Economy
Shock therapy ‘good’ for Lithuanian economy
DNB Bank’s chief economist for the Baltic states Jekaterina Rojaka says that shock therapy will be for the better of Lithuania’s economy. […]
Economy
Economy
Supervision of Lithuania’s tourism sector insufficient, auditors say
Implementing the Public Audit Programme of 2015, National Audit Office of Lithuania has already conducted one third of the financial (regularity) audits and prepared their reports. The report of the audit of the Ministry of Economy has been presented to the public – how Ministry as well as institutions under the Ministry performed the delegated functions and used the funds allocated for the implementation of various programmes during 2014, the Office reports. […]
Economy
Architects present visions for redevelopment of Žalgiris Stadium and Sports Palace in Vilnius
The Lithuanian Architects Union on Monday hosted a public discussion on one of the major development sites in central Vilnius, the Sports Palace and Žalgiris Stadium. […]
Economy
Vilnius airport to be handed to private entrepreneurs
According to Lithuania’s Deputy Transport and Communications Minister Arijandas Šliupas, the ministry is currently intensively working on the concession project of the country’s airports: it is expected to give them to entrepreneurs already next year. This, in the opinion of the deputy minister, will increase revenue to the state budget. […]
Economy
Former head of Skype Tallinn: Vilnius is among Top 10 cities for startups
The former head of the Skype office in Tallinn, who established a start-up helping other start-ups find the best place to develop their businesses, has noticed that Vilnius distinguishes itself among other European cities for its suitability for developing new business. […]
Economy
Economy
Every third Lithuanian would prefer foreigner boss
If they were able to choose the chief of the company they work for, only every thirtieth Lithuanian would like to be led by another Lithuanian, while every third of them would like their chief to be someone from a Western country, a poll conducted by cvmarket.lt reveals. […]
Economy
Loan to Lithuanian Shipping Company is but temporary solution, deputy minister says
An additional 3-million-euro loan issued by SEB Bankas to Lietuvos Jūrų Laivininkystė (Lithuanian Shipping Company, or LJL), a financially-troubled Lithuanian shipping company with debts of more than 20 million euros, is a temporary solution, a deputy transport minister has admitted. […]
Economy
Lithuania’s industrial production up 4.4 percent in June
In June 2015 industrial production totalled EUR 1.7 billion at current prices and, compared to May, grew by 4.4 percent at constant prices, seasonally and working day adjusted – by 0.8 percent, Statistics Lithuania reports. […]
Economy
Baltic Innovation Fund to make additional funding available for SMEs
The innovative fund-of-funds investment initiative – the Baltic Innovation Fund (BIF), dedicated to boosting equity investments made into Baltic enterprises, launched by Lithuania, Latvia and Estonia and the European Investment Fund (EIF), has been increased. The EUR 30 million increase of BIF is expected to translate into an additional EUR 100 million of private equity and venture capital funding available in the Baltic States over the next 5-7 years, Startup Lithuania reports. […]
Economy
42 percent of Lithuanian companies use social media
Statistics Lithuania has carried out a survey on the use of information and communications technology (ICT) in Lithuanian companies. It has shown that all production and services companies with 10 and more employees were using computers and broadband internet. 64.5 percent of companies were using mobile broadband services provided by mobile network operators (53.3 percent in 2014). 13.6 percent of employees used mobile internet access for work purposes (11.4 percent in 2014). […]
Economy
Vokiečių Street in Vilnius to be reconstructed
Vilnius City Municipality intends to reconstruct Vokiečių Street, one of the most important locations in Vilnius Old Town. Proposals will be submitted and discussions will last until September. However, it is unclear when the actual work will break ground. […]
Economy
Orlen Lietuva delivers good financial results following restructuring
Orlen Lietuva benefits from restructuring and very favourable macroeconomic conditions. Production capacity utilisation reached 86 percent in the second quarter of 2015 (reaching 92 percent in June, which was the highest level since two years). […]
Economy
No bankruptcy for cash-strapped Lithuanian Shipping Company for now
Bankruptcy proceedings of Lithuania’s financially-troubled shipping operator Lietuvos Jūrų Laivininkystė (Lithuanian Shipping Company, or LJL) will not be initiated yet, the prime minister has said after a meeting with several ministers and executives of LJL and SEB Bankas. […]
Economy
Lithuanian government to discuss help for collapsing state shipping company
The Lithuanian government will on Friday hold a meeting to discuss ways to help the crews of Lietuvos Jūrų Laivininkystė (Lithuanian Shipping Company, or LJL), a collapsing state-owned ship operator, to return home. […]
Economy
Economy
Lithuanian Shipping Company’s ship returns from Poland after covering part of its debt
One of the detained ships of state-controlled company Lietuvos Jūrų Laivininkystė (Lithuanian Shipping Company, or LJL), which is facing bankruptcy proceedings, has returned from the Polish port of Gdansk to Klaipėda, Transport Minister Rimantas Sinkevičius confirmed on Thursday morning. […]
Economy
Danish robotics company looking into setting up excellence centre in Panevėžys
On 15 July, John Erland Østergaard, the founder and director of the Danish company Blue Ocean Robotics, and Thomas Solupajev-Ronlev, partner in the company’s Lithuanian subsidiary, paid their third visit to Panevėžys. During their previous visits the businessmen visited the robotics laboratory of the Panevėžys Faculty of Kaunas University of Technology, Panevėžys Mechatronics Centre, and introduced their company to the city’s mayor and other politicians. […]
Economy
Bankruptcy order against Lithuanian Shipping Company
The company Lithuanian Shipping Company (LSC), whose vessels remain arrested in foreign ports and which suffers from an extremely complicated financial situation, will have to file for bankruptcy, said Lithuanian Transport and Communications Minister Rimantas Sinkevičius after a meeting with President Dalia Grybauskaitė on Wednesday. […]
Economy
President Grybauskaitė: Lithuanian Railways acts like a state within a state
State company Lithuanian Railways, which is 100-percent owned by the Ministry of Transport and Communications, is acting like a state within a state, says President Dalia Grybauskaitė, adding that the company’s “lawlessness and irresponsibility” can cost very dearly to all taxpayers. Her comments came after a meeting with Transport and Communications Minister Rimantas Sinkevičius. […]