Archive for the Category ‘Lithuania’

MEI Baltija bankrupt

MEI Baltija bankrupt

VILNIUS — The Dutch-Lithuanian Middle Europe Investments Baltija real estate development company has filed for bankruptcy. Exactly what the privately-held company’s financial difficulties are remains unclear. The bankruptcy leaves a large-scale Vilnius residential development project called Evita incomplete, although the company’s general director Mindaugas Plisas assured the business newspaper Verslo Žinios that Evita’s funding would […]

Orlen waffles on selling refinery

Orlen waffles on selling refinery

VILNIUS — It appears PKN Orlen is vacillating in its deciding to put its Lithuanian oil refinery on sale. During a meeting with Lithuanian President Dalia Grybauskaitė on Wednesday, Polish President Bronisław Komorowski said that the partially state-owned PKN Orlen will not be selling the Orlen Lietuva refinery in Mažeikiai, Lithuania. In statements to the […]

Unemployment up in Lith, steady in Latvia

Unemployment up in Lith, steady in Latvia

VILNIUS — Despite improving gross domestic product numbers as Latvia and Lithuania emerge from deep recessions, unemployment numbers have yet to improve. According to the most recent domestic figures from the country’s central statistics bureau, Latvian unemployment is no longer increasing but stuck at a steady 15 percent. Meanwhile Eurostat’s numbers continue to be higher, […]

Salaries to start increasing?

Salaries to start increasing?

VILNIUS — A new survey conducted by the Hay Group indicates that more than a third of Lithuanian employers plan to increase salaries next year. As with other economic indicators, wages in the Baltic states have been on a rollarcoaster over the past decade, shooting up from 25 percent of the European Union average to […]

Agrowill ups share capital €18 mln

Agrowill ups share capital €18 mln

VILNIUS — In an extraordinary shareholder’s meeting on Monday Lithuanian agribusiness conglomerate Agrowill agreed to increase the company’s share capital by 65 million litai (€18 million) to fund new projects. Exactly what the equity financing is planned to be covering was not disclosed by the company. The increased share capital will allow Lithuanian private equity […]

Another bread cartel?

Another bread cartel?

VILNIUS — Lithuania’s Ministry of Agriculture is recommending that the Competition Council investigate local bakeries for possibly operating a price-fixing cartel after prices increased upon news of Russia’s grain export ban earlier this month. Russia’s grain export ban put in after it was struck with wildfires, sending grain prices jumping worldwide. In Lithuania bread prices […]

Lithuanian Shipping losses pile up

Lithuanian Shipping losses pile up

VILNIUS — The Lithuanian government is making improving the management of state-owned companies a priority. Lithuanian Shipping Company will prove a good test of its mettle for reform. While Lithuanian exports are up 22 percent year-on-year, paradoxically Lithuanian Shipping Company, the state-owned shipping company made a loss of 37 million litai (€10 million) during the […]

Baltic states, Scandinavia sign stability pact

Baltic states, Scandinavia sign stability pact

VILNIUS — The Scandinavians brought the money and the Baltic states brought their untapped markets. Together they created the “Baltic Tiger,” one of the fastest-growing economies in the world for much of the past decade. But the combination of the popping of a vastly overheated real estate market the tiger engorged and the global credit […]

PKN Orlen to sell refinery

PKN Orlen to sell refinery

VILNIUS — After denying for months, Polish oil company PKN Orlen announced Monday that it is officially putting Lithuania’s largest corporation, the Orlen (formerly Mažeikių Nafta) refinery on sale. The Lithuanian government sold Mažeikių Nafta in 2006 with a record Polish investment abroad of €1.7 billion. However since then the purchase had not been profitable […]

Baltics’ exports up most in EU

Baltics’ exports up most in EU

RIGA — The Baltic states have seen some of the largest increase in exports in the European Union during the first five months of 2010 according to the latest figures from Eurostat. Estonia has the second-highest increase in the EU at 26 percent, while Latvia and Lithuania were tied in fourth at 22 percent, a […]

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