Economy

Truck with EUR 1.4 mln worth of smuggling cigarettes busted in Lithuania

Friday, January 20, 2017 16:22
Lithuanian customs officers busted a Scania truck carrying 1.4 million euros worth of smuggled cigarettes in Kaunas in early hours of Wednesday.

Stationing NATO troops in Rukla, Lithuania to benefit businesses

Friday, January 20, 2017 10:36
USA military moving to Rukla
DELFI (R. Achmedovo nuotr.)
As the town of Rukla, central Lithuania, awaits deployment of more than 1,000 NATO troops, the military town has already improved the infrastructure and plans to do more work for 5.8 million euros before the arrival of the entire battalion in mid-2017, Verslo Žinios business daily said.

Vilnius airport revamp to pull down tourist flows by 40% in summer (1)

Thursday, January 19, 2017 16:04
Representatives of the Lithuanian tourism business lack information about airlines' plans to fly passengers during the summer reconstruction of the Vilnius airport, which is expected to pull down the number of travelers in Lithuania by 40 percent and lead to higher prices of trips.

Lithuania tops list of developing economies in WEF's inclusive development index (2)

Tuesday, January 17, 2017 17:15
Winter in Vilnius
DELFI / Kiril Čachovskij
Lithuania tops the list of the world's developing nations in terms of inclusive economic growth, according to the Inclusive Growth and Development Report published by the World Economic Forum for the first time.

New Govt wants to study details of Rail Baltica project - TranspMin

Tuesday, January 17, 2017 12:29
Rail Baltica
rail-baltica.lt nuotr.
The Lithuanians government wants to look into the details of the Rail Baltic project before signing interstate agreements on the European standard-gauge railway, Transport Minister Rokas Masiulis said.

PM - Other countries view Belarus' N-plant project through economic lens

Tuesday, January 17, 2017 10:22
Saulius Skvernelis
DELFI / Andrius Ufartas
Other countries view Belarus' Astravyets nuclear power plant project through an economic lens, Lithuanian Prime Minister Saulius Skvernelis said on Tuesday, commenting on the Latvian foreign minister's words that his country is not considering restricting electricity imports from the facility under construction just 50 kilometers from Vilnius.

Lithuanian electronics firms suspected of tax evasion

Monday, January 16, 2017 13:22
Bank money
DELFI / Andrius Ufartas
Lithuanian companies selling mobile phones, laptops and other electronic devices are suspected causing about 750,000 euros in damage to the state budget via value-added tax (VAT) fraud schemes, the Financial Crime Investigation Service said on Monday.

Unsafe power boycott would spur synchronization talks with Poland

Friday, January 13, 2017 20:27
Talks on synchronization of the Baltic and Polish power grids can be spurred by the decision not to buy electricity from unsafe power plants, says Lithuania's Foreign Minister Linas Linkevičius.

Analysts: Forestries must be restructured within 1-2 years

Thursday, January 12, 2017 15:37
View from the Lajų Path
R. Lančicko nuotr.
After the Lithuanian environment minister initiated restructuring of state forests, analysts say the country's 42 state forest institutions should be restructured within the coming two years, as otherwise the reform may be left unimplemented.

Minister of Environment proposes to set up single forestry enterprise

Thursday, January 12, 2017 10:57
First snow in a Dzūkija Forest
DELFI (D.Pipo nuotr.)
Lithuanian Environment Minister Kęstutis Navickas proposes to establish a single enterprise to manage state forests.

President moves to limit terms of office for state-owned cos' CEOs

Wednesday, January 11, 2017 16:44
Dalia Grybauskaitė
DELFI (K. Pansevič nuotr.)
Lithuanian President Dalia Grybauskaitė proposes legal amendments setting a limit of two five-year terms for chief executive officers of state enterprises and state-owned public and private limited-liability companies.

Annual inflation jumped to 1.7% at the end of 2016

Monday, January 9, 2017 14:04
Money
DELFI / Karolina Pansevič
Annual consumer price growth accelerated to 1.7% in December. Higher prices of food products (dairy products, meat), alcoholic drinks (beer), fuels, tobacco products as well as restaurant services contributed the most to annual inflation.

How a Lithuanian company became successful in Baltic Sea region?

Friday, January 6, 2017 14:42
Startup DealLink.biz, a Lithuanian-built B2B open procurement platform, has successfully expanded into the Finnish and Polish markets, it announced. The company also confirmed it will start operations in Sweden in January 2017, in Denmark in March, and in Norway in May.

Tax chief probed for possible misconduct

Thursday, January 5, 2017 10:05
Dainoras Bradauskas, the head of the Lithuanian State Tax Inspectorate, may have committed disciplinary misconduct, the Special Investigation Service (STT) said on 4 January.

Ministry and trade unions to work out fixed pay model for teachers

Tuesday, January 3, 2017 10:42
The Lithuanian Education and Science Ministry, together with trade unions, plans to work out by March a fixed pay model for school teachers.

Lithuanian businesses get loans from Russian banks

Monday, January 2, 2017 11:27
Sberbank
Sputnik/Scanpix
Lithuania is in the zone of influence of Scandinavian banks, however, Russian banks also have low-key operations in the country and hand out loans to Lithuanian businesses, which Scandinavian-operated local banks are not extremely happy about and warn about risks, Verslo Žinios daily said.

President signs 2017 state budgetCORP

Thursday, December 29, 2016 12:59
Money
DELFI / Karolina Pansevič
President Dalia Grybauskaitė signed under the 2017 state budget project which already passed in Seimas.

Minister “ban everything” – will absurd situations not occur?CORP

Thursday, December 29, 2016 12:50
Aurelijus Veryga
DELFI (D.Pipo nuotr.)
The new government, it would appear, intends to start its work with harsh restrictions. Their newest idea – to ban children’s’ champagne as it supposedly is associated with alcoholism and encouraging alcohol consumption.

Minister describes sewage pipe burst in Vilnius as major environmental disaster

Tuesday, December 27, 2016 15:18
Kęstutis Navickas
DELFI (A.Ufarto nuotr.)
Lithuanian Environment Minister Kęstutis Navickas on Tuesday described a recent major sewage spillage into the River Nėris in Vilnius as one of the largest environmental disasters of recent years, adding that the exact damage to the environment will assessed shortly.

Specialized liquor stores could open in Lithuania in 2018 - HealthMin

Tuesday, December 27, 2016 11:41
Alcohol in a shop in Lithuania
Skaitytojo nuotr.
Specialized retail stores for alcoholic beverages could be opened in Lithuania in 2018, Health Minister Aurelijus Veryga said.

Rimi acquires IKI: What changes are to be expected in retail market? (1)CORP

Friday, December 23, 2016 17:05
On Friday morning it was officially confirmed that two major Lithuanian retail chains are merging – the owners of Rimi are acquiring Iki. What changes await consumers, employees and the whole market?

Seimas approves 2017 state budget

Thursday, December 22, 2016 18:33
Saulius Skvernelis, Ramūnas Karbauskis
DELFI (A.Ufarto nuotr.)
After a full day of discussions, Lithuania's parliament on Thursday approved the 2017 state budget, with spending about 0.5 billion euros above the revenue. The budget was supported by 77 of Lithuania's 141 parliamentarians, with 27 against and 14 abstentions.

Alcoholic drink prices in Lithuania set to rise next March

Thursday, December 22, 2016 13:57
strong alcoholic beverages
DELFI (D.Pipo nuotr.)
The excise tax rate for strong alcoholic beverages will rise by 23 percent next March and that for wine and beer will surge by up to 112 percent, which will drive drinks prices up by up to 1 euro per bottle.

Lithuanians spend EUR 686 mln abroad in Q1-3, local tourists spend EUR 134 mln

Thursday, December 22, 2016 13:15
Vilnius airport welcoming 30th mln passenger
Vilniaus oro uosto nuotr.
Total spending by Lithuanian tourists in foreign countries rose by 9.6 percent in January through September 2016 year-on-year to 686.2 million euros, preliminary figures from Statistics Lithuania showed on Thursday.

Mayor hopes that Vilnius western bypass will improve traffic conditions

Tuesday, December 20, 2016 16:31
Remigijus Šimašius
DELFI (A.Ufarto nuotr.)
After opening the final stretch of the Vilnius western bypass on Tuesday, Vilnius Mayor Remigijus Šimašius said the 105 million euro section will help solve traffic jam issues in the northern part of the Lithuanian capital.

Seimas leaves reduced VAT on heating in place until next June

Tuesday, December 20, 2016 14:59
The Lithuanian parliament has left the reduced 9-percent VAT rate on district heating in place until May 31, 2017, which means that district heating bills will not rise in January.

New Labour Code to come into force next July

Tuesday, December 20, 2016 14:39
Builders
Vida Press
Lithuania's new Labour Code, which is part of the so-called social model package, will come into force next July.

Seimas likely to extend reduced VAT until next June

Tuesday, December 20, 2016 10:06
Euros and the heating
DELFI (K.Čachovskio nuotr.)
The reduced 9-percent VAT rate on district heating will remain in place until next June, the chairman of the ruling Lithuanian Peasant and Green Union (LPGU) said on Monday, admitting that municipalities have forced them to drop, at least for now, the idea of raising the rate to the standard 21 percent.

President sees scrapping of reduced VAT on heating as untimely, improper

Monday, December 19, 2016 16:06
Raising the reduced 9-percent VAT rate on district heating to the standard 21-percent rate is an untimely and improper move, Lithuanian President Dalia Grybauskaitė said on Monday.