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Government approves procedure of declaration of cash savings by private individuals 
2012.02.01
RIGA, Jan 31 (LETA) - The government today approved the Finance Ministry's procedure for the declaration of cash savings by private individuals, whereby person who have such cash savings will have to transfer them to their accounts in commercial banks.

The regulations stipulate that this will have to be done by 12 midnight on June 1 this year.

The law on private individuals' declarations of financial circumstances, which came into force December 15 last year, stipulates that residents will have to declare cash savings worth more than LVL 10,000, in lats or foreign currencies, which they will have to pay into their bank accounts. For officials, the minimum limit is LVL 4,000.

85% EU co-funding must be achieved to implement "Rail Baltica" 
2012.01.16
RIGA, Jan 13 (NOZARE.LV) - For successful implementation of the high-speed railroad project "Rail Baltica," it is of utmost importance that an 85 percent co-funding be secured from the European Union, and this is entirely feasible, Prime Minister Valdis Dombrovskis (Unity) and European Commission Deputy Chairman and Transport Commissioner Siim Kallas announced during a joint press conference today.

Dombrovskis explained that the co-funding is an important precondition for implementation of "Rail Baltica". The prime minister also emphasized that it is necessary to improve "Rail Baltica's" provisional offer by connecting the Riga Airport with the city's port.

Riga Airport to remain region's least expensive airport even with new security fees 
2012.01.02
RIGA, Dec 29 (NOZARE.LV) - The Riga Airport will still remain the least expensive airport in the region, even though its new security fees, which will be introduced on January 1, are among the region's highest, the airport's board member Aldis Murnieks announced during a press conference today.

"The Riga Airport is not concerned about losing its positions, since it still is the region's least expensive airport: the other fees charged by the airport are small," explained Murnieks.

"Parex banka" decides to refuse from banking license  
2011.12.28
RIGA, Dec 28 (NOZARE.LV) - Today, "Parex banka's" shareholders decided to refuse from the bank's license and amend its regulations in compliance with the new status, "Nozare.lv" was informed by the bank's representative Marita Ozolina-Tumanovska.

"Parex banka's" new operating model will be implemented when the bank will receive permission from the Financial and Capital Market Commission. The bank's name will be changed.
Latvia registers EU's fifth largest increase in exports in first nine months 
2011.12.21
LUXEMBOURG, Dec 19 (LETA) - Latvia's exports in the first nine months this year increased 33 percent from the same period last year, which was the fifth largest increase among the European Union member states, according to the EU statistical office "Eurostat" data.

Exports grew 47 percent in Estonia, 46 percent in Malta, 42 percent in Greece and 35 percent in Lithuania.
Bulgaria's exports increased as much as Latvia's, 33 percent.
All the EU member states recorded increases in their exports in the first nine months.
Government approves and forwards 2012 budget bill to Saeima 
2011.12.05
RIGA, Dec 5 (LETA) - Today, the Cabinet of Ministers approved the 2012 national budget bill which will be submitted for review in Saeima tomorrow. Budget deficit, calculated pursuant to ESA methodology, will not exceed 2.5 percent of gross domestic product next year.

Consolidated budget revenue next year is projected at LVL 4.516 billion, whereas expenditures - at LVL 4.641 billion.

Master budget's revenue is projected at LVL 3.262 billion, expenditures - at LVL 3.253 billion.

LVL 100 million missing at "Krajbanka" - police chief 
2011.11.22
RIGA, Nov 22 (LETA) - State Police Chief Ints Kuzis reported today that the money discovered missing at "Latvijas Krajbanka" totals about LVL 100 million.

Kuzis confirmed that "Krajbanka" CEO Ivars Prieditis has been ordered held in custody, but detained are all of the bank's board members, whose complicity in the affair is being determined.

"Krajbanka" co-owner Vladimir Antonov has been classified a suspect in the case, and a decision will come soon whether he will be sought and a warrant served.


Latvia Celebrates its 93rd Birthday! 
2011.11.18
On November 18 was marked Latvia's anniversary of proclamation of its independence.
This birthday of Latvia was celebrated with a lot of different activities - a Military Parade in the morning, putting flowers at the Monument of Freedom, a Tourch Procession through the Riga Old Town gathering thousands of young people and families with children and other cultural events.

Government agrees on first consolidation measures 
2011.11.06
RIGA, Nov 5 (LETA) - During a closed session on Friday, the government agreed on the first consolidation measures for next year's budget, Prime Minister Valdis Dombrovskis (Unity) informed members of the press.

The government hopes to obtain an additional LVL 26 million in implementing further anti-shadow economy measures.

Latvia also hopes to obtain LVL 25 million from selling its emissions quotas.

The Defense Ministry's expenditures will be reduced by LVL 1 million, the Transport Ministry's expenditures by LVL 15 million, whilst the Culture Ministry's expenditures by LVL 2.5 million.

The Best Bowlers - from DCCL! 
2011.10.24
The DCCL participants of the Nordic Bowling Tournament 2011 standed out this year.
The team of Danske banka (players - Imants Ģērmanis, Rihards Gulbis, Ilze Fortiņa, Oskars Dzerkals) with 1169 points for 2 rounds won the cup among 22 teams.
The 2nd place with 1078 points took Gjensidige team, the 3rd place with 1054 points - Plockmatic team.

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Danish Chamber of Commerce in Latvia, Pils iela 11, Rīga, LV 1863, Latvia;
e-mail: dcc@dcc.lv, ph.: +371 22002977
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