Economy

Labour Code to be put before Seimas next Tuesday

Thursday, April 27, 2017 09:59
Amendments to Lithuania's new Labour Code will be put before the parliament next week, the Lithuanian Farmers and Greens Union (LFGU) and the Social Democratic Party (LSDP) agreed on Wednesday.

Faster, greener, cheaper: Hyperloop One visits LithuaniaFREE

Monday, April 24, 2017 10:09
Hyperloop One spent a day visiting Lithuania and met with ministers, innovators and business community. They gave everyone updates of the progress they are making towards building the first functioning Hyperloop. They are currently building a test demonstration site in Nevada and will show off the first prototype in the middle of this year, Vladas Lašas’, representatives wrote in a press release.

Govenment expects to build Rusne overpass next year

Friday, April 21, 2017 13:24
The Lithuanian government is ready to take the necessary decisions for building an overpass on the only road to the Rusnė island in the River Nemunas delta as early as next year, Prime Minister Saulius Skvernelis said on Friday.

President says tripartite deal on pay rise unworkable

Thursday, April 20, 2017 13:47
Lithuanian President Dalia Grybauskaitė says that a trilateral pay rise agreement between the government, employers and trade unions is a good intention that cannot be put into practice as the state cannot force privately-owned businesses to commit themselves to raising wages.

Israel's Simplex Payment Services to develop payment platform in Lithuania

Wednesday, April 19, 2017 10:30
Simplex, an Israeli financial technology (fintech) and cybersecurity start-up, has chosen Lithuania ahead of the likes of Luxembourg, Cyprus and the UK as the location for its new global supervision and sales team. The company plans to employ around 20 experts in sales, support, Fraud analysis, marketing, information technologies, data analytics, quality supervision and finance in the coming couple of years, Invest Lithuania announced in a press release.

Lithuanian co tries to revive Saulė shuttle container train

Wednesday, April 19, 2017 09:52
Lithuania's VPA Logistics, the operator of the shuttle container train service Saulė (Sun) between Europe and Asia, is trying to revive the stalling project, the business daily Verslo Žinios reported on Wednesday.

Government has no plans to tax pensions - PM

Tuesday, April 18, 2017 10:52
Lithuanian Prime Minister Saulius Skvernelis says that the government does not plan to tax pensions, although Social Security and Labour Minister Linas Kukuraitis has recently publicly mentioned such a possibility.

PM to review Lithuania's situation: Economy growing, population shrinking

Tuesday, April 18, 2017 08:55
Lithuania's Prime Minister Saulius Skvernelis intends to present the government's report to the parliament on Tuesday, reviewing the country's condition after the 17th government took office at the end of last year.

Lithuania should overcome Latvia in competition battle for Chinese investments - PM

Friday, April 14, 2017 15:53
Klaipėda port
Asmeninis archyvas
Lithuania should overcome Latvia in the competition battle for Chinese companies' investments in transport and logistics sector, Lithuania's Prime Minister Saulius Skvernelis said after meting with China's Parliamentary Speaker Zhang Dejiang in Vilnius on Friday.

Governent favours reducing alcohol sale hours, banning advertising

Wednesday, April 12, 2017 16:32
The Lithuanian government on Wednesday threw its backing behind legislative proposals aimed at further restricting access to alcohol and banning alcohol advertising.

New Labour Code to take effect in July - PM

Tuesday, April 11, 2017 15:25
The new Labour Code, which liberalizes labor relations and was approved during the parliament's last term but postponed by the new parliament for six months, will take effect in July with the amendments, which have already been decided by the Trilateral Council, Prime Minister Saulius Skvernelis says.

Ex-CEO of lrytas.lt to head Adnet Media ad network

Monday, April 10, 2017 16:01
Ričardas Baltaduonis, former director of lrytas.lt news portal, has taken the helm of Adnet Media advertisement network for the Baltic states as of Monday, delfi.lt news portal said.

Minister of Economy moves for gender quotas on state companies' boards

Thursday, April 6, 2017 12:50
Lithuanian Economy Minister Mindaugas Sinkevičius, who is running for leader of the Lithuanian Social Democratic Party (LSDP), proposes to introduce gender quotas for currently male-dominated management boards at state-owned and municipal companies.

Higher wages won't be key factor in stemming emigration (4)

Thursday, April 6, 2017 10:19
Lithuanian politicians say that higher wages may stop Lithuanians from leaving their country, but businesses argue that such steps as revamping the education and tax systems and cutting back on the state bureaucracy might put emigration on a declining patch, the business daily Verslo Žinios reported on Thursday.

Finmin says surplus budget possible in future too

Thursday, April 6, 2017 09:38
Lithuania's general government budget balance last year moved into positive territory for the first time in 26 years and Finance Minister Vilius Šapoka says that a budget surplus is possible in the future too.

Govt backs cutting back alcohol sale hours, banning advertising

Thursday, April 6, 2017 09:38
The Lithuanian government on Wednesday approved in principle proposals that call for further restricting the hours of sale of alcohol and banning alcohol advertising. Prime Minister Saulius Skvernelis says that the government managed to reach a compromise.

Sales of tourists trips to Lithuania in China increased by 169%FREE

Tuesday, April 4, 2017 12:45
Lithuania has secured its positions in China as an attractive tourist destination. The advertising campaign conducted by the State Department of Tourism in the greatest Chinese travel platform CTRIP and the most popular social networks WeChat and Weibo has resulted in an increase in the sales of trips to Lithuania even by 169 per cent!

Lithuania has to be proactive in competition with Russian ports - PM

Tuesday, April 4, 2017 10:43
Klaipėda port
DELFI / Kęstutis Cemnolonskis
Lithuania has to be proactive in competing with Russian ports for cargoes, Prime Minister Saulius Skvernelis said on Tuesday morning.

Baltaduonis steps down as lrytas.lt CEO

Tuesday, April 4, 2017 09:55
Ričardas Baltaduonis, founder and director of lrytas.lt news portal, has left the company.

Veolia's subsidiary hands over Vilnius' heating grid to municipal co

Thursday, March 30, 2017 09:34
Vilniaus Energija (Vilnius Energy), a local subsidiary of France's Veolia, has handed over the Lithuanian capital's heating grid to Vilniaus Šilumos Tinklai (Vilnius Heating Grid, or VST), a municipal company, after its 15-year lease on the assets expired on Wednesday.

Irdaiva Co. searched by financial crime squads, CEO detained

Wednesday, March 29, 2017 13:27
Stop Police
Policijos departamentas
Lithuania's Financial Crime Investigation Service on Tuesday conducted searches in the premises of Irdaiva, one of the country's largest construction companies, as part of the probe of fraud suspicions in public procurement deals. Irdaiva's CEO and sole owner Irmantas Kubilius has been detained.

Air Baltic launches flights from Vilnius to Munich Monday

Monday, March 27, 2017 10:18
air Baltic jet
Bendrovės archyvas
Latvia's Air Baltic is starting to fly passengers between Vilnius and Munich, Germany, on Monday.

Lithuanian regulator slaps Vilniaus Energija with EUR 1.3 mln fine

Monday, March 27, 2017 09:43
The Lithuanian energy market regulator has slapped the district hearing supplier Vilniaus Energija (Vilnius Energija) with the maximum possible fine of 1.307 million euros for unjustified price increases between 2012 and 2014.

Lithuanian Railways expects to cooperate with China Merchants Group

Thursday, March 23, 2017 09:42
Lithuanian railway
Lietuvos geležinkeliai
State-owned Lietuvos Geležinkeliai (Lithuanian Railways, or LG) expects to transport China Merchants Group's freight from a 280-million-euro industrial park under construction in Belarus' capital of Minsk.

Lithuania equates foreigners' professional experience with high qualifications

Wednesday, March 22, 2017 16:29
In an effort to facilitate the entry of skilled foreign labour into Lithuania, the government on Wednesday recognized professional experience as an alternative to higher education qualifications.

New Labour Code to take effect in July - PM

Monday, March 20, 2017 14:41
Enforcement of Lithuania's new Labour Code liberalizing the labor relations will not be postponed again, says Prime Minister Saulius Skvernelis, adding that the document will take effect in July.

It's important is that TV3 remains in hands of Western investors

Friday, March 17, 2017 13:52
Swedish media group MTG's decision to sell its Baltic business, including Lithuania's television group TV3, to US-based Providence Equity Partners will allow maintaining Western business traditions in the media market, a Lithuanian communication and media expert said.

PM proposes alcohol sales by bank cards only

Friday, March 17, 2017 11:42
Credit cards accepted
DELFI / Valdas Kopūstas
At a meeting with Lithuanian business figures on Tuesday, Prime Minister Saulius Skvernelis presented the idea of allowing payment for alcohol by bank cards only, 15min.lt news portal said.

Special envoy of Denmark comes to discuss the future of European Medicines Agency

Thursday, March 16, 2017 10:06
On 22 March 2017 Denmark’s special envoy, Lars Rebien Sørensen, will be visiting Lithuania to present the Danish candidacy for hosting European Medicines Agency (EMA) and draw attention to the advantages of the Danish bid. He will meet with Lithuanian high level officials in order to explain why Denmark is working towards getting the EMA relocated from London to Copenhagen. the Danish Embassy in Vilnius announced in a press release.

Government, employers, unions finish discussions on new labour code

Thursday, March 16, 2017 09:49
Labour code
DELFI / Rytis Daukantas
Representatives of the Lithuanian government, employers and trade unions signed an agreement on a number of issues during the last meeting of the Tripartite Council on Wednesday, the Social Security and Labour Ministry said.