Economy

No Picture
Economy

Wages in IT determined by productivity, not change of currency

December 30, 2014 Lithuania Tribune 0

The euro which will shortly replace the litas will have a positive effect on the IT services market of Lithuania, however, it will hardly bring any significant changes. Antanas Ursulis, general manager of CSC Baltic which provides IT services, says that the euro will not bring any dramatic changes to working conditions or expectations of employees; nevertheless, the new currency will help Lithuania enhance its image as a reliable and attractive country for investors. […]

Algirdas Butkevičius
Economy

PM says he threatened to resign unless Lithuania embraced euro

December 30, 2014 BNS 0

Adopting the euro will benefit Lithuania’s domestic businesses and households and will also help lure more foreign investment to the country, Prime Minister Algirdas Butkevičius has said. He has recalled the initial difficulties of convincing other politicians to have the euro which almost cost him his post. […]

In a building site
Economy

Estonian Merko gets big contract in Lithuania

December 28, 2014 ELTA EN 0

Estonian construction concern AS Merko Ehitus group informed the Tallinn Stock Exchange of getting a EUR 15 million contract in Lithuania. […]

Šiaulių bankas
Economy

Šiaulių Bankas to participate in renovation programme

December 28, 2014 ELTA EN 0

The Lithuanian Programme for Renovation of Multi-Apartment Buildings has reached a strategic turning-point. The Programme, which was funded by the state budget and the European Union Structural Funds till now, has found a private investor – Šiaulių Bankas. The first partner of the European Investment Bank in the country in providing preferential renovation loans, Šiaulių Bankas will contribute EUR 20 million of its own resources to be channelled through the JESSICA Holding Fund, the bank said in a statement on 23 December. […]

"Philip Morris Lietuva"
Economy

Philip Morris launches EUR 40mn investment project in Lithuania

December 27, 2014 ELTA EN 0

On 23 December, Philip Morris announced the launch of a new LTL 137 million (EUR 40 million) investment project to expand its factory in Klaipėda. The expansion and modernisation of the factory, which is already set to start this year, will increase production capacity by 40 percent. All extra production will be exported, primarily to the highly quality exigent market of Japan. The investment will create 40 new jobs at the factory and provide more orders for local Lithuanian service suppliers and business partners. Currently, more than 90 percent of Klaipėda-based factory production is exported to around 60 global markets, Invest Lithuania said. […]

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Economy

Lithuanian hotel to accept payments in bitcoins

December 26, 2014 ELTA EN 0

The network of Nordic Choice Hotels, which includes Comfort Hotel LT – Rock’n’Roll Vilnius located in Lithuania’s capital, will allow to pay for services using Bitcoins, a digital currency. […]

No Picture
Economy

Lithuanian business start-ups to expand despite slowing economy

December 26, 2014 Lithuania Tribune 0

With the country’s economy growing slower than expected, most business start-ups in Lithuania are taking advantage of the situation in the domestic market. While the country’s largest companies are estimating the consequences of Russia’s embargo, Lithuanian business start-ups are planning to further increase their sales volumes within the coming six months and recruit new employees to satisfy the growing demand, the bank DNB said in a statement. […]

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Economy

Tourism accounted for 3 percent of Lithuania’s GDP

December 25, 2014 ELTA EN 0

In 2013, the total added value of inbound and domestic tourism in Lithuania accounted for LTL 3.2 billion (EUR 927 million) or 2.96 percent of the country’s GDP. […]