Category: News

On 23 March, the Chancellor of the Exchequer, Rishi Sunak MP delivered his Spring Statement 2022. The key headlines for businesses are:

• 5p cut to fuel duty
• SME’s will receive £5,000 to Employment Allowance
• A wider Tax Plan to support businesses to grow

The Spring Statement falls short of the action BCC have been calling for in the last week. While there are some positive announcements that firms will welcome, it did not fundamentally address the huge cost pressures.

In response, the BCC policy team has prepared resources to support you and your members including:

• Economic Summary: Spring Statement 2022
• BCC Press Release on Spring Statement 2022

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BritCham warmly welcomes our new member!

Stock market continued its winter correction, although, given the military conflict in Ukraine and its economic implications, losses appear to be moderate. The S&P 500 index lost just over 3 percentage points, while the pan-European Europe Stoxx 600 was down by 3.4 percent. The German DAX (-6.5%) and the French CAC 40 (-4.4%) were worse off, while the Russian market “has left the chat” altogether. Oil and gas prices continued their impressive run, while precious metals also performed well in February. Benchmark yields were rising in the beginning of February but gave back a lot of ground late in the month.

Full Market Review for February 2022 is available here.

UlysseRe is a wholesale reinsurance broker that operates out of Riga. Its clients are mainly insurance companies situated around the world. The company helps its clients find ways of offsetting some of the risk that they have written by reinsuring it into other markets. UlysseRe has access to many markets around the world to assist with this, and being Lloyds Brokers, this also includes Lloyds of London.

To find out more visit UlysseRE website.

BritCham warmly welcomes our new member!

BritCham has compiled a list of our members offering legal advice on pro bono basis to help those affected following Russia’s invasion into Ukraine (e.g. Ukrainian refugees coming to Latvia, Ukrainian companies wanting to set up business or work in Latvia etc.).

Please find HERE a list of our members offering pro bono legal help.

If you would like us to add your company to the list, please contact BritCham Office at info@britcham.lv.

• Record CRE investment volume was achieved in the Baltics in 2021, with Latvia as the leader at 43%, followed by Lithuania at 32% and Estonia at 25%.​
• Retail as the leading sector comprising 40% of total investment volumes, followed by office and logistics sectors, each accounting for ca. 20% of the total volume.​
• Investment volumes in I&L have grown by ca. 120% on a year-on-year basis.​
• The Baltics have witnessed the first multifamily forward agreement deals between investors and developers, accounting for ca. 7% of total investment volumes in 2021.
• ESG criteria is playing a more significant role for institutional investors than ever before.

Full report on Baltic Investment Marketview 2021 available HERE.

We are beyond grateful to our members who so generously donated. Thanks to you we have raised a whooping 6601 EUR in just a week for SOS Children Villages, who have already welcomed the first children from Ukraine.

SOS Villages have a capacity to provide safe harbour to 160 children here in Latvia who are feeing the war in Ukraine. With help of the donations, SOS Villages will be able to provide everything from basic items like clothing and food to psychological support for children and their families who have experienced the terrors of war on their own land.

If you would like to contribute to the campaign, we will be grateful for your donations to BritCham Charity Fund, noting ‘Children of Ukraine’:

“BritCham Labdarības fonds”
Registration No: 40008245477
IBAN: LV19HABA0551041265900
Swedbank | Swift Code: HABALV22

BritCham Latvia stands with the people and the ‘Children of Ukraine’.

The Department for International Trade (DIT) recommend that concerned UK companies trading with Ukraine and Russia contact the Export Support Service (ESS) on 0300-303-8955. The ESS helpline hours are being extended between now and the end of the weekend, from 08:00 – 22:00 Thursday-Sunday inclusive. DIT will review this today to examine the case for out of hours provision.

Alternatively, companies can access the ESS landing page which also features a dedicated link for Ukraine and Russia enquiries.

Foreign Investor’s Council in Latvia has compiled information relevant to business community regarding ongoing military conflict in Ukraine.

Please find HERE some practical information, websites you may find useful and ways you can help.

You will also find there a short survey to let FICIL know of what effect the ongoing military conflict will have on the business community and ask any relevant questions so they can swiftly gather information. Feel free to contact FICIL Office at any point at ficil@ficil.lv.

Following obtaining of the Financial and Capital Market Commission and the European Central Bank approval, a transaction was completed under which the former sole shareholder of AS Expobank Igor Kim sold all his shares to Signet Bank AS.

Following completion of the transaction both banks will merge later in 2022. The merged bank will continue to operate under the Signet Bank brand and implement the current strategy of Signet Bank – servicing Latvian entrepreneurs and their companies with an emphasis on financing and investment management solutions.