Economy
Creditors to decide on Air Lituanica’s bankruptcy in late June
Creditors of Air Lituanica, a defunct airline established by the city of Vilnius, will decide on the company’s bankruptcy at a meeting due on June 25. […]
Economy
Economy
Economy
Lithuania’s per capita alcohol consumption edges down to 12.7 liters
The average per capita consumption of alcohol in Lithuanian last year edged down to 12.7 liters of legal absolute alcohol, from 12.9 liters in 2013, preliminary data from Statistics Lithuania shows. […]
Economy
Lithuania’s per capita cigarette consumption grows to 50 packs
Annual per capita consumption of legal cigarettes in Lithuania rose to 50 packs last year, from 47.4 packs in 2013, data from Statistics Lithuania shows. […]
Economy
Latvijas Tilti seeks EU court’s opinion on Vilnius bypass tender
Latvia’s road and bridge construction company Latvijas Tilti, which has challenged in Lithuanian courts a 90-million-euro tender process for Vilnius’ western bypass project, is seeking an opinion from the EU Court of Justice. […]
Economy
B2B News Network: Why Lithuania may be the next IT hotspot
Recently we have seen reports of B2B companies moving into Lithuania’s borders and setting up shop. Google is also establishing a presence in the small Baltic state. […]
Economy
Lithuanian government considers raising minimum monthly wage to EUR 325
Lithuanian Ministry of Social Security and Labour has submitted a draft resolution to the Government, where it suggests raising minimum monthly wage and minimum hourly pay as of 1 July 2015. […]
Economy
Lithuania bars entry to radioactive timber cargo from Belarus
Lithuanian border guards of the Medininkai checkpoint have refused entry to a truck carrying sawdust briquettes, which exceeded the radiation rate. […]
Economy
New taxes may be introduced if more personal income tax is allocated to Vilnius, expert says
On Thursday, 11 June, Lithuania’s Constitutional Court ruled that legal regulations that distribute personal income tax (PIT) to municipal budgets contravened the Constitution. Only 40 percent of PIT used to be transferred to Vilnius City Municipality based on these regulations. The Vilnius authorities have lauded the ruling which will allow it to claim more tax money from the central government. […]
Economy
Constitutional court rules against cap on income tax share for Vilnius
Limiting Vilnius‘ share of personal income tax revenues collected in the city goes against the Constitution, the Constitutional Court said on Thursday in a ruling that will take effect on January 2, 2016. […]
Economy
Central bank projects slower growth for Lithuanian economy
The Bank of Lithuania forecasts that this year, due to the worse situation of exporters, the country’s GDP will grow 2 percent. The previous forecast was 2.7 percent. Next year, economic development is projected to accelerate to 3.4 percent (the previous projection was 3.5 percent). […]
Economy
Technology and innovation centre opening in Vilnius
The Sunrise Valley Centre for Technology and Innovation is officially opening in the Lithuanian capital on Wednesday. […]
Economy
Lithuanian government approves labour code reform
The Lithuanian government on Tuesday endorsed a new social model aimed at liberalizing labour relations and revamping the Sodra pension system. The package of draft laws will soon be sent to the parliament for approval. […]
Economy
Vilnius Sports Palace renovation deemed project of national importance
The Lithuanian government on Monday agreed in principle to grant the status of an economic project of national importance to the planned conversion of the Vilnius Palace of Concerts and Sports, a now derelict building that was built more than 40 years ago on the site of a former Jewish cemetery, to a centre for conventions and cultural events. […]
Economy
Lithuania’s illicit tobacco market 2nd biggest in Europe
Illicit cigarettes last year accounted for 28.3 percent of Lithuania’s market of tobacco products, the second highest rate in Europe after Latvia’s, according to the latest study by the international audit, tax and consulting company KPMG. […]
Economy
Lithuania boasts fastest public Wi-Fi
If you’re travelling abroad and wish to make use of public Wi-Fi spots so as to avoid paying international data charges, Lithuania is the best country to go. The Baltic country is offering best download speeds over public Wi-Fi networks in the world. […]
Economy
7 percent more work permits issued to foreigners in Lithuania
The number of work permits issued to foreigners in Lithuania in 2014 increased by 6.9 percent year-on-year, to 5,400, including 3,200 work permits issued to Ukraine’s nationals and 1,500 permits issued to citizens of Belarus, according to the latest report on the implementation of Lithuania’s migration policy guidelines which is being discussed by the government on Monday. […]
Economy
Analyst: Technology development will make working week shorter
Technologies are inevitably changing the global labour market and will wipe out certain professions. Global trends and technological development will also change Lithuania’s labour map, which may result in a shorter working week, Nerijus Mačiulis, an economist with Swedbank Lithuania, forecasts. […]
Economy
Most Lithuanians save in cash, accounts or bank deposits
The best part of households accumulated financial assets as cash, in an account or by holding deposits with banks and do not intend to change their choice in the near future, shows the latest conducted Survey of the Financial Behaviour of Households, commissioned by the Bank of Lithuania, said the Bank of Lithuania. […]
Economy
Klaipėda Port announces start of international container distribution centre
The 324.8-meter-long container ship MSC Charleston, which arrived to the port of Klaipeda, has entered the history of the seaport of Klaipeda as the longest ship ever sailed to Klaipeda and marked the official start of the operation of the distribution centre (hub), reports the Klaipeda State Seaport Authority. […]