Latvian monetary financial institutions (MFIs), mainly banks, generated total profits of EUR 461.7mn in the first ten months of 2024, which was down 22.6% from EUR 596.2mn in the same period of 2023, according to data from the Bank of Latvia, LETA reports. The total assets of MFIs amounted to EUR 29.23bn at the end…
Several well-known politicians in Latvia were employed as fake consultants by Riga’s municipal public transport company, Rigas Satiksme, according to LTV’s De Facto programme, LETA reports. A court in Riga has accepted Rigas Satiksme’s plea deal, which identifies 16 fictional consultants, including several members of the company’s board and municipal councillors. Some of them represent…
The founder of a Belarusian startup firm is on trial in Latvia for violating EU sanctions, LSM reports. Igor Medved, founder of Nordwoc, is accused of supplying high-tech equipment to the Belarusian military-industrial complex. The prosecutor has asked for Medved to be sentenced to two years in prison, fines, and confiscation of property. The entrepreneur…
The Latvian government will invest an additional EUR 47mn in the state-owned railway company, Latvijas Dzelzcels (LDz), LSM reports. The capital will allow the company to pay all its tax debts and some outstanding bills for services. The state has invested EUR 95.6mn in LDz since 2020 to prop up the company’s finances. LDz has…
The three Baltic states have agreed to impose national sanctions against those who suppressed legitimate protests in Georgia, Civil Georgia reports. In their joint statement, the Baltic foreign ministers said that “opponents of democracy and violators of human rights are not welcome in our countries.” Meanwhile, all three Baltic presidents phoned their Georgian counterpart, Salome…
Latvia approved 30 applications for investor visas and 53 dependent visas under its so-called golden visa programme in the first half of 2024, Investment Migration Insider reports. The biggest number of approved applications were submitted by Chinese (11) and Turkish (7) nationals. The EUR 50,000 business investment option accounted for 22 and real estate investments…
Canada’s Foreign Minister, Mélanie Joly, is visiting Latvia on 1-4 December 2024 to attend the second 3+1 meeting of Baltic and Canadian foreign ministers, Global Affairs Canada announced. The ministers will discuss Russia’s invasion of Ukraine, NATO’s deterrence and defence posture in Eastern Europe, and other regional and global challenges to peace and security. Joly…
A public petition in Latvia is collecting signatures to restrict or ban US entrepreneur Elon Musk’s social media platform, X (former Twitter), in Latvia, BNS reports. The author of the legislative initiative, Gvido Grava, notes that an increasing volume of disinformation is being spread on X. He points out that X fails to comply with…
Latvia’s State Police has made the country’s largest ever drug bust near Aluksne, LETA reports. Police seized over 38,000 litres of chemical liquids used as precursors for the production of synthetic drugs. Police found more than one tonne of Clephedrone (4-CMC) with a market value of at least EUR 400mn at the illegal production facility…
