance-measuring tool for athletes, "Echo", has been created in Latvia, showing great success and now entering markets in North America and Scandinavia, Latvian Television said August 11.