Finance in Europe
Invalda LT earns more than 107 mln litas in 2013
Lithuania-based investment company Invalda LT in 2013 earned 107.3 million litas of audited consolidated net profit attributable to the shareholders of the company, the enterprise said in a statement, cites LETA.
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Lithuania's PM: business searching for new markets to get EUR 57 mln
In the context of Ukraine's crisis, the Government will allocate LTL 200 million (EUR 57 million) for Lithuania's businessmen striving to re-orient the business from the problematic eastern markets or to create new business, informs LETA/ELTA.
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One household member in Latvia would need EUR 431 per month to cover daily costs
Data of the Survey on Income and Living Conditions, conducted by the Central Statistical Bureau of Latvia in 2013 show that despite the fact that household monthly disposable income is gradually increasing, this growth cannot cover the daily costs indicated by households.
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Sweden's 2013 exports figures take a dip
Swedish exports decreased seven percent in the past year, yet trade was comparatively buoyant in the last quarter of 2013 compared to the months prior.
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Unaudited profit of Apranga amounted to LTL 45.3 mln in 2013
The unaudited consolidated profit before income tax of Apranga Group amounted to LTL 45.3 million (EUR 13.1 million) during the twelve months of 2013, while Apranga Group has made the profit of LTL 44.0 million (EUR 12.7 million) in the same period of 2012 (increase by 3.0%), informs LETA/ELTA.
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Euro growth good for Baltics
The anticipated recovery of growth in the euro area should have a favorable impact on Central and Eastern Europe, writes SEB.
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Bank of Lithuania's external assets increase in January
In January 2014, the external assets and external liabilities of the Bank of Lithuania increased by 333 million litas and 202.1 million litas, respectively, the Bank of Lithuania said in a statement, cites LETA.
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Foreign investors staying out of Denmark
Danish companies invest a lot more abroad than foreign ones bring into the country.
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Lithuania's net portfolio investment outflows exceed 5 bln litas in December
The recorded net portfolio investment outflows of Lithuania amounted to respectively 603.9 million litas and 5.1 billion litas in December and January–December 2013, the Bank of Lithuania's Statistics Department said in a statement.
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Lithuania spends all allocated funds
According to Lithuania’s Ministry of Finance data, almost all of the EU structural support funds allocated to Lithuania for the 2007-2013 period have been disbursed. Lithuania remains in the top three of EU countries in terms of supports funds absorbed.
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Wages in Lithuania in 2013 are bigger by 1.7 per cent
Although Lithuanian enterprises are experiencing economic recovery, wages should not yet be anticipated to increase. In 2013 salary allowances of Lithuanian businesses increased by just 1.7 per cent.
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The IMF mission will begin work in Lithuania
On 17–23 September 2013 the International Monetary Fund (IMF) Mission, headed by Julie Kozack, a representative of the European Department of the IMF, will begin work in Lithuania.
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Gross GDP increased in all Lithuanian counties during last year
Statistics Lithuania reports that, based on non-final data, in 2011 gross domestic product (GDP) increased in all counties. The contribution of the regions to the country’s GDP was very different.
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Lithuanian meat industry: Local pigs are not enough
A Lithuanian can hardly imagine his or her daily meal without a pork stake or a chicken wing. If experts be trusted, it can soon change. According to scientist of Stockholm International Water Institute, meat might well become a luxury product by 2050.
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Americans and Poles are to explore Lithuanian gas reserves
Polish oil company LOTOS Group together with American CalEnergy Resources Ltd are working towards establishing a joint company for shale gas extraction in Lithuania, reported delfi.lt, referring to an article by onet.pl, based on Interfax Global Energy Services’ information.
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Cumulative foreign investment totaled 38.6 billion
In financial news, the Bank of Lithuania revealed its latest economic figures for foreign direct investment (FDI) to the nation. Cumulative foreign investment totaled 38.6 billion litas (EUR 11.2 b) at the end of June, approximately 12,112 litas per capita. This represents a 0.1% GDP for period examined (58.5 million litas) in net FDI outflow.
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SOE profits up 350% in 2011
The results of state-owned enterprises (SOEs) keep improving and the net profit of SOEs (including special taxes to the State) was LTL 246.6 million in 2011, which was 3.5 times more than the previous year (this sum excludes losses of LTL182 million due to the bankruptcy of the Bankas Snoras).
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Lithuania’s GDP grew by 3% in first half of 2012
Lithuania ’s gross domestic product (GDP) grew by 3 percent in the first half of 2012, year-on-year, to 53.351 billion litas at current prices, Statistics Department of Lithuania reported on 30 July. According to the Department, in the second quarter alone, the Lithuanian economy expanded by 2.1 percent, year-on-year, to 28.053 billion litas.
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President: after 2 years of economic growth, it is possible cautiously to raise salaries
As economists, financial analysts speak about the second wave of the crisis, President Dalia Grybauskaitė says that Lithuania is still able to afford thinking about the careful and estimated increase of wage. However, according to the President, wage increase can not lead to the budget deficit higher than 3 percent, Delfi.lt reported on 23 July.
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DNB analyst: Crisis in Europe impacts Lithuanian export
The recent international trade data shows positive trends in Lithuanian export. Although on May the export turnover was only LTL 5.3 billion (EUR 1.5 billion) which is 16 percent less than in April. DNB Bank analyst Mindaugas Jurgelis says that the decline is due to the temporarily halted trade of oil products.
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In Q1, Lithuania's financial assets grow 7 pct
At the end of the first quarter of 2012, the annual growth rate of Lithuania's financial assets (7 percent) exceeded that of liabilities (6 percent). In the same quarter of 2011, the said growth rates accounted for 3 and 1 percent, respectively, the Bank of Lithuania said.
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World Bank: next year Lithuania will become region’s growth leader
Lithuania‘s economic growth in 2013 will be the highest in the region – 3,5 percent, according to the World Bank’s latest EU11 Regular Economic Report. Average economic growth in the EU11 countries is estimated to reach 2,5 percent.
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State-owned enterprises profits grew 3.5 times
State-owned enterprises’ results are improving: the net profit, property and state taxes on raw materials in 2011 amounted to 246.6 million LTL In other words: 3.5 times more than in 2010 (if one did not include the losses due to “Snoras” bank bankruptcy, which cost those enterprises 182 million LTL last year).
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Over the month, retail trade turnover grew by 7.2 %
Based on the provisional data of Statistics Lithuania, in May 2012, the turnover (VAT excluded) of enterprises engaged in retail trade, except for the wholesale and retail trade and repair of motor vehicles and motorcycles, amounted to LTL 2230.5 million and, compared to April 2012, grew by 7.2 per cent at constant prices (seasonally adjusted – by 1.1 per cent).
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Lithuania will join Euro, when the country is ready for it
Lithuania will join the Eurozone, when it is ready, President of Lithuania Dalia Grybauskaite said during a joint press conference with President of Latvia Andris Berzins on 12 June.
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European Central Bank is likely to manage to cope with the crisis
Financial markets are stabilizing. European Central Bank (ECB) is full of optimism. The bank announced that there are preliminary signs of euro zone economy stabilization. Besides, Italy and Spain have managed to borrow more cheaply. Due to increased confidence in euro zone, euro value towards dollar rose 0.84 percent. U.S stock indexes rose from 0.2 to 0.5 percent. In Asia, shares’ value has also slightly risen.
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Lithuania-right choice for investment
The director of organization of foreign investors Rūta Skyrienė points out that despite the global crisis, economic downturn and tougher fiscal policy, Lithuanian market is popular with keen foreigners. „ So far, foreign business does not step back, and invest in service sector,“- R.Skyrienė says. According to director, it is very profitable to invest in Lithuania due to free labour force.
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The number of guarantees given to INVEGA is a kind of record
“In 2011 the number of guarantees given to INVEGA is a kind of record. INVEGA given support in form of guarantees business didn’t use so intensive neither in 2009, neither in 2010 m, when to Lithuanian small and medium-sized businesses has become available a number of INVEGA financial engineering instruments” – says INVEGA deputy director Audrius Zabotka. – “This reflects the growing demand for business credit, and proves once again that financial engineering, while taking its first steps in Lithuania and throughout the European Union, are in high demand”.
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