Economy

EU Commission: Lithuania makes limited progress in solving productivity problems

Wednesday, February 22, 2017 15:32
Lithuania has made some progress in addressing the European Commission's recommendations issued last May: the country has made headway regarding fiscal issues and strengthening of human capital, but has achieved only limited progress in adopting measures to improve productivity.

Balžekas departure won't change course of companies, owner says

Wednesday, February 22, 2017 12:04
The departure of Tomas Balžekas, so far manager of the Lithuanian media business belonging to AS Eesti Meedia, as manager of the 15min portal and the news agency BNS Lithuania will not change the course of the companies, the owner said Tuesday.

Israel-capital Blender entering Lithuania's p2p lending market

Wednesday, February 22, 2017 10:11
Israel-capital company blender intends to join the Lithuanian peer-to-peer lending market after operating as provider of consumer credits in the country for six months, Verslo Žinios business daily said.

Manager of 15min portal and BNS Lithuania leaves office

Tuesday, February 21, 2017 11:26
Tomas Balžekas, manager of 15min, one of the biggest news environments in Lithuania, and of the news agency BNS Lithuania, left office on Monday.

Lithuanian Railways to become Western-type company that creates value to state

Tuesday, February 21, 2017 09:57
Lithuanian Prime Minister Saulius Skvernelis expects that Lietuvos Geležinkeliai (Lithuanian Railways) will become a Western-type company that creates value to the state and Transport Minister Rokas Masiulis thinks that the state-owned railway operator may achieve such transparency and efficiency standards during the current government's term in office.

SocDems doubt restructuring of forestries (1)

Monday, February 20, 2017 11:18
Algirdas Butkevičius, the leader of the Lithuanian Social Democratic Party in ruling coalition with the Farmers and Green Union, on Saturday criticized the environment minister's plans of merging all forestries into a single company.

Nearly 1 in 5 Lithuanians to buy less alcohol amid rising prices (1)

Monday, February 20, 2017 09:54
With excise duty on alcoholic beverages due to increase in Lithuania from March 1, nearly 1 in 5 of the country's residents intend to buy less alcohol and nearly half will not change their drinking habits, shows a poll published on delfi.lt news portal on Monday.

Healthmin lifts minimum area requirement for pharmacies (1)

Friday, February 17, 2017 10:49
Lithuanian Health Minister Aurelijus Veryga has lifted the requirement for pharmacies operating in cities and towns to have an overall floor area of at least 60 square meters.

Elon Musk's LA tunnel completed by Lithuanian team in Minecraft (1)FREE

Wednesday, February 15, 2017 09:05
As part of his dream of a traffic-free future, Elon Musk has been talking for a while now about boring a tunnel under Los Angeles from the HQ of his SpaceX company to LAX, the city’s airport. In fact, he has actually started taking the first steps towards making this seemingly crazy idea come true.

Consumer prices on a rise. More to come (1)

Tuesday, February 14, 2017 12:27
In a shopping centre
Skaitytojų nuotr.
In January consumer prices increased by 0.3% compared with December and were 2.3% higher than a year ago.

9% of Lithuanians regularly shop in Poland (1)

Tuesday, February 14, 2017 11:52
Lithuanians shopping in Suwalki
Romas Sadauskas-Kvietkevičius
Around 9 percent of Lithuanians make shopping trips to neighboring Poland on a regular basis, according to a poll released by the Delfi news website on Tuesday.

Tourism Department chief resigning

Friday, February 10, 2017 11:23
Jurgita Kazlauskienė, director of the Lithuanian State Tourism Department, has announced plans to resign after meeting with Economy Minister Mindaugas Sinkevičius on Friday.

Tourism Dept under criticism for using foreign photos for promoting Lithuania

Friday, February 10, 2017 10:07
Lithuania's Economy Ministry has called the leadership of the State Tourism Department to explain the reasons behind the use of photographs taken abroad to promote Lithuania.

Lithuania plans to introduce minimum needs basket of EUR 240-250

Thursday, February 9, 2017 11:38
Lithuania's authorities are planning to introduce a minimum needs basket of around 240 to 250 euros that will show what minimum monthly income a person needs to survive.

PM expects more Ukrainian professionals to come to work in Lithuania

Thursday, February 9, 2017 11:20
Working with computer
Fotolia
More professionals from Ukraine are expected to come to Lithuania after the government has made it easier for businesses to hire third-country nationals in certain occupations, Prime Minister Saulius Skvernelis said on Thursday.

Government approves easier hiring of foreign specialists

Wednesday, February 8, 2017 12:50
Lithuania's government on Wednesday gave a green light to hiring foreign specialists of certain fields, however, some opposition politicians warn that this could pave way for cheaper labor force that will stop the increase of wages for Lithuanians.

Trust in their pension system drops in Lithuania - SEB

Tuesday, February 7, 2017 16:03
Lithuania's retirement readiness index has not changed in the past three years. Over the past year, people's behavior has improved in that more of them have started to save, but the level of knowledge about and trust in the pension system has declined, according to a survey commissioned by SEB Bankas.

Pharmacies to be put under obligation to sell certain amount of cheapest drugs (1)

Monday, February 6, 2017 13:45
In an effort to encourage pharmacies to offer clients the cheapest suitable medication, pharmacies in Lithuania will be put under the obligation of issuing a certain amount of cheapest drugs.

Virtual Tesla factory helps promote Lithuania worldwide (3)FREE

Monday, February 6, 2017 11:25
The virtual factory of electric elements for US electric car manufacturer Tesla built by Lithuanians shows that the Baltic state features talented specialists, and the name of Lithuania was put on the map after the US company noticed their work, says businessman Vladas Lašas.

Signs of corruption found in Vilnius Concert, Sports Palace revamp tender (1)

Monday, February 6, 2017 09:41
Acting on a tip-off about possible lack of transparency in the tender for contractor for reconstruction of the Vilnius Concert and Sports Palace, Lithuania's Property Bank has terminated talks with the winner – the consortium of Irdaiva construction company. Documents available to BNS show that a member of the tender panel was employed both at the Property Bank and the company, which could have influenced the results of the tender.

Geopolitical situation may affect Rail Baltica funding (1)

Friday, February 3, 2017 10:59
Baiba Rubesa
Bendrovės nuotr.
Tense geopolitical situation in the European Union over Brexit, refugee crisis and security matters may after 2020 reduce the European support to the European-gauge railway project Rail Baltica estimated at billions of euros, Baiba Rubesa, board chairperson of the joint Baltic enterprise, has said in Vilnius.

What will drive the Lithuanian economy this year?CORP

Thursday, February 2, 2017 15:20
A growing economy not only strengthens a country‘s image abroad, but also means better living conditions for its people. Lithuanian economists predict that this year the Lithuanian economy will grow far more rapidly than last year. Exports, however, will not be the main factor of this.

Govt considers special fund to distribute state companies support

Thursday, February 2, 2017 11:29
The Lithuanian government plans to distribute state-owned companies' support for sports, culture and arts through a special fund in the future, Prime Minister Saulius Skvernelis said on Thursday.

Teo and Omnitel became Telia

Wednesday, February 1, 2017 17:12
Teo, Omnitel and Baltic Data Center become one company – Telia Lietuva on February 1. The first integrated telecommunications company in Lithuania will provide telecommunications, IT and TV services as a one-stop shop, Telia announced in a press release.

Dutch company Macaw choses Vilnius for first international office

Wednesday, February 1, 2017 16:33
Macaw, an award-winning employer and digital solution provider, has selected Vilnius as the location for its first office outside the Netherlands. In establishing a company in Vilnius, Macaw plans to grow exponentially and recruit highly talented information technology specialists who will develop Microsoft and Sitecore based solutions for international customers.

Govt approves easing of requirements for farmland buyers

Wednesday, February 1, 2017 15:40
In light of the EU Commission's infringement procedure against Lithuania, the government on Wednesday approved amendments lifting the requirement for agricultural land buyers to qualify as farmers or have farming experience.

Lithuania's GDP increased by 2.2% in 2016

Monday, January 30, 2017 13:57
The Lithuanian economy surprised on the upside in the fourth quarter of last year as GDP picked up by 3%, in annual terms. Quarterly seasonally adjusted growth accelerated from 0.4% in the third quarter to 1.3% in the fourth quarter. GDP increased by 2.2% in 2016, Swedbank reported.

PM to meet Estonian leaders, sign Rail Baltica deal in Tallinn

Monday, January 30, 2017 10:06
Lithuania's Prime Minister Saulius Skvernelis is going to Tallinn on Monday to meet with the country's leaders and sign the agreement on European-gauge Rail Baltica railway.

Lithuania plans to sign Rail Baltica agreement

Tuesday, January 24, 2017 13:38
Lithuania plans to sign in late January an agreement with Latvia and Estonia on the development of the European standard-gauge railway Rail Baltica.