Economy

Lithuania's ratification of EU-Canada trade deal postponed until fall

Monday, June 26, 2017 11:46
Lithuania's ratification of the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada is likely to be postponed until the fall, although Lithuanian diplomats expected the parliament to ratify the free trade treaty by the end of its spring session.

EU mulls screening investments from China

Friday, June 23, 2017 17:48
EU leaders on Friday asked the European Commission to examine the possibility of screening investments from third countries, particularly from China.

Lithuanian satellite launched to space from India

Friday, June 23, 2017 10:45
LituanicaSAT-2
Bendrovės archyvas
Lituanica SAT-2, a satellite developed by scientists of the Vilnius University (VU) and NanoAvionics company, was launched to space on a rocket from India on Friday morning.

Hyperloop One representatives: Lithuania might be part of the project

Friday, June 23, 2017 09:53
Hyperloop One technology
Bendrovės archyvas
In Los Angeles, Minister of Economy Mindaugas Sinkevičius visited one of the most advanced global companies — Hyperloop One — which is engaged in creating a new generation transport system. At the meeting, the company’s representatives presented the technology and vision they are working on: to connect Scandinavia and the Baltic States as well as Poland and Germany via the Hyperloop One transport corridor; they also proposed that Lithuania could participate in this process Ministry of Economy reported.

Taxi prices at Vilnius airport could be regulated (1)

Thursday, June 22, 2017 14:47
Lithuania's Transport and Communications Minister Rokas Masiulis and Vilnius Mayor Remigijus Šimašius say that prices for taxis working at the Vilnius airport could be regulated, saying that a trip to the city center could cost 8-9 euros.

PM sees no signs of crisis

Thursday, June 22, 2017 10:49
Lithuanian Prime Minister Saulius Skvernelis said on Wednesday that he saw no signs of crisis after Ramūnas Karbauskis, chairman of the ruling Lithuanian Farmers and Greens Union (LFGU), mentioned earlier in the day that another global economic crisis might be on the way.

Lithuania aims to produce 100% of power domestically in future, 80% from renewables (4)

Wednesday, June 21, 2017 16:27
Electricity
DELFI / Audrius Solominas
Lithuania aims to generate 100 percent of its electricity domestically in the future, with 80 percent of the total power demand to be met using renewable resources, according to a draft new National Energy Strategy.

LPK President Dargis: Lithuania is not immune from the winds of changeFREE

Wednesday, June 21, 2017 13:53
Lithuania is not immune from the winds of change and the draughts of populism that are blowing across Europe, says Robertas Dargis, a prominent entrepreneur and the president of the Lithuanian Confederation of Industrialists (LPK). With his insightful overview of the country's economic outlook, Mr. Dargis concluded the European Business Network's season of monthly breakfast events.

Reform of forestry firms postponed until fall - Seimas' speaker

Wednesday, June 21, 2017 13:08
In a forest
Justinas Vanagas
After about 100 employees of forestry companies and representatives of trade unions gathered outside the Lithuanian parliament on Wednesday in protest of the planned reform, Parliamentary Speaker Viktoras Pranckietis announced that the approval of the reform would be postponed until fall. On Wednesday morning, he had said the amendments would be adopted during the parliament's spring session.

Vilnius cheaper for foreigners than Riga, Tallinn but more expensive than Warsaw

Wednesday, June 21, 2017 10:24
Vilnius is the cheapest capital among the Baltic states for foreigners, shows the annual survey conducted by the Mercer consulting company.

Lithuanian businesses worried about outcome of EU-UK talks - daily

Tuesday, June 20, 2017 10:12
Lithuanian politicians and businesses hope that the United Kingdom will remain open and part of the single market after it leaves the European Union, but they also prepare themselves for a "hard Brexit" scenario, the business daily Verslo Zinios reported on Tuesday.

Lithuania slides on Global Innovation Index

Friday, June 16, 2017 15:27
Lithuania slides on Global Innovation Index
Organizatorių archyvas
Lithuania this year lost four positions and ranks 40th among 127 countries in the latest Global Innovation Index released by the World Intellectual Property Organization (WIPO).

Jurbarkas district expected to return EUR 1 mln in EU funds - daily

Friday, June 16, 2017 12:24
The district of Jurbarkas, which borders the Russian exclave of Kaliningrad, is to return almost 1 million euros in EU funds to the Lithuania-Poland-Russia Cross-Border Cooperation Program, the daily Lietuvos Zinios reported on Friday.

Eurostat finds food prices in Lithuania among EU's lowest

Thursday, June 15, 2017 14:55
Prices for food and non-alcoholic beverages in Lithuania last year were among the lowest across the European Union (EU), figures from the EU statistical office Eurostat showed on Thursday.

90 our of 100 universities in the world request Lithuanian lasers (1)FREE

Thursday, June 15, 2017 13:29
One of the things Lithuania is best known for is the laser industry. While perhaps not at the very pinnacle of the industry, the country does not compare all too poorly against highly developed states such as the USA, Germany, France, China and others. And at the same time the industry shows no signs of slowing down, with growing sales and increasing numbers of manufacturers, which should keep Lithuania within the top echelon of the laser industry.

President signs Labour Code amendments into law

Thursday, June 15, 2017 11:16
President Dalia Grybauskaite has signed into law amendments to the country's new Labour Code.

Lietuvos Geležinkeliai plans restructuring, to sack part of administration

Friday, June 9, 2017 15:06
Lietuvos Geležinkeliai (Lithuanian Railways, LG), the state-run railway company, plans to restructure the group and give up some of the unnecessary property. Mantas Bartuška, the company's CEO, does not rule out entering the stock exchange in the future.

President signs alcohol control bill into law

Friday, June 9, 2017 11:19
Lithuania's President Dalia Grybauskaitė has signed the amendments to the Alcohol Control Law, which were adopted by the parliament and triggered heated discussions in the society, thus imposing substantial restrictions on alcohol trade, consumption and advertisements as of 2018.

President's support for Government turns to criticism - economist

Thursday, June 8, 2017 14:47
Lithuanian President Dalia Grybauskaitė, who supported the ruling coalition's plans half a year ago, has changed her opinion and now criticizes the education system overhaul and some other reforms proposed by the government, Gitanas Nausėda, an adviser to SEB Bankas' president, said on Thursday.

Reliability of some people in Lithuania's state-owned companies is a concern

Wednesday, June 7, 2017 15:36
At the Lietuvos Geležinkeliai Traffic Control Centre
Lietuvos geležinkeliai
Some of Lithuania's enterprises of strategic importance employ some people whose reliability gives cause for concern and nepotism flourishes in them, the chairman of the Seimas Committee on National Security and Defense said on Wednesday, underlining the need for streamlining the recruitment and decision-making procedures at such companies.

Environment services go to court over EUR 630,000 compensation for sewage spill

Wednesday, June 7, 2017 12:30
The Vilnius Regional Environmental Protection Department has turned to court with a claim for compensation of 630,000 euros in damage caused by the December 2016 sewage spill in central Vilnius, which resulted in spillage of 46,000 cubic meters of untreated wastewater into the River Neris.

Lithuanian railway co plans routes to Daugavpils, Latvia

Wednesday, June 7, 2017 10:24
A train
Lietuvos geležinkeliai
After closing the route to Moscow, Lietuvos Geležinkeliai (Lithuanian Railways, LG), the state-run railway company, plans on launching a passenger train to the Latvian city of Daugavpils. The company's spokesman said LG was ready but had to wait for the final approval from Latvian railways.

Lithuanian household spending on consumer goods down in May m/m

Wednesday, June 7, 2017 10:03
The spending of Lithuanian household on main consumer goods declined in May, while Latvia and Estonia reported growth, shows an index of household spending published by the research company Baltic Market Insights (Baltmi).

Labour Code won't solve problem of work flexibility - experts

Tuesday, June 6, 2017 16:46
After Lithuania's parliament on Tuesday improved the new Labour Code to take effect in July, no changes are expected in the sense of flexibility of labour relations, economists say, adding that the initial ambitious plans of liberalizing labour relations has been downgraded into a reflection of the actual situation on the labour market.

Seimas passes amended new Labour Code

Tuesday, June 6, 2017 14:15
The Lithuanian parliament on Tuesday passed amendments to the country's new Labour Code, which was adopted last year but will come into force in July.

President's office doesn't intent to block govt's proposed tax changes

Tuesday, June 6, 2017 10:29
The Lithuanian president's office sees no major drawbacks in the government's proposed tax changes aimed at increasing the poorest people's income and expects constructive discussions on the plan, an advisor to President Dalia Grybauskaitė said on Tuesday.

New labour code up for final vote at

Tuesday, June 6, 2017 09:24
The Lithuanian parliament on Tuesday is to take a final vote on the Tripartite Council-approved amendments to the new Labour Code, which is expected to come into force in July.

Lithuania's richest man Numavičius to pay taxes solely in UK

Monday, June 5, 2017 16:49
Lithuania's richest man Nerijus Numavičius, who has lived in London since June 2015, will declare his 2016 income and pay taxes for the year solely in the United Kingdom.