Delfi Business Digest, 10 November: Store Closures, Budget Savings and More

The Latvian news portal Delfi Bizness published its daily economic roundup on Tuesday, 10 November, covering developments in business in Latvia and around the world.

Budget and energy

According to the digest, Latvia must save 2.875 billion euros in its state budget over the next four years, with the main savings expected to come from public administration. Neighbouring Lithuania, meanwhile, plans to build ten new power plants and seven "energy islands".

Companies and transport

airBaltic, Latvia's national airline, wants to give up three aircraft. The airline flydubai will resume direct flights to Riga. The "Kārums" brand is adding two new products to its range, while two retail chains will be closed on 1 January next year, giving their employees a chance to rest.

In Rauna, the "Siera ražotne" (Cheese Factory) produces not only cheese but also clarified butter, or ghee, as well as pasta and noodles. The roundup looks at the secret behind the company's success, and at how one of the largest second-hand clothing retailers has fared and what it plans next.

Finance and markets

The digest notes that the European Central Bank's (ECB) plans are not welcomed. Bigbank intends to raise additional funding. The financial services company Indexo has made a new decision regarding DelfinGroup and could expand beyond Latvia in future. The value of goods Latvia exports to Russia and Belarus has also increased, the source reports.

Other topics

Opportunities are widening for Latvian seed growers. A new deal will allow Siemens to expand in the microchip market. The roundup also explains why the Panama Canal is increasing ship transit, previously reduced, after rainfall, and looks at the financial health of companies.