Economy

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Economy

A new money transfer startup goes to market donating its income for social campaign

December 13, 2018 EN.DELFI 0

Due to the growing financial awareness of the people, alternative money transfer platforms are coming more and more popular. At first, their popularity arose among abroad working people, who send money to their relatives or pay taxes. In recent years, the circle of legal entities using these services has also grown greatly. More and more people are searching for ways, not to overpay for banks and choose to make money transactions, by using money transfer platforms. In Lithuania, such platforms are quite a new innovation, but their initiative and obvious benefits attract bigger and bigger number of users, a press release from TurboTransfers states. […]

Dalia Grybauskaitė
Economy

D. Grybauskaitė: the EU will owe us

December 13, 2018 Media Briefing 0

Lithuanian farmers will not receive the sort of direct grants from the EU as were promised already in 2013. “This means that the EU will owe us,” Lithuanian President Dalia Grybauskaitė told LRT Radio before departing to negotiations on the EU’s new budget. However, the situation could be even worse. According to the president, if the UK will not depart the EU as planned due to political chaos, the budget, which does not satisfy Lithuania already, will decline even further. […]

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Economy

Revolut turns new page with Lithuania-facilitated banking license

December 13, 2018 EN.DELFI 0

Today, Revolut together with the Bank of Lithuania have announced that the challenger bank received a Specialised Banking License, which will allow offering and passporting an even wider range of solutions to customers in Europe. The move of getting a license in mainland Europe has been considered by many a hedge against Brexit. Having received both the Specialised Banking license and Electronic Money Institution facilitated by the Bank of Lithuania, Revolut is now effectively safe from any decision regarding Britain leaving the EU. From 2019, Revolut will start accepting deposits and offering retail and business lending, making it an even bigger rival for traditional banks, a press release from Invest Lithuania states. […]

Economy

Lithuanian tax incentives for film production successfully raised to 30%

December 12, 2018 Lithuania Tribune 0

Lithuanian parliament has approved a boost to the country’s film production tax incentive, increasing it from 20% to 30%. The new level will take effect from January 1, 2019 and the legislation has been renewed for the next five-year period, a press release from the Lithuanian Film Centre states. […]

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Economy

Moody’s chooses Vilnius for its new European location

December 11, 2018 EN.DELFI 0

Moody’s Corporation has chosen Vilnius, Lithuania as the location for its newest European office. Moody’s provides credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody’s expects to grow its new office over the next few years and chose Vilnius over a number of other European cities. Hiring of staff in Vilnius is expected to start in January, 2019, a press release from Invest Lithuania states. […]

Economy

Startup idea trends: What direction are modern day innovative entrepreneurs taking?

December 11, 2018 EN.DELFI 0

Today the globe experiences a massive penetration of information technologies and artificial intelligence into the business environment – automated processes or voice command devices are a present-day trend. Lithuanians are also actively heading their way in these fields – according to the latest data of Startup Lithuania, 81 per cent of new startups are established in the IT field at hackathons. […]

Ieva Dosinaitė
Economy

Ellex Valiunas: a new partner and a new team of leaders

December 11, 2018 EN.DELFI 0

A new partner Ieva Dosinaitė is joining the firm as of 10 December 2018. Ieva Dosinaitė, who is commended for excellent negotiation and analytical skills in financial transactions, acted as a trusted legal advisor for many international financial institutions, next-generation financial institutions, banks and Lithuania’s largest business groups. Her high level of expertise has also been showcased in many projects strategically important for Lithuania. Before joining Ellex Valiunas, Ieva Dosinaitė was head of the finance industry group at the law firm TGS Baltic. […]

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Economy

Heating season has started: Lithuanian homeowners face the poorest heat retention in the Baltics

December 10, 2018 EN.DELFI 0

Start of a new heating season not only boosts household bills for the municipal services, but also calls for attention towards heat sufficiency. Despite the above-zero temperature up to the mid November in the country, Lithuania has been the least successful in passing the test of colder temperatures in the Baltics – homes in Lithuania provide the least comfort to their residents, a press release from Rockwool states. […]

Economy

Lithuanian robotics industry is ready for a growth spurt: from robots that think to smart things that save lives

December 10, 2018 EN.DELFI 0

The latest innovative products and solutions under development and already in application by Lithuanian business and science were presented at the press conference “Innovative Lithuania: Science and Business Solutions and a Look at 2019” dedicated to topicalities of robotics and digitalization. It was attended by numerous representatives of business and science who discussed today’s robotic situation in Lithuania and in the world, the trends and forecasts in this area, and shared their experience and challenges in the application of innovations. […]

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Economy

AI goes banking: Ondato presented unique KYC solution at Slush in Helsinki

December 7, 2018 EN.DELFI 0

Major start-ups conference Slush in Helsinki featured a Lithuanian accent as Vilnius based fintech company Ondato presented its unique KYC (Know Your Customer) solution for the community of start-up creators and investors. Based on biometrics and AI technologies, Ondato KYC have already made history a month ago when it became a finalist of Lighthouse project implemented by MasterCard and investment fund NFT Ventures. Ondato have already launched pilot project of implementing its new solution at one of Lithuanian banks. […]

Economy

A growing number of Balts are struggling with debt despite the growing economy

December 6, 2018 EN.DELFI 0

In the wake of a long period of economic growth, savings have gone up – but so has indebtedness. A growing number of people are struggling: every fifth European needs to borrow in order to pay bills. That group has increased from 15% three years ago to 20% this year. In the Baltics, the situation differs from country to country. Every third Latvian has borrowed money to pay bills. In Lithuania, the situation is comparable to the EU average (19%), while in Estonia the numbers are relatively low and only 12% of consumers have borrowed money in the last 12 months in order to pay bills. […]

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Economy

Investor confidence in the Lithuanian economy reaches a three-year low

December 6, 2018 Media Briefing 0

The trust of foreign capital companies operating in Lithuania in the country’s business prospects have faltered this last quarter of the year and are at their lowest in three years. This was revealed by research on investors’ confidence in Lithuania performed by the association Investors’ Forum. The negative moods among investors were mostly due to the lack of political stability and continuing growth in the gap between wages and work efficiency, lrt.lt writes. […]

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Economy

Contribution of volunteers to the budget of Lithuania – even 7.4%

December 6, 2018 EN.DELFI 0

Celebrating the International Volunteer Day we are pleased to announce that more people in Lithuania are dedicating their time for volunteering. Congratulations to every citizen for such a conscious choice, which adds value to the various non-profit organizations, raises the social capital of the individual, and also contributes to the state budget, a press release from the Non-Governmental Organizations Information and Support Centre states. […]

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Economy

Barclays leaves Lithuania, but only half the staff will lose their jobs

December 4, 2018 Edgaras Savickas 0

Changes in the Lithuanian office of the UK-based Barclays bank. The company has declared that it is transferring its activities to HCL Technologies, to which it will be transferring around half of its staff. […]