Economy

Grybauskaitė sends EU-Canada free trade deal to Seimas for ratification

Thursday, May 25, 2017 12:23
Lithuanian President Dalia Grybauskaitė has submitted the Comprehensive Economic and Trade Agreement (CETA) signed between the European Union and Canada last October to the Seimas for ratification.

Baltic grid synchronization with Europe possible via one LitPol Link - Sefcovic

Thursday, May 25, 2017 12:02
The European Commission's vice-president in charge of the energy union says that the Baltic countries could synchronize their power grids with the continental European system via a single LitPol Link line by expanding its capacity and that the project could receive EU support.

Lithuanian media avoid criticizing bodies they get publicity funds fromFREE

Thursday, May 25, 2017 09:32
Press kiosk
Augustas Didžgalvis
Media organizations often avoid reporting negatively about authorities and institutions from which they receive publicity funds or report positively about them, a study by the Lithuanian office of Transparency International has revealed.

German business gives top ratings for the Baltic States

Wednesday, May 24, 2017 16:09
Flags of the three Baltic states
Augustas Didžgalvis
The Baltic States are among the best locations in Central and Western Europe. According to the economic survey conducted in 2017 by the German-Baltic Chamber of Commerce (AHK), Estonia, Latvia and Lithuania are outperforming the Czech Republic, Poland and Hungary, German-Baltic Chamber of Commerce announced in a press release.

Lithuania is attractive investment location to German business

Wednesday, May 24, 2017 16:09
According to the German-Baltic Chamber of Commerce (AHK) economic survey 2017, Lithuania is one of the best locations in Central and Eastern Europe. Companies in Lithuania want to invest more and expect they will need more staff. However, increasing wage costs are expected. The scores for the fight against corruption, transparency of procurement and the availability of skilled workers slightly dampen the positive mood, German-Baltic Chamber of Commerce informed in a press release.

Chinese freight shipments present both opportunity and risk for Baltics - MEPs

Wednesday, May 24, 2017 12:04
Chinese freight shipments via the Baltic countries may become an opportunity for the European standard gauge railway Rail Baltica, but may also pose a risk to the market as China does not always compete fairly, members of the European Parliament's Transport and Tourism Committee (TRAN) said in Vilnius on Wednesday.

Minister of Transport and MEPs to discuss Rail Baltica project

Wednesday, May 24, 2017 09:51
Lithuanian Transport Minister Rokas Masiulis is meeting with members of the European Parliament's Transport and Tourism Committee (TRAN) in Vilnius on Wednesday to discuss the course of the European standard gauge railway project Rail Baltica.

Hotel owners: too little info on Vilnius Airport runway reconstruction

Tuesday, May 23, 2017 09:54
Owners of hotels in the Lithuanian capital say that Vilnius Airport has failed to sufficiently inform foreign market participants about its planned 35-day closure for runway reconstruction this summer, the daily Lietuvos Rytas reported on Tuesday.

EU commission recognizes Lithuania's social model as structural reform

Monday, May 22, 2017 15:15
Worker
Sputnik / Scanpix
The European Commission has recognized Lithuania's so-called social model package, including its new Labour Code, as a structural reform and granted the country the requested flexibility in meeting its public deficit target.

Former VU rector Juodka elected president of Employers' Confederation

Monday, May 22, 2017 10:13
Benediktas Juodka, a former rector of Vilnius University and member of the Seimas, on May 19 was elected president of the Lithuanian Employers' Confederation, or LDK, for a four-year term.

Education reform is key to Lithuania's economic growth

Thursday, May 18, 2017 14:37
Rokas Grajauskas
Asmeninis archyvas
Lithuania must overhaul its education system and use more high-tech solutions to maintain economic growth in the future, Danske Bank's chief economist for the Baltic countries said on Thursday.

Government to start paying child benefit of EUR 30-50 next year

Thursday, May 18, 2017 11:36
Children
Fotolia
Lithuanian Prime Minister Saulius Skvernelis says that the government keeps to its plan to next year start paying a monthly benefit for each child regardless of their parents' income, but adds that the state cannot afford to pay more than 30 to 50 euros in so-called "child money".

Lithuania too slow to absorb EU aid - Minister of Finance

Thursday, May 18, 2017 10:27
Lithuania has been too slow to absorb EU aid for the 2014-2020 financing period, which may decelerate economic and wage growth and result in losing a part of European support, the Finance Ministry has warned.

Danish IT firm to establish development team in Vilnius

Wednesday, May 17, 2017 13:30
Trustpilot, considered one of Denmark’s most promising startups, is establishing a product development division in Vilnius. In the next two years, the company, which operates one of the world’s largest online review communities, plans to build a team of approximately 40 software system engineers in the Lithuanian capital. Initially, this team will be responsible for the infrastructure of big data and authentication systems that the Trustpilot platform is based on.

Child money could be EUR 30-60 next year - Minister of Social Affairs

Wednesday, May 17, 2017 13:18
Discussions are in progress in Lithuania to grant child money to all families regardless of their income starting 2018, with the benefits for families raising 1-2 children at 30 euros and families with more children at 50 or 60 euros per every child, says Social Security and Labor Minister Linas Kukuraitis.

Karbauskis wants Govt to start preparations for specialized alcohol stores

Wednesday, May 17, 2017 12:39
Ramūnas Karbauskis, the leader of the ruling Lithuanian Farmers and Greens Union, has called for the government to be put under the obligation to draft legal acts by mid-2018 that are necessary for establishing specialized alcohol stores.

Child money should be EUR 100-150 - Seimas speaker

Wednesday, May 17, 2017 10:32
Toddlers
Adobe Stock
Child money in Lithuania should be between 100 and 150 euros, says Parliamentary Speaker Viktoras Pranckietis.

Lithuania to ratify EU-Canada trade pact

Wednesday, May 17, 2017 10:09
Lithuania is preparing for ratification of the Comprehensive Economic and Trade Agreement (CETA) signed between the European Union and Canada last October.

Central bank calls for pension system reform as worker-to-retiree ratio falls

Wednesday, May 17, 2017 09:14
Amid a rapid decline in Lithuania's worker-to-retiree pension, the central Bank of Lithuania is sounding the alarm and calling for the pension system to be reformed and for future pensions to be linked to personal contributions.

Lithuanian e-commerce traditions

Tuesday, May 16, 2017 10:12
Since e-commerce is rapidly becoming more widespread in Lithuania and the number of new online shops is growing, the habits of the population are changing as well. The number of people making purchases online that has recently been consistently on the rise shows not only consumers' loyalty to Lithuanian online stores, but also reveals the fears of those who are still reluctant to buy from online stores.

Lithuania must reform education system to catch up with Western Europe - IMF

Tuesday, May 16, 2017 09:19
Lithuania's near-term economic outlook is positive, but there are doubts if the country will manage to catch up with Western Europe in the longer term, the head of the International Monetary Fund's mission to Lithuania said Vilnius on Monday, underlining the need for structural reforms and, in the education system, for consolidation of institutions and more flexible programs.

Lithuanian Railways to scrap Vilnius-Moscow passenger service

Friday, May 12, 2017 12:18
A train
Lietuvos geležinkeliai
Lietuvos Geležinkeliai (Lithuanian Railways, or LG) is scrapping its passenger service between Vilnius and Moscow in a move that is expected to save the state railway company 2 million euros annually, but passengers will continue to be able to take a Russian train to the Russian capital.

Great results at the Klaipėda Free Economic Zone

Thursday, May 11, 2017 16:06
Klaipėda port
Asmeninis archyvas
By the end of 2015, Klaipėda Free Economic Zone accumulated EUR 493 million of foreign direct investment (FDI). This accounts for 57% of the total FDI of Klaipėda City Municipality. In the significance of the free economic zone to its city in terms of the FDI portfolio, Klaipėda is ahead of all the other Lithuanian free economic zones.

Baltic countries: Nord Stream 2 is a political project (1)

Tuesday, May 9, 2017 09:19
The prime ministers of the three Baltic countries and Poland reiterated on Monday that the planned second Nord Stream gas pipeline under the Baltic Sea is a political project and underlined their opposition to the project.

Solving Lithuania-Veolia dispute would be positive sign for French investors - ambassador (1)

Monday, May 8, 2017 16:29
Resolution of Lithuania's dispute with Veolia would send a positive message to French investors, France's ambassador to Vilnius, Philippe Jeantaud, said on Monday.

Nordic style leadership, trust and how to communicate it - Norwegian Chamber of CommerceFREE

Friday, May 5, 2017 17:35
Gunnvar Laukhammer and Bjørnar Lund  Photo © Ludo Segers  @ The Lithuania Tribune
Ludo Segers @ The Lithuania Tribune
On Thursday, exploring the concept of Nordic leadership and how to gain and communicate trust in the workplace and business environment dominated presentations and exchanges during a Norwegian Chamber of Commerce conference.

Tourism Department bans Latvian agency Travel RSP from operations in Lithuania

Friday, May 5, 2017 14:15
Latvia's travel agency Travel RSP has no right to operate in Lithuania, as it is not listed as a provider of travel services, the State Tourism Department concluded.

Lithuania's railway company turns to prosecutors over former executives' operations

Friday, May 5, 2017 10:57
The new top executives of the Lithuanian state-run railway company Lietuvos Gelezinkeliai (LG) have turned to prosecutors over about 5 million euros in damages caused to the company by possibly non-transparent operations of its earlier chiefs.

IMF mission starts work in Lithuania

Thursday, May 4, 2017 09:52
A mission from the International Monetary Fund (IMF) on Thursday is starting work in Lithuania.