Archive for the Category ‘Lithuania’

Pohjola coming to Lith

Pohjola coming to Lith

VILNIUS — The Finnish bank Pohjola has registered in Lithuania and intends to compete in the country’s foreign-dominated banking industry. The Registry Center reported that the bank’s first branch will appear on Konstitucijos Avenue and will be headed by the former Nordea Bank executive Erika Jakimonytė. The registration of the bank is the fulfillment of […]

Finmin: 4% GDP in 2011

Finmin: 4% GDP in 2011

VILNIUS — As economists worldwide debate the likelihood of a double-dip recession, Lithuania’s finance minister is optimistically predicting up to 4 percent growth for the economy in 2011. Recent GDP figures from the first half of the year and the second quarter show that Lithuania’s economy is growing again for the first time since 2008. […]

Real estate transactions up 38.3%

Real estate transactions up 38.3%

VILNIUS — Lithuanian real estate transactions are increasing this year with turnover in the first half of this year up 38.3 percent from the same period last year. Real estate purchases ground to a halt in Lithuania as those looking to buy either found it hard to get credit or were waiting for the market […]

Snaigė numbers stabilizing

Snaigė numbers stabilizing

VILNIUS — The profit margin of Lithuanian refrigerator manufacturer Snaigė is stabilizing after dipping deep in the red last year. While the company still made a loss for the first half of 2010, it was only -1.1 million litai (€320,000), a 94 percent drop from the -18.5 million litai (€5.3 million) the company posted during […]

Phone operators to cut ad budgets

Phone operators to cut ad budgets

VILNIUS — One stalwart of Lithuania’s beleaguered advertising market, mobile phone operators, are hinting that they too will shrink their promotion budgets. During the crisis, consumers’ budgets have shrunk and advertising is not garnering the desired effect for the telecommunications companies. Both Tele2 and Omnitel are planning on — This is a paid article. To […]

Sweet upgrade for Klaipėda factory

Sweet upgrade for Klaipėda factory

KLAIPĖDA, Lithuania — Ukrainian confectionery company Roshen has announced an €8 million euro upgrade to its caramel factory in Lithuania. Roshen acquired the factory in 2006, its first production facility within the European Union. It also has facilities in Russia and Ukraine. The investment into the plant will start with an initial €3.2 million investment […]

Maxima turnover €1 bln in Baltics

Maxima turnover €1 bln in Baltics

TALLINN — Lithuanian-based chain Maxima posted a net turnover of €1 billion in the three Baltic states during the first half of 2010, 11.1 percent smaller compared to the same period last year. Maxima’s net turnover in Estonia was fell by 3.2 percent to 1.93 billion krooni (€123.3 million). The decrease is the smallest that […]

GDP growth for first time since 2008

GDP growth for first time since 2008

VILNIUS — First estimates of the gross domestic product figures for the second quarter show that Lithuania’s economy grew 1.1 percent year-on-year, the country’s central statistics bureau announced on Wednesday. The figures show that the worst appears to be behind the country’s beleaguered economy, which took severe austerity measures in 2009. The same period last […]

Tauragė switched on to renewables

Tauragė switched on to renewables

VILNIUS — Lithuania’s poorest region, Tauragė, is set to get an influx of renewable energy investment with the announcement of new solar and wind facilities there. The country is engaging in various energy projects now that the pressure is on to diversify its energy supply chain. The country is more or less dependent on Russia […]

To buy or not to buy

To buy or not to buy

VILNIUS — When is the best time to buy real estate in Lithuania? None of the experts seem to agree. Lithuania is approaching the bottom of a downward cycle in real estate values following the bursting of the biggest property bubble the country has ever seen. Some expect prices in the country to — This […]

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