Author: webadmin

Signet Bank has published their monthly Market Review for November 2022.

October’s good mood did not disappear in November, as equity indices continued their steady advancement, while US dollar and benchmark yields retreated. It is possible that market participants are betting on the point of maximum pessimism being already behind us, as inflationary pace has somewhat slowed and politicians and bankers have started talking about reducing the speed of interest rate hikes. Moreover, expectations rise that the upcoming recession will either be avoided, or will prove to be short-lived and mild and will not provoke a significant rise in unemployment or a sharp drop in demand, and recently announced stuff cuts by such giants as Amazon, Meta, Google and Twitter will not spoil the party.

Read full Market Review November 2022 here.

KPMG invites you to their webinar “Business change management from a tax and legal perspective” on 13 December .

Location: Online platform MS Teams
Date & time: 13 December, 10.00 – 13.00
Price for the webinar: for free
Language: Latvian

Lecturers:
– Ilze Berga, Partner, Head of the Tax Consulting Department at KPMG Latvia
– Kārlis Urbāns, Director of Mergers and Acquisitions, Transaction Consulting at KMPG in Latvia
– Ieva Tiller-Tilner, Partner and sworn attorney, KPMG Law
– Ivonna Balode, Project Manager, Tax Consulting KPMG in Latvia

More information about the event.

Registration for the event.

The British Chambers of Commerce (BCC) have published Quarterly Economic Forecast for Q4 2022.

BCC forecasts the economy will not return to growth until Q4 2023. UK inflation is expected to be 11.0% in Q4 2022 and to slow to 5% by Q4 2023. The economy will grow in 2024 but the recovery will be weak as business investment, exports and household consumption all remain subdued.

GDP heading for a five-quarter contraction

In the immediate term, the BCC is now forecasting a five-quarter recession for the UK economy which began in Q3 of 2022. The annual expectation for GDP growth in 2023 is now -1.3%, broadly in line with the OBR and Bank of England’s predictions.

A key contributor to the 2023 economic contraction is a sharp fall in household spending as consumers face rising energy costs, falling real wages, frozenincome tax allowances and higher mortgage payments.

Inflation likely to have peaked at 11% 

Businesses and consumers will continue to face high costs due to inflation, but the upward spiral is now thought to have peaked for Q4 2022. This is down from the previous BCC prediction of 14.0%, thanks in part to the Government’s energy price guarantee. The CPI rate is expected to slow to 5.0% in Q4 2023 and finally drop below the Bank of England’s target to 1.5% in Q4 2024.

Investment and recovery expected to be anaemic 

Overall investment is expected to fall by 1.8% in 2023, with business investment expected to fall even further by 3.0% in 2023, down significantly from a previous prediction of a 0.6% increase. This follows recent BCC research showing significant falls in business confidence in recent months. Household consumption is also expected to fall by 2.3% although Government spending is expected to increase by 4.6%.

Key areas covered in the forecast:

• • UK GDP growth
  • Household consumption
  • Business investment
  • Export and import growth
  • UK unemployment rate
  • CPI inflation
  • UK official interest rates

Link to the full BCC quarterly economic forecast Q4 2022.

CBRE Baltics Research has published a new report on Repricing Sentiment in the Baltics (November 2022).

The report focuses on discussing how increased cost of capital and interest rates impact Baltic prime yields.

Macroeconomic headwinds are raising fears of a downturn as central banks address persistently high inflation. Monetary tightening has started to impact on real estate pricing across the markets, including the Baltics. Rising financing costs are currently weighing on market sentiment and leading to repricing or expectations of repricing for almost all asset classes.

Full report available here.

KPMG invites you to webinar “Prevention of corruption as part of good corporate governance” on December 9.

The purpose of the webinar is to examine trends in Latvia and the world in the field of corruption risk management, as well as to share experience and advice on the implementation of effective anti-bribery and anti-corruption mechanisms in companies.

Agenda:

• 15:00 Opening of the webinar.

Laima Letiņa, advisor of the Financial Industry Association.

• 15:10 Prevention of corruption as part of ESG

Edvards Grasis, Director, Risk Consulting Department, KPMG in Latvia

Jeļena Zvaigzne, Project Manager, Risk Consulting Department, KPMG in Latvia

• 15:35 Corruption and funds obtained as a result. Reporting, Significance and Red Flags

Matīss Kļaviņš, Deputy Head of the Strategic Analysis Department of the Financial Intelligence Service

• 16:00 Basic elements of corruption prevention within the framework of good corporate governance.

Andris Rozentāls, Head of the Standards and Supervision Department of Swedbank

• 16:25 The company’s story about the implementation of anti-corruption measures.

Venue: MS Teams platform, online
Event time: December 9, at 15.00 – 17.00
Participation in the webinar: for free
Language of the webinar: Latvian

More information about the event.

Registration for the event.

On Wednesday 23 November BritCham Platinum members and Board were invited to join Lunch Reception for UK Offshore Wind Energy sector Trade Mission hosted by the British Ambassador Mr Paul Brummell at Radisson Blu Rīdzene Hotel.

The topic of the Reception was all about green energy as the Department for International Trade was receiving a trade mission for UK renewable energy supply chain companies and organisations. The participants included developers, investors and consulting firms involved in offshore wind energy sector, which made it a great Reception towards sustainability and growing green together!

We would like to thank the Ambassador Mr Paul Brummell for the invitation!

Photos from the event are available here.

British Chambers of Commerce have published Business Manifesto which implies proposals for delivering growth for the business community.

The Business Manifesto focuses on development areas such as:

• building british business
• invest in people now for a stable economy
• raising export-led growth
• leadership in green innovation

Each of the proposals have a specific action plan of proposals on how to develop it.

Link to read the full Business Manifesto.

Advance your career by joining the leaders’ community!

There are 2 weeks left (by December 5) to apply for your Professional MBA at Riga Business school.

The Professional MBA at Riga Business School is designed for high-performing managers who lead teams and transform businesses in a technology-based world.

­How to apply?

STEP 1 – Take the English Proficiency Test

Students must pass an international language exam to demonstrate their English proficiency. This can be an EduSynch, TOEFL ITP, TOEFL iBT or IELTS. English testing is not necessary if your undergraduate or graduate studies were done in an English-speaking country (or from SSE and RGSL), or if English is your native language.

RBS has found that the EduSynch test is the most convenient if you don’t already have other test results on hand. The test fee is 30 EUR, and it’s completed online. You can register for the EduSynch test by contacting the RBS Information Center at: +371 67089800/ info@rbs.lv

STEP 2 – Submit your application and fill out the application form!

Before starting your application, make sure that you have prepared the following:

● Copy of Bachelor’s degree diploma and it’s attachment;
● English Proficiency test results, if you take EduSynch, TOEFL, IELTS;
● Copy of your passport or ID;
● Photograph;
● CV;
● Proof of bank transfer of application fee

Fill out the application form.

STEP 3 – Receive an invitation to an interview.

The RBS Board of Admissions will evaluate your application for Professional MBA studies and will invite you for an interview.

STEP 4 – Receive admission decision

The admission decision will be announced on December 19, 2022. You must sign a study agreement by January 6, 2023.

STEP 5 – Start your studies

The Spring Semester 2023 starts in JANUARY 2023.

More information about the Degree.

HM Tresury has released Autumn Statement 2022.

United Kingdom’s Autumn Statement for 2022 is now available and you can read the full Autumn Statement here.

KPMG invites you to a webinar “IRS Update 2022” on 28 November where you will hear the news on International Financial Reporting Standards in 2022.
The “IFRS Update” webinar presents the current changes in International Financial Reporting Standards.

This time KPMG will look at the following topics:

• IFRS or IFRS news
• IFRIC decision on remittance accounting
• Loss bearing contracts
• Impact of IFRS 17 Insurance contracts on other industries
• Current affairs in the field of ESG reporting

Location: MS Teams platform (online)
Event time: November 28, at 9.30 – 13.00
Price: 89 EUR + VAT
Language: The webinar will be held in Latvian, visual materials in English.

Lecturers:
Armine Movsisjana, Managing Partner of KPMG in Latvia
Rainers Vilans, Audit partner of KPMG in Latvia
Anda Drožina, Head of Accounting Consulting at KPMG Latvia

More information about the webinar.

Registration for the event.