Economy

Analysts describe new Govt's programme as cautious, vague

Tuesday, December 6, 2016 14:30
Gitanas Nausėda
DELFI (A.Ufarto nuotr.)
Economists and analysts describe the new Lithuanian government's program as cautious and vague and are concerned about the ruling coalition's new proposals that may have a negative fiscal effect.

Lithuania's structural reforms would be compatible with fiscal discipline

Tuesday, December 6, 2016 11:02
The Eurogroup thinks that Lithuania's planned new social model, a package of legislation on structural labour market and pension system reforms, in 2017 would be compatible with fiscal discipline.

Lithuanian Railways' CEO stepping down

Friday, December 2, 2016 14:59
Stasys Dailydka, long-standing CEO of Lietuvos Geležinkeliai (Lithuanian Railways, or LG), has turned in his resignation, the state-run company said.

Seimas to decide on postponing enforcement of some social model laws by 6 mos

Thursday, December 1, 2016 15:34
Tomas Tomilinas
Asmeninio archyvo nuotr.
Lithuania's parliament has approved for discussion amendments, which suggest postponing the enforcement of some of the laws of the social model, which includes the new Labour Code, until July 1 of 2017, which would allow saving about 80 million euros.

GDP growth slows in Q3 due to shrinking investments

Wednesday, November 30, 2016 14:40
Annual Lithuania's GDP growth decelerated to 1.7% in the third quarter of this year. Seasonally and working day adjusted quarterly growth decelerated from 0.4% in the second quarter to 0.1% in the third quarter. Household demand remained the main driver of growth, while shrinking investments was the largest drag on growth, Swedbank announced.

Bored Panda joins Vilnius Tech Park community

Wednesday, November 30, 2016 09:41
Vilnius Tech Park
S. Žiūros nuotr.
Bored Panda, the panda-friendly, viral content creating web magazine, is joining the Vilnius Tech Park community. The startup, launched in Lithuanian in 2009, is busy filling the internet with creative posts, amazing artwork, fun picture galleries and articles in English and Spanish, Vilnius Tech Park announced in its press release.

Education reform, investment promotion as new govt's priorities - Grajauskas

Tuesday, November 29, 2016 12:23
Rokas Grajauskas
Bendrovės nuotr.
Danske Bank's chief economist for the Baltic countries believes that Lithuania's incoming government should give priority to reforming the country's education system in order to improve the situation in the labour market and help ensure sustainable economic growth, but he warns that possible differences in opinions between the ministry and the Seimas may prevent major changes from occurring.

Candidate for Minister of Agriculture is farmer who blocked roads

Friday, November 25, 2016 14:18
Bronius Markauskas
DELFI (D.Pipo nuotr.)
Bronius Markauskas, the candidate for Lithuania's agriculture minister, has been a farmer in his home village of Truseliai, the Klaipėda district, for the past 16 years and is familiar with agricultural problems. More than a decade ago, he blocked roads with his peers in an effort to demand higher support to milk producers.

Candidate for Minister of Economy plans to ready for end of EU support

Friday, November 25, 2016 12:53
Mindaugas Sinkevičius
DELFI (D.Pipo nuotr.)
Jonava District Mayor Mindaugas Sinkevičius, candidate for Lithuania's economy minister, says one of his main priorities would be preparations for the decline in European Union (EU) support after 2020. In his words, the country should reinforce its economy to cushion the shock.

Planned tax, pension reforms require agreement, Finmin nominee

Friday, November 25, 2016 11:35
Vilius Šapoka
DELFI (D.Pipo nuotr.)
Economist Vilius Šapoka, candidate for Lithuania's new finance minister, has so far refused to elaborate on the possible pension and tax reform, saying that all changes would need to be analyzed.

Seimas opens debates on 2017 budget (1)

Thursday, November 24, 2016 14:02
The Lithuanian parliament on Thursday opened debates on the country's draft 2017 budget and will send the document back to the government for improvement after discussing it.

Lufthansa cancels Thursday's flights from Frankfurt to Vilnius

Wednesday, November 23, 2016 17:31
Germany's flagship carrier Lufthansa has cancelled flights scheduled to depart Vilnius for Frankfurt at 6:20 a.m. and 2:30 p.m. on Thursday, the second day of flight cancellations by the airline in Europe.

Corporate tax exemption applicable for service companies in Lithuania

Tuesday, November 22, 2016 15:28
Lithuania is to attract IT, business process outsourcing, financial and other services enterprises to free economic zones (FEZs). Due to decision of Parliament of the Republic of Lithuania capital investment of service companies will have to exceed EUR 100 000 and employ at least 20 full time employees to receive incentives.

Lidl plans to invest another EUR 60 mln in expansion in 2016

Tuesday, November 22, 2016 11:17
Retail chain Lidl, which started trade activities in Lithuania last summer and is currently operating 21 stores across the country, celebrates first Christmas with special festive offers for the customers and further expansion, Lidl press office reported in a press release.

Court orders freeze on EUR 20 mln worth of funds of Veolia's subsidiary

Tuesday, November 22, 2016 11:05
A Vilnius court has ordered a freeze on almost 20 million euros worth of funds of Vilniaus Energija (Vilnius Energy), a local district heating supplier controlled by France's Veolia, a move that the company describes as "an assault" against it and plans to contest.

Employers suggest written pledge to raise wages for Labour Code

Monday, November 21, 2016 11:12
Tomas Tomilinas
DELFI (A.Ufarto nuotr.)
Lithuanian employers are considering a possibility of a public pledge to raise wages in exchange of consideration of their proposals of regulation of labor relations, delfi.lt news portal said, adding that trade unions are cautious about the proposal.

Biggest tech startup hub in Baltics and Nordics opens in VilniusFREE

Wednesday, November 16, 2016 20:14
Opening of the Vilnius Tech Park
S. Žiūros nuotr.
Vilnius Tech Park, the region’s biggest hub for tech startups, opened for business today. Boasting more than 9,000 square meters of prime office space in renovated 19th century buildings, all set in the historic parkland of Sapiegos stately home, Vilnius Tech Park is now one of the most stylish working environments on offer in the Baltic States.

Lithuania's new coalition 'looks likely to continue reforms' - Fitch

Tuesday, November 15, 2016 17:05
In the mint factory
DELFI (K.Čachovskio nuotr.)
Fitch Ratings says that the inclusion of the Social Democrats in Lithuania's new coalition government reduces policy uncertainty after last month's parliamentary elections, in which the Peasant and Green Union (LPGU) scored a surprise victory, and believes that "material changes to economic, fiscal and social policy agendas are unlikely".

Lithuania among the global leaders in 4G (1)

Monday, November 14, 2016 15:41
Smart phones
AOP nuotr.
Mobile internet has helped Lithuania earn a place among the global leaders. OpenSignal, an internet services research company, has announced that Lithuania is the first in Europe and the third globally, after South Korea and Japan, according to mobile 4G internet coverage, TELE 2 reported in a press release.

Outgoing PM restates need for reform of labour relations

Thursday, November 10, 2016 22:02
Algirdas Butkevičius
DELFI (D.Pipo nuotr.)
Reform of the social model is vital, Lithuania's Prime Minister Algirdas Butkevičius restated a few times at the final meeting of the 2012-2016 parliament on Thursday.

Income tax reform to benefit those making under EUR 1,000 - PM candidate

Thursday, November 10, 2016 21:55
Saulius Skvernelis
DELFI (K. Čachovskio nuotr.)
Saulius Skvernelis, candidate for Lithuania's new prime minister, says that no major tax reforms are planned for the nearest future, however, does not rule out revision of taxes linked with employment income, including the residents' income tax and social insurance fees.

Lithuania withstands Russia's embargo

Thursday, November 10, 2016 15:01
Lithuanian experts say that Russia's economic downturn and its embargo last year shaved around 1 percentage point off Lithuania's GDP growth, but it mostly affected only a few sectors, the daily Lietuvos Žinios reported on Thursday.

Marks & Spencer to close its store in Lithuania

Tuesday, November 8, 2016 11:21
Marks & Spencer in Vilnius
V.Cesevičiūtės nuotr.
Marks & Spencer announces today that it will be engaging with its employees regarding proposals to close its one store in Lithuania located in Vilnius. The proposals have been developed by Marks & Spencer following a comprehensive review of its 466 International stores in order to build a clear picture of its business today and what is driving results.

Labour Code needs further improvement - Grybauskaitė

Thursday, November 3, 2016 17:18
Dalia Grybauskaitė
DELFI (D.Pipo nuotr.)
Lithuanian President Dalia Grybauskaitė says that certain issues important for the social security of people remain unsolved after the parliament amended the country's new Labour Code, calling for a further improvement of the package.

New Labour Code to be postponed for half a year - Karbauskis

Thursday, November 3, 2016 17:13
Ramūnas Karbauskis
DELFI (D.Pipo nuotr.)
Ramūnas Karbauskis, chairman of the Lithuanian Peasant and Green Union (LPGU), the party that triumphed in recent parliamentary elections, says that he will propose that the entry into force of the country's new Labour Code be postponed for half a year.

Economists unhappy with Peasants' plans to halt new social model

Thursday, November 3, 2016 16:05
Gitanas Nausėda ir Nerijus Mačiulis
DELFI montažas
The proposal made by Ramūnas Karbauskis, the leader of the Lithuanian Peasant and Green Union that won the recent parliamentary elections, to postpone the enforcement of the new social model for a year may affect the key structural reform in the future, economists say.

FinTech Company Moneta International Finds a Home in Lithuania

Wednesday, November 2, 2016 17:52
Technology
Vida Press
FinTech company Moneta International, which provides payment services predominantly for the e-commerce sector through an online platform, has set up its global headquarters in Vilnius, the capital of Lithuania, and is now gearing up for substantial expansion in the near future. Total investment is expected to exceed €1 million, including the Moneta platform and other products under development.

Lithuanian airlines to provide all passenger data to police from January (1)

Wednesday, November 2, 2016 15:23
Airlines will have to register information about all individuals traveling to and from Lithuania by air transport starting January and provide it to the law-enforcement.