Business
The Department of Civil Affairs of the Supreme Court has decided not to continue legal proceedings in a wrangle over the the rights to the "Dzintars" trademark, the court announced September 21.
On 19 September 2022, the Latvian Minister of Foreign Affairs, Edgars Rinkēvičs, took part in the United States-Latvia Business Forum, during which he invited United States businesses to invest in the economy of Latvia.
A company in Latvia was used as a stepping stone between German suppliers and their client – the Russian Navy – according to a report from Latvian Radio produced in cooperation with the 'Correctiv" investigative journalism center in Germany and the newspaper Die Welt.
Although the war in Ukraine has reduced the interest of foreign tourists in Latvia, in total the summer in the tourism sector has been successful, Latvian Radio reported on September 19.
Latvian Software as a Service (SaaS) startups My3D.Cloud and Hyperjob have been announced as two of 10 finalists to compete for a 10,000 euro cash prize at the TechChill Milano Startup Pitch Battle. The final battle will be held on September 29 in Milan, Italy, when founders will pitch their startups to a room of over 100 investors and 1,000 attendees and media representatives.
Energy bills and milk procurement prices are currently a concern for dairy producers. The company 'Elpa' has just been declared insolvent. If there is no aid, a wave of insolvency is expected for small, domestically-oriented dairy producers, Latvian Television reported on September 12.
Mapon, a company owned by Latvia's Draugiem Group, has acquired a telematics company from Denmark – Danfleet. By spending half a million euros for 100% of the company's shares, Mapon is expanding its operations in Scandinavia, a press release said.
Sales are a common practice in grocery stores, but the crisis-time solution is to introduce fixed prices. Such a solution was introduced by the retail network “Rimi” on Tuesday, Latvian Radio reported on September 6.
The dairy producer "Elpa" has declared insolvency. High milk procurement prices and increased energy resources also cause problems for other companies, according to the union of dairy farmers, Latvian Radio reported on September 6.
On Friday, September 9, two organizations of the Latvian innovation ecosystem – the Latvian Startup Association “Startin.LV” and TechHub Riga – are organizing a “Startup Day + Startup BBQ” event.
Calendar-adjusted data (at constant prices) published on August 29 by the Central Statistical Bureau (CSB) show that, compared to July 2021, in July 2022 total retail trade turnover rose by 0.5%.
On 25 August, the Latvian national finals of the Entrepreneurship World Cup (EWC) took place, where five promising Latvian start-ups competed for the opportunity to get into the global finals in Riyadh, Saudi Arabia, as well as for a prize pool of USD 1 million.
Around a quarter of Latvia's small and medium-sized enterprises (SMEs) currently need loans, according to a SEB Bank survey. Entrepreneurs say that small businesses have poor access to loans at banks, Latvian Radio reported on August 25.
On September 13, Rīga will host Latvia's FinTech forum, bringing together representatives of FinTech companies, industry experts and officials from Latvia and other European countries.
International retail chain SPAR has opened its first shop in Latvia, Saldus, the LETA newswire reported August 11.
Data published August 3 by the Central Statistical Bureau of Latvia (CSB) show that, compared to June 2021, in June 2022 industrial production output increased by 0.7 % (according to calendar-adjusted data at constant prices).
Tourism in Europe is hitting its summer peak, with many rushing to catch up on what they missed during the Covid-19 pandemic and venturing further from home than they have for the last few years.
The Idea Bits business incubator by Draugiem Group, a group of IT companies in Latvia, has produced the Idea Lights street lighting technology, which adapts lighting to traffic intensity and turns conventional lights into smart ones. The solution has become particularly relevant today, as the energy crisis is forcing everyone to think about not wasting resources.
From several dozens of Latvian businesses who entered this year's Entrepreneurship World Cup (EWC), five of the most promising ones have been selected and on August 25 these will compete in the second Latvian National Finals of the EWC where they will present their business idea to the jury.
GetUGo is a young start-up founded by school friends during the first Covid-19 lockdown in 2020. They decided to take a different and innovative approach, and bring new technologies to the market which are likely to reach their full potential in the upcoming years.
In June 2022 business confidence indicators reduced in all business sectors according to sureveys carried out by the Central Statistical Bureau (CSB) and published June 30.
The company managing the retail franchise “Narvesen” changed the name to “Reitan Convenience Latvia”, thus reflecting the name of its owner Reitan, according to information from “Firmas.lv”, LETA reported June 20.
The thermal energy tariff in Daugavpils will be EUR 4.32 or 3.9% lower as of July 1 compared to the one currently applied, at EUR 90.64 per megawatt-hour (MWh), according to the Public Service Regulator Commission (SPRK) information on June 20.
Meetings take place in Rīga June 20-21 under the auspices of the Three Seas Initiative (3SI).
Monday, June 13 sees the annual presentation of foreign investors' mood in Latvia – a factor that always comes into play as Saeima elections approach.
This summer, a new player will join in the Latvian retail network – the Netherlands store network “Spar”. Latvian traders' association says that the customer will be the winner as Spar will diversify the range of goods available, Latvian Radio reported on June 8.
Although the number of tourists this season will not come close to the level before the pandemic, workers in the sector are looking forward to the future. The biggest challenges include lack of staff and restoration of group tourism, Latvian Radio reported June 7.
On Saturday, June 4, the traditional “Open Doors Days in the Countryside” event will take place, when everyone can visit farmers and entrepreneurs in the countryside, see what they do and test their products.
Data of business tendency surveys published May 31 by the Central Statistical Bureau (CSB) show that in May 2022 business confidence indicators were negative in the construction, manufacturing, and services sector. Only the business environment in retail trade still remains positive.
The Competition Council (KP) has given the green light to a gas station acquisition by fuel trader SIA "Kool Latvija", which will take a majority holding in another gas station chain, SIA "Gotika Auto".
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