BNN summary of the week: Latvia’s budget. Most valuable enterprises. Birth rates in Lithuania

This week Latvia’s Saeima completed work on the 2022 state budget. No big surprises: politicians spent a lot of time discussing whether or not to take any of the proposals from opposition deputies seriously. In the end, no proposal from the opposition was approved. The government did divert a lot of money towards prevention of Covid-19 consequences.
The only surprise was the sudden return of so-called deputy quotas.
This week Nasdaq Riga published a list of Latvia’s most valuable enterprises. Latvenergo remains the uncontested champion. However, for the first time a private company managed to make to the list: SIA Mikrotīkls.
Lithuania published worrying data: the country’s birth rates are slowing.
BNN gives you a summery of the most relevant events of the past week in the following topics: Budget 2022; Penalty for a bank; Business bloom; Babies in Lithuania; Covid-19 vaccine for children; Prime Minister for a day.
Latvian parliament passes state budget for 2022; expenditures approved at EUR 12.4 billion
Photo: Paula Čurkste/LETAAfter approximately 51 hours-long discussions and debates Latvia’s Saeima finally passed the Law on State Budget 2022 in the final reading. Revenue is planned at EUR 10.6 billion and expenditures at EUR 12.4 billion.
52 deputies voted in favour of the law and 37 voted against.
The parliament commenced work on the state budget package 15 October. The final reading commenced 15 November. The budget was reviewed within five days. Deputies spent 51 hours, breaks included, discussing budget proposals. A total of 567 proposals were submitted for the budget and accompanying laws.
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PrivatBank fined by Latvian Finance and Capital Market Commission
Photo: Paula Čurkste/LETALatvia’s Finance and Capital Market Commission has decided to fine AS PrivatBank EUR 768 653 for violations of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing. The bank is also required to fix problems with its existing internal control, as confirmed by FKTK representatives.
After inspections performed in 2020 FKTK concluded PrivatBank needs to improve its internal management and internal control system, as well as improve and adopt and appropriate risk management culture.
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Latvia’s Top 101 most valuable enterprises
Photo: UnsplashThe total worth of the businesses included on the Top 101 list reached EUR 22.5 billion in 2021. Compared to last year’s list, the total value has increased 37%.
According to Nasdaq Riga, to be put on the TOP101 list a company’s value needs to be EUR 72.88 million when compared to EUR 49.39 million last year.
AS Latvenergo remains on top as the most valuable business in Latvia with historically the highest company value – EUR 2.062 billion. When compared to last year, the company has managed to improve its value 25%.
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Lithuanian new-borns at lowest number since 1999
Photo: PixabayThe pandemic has affected Lithuanian demographics not only in the elderly age groups, but also in the number of new-born children. The year 2020 ended with lowest point in a long-decreasing national birth rate, Domantė Platūkytė and report.
Statistics Lithuania stated earlier this autumn, that around 25,000 babies were born in the country last year, the lowest number since 1999. Five years ago, the figure was 30,000, but has been steadily declining.
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European Medicines Agency permits use of Pfizer/BioNTech vaccine on 5-11 year old children
Photo: UnsplashOn Thursday, 25 November, the European Medicines Agency (EMA) approved the use of Pfizer/BioNTech Covid-19 vaccine Comirnaty for children under the age of 11 years.
Following the decision from EMA this will be the first Covid-19 immunization opportunity for children in Europe.
EMA’s decision will be sent to the European Commission, which will make the final decision in regards to registration options in all EU member states.
Until now Comirnaty vaccine was approved for use for children aged 12 years and older and adults.
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Swedish PM resigns after in budget fallout
Sweden’s Prime Minister-elect Magdalena Andersson addresses a press conference after the budget vote in the Swedish parliament on November 24, 2021. Photo: AFP/SCANPIXIn Sweden, the newly-elected head of government Magdalena Anderson has announced her resignation. On the day the Social Democrat leader was elected, the parliament passed a state budget drafted by the opposition, which made a junior coalition government resign, Swedish news portal reports.
Andersson was elected with minimum negative support to the post on Wednesday, November 24, and announced her resignation on the same day after a turbulent series of events. After her election, the Centre Party withdrew its support for Andersson’s budget as it was against the concessions made to the Left Party, resulting in insufficient support for the new PM’s budget to pass in the Riksdagen.
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