Economy

Lithuanian business woman becomes a member of Istanbul Finance Summit boardFREE

Thursday, August 17, 2017 17:13
How our future finances will look like? The 8th Istanbul Finance Summit will be held at Hilton Bomonti Hotel—Istanbul, between 27 – 28 September 2017, and will answer any concerning questions by offering great insights of what's coming. Lithuanian business woman, CEO and Co-founder of Nexus Operations, Ltd., Gintarė Narkevičiūtė is invited to take a part for the second time.

PM says immigration from Ukraine 'not bad'

Thursday, August 17, 2017 14:37
Recent growth in immigration from Ukraine to Lithuania is not a bad thing as it helps solve labor market problems, Prime Minister Saulius Skvernelis said on Thursday.

Vilnius Airport set to reopen after runway renovation

Thursday, August 17, 2017 09:38
Vilnius Airport is set to resume operations after a 35-day closure for renovation of its sole runway.

Testing of Vilnius airport's renovated runway completed

Wednesday, August 16, 2017 09:41
The testing of Vilnius Airport's renovated runway was successfully completed on Tuesday.

Wizz Air to open Vilnius-Morocco route in November

Monday, August 14, 2017 12:37
Wizz Air airplane
Organiser archive
Hungary's budget airline Wizz Air will open a route between Vilnius and the Agadir resort city in Morocco in early November.

Vilnius mayor to continue national stadium tender with 1 participant

Thursday, August 10, 2017 16:56
Vilnius City Mayor Remigijus Šimašius intends to proceed with the 90-million-euro national stadium concession tender, even if there is only one participant left, Axis Industries operated by Icor concern.

Poland's Budimex opts out of Lithuanian national stadium tender

Thursday, August 10, 2017 09:00
Poland's construction group Budimex has refused to take part in the 90-million-euro tender to build and manage the national stadium in Vilnius. The company, which had formed a consortium with Lithuania's KDS Grupė, said it had lost interest in the project, as it was too risky.

Lithuanian Seimas speaker would support new taxes

Wednesday, August 9, 2017 10:23
Lithuania's Parliamentary Speaker Viktoras Pranckietis says he would approve introduction of new taxes in the country, noting it would not be a popular step in the society.

Annual inflation accelerates again in July

Tuesday, August 8, 2017 17:18
Annual consumer price growth reached 3.9% in July. Meanwhile, the average annual inflation picked up to 2.3%, Swedbank announced.

Competition, not reduced VAT can lower food prices - Lithuanian PM (1)

Tuesday, August 8, 2017 10:21
A reduced value-added tax (VAT) on the key food products cannot ensure lower prices for buyers, Lithuania's Prime Minister Saulius Skvernelis told the national radio LRT on Tuesday.

Lithuanian post sacks CEO

Friday, August 4, 2017 18:56
Board of the state-run company Lietuvos Paštas (Lithuanian Post) has dismissed Lina Minderienė from the post of director general after six years in office, the Transport and Communications Ministry said.

Global incubator 1776 selects Vilnius Tech Park to host Challenge Cup startup competition

Friday, August 4, 2017 11:38
Vilnius Tech Park
Organizatorių archyvas
Global Network for Innovation 1776 and Lithuania’s biggest ICT hub Vilnius Tech Park today announced they will join forces on 22 September in Vilnius to organise a local round of Challenge Cup 2017, an annual global competition around the world to identify the most promising startups that solve the world’s biggest challenges. This year Vilnius is one of 75 cities, where the competition is taking place, including Dublin, Athens, Dubai, Osaka.

FEZ planned near Lithuanian capital - mayor

Thursday, August 3, 2017 18:14
Kaunas FEZ
Bendrovės archyvas
Plans are coordinated with the Lithuanian government to set up a free economic zone (FEZ) next to Vilnius, Mayor Remigijus Šimašius says.

Lithuania's Public Service reform: smaller staff, centralized selection

Thursday, August 3, 2017 18:07
Lithuania will have fewer public servants, the selection will be centralized, their employer will be free to set salaries and reduce bonuses, however, they will have more days off and money for good performance, according to the reform initiated by the Interior Ministry that will still need approval from the government and the Seimas.

Lithuanian PM against lower VAT on food products

Thursday, August 3, 2017 09:48
Lithuania's Prime Minister Saulius Skvernelis disagrees with the proposal made by their coalition partners, the Social Democrats, to lower the value-added tax (VAT) tariff on food products, saying that the step would not lower prices.

Lithuanians less optimistic about country's economic situation - Eurobarometer

Wednesday, August 2, 2017 17:51
The number of Lithuanians thinking that the country's economic situation is good has declined, the recent Eurobarometer survey has shown.

Lithuania's SocDems propose lower VAT on food, progressive taxes

Wednesday, August 2, 2017 16:17
Partners in Lithuania's ruling coalition, the Social Democrats, suggest introducing a reduced value-added tax (VAT) on main food products and again proposed progressive taxes, says Andrius Palionis, elder of the party's political group.

Lithuanian govt to review possibilities of cutting VAT tariff in 2018 - PM

Wednesday, August 2, 2017 10:05
Lithuania's government will next year discuss the possibility of reducing the value-added tax (VAT) tariff, Prime Minister Saulius Skvernelis told Verslo Žinios business daily.

Food in Lithuania will never be as cheap as in Poland - PM

Tuesday, August 1, 2017 14:20
The accession of German-owned retail chain Lidl to Lithuania has pulled down the prices for food products in Lithuania, however, says Prime Minister Saulius Skvernelis, emphasizing they would never be as low in Lithuania as they are in the neighboring Poland.

Lithuanian ForMin turns to prosecutors over violation of sanctions for Russia

Tuesday, August 1, 2017 09:59
Chersonesus, Crimea
RIA / Scanpix
Lithuania's Foreign Ministry has turned to the Prosecutor General's Office over last week's media reports about possible violations of sanctions applied against Russia by Lithuanian companies.

Strong growth continues: GDP up by 3.9% in Q2

Monday, July 31, 2017 13:50
The Lithuanian government and the businesses can relax for now and enjoy their summer vacation – the Lithuanian economy continues growing at an accelerated pace . The Lithuanian GDP increased by 3.9% in Q2 of this year, compared to the same period a year ago. Meanwhile, in quarterly terms, the seasonally adjusted GDP increased by 0.6%. The annual growth for Q1 was revised up by 0.2 pp to 4.1%, Swedbank announced.

Alcohol sales down in Lithuania but too early for conclusions on consumption

Monday, July 31, 2017 11:08
Excise duty results published by the Lithuanian State Tax Inspectorate signal a decline in alcohol sales and possibly consumption, however, experts say that the information is insufficient for credible conclusions, as they do not cover the impact of illicit alcohol and alcohol purchased abroad.

No success yet in talks with British Airways, EasyJet, AirBaltic - Lithuanian Airports CEO

Monday, July 31, 2017 09:57
Lietuvos Oro Uostai (Lithuanian Airports), the operator of the airports of Vilnius, Kaunas and Palanga, has spent the past few years trying to attract a new carrier to fly to one of London's main airports, said CEO Gediminas Almantas, noting that there had been no success.

Tomkus selling controlling stake in Elta to Lithuanian Labor Party's ex-figure

Friday, July 28, 2017 12:42
Vitas Tomkus
DELFI / Audrius Solominas
Vitas Tomkus, owner of Respublikos Leidiniai (Respublika Publications) media group, is selling the controlling stake in Elta news agency.

Crisis-era pension cuts didn't violate human rights in Lithuania - ECHR

Friday, July 28, 2017 12:41
The austerity measures taken by the earlier conservative government during a crisis did not violate human rights, the European Court of Human Rights ruled on Thursday.

Lukiškių Street closing in Vilnius until October

Friday, July 28, 2017 12:28
Street reconstruction
DELFI / Valdas Kopūstas
Lukiškių Street will be closed in central Vilnius until October due to planned reconstruction of engineering networks, the municipality said.

Lithuania's special investigators applaud growing number of corruption reports

Thursday, July 27, 2017 16:28
The Lithuanian Special Investigations Service (STT) says it has been receiving growing numbers of reports about corruption, which result in about half of all STT probes.

Lithuania to kick off receipt lottery in November (1)

Thursday, July 27, 2017 12:35
Lithuania will launch the first fiscal receipt lottery this November, with the annual prize fund planned at about 173,000 euros.

Vilnius street lighting modernization funder to be established by Oct

Thursday, July 27, 2017 11:59
Street lighting
Kauno savivaldybė
After the Vilnius City Council on Wednesday gave a go-ahead to a 21.64-million-euro project to modernize the street lighting network, executives of municipality-controlled company Vilniaus Gatvių Apšvietimo Elektros Tinklai (Vilnius Street Lighting Electricity Network, VGAET) due to implement the project says the funder should be established by October.