Latvia

Latvijas Banka is issuing a licence to Nexdesk SIA for the provision of crypto-asset services

On 10 December, the Supervision Committee of Latvijas Banka issued a licence to Nexdesk SIA for the provision of crypto-asset services. The company is entitled to provide the following crypto-asset [..]

LMT Group completes strategic pivot, transforming from telco operator to technology company

Latvian mobile innovator LMT Group (also known as LMT) presented the latest newcomer to its product and solutions suite – IoT Shortcut. With this move, LMT Group embraces its new [..]

Epson opens new European business services center in Riga

Technology innovator Epson has opened its new European business services center in Riga, Madara Oga of the Riga Investment and Tourism Agency’s International Marketing Department informed LETA. According to the [..]

Seven Latvian companies are included in this year’s Coface Top 50 ranking of the largest Baltic companies

This year’s Top 50 ranking of the largest companies in the Baltics, compiled by the international risk management company Coface, includes 28 companies from Lithuania, 15 from Estonia and seven [..]

The Saeima supports raising excise taxes on alcohol, tobacco, and sweetened beverages

On Thursday, the Saeima passed amendments to the Excise Duty Law, providing for an increase in excise duties on alcohol, tobacco, and sweetened beverages. The draft law is linked to [..]

Experts agree that the Baltic capital market development is becoming a strategic priority for the region’s economies

Riga hosted the Baltic Capital Markets Conference 2025, the largest capital markets conference in the Baltics, which brought together more than 500 participants and 35 speakers – international and local [..]

No such thing as “waste” heat in the winter: Bitcoin mining datacenter developed in Latvia will heat Scandinavian towns

Power Mining, one of the world’s leading personal Bitcoin mining device manufacturers, has developed a portable datacenter that will heat towns using residual heat from Bitcoin mining. The first two [..]

Reconstruction of the Vanšu Bridge will cost EUR 69.8 million

The reconstruction of the Vanšu (Suspension) Bridge will cost EUR 69,802,998, according to information published in the Electronic Procurement System. The municipality has selected the supplier association Vanšu Tilts as [..]

Apartment complex NOBLE in Jūrmala receives European best project award

The luxury apartment complex NOBLE in Jūrmala, Latvia, developed by River Properties, has received the European Best Project Award in the prestigious International Property Awards competition in the category “Best [..]

Latvia and Estonia complete project on technological solutions and production opportunities for SAF

Latvia and Estonia have completed a project on developing technological solutions and production possibilities for sustainable aviation fuel (SAF) with the support of the European Commission (EC), LETA was told [..]

The proportion of remote workers fell in the third quarter

In the third quarter of this year, 10.3 percent of employees worked remotely, which was 3.1 percentage points less than in the second quarter, according to data compiled by the [..]

SmartLynx Airlines suspends operations

Latvia-based SmartLynx Airlines suspended operations on Monday, the company informed LETA. The decision was made after assessing the company’s financial situation and long-term prospects. SmartLynx Airlines CEO Edvinas Demenius said [..]

Riga will start charging rent for municipal apartments in six months

A new regulation on renting municipal apartments has been drafted in Riga, which provides that from May next year the municipality will start charging rent to tenants – something that [..]

Construction of the second phase of the CENTRUS quarter begins Five new buildings in the heart of Riga

Real estate developer “Centrus Real Land” has launched construction of the final phase of the CENTRUS quarter. The five new residential buildings with high-quality apartments and commercial premises on the [..]

Christmas market to open in Riga’s old town next week

The annual Christmas Market is set to open in Dome Square, Riga’s Old Town, next Friday, LETA was told by Vecrīgas Ziemassvētku Tirdziņš, the company operating the market. The Christmas [..]

Industra Bank and Signet Bank grant €13 million loan to pharmaceutical manufacturer Kalceks

Industra Bank and Signet Bank have granted a syndicated loan of EUR 13 million to Kalceks, a company of the Grindex Group, to support its expansion in Western Europe, the [..]

Most people earn their income from wages

In the second quarter of this year, the majority of the country’s population aged 15-74 earned their income from wages and salaries, according to data compiled by the Central Statistical [..]

The EC forecasts 1% growth for Latvia this year

The European Commission (EC) forecasts 1 percent growth for Latvia’s economy this year, according to its autumn economic outlook published on Monday. Valdis Dombrovskis (New Unity), the European Commission’s Executive [..]

Latvia’s business environment becoming more competitive

“2025 has been a breakthrough year for the Investment and Development Agency of Latvia (LIAA) – for the first time, foreign direct investment attraction will exceed the one-billion-euro mark. Export [..]

Grenardi Group to open two new stores on Prague’s main shopping street

Latvia’s leading jewellery retailer, AS Grenardi Group, continues its expansion beyond the Baltic region. With an investment of nearly 3.5 million euros, the company is entering the Czech market by [..]

Unplanned tax changes are harming Latvia’s international reputation and will significantly expand the shadow economy, FICIL warns

Unplanned tax changes are damaging Latvia’s international image in the eyes of investors and will significantly expand the shadow economy, according to a letter from the Foreign Investors’ Council in [..]

Baltic finance ministers will meet in Riga at the Baltic Capital Markets Conference 2025 to discuss the role of capital markets in economic growth

On November 27, at the ATTA Centre in Riga, the Baltic Capital Markets Conference 2025 – the largest capital markets event in the Baltics – will take place for the [..]

AS CleanR Grupa bond offering significantly oversubscribed – demand more than double the target amount

AS CleanR Grupa (the Group), a group of leading companies in the environmental services sector in Latvia, has significantly exceeded the size of its bond issue during the public offering. [..]

The development of the Baltic capital market as a driving force of economic growth – Baltic Capital Markets Conference 2025 to take place in Riga

On November 27, at ATTA Centre in Riga, the largest capital market event in the Baltics – Baltic Capital Markets Conference 2025 – will take place for the fourth year [..]

Topping-out ceremony held for the second “Duck Republik” student residence in Riga

The topping-out ceremony was celebrated at the construction site of the second “Duck Republik” student residence on Slokas iela 51 in Riga, marking the completion of the building’s highest roof [..]

Nokia and LMT sign strategic deal to develop tactical defense solution for Baltics

Latvia’s mobile operator Latvijas Mobilais Telefons (LMT) and Finnish telecommunications company Nokia have signed a strategic agreement to integrate Nokia’s cutting-edge 5G radio technology with LMT’s proven defense solutions, LETA [..]

Transport-sharing providers to be required to ensure a reaction test before vehicle use

The Saeima on Thursday adopted amendments to the Road Traffic Law, drafted by the Transport Ministry, introducing a reaction test for alcohol or other intoxicating substances before using shared vehicles. [..]

Airline Norwegian not planning to expand its base at Riga Airport at the moment

Norwegian is not planning to expand its base at Riga Airport at the moment, the airline’s CFO Hans-Jørgen Wibstad told LETA in an interview. He noted that two Norwegian aircraft [..]

Competition Council fines Maxima Latvija EUR 1.873 million and imposes legal obligations

The Competition Council has imposed a fine of EUR 1.873 million on retailer Maxima Latvija and set several legal obligations for engaging in unfair trading practices, according to the decision [..]

Europe has an ambitious quantum strategy – and Latvia’s in that picture, too

Quantum technologies represent the next technological revolution, with the potential to transform information technology, defense, medicine, and industry. Although these technologies are still in the development stage, their future importance [..]

Latvijas Banka expands instant payment verification solution for financial institutions across Europe

As of October 2025, Latvijas Banka is the only central bank in Northern Europe offering the Instant Verification Service (IVS) at the Eurosystem level to payment service providers – banks [..]

Economists: Residents’ spending is increasing while savings are slowing

Residents have started to spend more and are slowing down on saving, several bank economists told LETA. Bank of Latvia economist Daina Paula told LETA that retail trade turnover in [..]

Tele2: Growth in the mobile communications market has slowed significantly

Growth in Latvia’s mobile communications market is slowing down, with current growth driven mainly by SIM card installations in various devices rather than by new users, Valdis Vancovičs, Chairman of [..]

Ingka investments’ €720 million commitment confirms Latvia’s investment appeal

Latvia has strengthened its position as one of the most attractive long-term investment destinations in Northern Europe. Ingka Investments, the investment arm of Ingka Group—the world’s largest IKEA retailer—has reached [..]

AS CleanR Grupa to issue bonds — subscription opens on 29 October

AS CleanR Grupa (the Group), a group of leading companies in the environmental services sector in Latvia, has received approval from the Bank of Latvia for its base prospectus for [..]

€10 million for Latvian and Lithuanian farmers – LANDE secures EIF guarantee

At a time when Latvian and Lithuanian farmers are in urgent need of alternative and flexible financing solutions, the agricultural lending platform LANDE has signed a guarantee agreement with the [..]

Number of Latvian restaurants included in the Michelin Guide could increase – association

The number of restaurants in Latvia listed in the international gastronomy publication, the Michelin Guide, could increase in 2026, Jānis Jenzis, head of the Latvian Restaurant Association, told LETA. He [..]

Join UP! Baltic opens its second travel shop in Riga at the Olimpia shopping center

Tour operator Join UP! Baltic has expanded its operations by opening its second travel shop in Riga. It is located in Pārdaugava, on the first floor of the Olimpia shopping [..]

Baltic countries not among the most prone to cyberattacks – Microsoft

The Baltic States are not among the countries most frequently affected by cyberattacks, Renate Strazdiņa of Microsoft’s NTO Europe North Multi-Country Cluster told LETA. However, Strazdiņa pointed out that attackers [..]

airBaltic to wet-lease aircraft to Air Serbia

Latvian national carrier airBaltic will wet-lease aircraft to Serbian national airline Air Serbia under a two-year agreement concluded between the two companies. According to information provided by Air Serbia, starting [..]

Latvia signs agreement in Washington to represent business interests across 29 U.S. states

On October 16, the “Spotlight Latvia” conference, organised by the Latvian-American Chamber of Commerce (LACC), took place in Washington, D.C., as part of the Latvian business delegation’s trade mission to [..]

East Capital Real Estate plans new €400 million investment fund in the Baltics

Property investment company East Capital Real Estate (ECRE) plans to set up a new investment fund in the Baltic states, with assets estimated at around €400 million, ECRE’s Head in [..]

New taxi service provider Ruut to launch in Latvia

A new taxi service provider, Ruut LV, will begin operations in Latvia within a month, the company’s representatives told LETA. The company said it will announce the exact launch date [..]

Lux Express reduces Riga-Tartu trips

Bus company Lux Express has reduced the number of departures on its Tartu-Riga line, the Estonian public broadcaster ERR reported. As recently as August, it was possible to travel from [..]

Ventspils port terminals report a 14.7% increase in cargo turnover in the first nine months

In January-September this year, the terminals of the Port of Ventspils handled 6.456 million tons of cargo – a 14.7 percent increase compared with the corresponding period in 2024, according [..]

Construction company Binders to reconstruct Riga Airport’s apron No. 4

Through an open tender, the road construction company SIA Binders has been awarded the contract to carry out construction works for the reconstruction of Apron No. 4 at RIX Riga [..]

Latvia launches trade mission to the U.S. with participation at the AUSA Annual Meeting – showcasing Europe’s emerging defense innovation hub

Latvia has officially kicked off its trade mission to the United States this week with participation in the Association of the U.S. Army (AUSA) Annual Meeting & Exposition in Washington, [..]

Only 15% of people in Latvia consider retirement savings an important form of wealth

Only 15 percent of the Latvian population considers pension savings to be a significant form of wealth, according to CBL Asset Management, a subsidiary of Citadele Bank, which informed LETA, [..]

GPS disruptions in Latvian airspace increased 2.6 times in the first nine months

GPS disturbances in Latvian airspace recorded 1,060 times in first nine months. The Global Positioning System (GPS) disturbances in Latvian airspace were recorded 1,060 times during the first nine months [..]

Latvian business delegation to visit United States

From October 13 to 17, a Latvian business delegation of around 50 participants, led by Minister of Economics Viktors Valainis (Greens/Farmers), will visit Washington, D.C., the Latvian Investment and Development [..]

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