A brief glance into Lithuanian business environment

The business environment composes one of the main items of the state’s competitiveness among the other world countries. The right and suitable business environment has a huge impact on the any country’s appropriate attraction of investments that increase internal welfare growth and an export possibilities.

Business Integration Set For All Type Companies

Business Integration Set for a small and medium size ventures. 

An International Conference on Euro Introduction in Lithuania

On the 1st of January 2015 Lithuania will become the 19th member state of the Euro zone, further deepening and developing financial and economic integration with the rest countries in Old Continent that belong to general European market of Euro.

Seven things you need to know about the UK economy

The ONS has analysed the nature of Britain's economy and how it compares with other G7 countries. Here are the main points.

Seimas establishes euro adoption procedures in Lithuania

On Thursday, by adopting the Law on the Euro Adoption, as well as secondary legislation, the Parliament of Lithuania (Seimas) has established the legal basis to introduce the new currency in Lithuania.

Cargo turnover of Klaipeda port in March grew by 12.9%

In March 2014, the results of cargo turnover in Klaipeda Seaport were quite near the best cargo handling results achieved throughout the entire period of the history of the Seaport – 3 234,3 thou. tn; the best month through the entire history of the Seaport was October of 2011 – 3 298,2 thou. tn.

A skyscraper too far

At la Défense, Europe’s biggest purpose-built office complex, workers are putting the finishing touches to the Majunga Tower. The handsome 45-floor building in the business district west of central Paris is due to open around August. There is only one drawback. The building, currently unlet, will add 63,000 square metres to a park where the vacancy rate already tops 12%. Another big building is scheduled to open in 2014.

Sweden has highest hourly labour costs in EU

Sweden's average hourly labour costs are just over €40 per hour, high enough to land the country at the top of the EU28 charts, according to a new survey.

Stock Spirits drinks to hard 2013, better 2014

In its first set of results since the IPO in October, the Central and Eastern European booze maker and distributor Stock Spirits Group said its operating profit rose 7.5% as the market recovered from the methanol poisoning scandal in the Czech Republic and drinkers in the region continued to migrate toward drinking premium locally made brands. 

Poland is the new Danish export market

The Ministry of Foreign Affairs expects Danish exports to Poland to double over the next six years to 33 billion kroner

Lithuanian energy sector considering possible alternatives to Russian oil supplies

The probability that the supply of the Russian oil to Lithuania could be disrupted is not very great. Yet representatives of energy sector began considering possible alternatives, reports LETA/ELTA, referring to Lietuvos rytas.

Germans buy half their wine at Aldi and co

Practically every second bottle of wine bought in Germany comes from one or other of the country's fable discount supermarkets such as Lidl and Aldi.

Salmon to be farmed in giant offshore platforms

Norway's third-largest salmon farming company SalMar plans to start rearing fish out to sea using constructions based on oil platforms, each of which could house eight times as many salmon as conventional cages.

BMW and VW celebrate strong sales

Two German car giants unveiled soaring sales and profits on Thursday. BMW said it achieved record earnings while Volkswagen hopes to sell a record 10 million vehicles this year.

Energy firms told to return £400m to customers

Millions of people are owed refunds by their former energy company, according to the watchdog Ofgem. It said yesterday that the Big Six firms have kept more than £400m over the past six years from customers who have switched supplier or moved house.

Lithuania is Europe’s leader in fibre-optic connection

Lithuania is the leading country in Europe for its share of citizens that have fibre-optic connection, according to the ratings by the Fibre to the Home Council, www.lithuania.lt has informed.

In 2013, Lithuania was leading in the wind energy production in Baltics

In 2013, as compared to 2012, Lithuania was the leading country in the wind energy production among the Baltic States. Estonia was the second and Latvia – the third, reports LETA/ELTA.

Business as the EU and member states’ agenda

The EU authorities are trying to attract member states’ attention to the SMEs activity. Recent “action plan” shows some progress in doing business. SMEs play a decisive role in the European economy’s competitiveness and dynamic. To help them realise their growth potential, the EU is working towards promoting entrepreneurship and creating a friendlier business environment for SMEs.

Vilnius to be on Rail Baltica route

At tripartite negotiations on the project Rail Baltica joint venture shareholders agreement, held at the Ministry of Transport and Communications of Lithuania between Lithuania, Latvia and Estonia, an agreement was reached: essentially, Vilnius will be part of the trans-European Rail Baltica gauge route, the Transport Ministry of Lithuania said in a statement, reports LETA.

New rules for tobacco products

The European Parliament on 26 February approved a revised EU Tobacco Products Directive. This new law strengthens the rules on how tobacco products are manufactured, produced and presented in the EU, and introduces rules for certain tobacco-related products. 

Viciunai Group creates most targeted jobs in Lithuania

Lithuania's Labour Exchange acknowledged company Baltic Fish Export, which belongs to Viciunai Group, as the company that created the largest number of targeted jobs in Lithuania, informs LETA/ELTA.

Sweden's best-selling defence products

Sweden's top-three defence products account for 42 percent of all exports. 

Potential £100m flotation for maker of washing machine that uses beads

Xeros's listing in March could bring pioneering, environmentally friendly washing machine technology to mass market

Gold demand softens by 15% globally as economic recovery heats up

Investors offload gold after emerging from traditional safe haven to find demand has slumped to four-year low

Lithuanian firms ready to enter Chinese market

More Lithuanian firms are ready to enter China's market in 2014, new trends show.

Government supports Liepajas Metalurgs sale plans

The Latvian government has supported a sale strategy for the troubled metallurgical company Liepajas Metalurgs.

Updating rules on anti-money laundering

The  leaders of European Union countries  are aware of the need for stronger rules to react to new threats associated with various methods of money laundering. These threats are constantly evolving, which require regular updates of the rules.

Hanner to invest EUR 19 mln in Lithuania

Lithuanian-based real estate investment company Hanner will invest LTL 66 million (EUR 19 million) in Lithuania and this will be 40% more than last year when the company's investments reached LTL 47 million (EUR 13.5 million), informs LETA/ELTA.

Over quarter of Lithuanians consider working in another EU country

More than one-fourth, or 28 percent, of Lithuanians would consider a possibility to work abroad within next ten years and one-tenth of the Lithuanians currently residing in the country have worked in another European Union (EU) country, the Eurobarometer survey conducted by market and media research company TNS LT has shown.

PM: Lithuania paid a allotment of attention to the improvement of the investments' natural natural environment

On Tuesday, Lithuania's Prime Minister Algirdas Butkevicius met with representatives of the U.S. enterprise delegation. Butkevicius presented the principle of the support of the investments in order to appeal more of the capital of the foreign countries into Lithuania.

Worldwide individual investment invests more than one million euro in Lithuania

In Q3 2013, the revenue of the UK business ‘International Personal Finance’, which established the business ‘Provident Finansai’ in Lithuania, has expanded by 19 per cent and now reaches EUR 38.2 million.

Investors see shares in Lithuania’s Amber Grid as good investment

Some investors believe it is now good time to buy shares of Amber Grid, in particular as the government proposes to buy out the shares in the Lithuanian natural gas transmission system operator from Russia’s gas giant Gazprom.

Three-fourths of Lithuania’s listed companies report profit

Three-fourths, or 24 of 32 Lithuanian companies listed on the NASDAQ OMX Vilnius Stock Exchange and the Warsaw Stock Exchange, recorded a profit in the first half of this year, which totalled 489.45 million litas (EUR 141.8m) in aggregate, the central Bank of Lithuania says in its latest review of the results of issuer operations.

Europe goes electric

WHEN the Frankfurt motor show opens its doors to the public this weekend, visitors had better watch their step: they will encounter many new models getting their power by plugging into the wall. This is the year of the electric car, at least as far as European carmakers are concerned. They are ready to deliver a record number of hybrids, plug-ins and pure battery-electric vehicles (BEVs), covering just about every size and price range.

Vilnius - a model of tolerance yesterday and today

The union of Hansa cities

Hansa - north German former land, Prussian and Livonian cities’ trade and political union, founded in 1280, in Lübeck. In XV century it owned about 160 cities from 10 countries. If translate from the German language, word „Hanse” means „group”, „union”. 

Baltic and Benelux foreign ministers adopt declaration on closer consular cooperation

On 10 December in Brussels, the Minister of Foreign Affairs Edgars Rinkēvičs met with his colleagues from the Baltic and Benelux states. During the meeting the ministers adopted a joint declaration on closer cooperation in the consular sector, informs Latvia’s Foreign Affairs Ministry.

Lithuania appreciates German policy in Europe; German Ambassador

Although its presence is not always prominent, German business and culture is in fact very well represented in Lithuania, despite there being room for improvement, so the German ambassador to Lithuania, His Excellency Matthias Mulmenstadt, tells The Lithuania Tribune in the second part of our interview with him. 

“Lithuania is an important partner for us; bilateral relations are excellent” – Exclusive interview with Dutch Ambassador, H.E. Kornelis Spaans

The Netherlands, as the name indicates, is low-lying territory, with one-quarter of the country at or below sea level. Many areas are protected from flooding by dykes and sea walls. A seafaring nation, much of its land has been reclaimed from the sea.

“We need to strengthen economic coordination within the Euro area with binding commitments” – German Ambassador to Lithuania

German Ambassador to Lithuania, Matthias Mulmenstadt is a great supporter of the European project and does not see any reason for people to fear a “two-speed” Europe. His country has always advocated closer EU integration.

Europe’s first citizens initiative asks for 3% of the EU budget being spent on EU exchange programmes starting from 2014

Fraternité 2020 (F2020) is Europe’s very first citizens’ initiative. It is supported by over 100 NGOs from all across the EU and beyond, around 50 MEPs from all major political parties, and an increasing number of EU citizens. On October 26 it started collecting signatures online. Without investing a single Euro into its campaign, it already collected several thousand signatures from all 27 member states.

A better future for China-Europe relations

In the eight months since I became Vice Foreign Minister in charge of European affairs, I have paid nearly ten visits to Europe. During each visit, I witnessed the tremendous efforts made by Europe to cope with the debt crisis, and I am very glad to see that some of these efforts are showing effect gradually. China has provided firm support to Europe since the outbreak of the debt crisis.

Klaipėda on preliminary list of seaports for cargo transit from Afghanistan

Lithuanian Minister of Foreign Affairs Audronius Ažubalis says the country's port of Klaipėda is on the preliminary list of seaports for NATO countries' cargo transit from Afghanistan as the Alliance is getting ready for ending tactical actions in the country.

Discussions about future Baltic projects take place in Klaipeda

The next Baltic joint project between Latvia and Lithuania will take the form of a mail and air companies. According to Transport Minister, Eligijus Masiulis, the initiative of a joint postal company is favoured by Vilnius and Riga. Nonetheless, he cautions that the possibility of establishing a joint airline needs to be carefully assessed by the experts on both nations first

Lithuanian Prime Minister officially invited to Davos economic forum

Lithuania's Prime Minister Andrius Kubilius has received an official invitation to the annual meeting of the World Economic Forum that will traditionally be held in the Swiss ski resort of Davos, the government has said on Monday. Signed by World Economic Forum president Klaus Schwab, the letter says that Kubilius' contribution was highly appreciated during a recent summit in China

“It’s important for Lithuania that the eurozone solves its problems” – Presidential advisor

European integration forges ahead with closer cooperation in the banking sector amongst EU Member States. From the Lithuanian perspective, the Presidential advisers have communicated that through analysis about this cooperation is required, despite the country’s support for continuous and deeper integration

Lithuania and Sweden share common approach to socially responsible business

Thursday, September 20, Vilnius - President Dalia Grybauskaitė welcomed the winners and organizers of the Swedish Business Awards. During the event, which is taking place the sixth year already and has become traditional, awards are conferred on Lithuania-based businesses for innovative, transparent and socially responsible business. At the so-called “Business Nobel Prizes” ceremony, outstanding entrepreneurs in Lithuania are awarded by the Embassy of Sweden and the Swedish Trade Council, Press Service of the President reports.

Cooperation protocol signed between Lithuania and Poland

Despite the undiplomatic undertones often seen between Lithuania and Poland, it is business as usual in the latest round of meetings between the economy ministries of both nations. Today, Lithuanian Deputy Economy Minister Daumantas Lapinskas and his Polish equivalent, Mr. Andrzej Dycha sat down to discuss and signed a cooperation protocol designed to fortify bilateral trade relationships in the transport, energy and investment sectors.

Ilves: EU has to be a demanding partner for neighbours who have chosen the European way

"The European Union must continue to be an encouraging and trusting yet demanding partner for its closest neighbours that have chosen the European way," said Estonian President Toomas Hendrik Ilves at his meeting with the Chairman of the Committee on Foreign Affairs of the German Parliament Ruprecht Polenz.

The Image of Lithuania in Spain: Progress Achieved and New Ways to Explore

Šarūnas Jasikevičius announced in late July that he is going to play for Barça basketball club next season. Four months ago, the Lithuanian distribution chain Maxima purchased the fourth largest supermarket chain in Spain. This means that they will be present in southern Spain and the Canary Islands, thereby commencing business activities for the first time outside of the Baltic states and Bulgaria.

In view of euro crisis, Lithuanian businesses boost exports to Scandinavia

With the euro falling, Lithuania is boosting exports to the Scandinavian countries, chief economist with Swedbank, Lithuania’s leading commercial bank, comments. Lithuania’s exporters had shifted their focus to Eastern and Scandinavian countries amid turmoil in the euro zone, Nerijus Mačiulis said adding that the re-launch of Orlen Lietuva refinery after turnaround made a solid contribution to the growth in exports in June.

National Energy Independence Strategy was adopted

An important piece of legislation has just received the maximum endorsement by the Seimas. On Tuesday, June 26th, the Parliament gave its backing to the National Energy Independence Strategy. The strategy establishes the fundamental objectives about Lithuania’s energy sector and the policies that need to be implemented in full by the year 2020. Furthermore, it sets a roadmap guiding the energy sector development by 2030 and 2050.

Lithuania’s strategists look in the Nordic direction

Every year, Lithuania is moving closer and closer to its neighbours in the North. The extent of foreign direct investment from Scandinavia continually grows, the export curve turns upwards. Strategic projects are also moving forward – Lithuania is graduating from a mentor-mentee relationship into equal partnership, experts think, Dovilė Jablonskaitė writes in 15min.lt portal.

Commission’s initiative to stimulate growth and jobs in Europe

The European Commission has announced the biggest ever set of calls for proposals under its 7th Framework Program. In total, €8.1 billion will support projects and ideas in the EU-27 that will boost region's competitiveness and tackle urgent issues that could create additional growth and jobs in 2013. Universities, research organisations and businesses in the Baltic States have to be active in searching for the EU funds.

Lithuania remains open for importers and exporters

By the reason of the economic crisis, trade volumes are declining, however, Lithuania manages to maintain export. The decrease in domestic consumption made the import decrease, but consumers’ confidence is rising, so it is likely that volume of import will also remain stable.

Economic development in Lithuania allows a country to remain competitive

Although the latest macroeconomic indicators of Baltic States raise skepticism, the economic analysts feel calm. The latter ones claim that Baltic States have grown disproportionately in a rapid pace for the last three years. Therefore, economic decline is considerably higher. A newly developed economic potential of Baltic States did not disappear. Conversely, after the recovery of world market, economies will definitely reveal their tremendous value.