Money through the nose, the fuel chain changes hands, creates a ‘super-app’. Current in the economy on May 30

Time is money, so “Delfi Bizness” offers a summary of current events in business and economy in Latvia and the world on Tuesday, May 30.

The latest Shadow Economy Index study was presented today, showing only a minimal drop, so more work to be done to increase tax revenue. The latest wage indicators show that the average wage is rising, but it is not keeping up with the rise in prices, so purchasing power is falling. Read about these and other news in this review.

Several solutions in mind

“Constantly high” – these are the words used to describe the share of the shadow economy in Latvia last year. Compared to 2021, last year it fell by only 0.1 percentage points and was 26.5%. Such results are not good, but not surprising, its participants concluded on Tuesday at a conference dedicated to the shadow economy in Latvia.

Read more here.

“Revolut” is developing

Although initially the British financial app Revolut was mainly used for quick, informal money transfers, it has rapidly expanded its range of services in recent years and, as Revolut Securities CEO Rolands Juteika tells Delfi Bizness, aims to become a “super app”. , where all financial services are available in one place.

Read more here.

Wants to become a leader

Olerex, the leader of the Estonian fuel market, through the holding company “Aqua Marina” has purchased a network of gas stations in Latvia, which includes 45 gas stations.

Read more here.

Not just desks

In March of this year, the first office building of the “Gustavs” business center was put into operation at 73 Gustava Zemgala Street. The developer of the building, “Galio Development”, invested more than 22 million euros in it. The new building is already furnished and more than 1,100 employees of “SEB Global Services” business service center in Riga are currently gradually moving to it.

Read more here.

Do not collect millions

Taxes amounting to 10 to 12 million euros are not collected in Latvia on one holiday, the representatives of the Ministry of Finance (FM) informed, referring to the assessment of the Ministry of Economy (ME) on the impact of holidays on the gross domestic product (GDP).

Read more here.

Wages are growing

In the 1st quarter of 2023, the average monthly gross wage in the country for full-time work was 1,462 euros, according to the data of the Central Statistics Office (CSB).

Read more here.

What else is worth knowing:

• JSC “Sadales tīkls” has completed the implementation program of smart electricity meters, providing 1.1 million customer connections throughout Latvia with remote and automated consumption accounting.

• 5 construction contractors have applied for the implementation of the infrastructure project of the control services in Kundziņsala in the competition of VAS “Valsts nekustamie ipšumimi”. Offered contract prices range from EUR 25.8 million to EUR 41.7 million (excluding VAT).

• Sweden’s economy increased by 0.6% in the first quarter of this year compared to the previous three months.

• In the first quarter, the revenue of the tourism company “Novatouras” was 39.6 million euros, which is 35% more than in the same period last year. The total number of travelers served was 38.1 thousand, which is 4.6% more than in 2022. The company’s EBITDA was positive in the amount of 2.6 million euros.

• The Eurozone economic confidence index fell to 96.5 points in May compared to 99 points in April.

• In 2022, the turnover of SIA “Fazer Latvija” increased by 19%, reaching 32.2 million euros, compared to the previous year. Despite the increase in turnover, the bread manufacturer ended the past year with a loss of 65.5 thousand euros.

• The Science and Innovation Center of Riga Technical University invites professionals, master’s and doctoral students and scientists to improve their skills by trying their hand at founding start-ups in the food sector.

• In order to remove obstacles to the construction of rental apartments by municipalities, it is necessary to create one responsible institution and provide working capital to municipalities, the Saeima’s Housing subcommittee decided today.

• During the past week, both rising and falling prices were observed in the sales areas of “Nord Pool”. In Latvia and Lithuania, the weekly average price of electricity decreased by 2%, and in both trading areas it was equal to 76.97 EUR/MWh, according to the data compiled by “Latvenergo”.

• Digital advertising spending in euro market value in Europe increased by 9.8% to 86 billion euros, according to a study by the European Digital Advertising and Marketing Association.