Business
“Delska” is building the most powerful infrastructure in the region
At a time when the volume of company data is literally exploding, IT continuity and secure data storage are becoming a critical prerequisite for business growth. Latvian data center operator “Delska” (formerly DEAC), which has recently attracted substantial investments from a Luxembourg fund, is responding to this demand by building the most powerful data center in the Baltics. The new data center in Riga, on Latgales Street with a total capacity of 10 MW, will become […]
The enchanted cycle of heat
The heating season is just around the corner, and residents of Riga will again pay more for heat. Politicians, who face Saeima elections next year, have suddenly set about trying to reduce heating tariffs in Riga, but their little blanket of populism is more likely to tear than to reach the goal – all because short-term solutions have been made the priority for their own aims and interests, instead of tackling the root of the growing problem. However banal […]
Technology created in Latvia makes it possible to mine Bitcoin and produce heat at the same time
The Latvia-founded company Power Mining has this year created a unique data center that converts the heat generated during Bitcoin mining into district heating energy. This technology makes it possible to recover up to 95% of the heat produced by servers and transfer it into the city’s heating network, providing heating for approximately 2,000 households. In Europe, data centers already consume more than 3% of the continent’s total electricity, and […]
Latvenergo has borrowed 400 million – the first part of the planned billion
Latvenergo has been successfully raising funds through bond issues since 2012. This year, the company is taking a step further by issuing eurobonds, i.e. entering the international market. With strong demand, Latvenergo has placed 400 million euros in bonds. Total demand from 140 investors exceeded the target amount by 5.5 times. Over the next two years, the company plans to borrow up to an additional 600 million euros in this way. How […]
Investment price: one Estonian is guaranteed timber for ten years without an auction, at the agreed price
The Estonian company Fibenol, which plans to build one of the most modern biorefinery plants in Europe in Valmiera, promising to invest up to 700 million euros in it, is trying to reach an agreement with the Latvian government on more favorable conditions for purchasing pulpwood. The company wants to buy 300 thousand cubic meters of birch pulpwood per year from “Latvijas Valsts meži” without an auction and at an agreed price. This fact was reported this spring […]
Financial Times ranks Eleving Group 57th among the fastest-growing European companies of the last decade
Eleving Group, an international financial technology company listed on the Frankfurt and Riga stock exchanges, is ranked 57th in the overall “Europe’s Long-Term Growth Champions 2025” rating and 1st in the financial technology, financial services, and insurance category. Eleving Group is the only company from Latvia included in the list. “Eleving Group is currently operating in 17 countries worldwide. Over the past decade, we have strategically expanded […]
The Competition Council has imposed a 1.8 million euro fine on Maxima
The Competition Council has imposed a fine of 1.8 million euros on one of the largest food retail companies – Maxima Latvia – for unfair trading practices. The company will appeal this decision in court. “Maxima Latvia today received the decision of the Competition Council, in which the company is accused of, in certain cases, not agreeing to the commercial terms offered by suppliers. Maxima Latvia categorically disagrees with the interpretation of the Competition Council. Latvian legislation […]
The Competition Council imposes a fine of 1.8 million euros on a retailer – it is reportedly not RIMI
The Competition Council has imposed a fine of 1.8 million euros on one of the largest food retail companies for unfair trading practices. It is said not to be RIMI. For now, the CC is not providing more detailed information; this will be done at the press conference scheduled for Thursday, 6 November. RIMI public relations representative Inga Bite, in a conversation with Inc., denied that the fine had been imposed on this retail chain. Meanwhile, with Maxima’s public […]
MICA regulation: competitive “on paper”, in practice – nothing
Since mid-August, the number of licensed crypto-asset service providers in the European Union has increased by 52%, reaching 82 companies. Latvia, however, has not yet issued any licenses, as the Bank of Latvia has concerns about the potential market players’ reputation and level of maturity, the Head of Financial Technology at the Bank of Latvia emphasized at a meeting of the Subcommittee on Innovation Ecosystem Development of the Saeima Sustainable Development Committee […]
Low-cost private aviation
To be able to offer elite, private aviation to a wider audience, JSX co-founder and CEO Alex Wilcox has to stay one step ahead of federal regulations. As if it were an awkward joke by his grumpy character from the series Curb Your Enthusiasm, writer and actor Larry David has arrived at the wrong airport – Los Angeles instead of Burbank. “Wait a minute!” says the airline JSX co-founder and […]