EUR 70.2 million will be allocated to exporting and tourism companies to boost employment following COVID-19 crisis, the Ministry of Economy said July 14.
Economy
The receipt lottery has increased the revenues of the State budget by EUR 1.2 million during the year, the State Revenue Service (VID) said on July 14.
The sensor “AMII” created by the Latvian company “KOB ART” is ranked among the winners and recognized as the best prototype in a competition launched by the U.S.' National Aeronautics and Space Administration (NASA), the company's representatives said on July 14.
The Mayor of Jūrmala Gatis Truksnis called a meeting on July 14 to decide on amendments to the Jūrmala City Council's binding rules on the entry of vehicles in the administrative area of the city. Currently a toll is payable for all motor vehicles entering Jūrmala.
Ministry of Transport said July 13 that, in the first half of 2020, cargo shipments in Latvian ports dropped by 30.1%, whereas rail cargo by 47.2%, compared to the first half of 2019.
The general budget revenue plan administered by the State Revenue Service (VID) was completed by 92.8% in the first half of 2020, VID said on July 13.
Latvian national airline airBaltic said July 13 it had signed a codeshare agreement with Icelandair that "opens new markets for the carriers by allowing them to sell and issue airline tickets jointly throughout their networks.
A Latvian home-kitchen experiment has led to healthy muesli exports to 30 countries, business "Felici" owners told Latvian Television on July 13.
Starting Monday, July 13, the national airline airBaltic will renew scheduled flights between Riga and Liepāja four times a week, Kurzeme Regional TV reported on July 10.
Provisional data released by the Central Statistical Bureau (CSB) July 10 show that in May 2020 the foreign trade turnover of Latvia amounted to EUR 1.93 billion, which at current prices was 24.1 % less than a year ago.
Two successful and similarly-named Latvian companies have reached an agreement after legal action in the United States -- with both parties claiming to be satisfied with the outcome.
The Fiscal Discipline Council of Latvia (FDP) released the fifth crisis monitoring report on July 10, expressing the view that current support mechanisms should not impose a disproportionate burden on future budget.
The Latvian Welfare Ministry said in a media statement on July 10 that in 2021 the welfare sector would need an additional €90 million for compensation measures.
On July 9 the Latvian parliament significantly eased creditors' ability to pardon crisis-era mortgage debt.
Mārtiņš Balodis completed his studies at university and immediately founded the information technology company WebScraper, now used by 350 000 people worldwide. The company offers customers an automated way to obtain data from different home pages, Latvian Television reported on July 9.
The unemployment rate registered in Latvia at the end of June reached 8.6% of the economically active population, which is 0.2 percentage points more than a month earlier, according to July 9 information from the State Employment Agency (NVA).
Riga International Airport Although was planning to lay off more than 500 employees due to the COVID-19 crisis, but only dismissed 353 in reality, said Chair of the airport board, Laila Odiņa, to Latvian Radio.
The latest data of the Central Statistical Bureau (CSB) show that in June 2020, compared to June 2019, the average level of consumer prices decreased by 0.7%, as reported on July 8.
A new type of traffic radar has been installed at the intersection of Brīvības and Krustabaznīcas Street in Riga. The radar detects drivers who do not mind the red light, Latvian Television reported on July 8.
The European Commission (EC) agreed to a €160 million Latvian guarantee program for COVID-19 crisis-stricken exporting companies, the EC agency in Latvia told news agency LETA on July 8.
The Ministry of Economics (EM) plans to redirect €70 million in grants to companies for paying employees' salaries, Economics Minister Janis Vitenbergs (KPV LV) said in an interview to Latvian Television on July 8.
The tourism sector in Latvia has suffered dramatically in the crisis caused by COVID-19, said Asnāte Ziemele, head of travel association "Lauku ceļotājs", in an interview to Latvian Television on July 8.
Around 700 electric cars are currently on Latvian roads, but now another 100 are joining them. These environmentally-friendly cars will be able to be booked by an app and driven daily, reported financial institution Altum on July 7.
It is planned to close nearly all Tērbatas Street in Riga from July 15 to August 16, giving it to pedestrians and traders, as well as to the development of cultural events, according to the agenda of the meeting of the temporary administration of Riga municipality Tuesday, July 7.
According to data of the Central Statistical Bureau, in May 2020 the number of foreign and resident visitors comprised 30 thousand, which is 88.5% less than in May 2019, CSB reported on July 7.
Latvia has succeeded in overcoming the first wave of the pandemic more successfully than most other European Union and world countries, and now finds itself in a strong position according to many economic indicators, according to Mārtiņš Āboliņš, economist with Citadele Bank.
Non-governmental organisations of farmers and traders, as well as the Minister for Agriculture, signed a memorandum of cooperation in order to promote the increased availability of quality fruit, berries and vegetables produced in Latvia to consumers, the Ministry of Agriculture said on July 6.
Data compiled by the Central Statistical Bureau (CSB) show that, compared to May 2019, in May 2020, industrial production output dropped by 6.4 % (according to calendar adjusted data at constant prices), as reported on July 6.
Policymakers responsible for coordinating, funding, and realising the €5.8bn Rail Baltica project presented their latest plans and timelines for completion during a webinar titled ‘Rail Baltica as driver of economic development in the post-COVID recovery’ on 1 July 2020.
For the first time in history, a negative wholesale electricity price has been observed in Latvia - on July 6 of this year from 5 to 6 a.m., the price of electricity on the Nord Pool exchange in the Latvian price area was minus €0.09 per megawatt hour (MWh), the public service regulation commission (SPRK) told news agency LETA on July 6.