Seimas establishes euro adoption procedures in Lithuania
Seimas establishes euro adoption procedures in Lithuania

On Thursday, by adopting the Law on the Euro Adoption, as well as secondary legislation, the Parliament of Lithuania (Seimas) has established the legal basis to introduce the new currency in Lithuania.

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Cargo turnover of Klaipeda port in March grew by 12.9%
Cargo turnover of Klaipeda port in March grew by 12.9%

In March 2014, the results of cargo turnover in Klaipeda Seaport were quite near the best cargo handling results achieved throughout the entire period of the history of the Seaport – 3 234,3 thou. tn; the best month through the entire history of the Seaport was October of 2011 – 3 298,2 thou. tn.

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Invalda LT earns more than 107 mln litas in 2013
Invalda LT earns more than 107 mln litas in 2013

Lithuania-based investment company Invalda LT in 2013 earned 107.3 million litas of audited consolidated net profit attributable to the shareholders of the company, the enterprise said in a statement, cites LETA.

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A skyscraper too far
A skyscraper too far

At la Défense, Europe’s biggest purpose-built office complex, workers are putting the finishing touches to the Majunga Tower. The handsome 45-floor building in the business district west of central Paris is due to open around August. There is only one drawback. The building, currently unlet, will add 63,000 square metres to a park where the vacancy rate already tops 12%. Another big building is scheduled to open in 2014.

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Sweden has highest hourly labour costs in EU
Sweden has highest hourly labour costs in EU

Sweden's average hourly labour costs are just over €40 per hour, high enough to land the country at the top of the EU28 charts, according to a new survey.

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Danish airports among the best in Europe
Danish airports among the best in Europe

Billund Airport was ranked the fifth best regional airport in Europe

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Lithuania's PM:  business searching for new markets to get EUR 57 mln
Lithuania's PM: business searching for new markets to get EUR 57 mln

In the context of Ukraine's crisis, the Government will allocate LTL 200 million (EUR 57 million) for Lithuania's businessmen striving to re-orient the business from the problematic eastern markets or to create new business, informs LETA/ELTA.

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Stock Spirits drinks to hard 2013, better 2014
Stock Spirits drinks to hard 2013, better 2014

In its first set of results since the IPO in October, the Central and Eastern European booze maker and distributor Stock Spirits Group said its operating profit rose 7.5% as the market recovered from the methanol poisoning scandal in the Czech Republic and drinkers in the region continued to migrate toward drinking premium locally made brands. 

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Poland is the new Danish export market
Poland is the new Danish export market

The Ministry of Foreign Affairs expects Danish exports to Poland to double over the next six years to 33 billion kroner

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Lithuanian energy sector considering possible alternatives to Russian oil supplies
Lithuanian energy sector considering possible alternatives to Russian oil supplies

The probability that the supply of the Russian oil to Lithuania could be disrupted is not very great. Yet representatives of energy sector began considering possible alternatives, reports LETA/ELTA, referring to Lietuvos rytas.

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Germans buy half their wine at Aldi and co
Germans buy half their wine at Aldi and co

Practically every second bottle of wine bought in Germany comes from one or other of the country's fable discount supermarkets such as Lidl and Aldi.

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Salmon to be farmed in giant offshore platforms
Salmon to be farmed in giant offshore platforms

Norway's third-largest salmon farming company SalMar plans to start rearing fish out to sea using constructions based on oil platforms, each of which could house eight times as many salmon as conventional cages.

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BMW and VW celebrate strong sales
BMW and VW celebrate strong sales

Two German car giants unveiled soaring sales and profits on Thursday. BMW said it achieved record earnings while Volkswagen hopes to sell a record 10 million vehicles this year.

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One household member in Latvia would need EUR 431 per month to cover daily costs
One household member in Latvia would need EUR 431 per month to cover daily costs

Data of the Survey on Income and Living Conditions, conducted by the Central Statistical Bureau of Latvia in 2013 show that despite the fact that household monthly disposable income  is gradually increasing, this growth cannot cover the daily costs indicated by households.

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Poland enjoys good relations with northern neighbor
Poland enjoys good relations with northern neighbor

According to former Polish President Aleksander Kwasniewski, a high level of goodwill was important in solving some of the problems between Lithuania and Poland, reports ELTA. Kwasniewski highlighted, though, that the period ahead of elections was not the best time to search for new solutions. In 2014, the elections to the European Parliament and the Lithuanian presidential elections will be taking place.

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Energy firms told to return £400m to customers
Energy firms told to return £400m to customers

Millions of people are owed refunds by their former energy company, according to the watchdog Ofgem. It said yesterday that the Big Six firms have kept more than £400m over the past six years from customers who have switched supplier or moved house.

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Lithuania is Europe’s leader in fibre-optic connection
Lithuania is Europe’s leader in fibre-optic connection

Lithuania is the leading country in Europe for its share of citizens that have fibre-optic connection, according to the ratings by the Fibre to the Home Council, www.lithuania.lt has informed.

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In 2013, Lithuania was leading in the wind energy production in Baltics
In 2013, Lithuania was leading in the wind energy production in Baltics

In 2013, as compared to 2012, Lithuania was the leading country in the wind energy production among the Baltic States. Estonia was the second and Latvia – the third, reports LETA/ELTA.

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Business as the EU and member states’ agenda
Business as the EU and member states’ agenda

The EU authorities are trying to attract member states’ attention to the SMEs activity. Recent “action plan” shows some progress in doing business. SMEs play a decisive role in the European economy’s competitiveness and dynamic. To help them realise their growth potential, the EU is working towards promoting entrepreneurship and creating a friendlier business environment for SMEs.

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Vilnius to be on Rail Baltica route
Vilnius to be on Rail Baltica route

At tripartite negotiations on the project Rail Baltica joint venture shareholders agreement, held at the Ministry of Transport and Communications of Lithuania between Lithuania, Latvia and Estonia, an agreement was reached: essentially, Vilnius will be part of the trans-European Rail Baltica gauge route, the Transport Ministry of Lithuania said in a statement, reports LETA.

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Danish graduates poorly suited to an international career
Danish graduates poorly suited to an international career

Global Danish companies urge the universities to focus more on the needs of the companies

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New rules for tobacco products
New rules for tobacco products

The European Parliament on 26 February approved a revised EU Tobacco Products Directive. This new law strengthens the rules on how tobacco products are manufactured, produced and presented in the EU, and introduces rules for certain tobacco-related products. 

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Novo Nordisk eyeing Pakistan potential
Novo Nordisk eyeing Pakistan potential

Pharma giant expects annual growth rates in Pakistan to be about 30 percent

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Sweden's 2013 exports figures take a dip
Sweden's 2013 exports figures take a dip

Swedish exports decreased seven percent in the past year, yet trade was comparatively buoyant in the last quarter of 2013 compared to the months prior.

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Viciunai Group creates most targeted jobs in Lithuania
Viciunai Group creates most targeted jobs in Lithuania

Lithuania's Labour Exchange acknowledged company Baltic Fish Export, which belongs to Viciunai Group, as the company that created the largest number of targeted jobs in Lithuania, informs LETA/ELTA.

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Unaudited profit of Apranga amounted to LTL 45.3 mln in 2013
Unaudited profit of Apranga amounted to LTL 45.3 mln in 2013

The unaudited consolidated profit before income tax of Apranga Group amounted to LTL 45.3 million (EUR 13.1 million) during the twelve months of 2013, while Apranga Group has made the profit of LTL 44.0 million (EUR 12.7 million) in the same period of 2012 (increase by 3.0%), informs LETA/ELTA.

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Sweden's best-selling defence products
Sweden's best-selling defence products

Sweden's top-three defence products account for 42 percent of all exports. 

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Companies and the state - eternal relationship
Companies and the state - eternal relationship

The relationship between business and government is becoming increasingly antagonistic. But the two sides should not overdo it: they need each other.

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Potential £100m flotation for maker of washing machine that uses beads
Potential £100m flotation for maker of washing machine that uses beads

Xeros's listing in March could bring pioneering, environmentally friendly washing machine technology to mass market

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2013: a breakthrough year for startups
2013: a breakthrough year for startups

For the first time in the history of Lithuania, the IT startups that had the most impact on the country's image, economy and development of technologies in 2013 were awarded last week. Based on a survey of startups conducted by Enterprise Lithuania at the beginning of the year, the advisory board of the Startup Lithuania community selected winners in eight categories. Only companies that were established in the past three years and that have existing products or prototypes thereof were assessed.

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Euro growth good for Baltics
Euro growth good for Baltics

The anticipated recovery of growth in the euro area should have a favorable impact on Central and Eastern Europe, writes SEB.

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Gold demand softens by 15% globally as economic recovery heats up
Gold demand softens by 15% globally as economic recovery heats up

Investors offload gold after emerging from traditional safe haven to find demand has slumped to four-year low

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Bank of Lithuania's external assets increase in January
Bank of Lithuania's external assets increase in January

In January 2014, the external assets and external liabilities of the Bank of Lithuania increased by 333 million litas and 202.1 million litas, respectively, the Bank of Lithuania said in a statement, cites LETA.

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Foreign investors staying out of Denmark
Foreign investors staying out of Denmark

Danish companies invest a lot more abroad than foreign ones bring into the country.

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Lithuania's net portfolio investment outflows exceed 5 bln litas in December
Lithuania's net portfolio investment outflows exceed 5 bln litas in December

The recorded net portfolio investment outflows of Lithuania amounted to respectively 603.9 million litas and 5.1 billion litas in December and January–December 2013, the Bank of Lithuania's Statistics Department said in a statement.

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Lithuanian firms ready to enter Chinese market
Lithuanian firms ready to enter Chinese market

More Lithuanian firms are ready to enter China's market in 2014, new trends show.

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Lithuania spends all allocated funds
Lithuania spends all allocated funds

According to Lithuania’s Ministry of Finance data, almost all of the EU structural support funds allocated to Lithuania for the 2007-2013 period have been disbursed. Lithuania remains in the top three of EU countries in terms of supports funds absorbed.

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Government supports Liepajas Metalurgs sale plans
Government supports Liepajas Metalurgs sale plans

The Latvian government has supported a sale strategy for the troubled metallurgical company Liepajas Metalurgs.

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Updating  rules on anti-money laundering
Updating rules on anti-money laundering

The  leaders of European Union countries  are aware of the need for stronger rules to react to new threats associated with various methods of money laundering. These threats are constantly evolving, which require regular updates of the rules.

 

 

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Norwegian salmon farmer posts record profits
Norwegian salmon farmer posts record profits

Norwegian salmon farming giant Marine Harvest has posted its highest profit ever on the back of record high salmon prices and solid growth.

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Swedish fishermen quitting jobs in droves
Swedish fishermen quitting jobs in droves

Fishermen in Sweden are turning their backs on their trawlers according to new figures which reveal that a third of them have quit their jobs over the past 12 years as the industry continues to take a battering.

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Hanner to invest EUR 19 mln in Lithuania
Hanner to invest EUR 19 mln in Lithuania

Lithuanian-based real estate investment company Hanner will invest LTL 66 million (EUR 19 million) in Lithuania and this will be 40% more than last year when the company's investments reached LTL 47 million (EUR 13.5 million), informs LETA/ELTA.

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Online data at risk to hackers
Online data at risk to hackers

The National Audit Office conducted an audit in state institutions and has determined that there are flaws in the protection of personal data, reports ELTA. The Office aimed to assess whether personal data processed by automatic means is effectively protected and overseen.

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Russia’s milk ban partially lifted
Russia’s milk ban partially lifted

Russia’s consumer protection watchdog Rospotrebnadzor at year-end lifted the ban on the importing of products from Lithuanian milk processing company Pieno Zvaigzdes, reports ELTA. The information was announced on the official Web site of the Russian Agency Rospotrebnadzor.

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Over quarter of Lithuanians consider working in another EU country
Over quarter of Lithuanians consider working in another EU country

More than one-fourth, or 28 percent, of Lithuanians would consider a possibility to work abroad within next ten years and one-tenth of the Lithuanians currently residing in the country have worked in another European Union (EU) country, the Eurobarometer survey conducted by market and media research company TNS LT has shown.

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President of Lithuania: Identical possibilities in science – the route in the direction of modern society
President of Lithuania: Identical possibilities in science – the route in the direction of modern society

President  of Lithuania Dalia Grybauskaite opened the worldwide seminar "Structural Change Promoting Gender Equality in study Organizations". This event  is a  part of the Lithuanian EU Presidency programme, informs Lithuanian  presidential press service.

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Ilves: the security of e-services does not suggest secluding oneself
Ilves: the security of e-services does not suggest secluding oneself
Yesterday, Estonia’s president Toomas Hendrik Ilves spoke at the worldwide ICT forum ICT2013 in Vilnius, which concentrated on development, creativity and discovery. In the course of the consideration on modernisation and construction bridges, the Estonian Head of State stressed the importance of believe when developing e-services and promoting innovation, particularly in lightweight of latest anxieties over privacy, informed BC presidential press service.
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Latvian Parliament accepts quota on provisional residence permits
Latvian Parliament accepts quota on provisional residence permits

Latvian Saeima passed amendments to the Immigration regulation in the last reading, confirming the coalition's compromise on the scheme of provisional residence permits, reports informational agency LETA.

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PM: Lithuania paid a allotment of attention to the improvement of the investments' natural natural environment
PM: Lithuania paid a allotment of attention to the improvement of the investments' natural natural environment

On Tuesday, Lithuania's Prime Minister Algirdas Butkevicius met with representatives of the U.S. enterprise delegation. Butkevicius presented the principle of the support of the investments in order to appeal more of the capital of the foreign countries into Lithuania.

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Wages in Lithuania in 2013 are bigger by 1.7 per cent
Wages in Lithuania in 2013 are bigger by 1.7 per cent

Although Lithuanian enterprises are experiencing economic recovery, wages should not yet be anticipated to increase. In 2013 salary allowances of Lithuanian businesses increased by just 1.7 per cent. 

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Worldwide individual investment invests more than one million euro in Lithuania
Worldwide individual investment invests more than one million euro in Lithuania

In Q3 2013, the revenue of the UK business ‘International Personal Finance’, which established the business ‘Provident Finansai’ in Lithuania, has expanded by 19 per cent and now reaches EUR 38.2 million.

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Latvia, Lithuania peak worldwide Internet list
Latvia, Lithuania peak worldwide Internet list

Latvia and Lithuania have some of the largest figures of youngsters of any homeland who’ve developed up surrounded by the Internet, a new report shows. New study from the UN’s worldwide Telecommunication Union (ITU), show how the Baltic States boast the highest figures of 15-24 year olds who’ve developed up round the Internet, qualifying as ‘digital natives.’

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Inventor of World Wide Web is coming to Vilnius Innovation Forum
Inventor of World Wide Web is coming to Vilnius Innovation Forum

On 4-6 December 2013 the Ministry of Economy of the Republic of Lithuania along with the Agency for Science, Innovation and Technology will hold the first Vilnius Innovation Forum ‘Innovation Drift’ in Vilnius .The Vilnius Innovation Forum ‘Innovation Drift’, which is expected to be among the leading events in the EU during the Lithuanian Presidency, is planned to convene 600 participants from different countries of Europe.

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Polish-speaking lady loses court case to possess her name spelled in non-Lithuanian letters
Polish-speaking lady loses court case to possess her name spelled in non-Lithuanian letters

Malgožata Runevič-Vardyn, Polish-speaking young woman of Republic of Lithuania, has lost a court case wherever she wished to possess her name spelled in non-Lithuanian characters, as Malgorzata Runiewicz-Wardyn, in her birth and wedding certificate.

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EU pressed to rethink immigration policy after Lampedusa tragedy
EU pressed to rethink immigration policy after Lampedusa tragedy

European commissioner calls for EU rescue mission for migrants spanning entire Mediterranean from Spain to Cyprus. The European Union has come under pressure to revamp its immigration policies in the wake of the Lampedusa tragedy that led to the deaths of 274 people in Italian waters last week

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Investors see shares in Lithuania’s Amber Grid as good investment
Investors see shares in Lithuania’s Amber Grid as good investment

Some investors believe it is now good time to buy shares of Amber Grid, in particular as the government proposes to buy out the shares in the Lithuanian natural gas transmission system operator from Russia’s gas giant Gazprom.


 

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The mobile masses - The costs and benefits of mass immigration
The mobile masses - The costs and benefits of mass immigration

PAUL COLLIER is one of the world’s most thoughtful economists. His books consistently illuminate and provoke. “Exodus” is no exception. Most polemics about migration argue either that it is good or bad. They address the wrong question, says Mr Collier. The right one is: how much more migration would be beneficial, and to whom?

 

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Three-fourths of Lithuania’s listed companies report profit
Three-fourths of Lithuania’s listed companies report profit

Three-fourths, or 24 of 32 Lithuanian companies listed on the NASDAQ OMX Vilnius Stock Exchange and the Warsaw Stock Exchange, recorded a profit in the first half of this year, which totalled 489.45 million litas (EUR 141.8m) in aggregate, the central Bank of Lithuania says in its latest review of the results of issuer operations.

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The man who showed why firms exist
The man who showed why firms exist

THE job of clever people is to ask difficult questions. The job of very clever people is to ask deceptively simple ones. Eighty years ago a young British economist wondered: why do companies exist? The answer that he gave remains as fascinating today as it was back then.

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The IMF mission will begin work in Lithuania
The IMF mission will begin work in Lithuania

On 17–23 September 2013 the International Monetary Fund (IMF) Mission, headed by Julie Kozack, a representative of the European Department of the IMF, will begin work in Lithuania.

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Europe goes electric
Europe goes electric

WHEN the Frankfurt motor show opens its doors to the public this weekend, visitors had better watch their step: they will encounter many new models getting their power by plugging into the wall. This is the year of the electric car, at least as far as European carmakers are concerned. They are ready to deliver a record number of hybrids, plug-ins and pure battery-electric vehicles (BEVs), covering just about every size and price range.

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The world’s happiest countries are close to Lithuania
The world’s happiest countries are close to Lithuania

According to OECD (the Organization for Economic Co-operation and Development) latest announcement of annual Better Life Index Australia for the third consecutive year is declared the happiest country among developed world states. In the top 5 of happiest countries are several European countries from Scandinavia, located near the Lithuania - Norway and Sweden. Among the happiest – Canada and Switzerland too.

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Vilnius - a model of tolerance yesterday and today
Vilnius - a model of tolerance yesterday and today

About Vilnius as the historical capital of Lithuania, multicultural city and center, there are a lot of written – from legends to scientific discoveries. This time we would like to look at, for Lithuanians and foreigners living in Lithuania, precious city through the prism of tolerance, how this  phenomenon has been and is important in today's society, how much tolerance influenced the economic development, is it worth to identify the city with this word, which everyone perceive differently ....

 
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The union of Hansa cities
The union of Hansa cities

Hansa - north German former land, Prussian and Livonian cities’ trade and political union, founded in 1280, in Lübeck. In XV century it owned about 160 cities from 10 countries. If translate from the German language, word „Hanse” means „group”, „union”. 

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Lithuanian-American scientist explores origins of universe
Lithuanian-American scientist explores origins of universe

Even though the Big Bang that gave birth to time itself happened 13.7 billion years ago and scientists can only guess what happened in its wake, there is a slight chance to glance at one of the first phenomena in the universe. Scientists at NASA are currently working on complex technology required for the endeavour and among them is Jonas Žmuidzinas, a 52-year-old Lithuanian-American astrophysicist.

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Lithuanian Science Prize winner Romualdas Kriaučiūnas: Have I really done so much?
Lithuanian Science Prize winner Romualdas Kriaučiūnas: Have I really done so much?

His story warrants a cinematic treatment. At eight, together with his mother and two sisters, he fled to Germany, to escape the Red Army; at thirteen, he came to the United States. He grew up without a father, worked hard and studied all his life. At 76, Romualdas Kriaučiūnas was awarded by the Ministry of Education and Science of Lithuania for his life-long achievements in promoting science.

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R&D spending grew in 2011
R&D spending grew in 2011

Despite the painful austerity and the shortening of budgets in the Lithuanian economy, there is one bright spot in the spending horizon. Today, Statistics Lithuania reported that the country’s spending on research and development (R&D), a crucial factor in innovation and value-added products, grew to 0.92% of GDP in 2011. In more specific figures, the spending rose by 28.5% (974.3 million litas – EUR 282.4 mn)

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History of Internet in Lithuania
History of Internet in Lithuania

This July, it had been fifty years since the first computer was turned on in Lithuania. What other dates of note punctuate the history of information technology in this country? One of them doubtlessly must be Lithuania’s entrance into the world wide net.

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A unique research complex in Eastern Europe
A unique research complex in Eastern Europe

Early next year, at the latest, a unique biopharmaceutical research center of biotechnology company Biotechpharma will be fully operational in Lithuania. The center is expected to service companies from the United States and Western Europe.

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Lithuanian innovations at ‘Electrolux’
Lithuanian innovations at ‘Electrolux’

Two design works by second year students of Vilnius Academy of Arts got into an annual household appliance concepts competition ‘Electrolux Design Lab’ semifinals, vz.lt reported on 3rd August. From more than 1,200 projects submitted to the Swedish manufacturer of home appliances competition, a device ‘Salt Spoon’ by Barbara Adamonytė and Vilius Dringelis work ‘Fridge Nose’ were selected to top 30.

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Young Lithuanian engineers are building country’s first space satellite
Young Lithuanian engineers are building country’s first space satellite

When the National Space Association, later renamed Lithuanian Space Association, was set up in 2009, many laughed. But while sceptics were making fun, scientists were silently working on a Lithuanian space satellite.Young professionals, sparing no time, talent, or money, seek to prove that Lithuania can proudly participate in space exploration along with the United States, Russia, China, or India.

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V.A.Bumelis – business leader with an ambitious idea
V.A.Bumelis – business leader with an ambitious idea

Vladas Algirdas Bumelis. These are the only words on a business card extended by the 2012 Lithuanian business leader of the year. No offices, no titles. Bumelis, who has just finished a job in one influential post, is already talking of a new challenge – building a generic drug factory in Lithuania.

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Vilnius University leading the university ranking
Vilnius University leading the university ranking

The top position of “Veidas” magazine’s university ranking once again goes to the Vilnius University (VU), which has never been outscored, lrytas.lt reported on 21 May.Vytautas Magnus University (VMU) is in the second place, Mykolas Romeris University in the third, Kaunas University of Technology (KTU) is the fourth and Vilnius Gediminas Technical University is the fifth.

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Your Employees Just Aren't That Into You
Your Employees Just Aren't That Into You

A new survey shows that employees who aren't into their jobs cite their relationship with their boss as the biggest problem. If you think employee engagement is one of those warm and fuzzy phrases found in the self-help aisle, think again. According to new research, not only should you be taking employee engagement seriously, it’s probably already a problem within your company. And you might be to blame. 

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Sure, Big Data Is Great. But So Is Intuition
Sure, Big Data Is Great. But So Is Intuition

It was the bold title of a conference this month at the Massachusetts Institute of Technology, and of a widely read article in The Harvard Business Review last October: “Big Data: The Management Revolution.”Andrew McAfee, principal research scientist at the M.I.T. Center for Digital Business, led off the conference by saying that Big Data would be “the next big chapter of our business history.” Next on stage was Erik Brynjolfsson, a professor and director of the M.I.T. center and a co-author of the article with Dr. McAfee. Big Data, said Professor Brynjolfsson, will “replace ideas, paradigms, organizations and ways of thinking about the world.”

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The One-Minute Change That Will Transform Your Company
The One-Minute Change That Will Transform Your Company

We talk a lot about major pivots--but what about minor ones? Here's how one small piece of pivotal behavior can change your company for the better. Can a single behavior elevate an entire organization? It can - if it’s the right behavior. Here’s how a simple 1-minute act helped an organization reinforce its purpose and outperform its competition by leaps and bounds.

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Dairy business in Lithuania: Big fishes in small pond
Dairy business in Lithuania: Big fishes in small pond

The entire Lithuanian dairy industry is controlled by five major companies: Pieno žvaigždės, Rokiškio sūris, Žemaitijos pienas, Vilkyškių pieninė, and Marijampolės pieno konservai. They are doubtlessly the strongest dairy plants in the Baltics, since their competitors in Latvia and Estonia are incomparably smaller and the two dairy markets are more divided.

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Why Trying To Manipulate Employee Motivation Always Backfires?
Why Trying To Manipulate Employee Motivation Always Backfires?

CEOs have two levers they pull on a regular basis to influence their organizations. The first lever adds to, or takes away from, strategic intentions. The second one controls the hiring of key talent to ensure that the right people are in the right seats. Levers work well for many of the factors that impact business success; but one area-employee engagement-resists “leveraging.” 

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This is Your Brain on Organizational Change
This is Your Brain on Organizational Change

Why can't we change our organizations? Year after year, the list of companies that no longer exist because they were unable to evolve continues to grow. It includes such household names as Sunbeam, Polaroid, Tower Records, Circuit City, and Drexel Burnham Lambert. After six decades of study, untold investment, and the best efforts of scholars, executives, and consultants, most organizational change efforts still underperform, fail, or make things worse.

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Go East for new markets – Lithuanian Apparel and Textile Industry Association
Go East for new markets – Lithuanian Apparel and Textile Industry Association

The time has come for Lithuanian producers to start shifting some of their exports to larger and healthier markets. Therefore, an increasing number of Lithuanian industries are pursuing an aggressive expansion strategy in various Eastern markets. Of course, such shift does not come without its challenging tasks.

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IKEA flagship store to revive the left bank of Neris
IKEA flagship store to revive the left bank of Neris

On Thursday, the investors that built the IKEA shopping centre in Vilnius and the government of the capital ceremonially put the symbolic capsule in the wall of the building for future generations. The IKEA store will open its doors in next August, and the twice as big shopping complex will be targeting buyers on the left bank of Neris.

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After three year of negotiations – freer entry to Russia
After three year of negotiations – freer entry to Russia

After three years of negotiations Lithuanian National Road Carriers’ Association Linava has been informed by the Customs Service of the Russian Federation that customs officers were ordered not to carry out additional screening of Lithuanian goods and vehicles, according to ELTA. According to the president of Linava Algimantas Kondrusevičius, the Customs Service of Russia not only discontinued additional screening, but also abolished the lists of reliable and unreliable carriers.

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Lithuanian toilet paper maker awarded EU Eco-label Flower
Lithuanian toilet paper maker awarded EU Eco-label Flower

Sanitary paper products manufactured by Grigiškės AB were awarded the EU Eco-label Flower, NASDAQ OMX Baltic reports. Grigiškės AB is the first company in Lithuania to be awarded this label by the Environmental Protection Agency. The EU eco-label is awarded to goods and services meeting the environmental demands for EU eco-labelling scheme, reports LETA/ELTA.

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Lithuanian retail chain – one of the largest in Georgia
Lithuanian retail chain – one of the largest in Georgia

Company “Ioli Supermarket Ltd.”, which was established by Lithuanians and manages the distribution network “IOLI Gastronomia”, has acquired another distribution network in Georgia “Populi” and became the largest retail network of the necessity goods in the country, delfi.lt reported on August 2nd.

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Lithuania suggests strengthening the Nordic bow cooperation
Lithuania suggests strengthening the Nordic bow cooperation

Lithuania suggests making better use of the opening opportunities for the cooperation of the so-called Nordic Bow that includes the Nordic-Baltic countries and the United Kingdom. On 18 July in Vilnius, Lithuanian Minister of Foreign Affairs Audronius Ažubalis met with Secretary of State for Foreign and Commonwealth Affairs of the United Kingdom William Hague to discuss cooperation opportunities.

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Lithuania and Turkey
Lithuania and Turkey

On 2 July in Vilnius, Lithuanian Vice-Minister of Foreign Affairs Egidijus Meilūnas met with the new Ambassador of Turkey to Lithuania Akın Algan to discuss the development of bilateral relations and prospects of economic cooperation. 

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Agreement to expend legal framework for bilateral cooperation
Agreement to expend legal framework for bilateral cooperation

On June 27 in Vilnius, Minister of Foreign Affairs of Lithuania Audronius Ažubalis held a meeting with Minister of Foreign Affairs and Cooperation of Mauritania Hamadi Ould Baba Ould Hamadi, during which he stressed Lithuania’s wish to strengthen bilateral and multilateral cooperation with Mauritania, and to further economic relations. They also agreed to expand legal framework for bilateral cooperation.

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Vilnius chosen as springboard for European expansion
Vilnius chosen as springboard for European expansion

GRG Banking Equipment, China’s largest provider of currency recognition and cash processing solutions, is opening its doors in Vilnius, investlithuania.com reported on 26 June. One of the ten largest companies in this field and rapidly expanding all over the world, GRG Banking Equipment has chosen Vilnius as a springboard for its further expansion in Europe.

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Lithuanian and Turkish bilateral relation, Turkey's EU integration
Lithuanian and Turkish bilateral relation, Turkey's EU integration

On June 22 in Vilnius, Minister of Foreign Affairs of Lithuania Audronius Ažubalis and Chairman of the NATO Military Committee Knud Bartels discussed the progress of the Lithuanian Energy Security Centre in achieving the status of a NATO's Centre of Excellence.

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Developments are Afoot
Developments are Afoot

Aidas Laurinavičius, the director for commerce at Vilnius International Airport, is full of ideas for making the rapidly expanding airport even more attractive to passengers. A new terminal has recently opened. A special train now takes passengers from the airport to the railway station. Next year the airport hotel will be modernised, and passengers will be offered attractive new services. A separate VIP lounge will be available for businessmen.

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Vilnius has the fastest Internet in the world
Vilnius has the fastest Internet in the world

“Skynet” Network Operations Center Deputy Vladimir Kiseliov said that the current record of the Internet speed has been achieved with the help of high quality equipment, which was chosen in the right time and utilised professionally.

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IT destiny in 2012
IT destiny in 2012

Information technology has developed a lot and it has become an integral part of important business processes. That is why, leaders of organizations and specialists are wondering, what is the future of IT in 2012? Here are the forecasts of IT specialists in 2012.

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Significant percentage of all companies are going to invest in advertising on the internet
Significant percentage of all companies are going to invest in advertising on the internet

Lithuanian Marketing Association and the “Business News” marketing specialists carried out a survey in December. The results showed that even 65.7 percent of companies are about to increase marketing costs for advertising on the Internet this year. Overall, in 2012, 53.4 percent of companies are about to rise marketing budget. It is almost 6 percent more than previous year. 8.6 percent of all questioned are going to increase the budget for more than 50 percent. Meanwhile, only 18.6 percent of questioned are going to reduce marketing costs.

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Gross GDP increased in all Lithuanian counties during last year
Gross GDP increased in all Lithuanian counties during last year

Statistics Lithuania reports that, based on non-final data, in 2011 gross domestic product (GDP) increased in all counties. The contribution of the regions to the country’s GDP was very different. 

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Lithuanian meat industry: Local pigs are not enough
Lithuanian meat industry: Local pigs are not enough

A Lithuanian can hardly imagine his or her daily meal without a pork stake or a chicken wing. If experts be trusted, it can soon change. According to scientist of Stockholm International Water Institute, meat might well become a luxury product by 2050.

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Americans and Poles are to explore Lithuanian gas reserves
Americans and Poles are to explore Lithuanian gas reserves

Polish oil company LOTOS Group together with American CalEnergy Resources Ltd are working towards establishing a joint company for shale gas extraction in Lithuania, reported delfi.lt, referring to an article by onet.pl, based on Interfax Global Energy Services’ information.

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Cumulative foreign investment totaled 38.6 billion
Cumulative foreign investment totaled 38.6 billion

In financial news, the Bank of Lithuania revealed its latest economic figures for foreign direct investment (FDI) to the nation. Cumulative foreign investment totaled 38.6 billion litas (EUR 11.2 b) at the end of June, approximately 12,112 litas per capita. This represents a 0.1% GDP for period examined (58.5 million litas) in net FDI outflow.

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SOE profits up 350% in 2011
SOE profits up 350% in 2011

The results of state-owned enterprises (SOEs) keep improving and the net profit of SOEs (including special taxes to the State) was LTL 246.6 million in 2011, which was 3.5 times more than the previous year (this sum excludes losses of LTL182 million due to the bankruptcy of the Bankas Snoras). 

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Lithuania’s GDP grew by 3% in first half of 2012
Lithuania’s GDP grew by 3% in first half of 2012

Lithuania ’s gross domestic product (GDP) grew by 3 percent in the first half of 2012, year-on-year, to 53.351 billion litas at current prices, Statistics Department of Lithuania reported on 30 July. According to the Department, in the second quarter alone, the Lithuanian economy expanded by 2.1 percent, year-on-year, to 28.053 billion litas.

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President: after 2 years of economic growth, it is possible cautiously to raise salaries
President: after 2 years of economic growth, it is possible cautiously to raise salaries

As economists, financial analysts speak about the second wave of the crisis, President Dalia Grybauskaitė says that Lithuania is still able to afford thinking about the careful and estimated increase of wage. However, according to the President, wage increase can not lead to the budget deficit higher than 3 percent, Delfi.lt reported on 23 July.

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