THE VOICE OF INTERNATIONAL LITHUANIA
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VilNews has a new contributor, Frank Passic from Michigan, USA, who will be sharing with us his vast knowledge about Lithuanian numismatics. The above photo shows Frank’s grandfather who came to USA from the Varniai area in Western Lithuania near Telšiai in 1911. He had just won a fishing contest and was very proud…
Dear readers, we are delighted and honoured that Mr. Frank Passic from Michigan, USA, has graciously offered to share with us his vast knowledge of Lithuanian numismatics. Frank has collected, researched, and written about Lithuanian numismatics for many years. His educational displays of Lithuanian money have won numerous awards at state and national coin shows in the United States. Of Lithuanian heritage, his maternal grandparents emigrated from Lithuania to America just prior to World War I. Frank may be contacted at: albionfp@hotmail.com
He is one of the founders of the Lithuanian Numismatic Association which we operated for 30 years beginning in 1978. Some of his major articles about Lithuanian money are found on the www.albionmich.com website. On the homepage on the right, click on "FRANK PASSIC, Albion Historian." Scroll down to where it says "LITHUANIAN ARTICLES" and click. You'll get a listing. Some articles of interest are: The medals of Petras Rimsa; Displaced Persons Camp Money, Lithuanian Lodge tokens of Chicago," and others.
There is also a book published by the Michigan State University Press in 2009 entitled "Lithuanians in Michigan" by Marius Grazulis which is interesting. It is still in print and available. It has a picture of Frank’s maternal grandfather Nikodemas Kulikauskas (1890-1975). He had come to America from Lithuania in 1911. He was from the greater Varniai area. The above photo of his grandfather is a classic photo of him when he worked at the local factory in Michigan. He had won a company fishing contest and he was so proud!
More articles to follow!
VilNews has a new contributor, Frank Passic from Michigan, USA, who will be sharing with us his vast knowledge about Lithuanian numismatics. The above photo shows Frank’s grandfather who came to USA from the Varniai area in Western Lithuania near Telšiai in 1911. He had just won a fishing contest and was very proud…
Dear readers, we are delighted and honoured that Mr. Frank Passic from Michigan, USA, has graciously offered to share with us his vast knowledge of Lithuanian numismatics. Frank has collected, researched, and written about Lithuanian numismatics for many years. His educational displays of Lithuanian money have won numerous awards at state and national coin shows in the United States. Of Lithuanian heritage, his maternal grandparents emigrated from Lithuania to America just prior to World War I. Frank may be contacted at: albionfp@hotmail.com
Palle Gravesen Jensen.
A Danish expat to Lithuania, owner of two manufacturing companies, Electronic House and Metalco Baltic. Member of the board of the Danish Chamber of Commerce (DCC) in Lithuania. His family was one of the three families founding the Vilnius International School.
There are a number of issues to discuss with regards to Lithuania of today, the country I made my own 16 years ago, moving from my homeland Denmark.
One particular question, however, comes to my mind again and again: What is this country going to live on 20 years from now. It is a big question. My concern is there will not be much at all if nothing is done immediately.
The first Baltic store of IKEA, the world's leading furniture retailer, is going to be opened in Vilnius in 2013, with more than 100 million euros to be invested in what will be the largest furniture retail complex in the Baltics.
The owners of UAB Felit currently own and operate the IKEA franchise in Iceland, Miklatorg hf., and have a long track-record in the retail business as well as developing and operating commercial real estate such as shopping centres.
Commenting on the announcement Mr. Sigurdur Palmason, Chairman, UAB Felit says: “We are delighted to soon be on the ground in Vilnius. When IKEA enters a new country it is a significant investment and a long term commitment. We are confident that the IKEA concept will appeal to the people of Lithuania and as the IKEA vision states, create a better everyday life for the many people.”
Swedbank provided funding in the amount of EUR 30m to the Company Fe Real Estate investing in the acquisition of the land plot and construction of the IKEA shopping centre. It is planned that the shopping centre and the enterprise park will grow near Vilnius International Airport in 2013. Swedbank will be the main creditor of the construction operations of the would-be shopping centre.
“IKEA’s entrance to the Lithuanian market was long-awaited. We appreciate partnership with this company and are happy that our financial solutions will contribute to the implementation of the project“, – says Vytautas Bučiūnas, Head of the Corporate Banking division at Swedbank in Lithuania.
Antanas Danys,
Head of Swedbank Lithuania.
Swedbank Lithuania reported a profit of LTL 162m in Q4 and LTL 592m for 2011. Net profit increased by LTL 554m year on year. The improved result was mainly due to net recoveries.
Excluding impairments, the bank’s profit amounted to LTL 330m in 2011. Total income increased by LTL 90m in 2011 and reached LTL 711m.
In 2011 GDP grew by 5.8 per cent in Lithuania compared to the previous year. Overall economic growth was more broadly-based, and was mainly driven by exports as well as domestic demand that grew considerably during the second half of 2011. GDP growth is expected to slow down in 2012 due to euro-zone issues and a deteriorating global outlook.
"The increase in Swedbank’s net profit goes hand in hand with Lithuania’s successful return to growth in 2011. A positive economic outlook as well as the improved financial situation of our customers are both reflected in net recoveries, which continued to improve, - said Antanas Danys, Head of Swedbank Lithuania. However, the growth is expected to slow down in 2012 due to challenges in the global macro environment that were already visible in Q4 2011. The profit allows us keeping the bank well-capitalised and ready for facing the external risks”.
Jonas Basanavičius,
the "Patriarch of Lithuania".
On the 16th of February it was exactly 94 years since a group of brave men wrote the Lithuanian declaration of independence after the country had been under Tsarist Russia's iron heel through more than 100 years. These men represented a generation that certainly felt an overwhelming sense of pride at the dawn of renewed independence.
What these men presented from the balcony of a house in Pilies street here in Vilnius Old Town was not much more than a piece of paper. But it was a paper that symbolized a nation willing to throw off the yoke. A nation that had won back its self respect and dignity in spite of the injustice and oppression that had been going on since the Russian occupation started in 1795.
We salute these men for their courage and foresight. We salute them because they, in faith, hope and dignity clearly showed that Lithuania wanted to live up to its proud history as a nation of greatness.
Great nations are founded on self-belief!
Comments:
Rokas Bancevičius, Senior analyst, DNB Bank.
This year we celebrate the independence day of Lithuania surrounded by the uncertain economic environment. Lithuania was one of the top growing economies in the EU in 2011 but we are not expecting more of the same in 2012. The key challenges for Lithuania this year will be escalations of debt crisis in the eurozone and the general elections in Lithuania this autumn.
Lithuania’s GDP expanded by an impressive 5.8% last year up from 1.4% in 2010. This result is second best in the EU as Lithuania is surpassed by Estonia only. Lithuanian exports expanded by 16% yoy in real terms in the first nine months of the year. However, the end of 2011 witnessed an economic slowdown as contracting EU economy and uncertainty over sovereign debt crisis started weighting on Lithuanian business. This effect was especially pronounced for exporters.
While 2011 was a successful year for Lithuania, future holds several major challenges. The most prominent is the Europe’s sovereign debt crisis that has already started weighting on the real sectors with EU’s economy contracting in the last quarter of 2011 by 0.3 per cent. This will affect Lithuania’s exports more than half of which goes to EU members. On the positive side, Lithuania mostly exports to countries with relatively good growth prospects - Germany, Poland, Latvia, Estonia and non-EU Russia. According to the survey of Lithuanian Manufacturers, undertaken by Lithuanian Manufacturers Confederation, 53 per cent of industry managers expect stable (neither higher nor lower) amount of export orders in 2012.
Another major concern when looking into 2012 is Lithuania’s refinancing risk. Government has to refinance c. LTL5.7bn (EUR1.65bn) of debt and to borrow additionally c. LTL3bn (EUR0.86bn) to cover budget deficit. Government has already raised c. LTL4bn (EUR1.15bn) by issuing a 10-year USD denominated bond at the yield of 6.75%. This sum is sufficient to meet all obligations in the coming months and to redeem EUR1bn bond maturing this May. Nevertheless, government will still have to tap international markets again later this year. Should market funding become too expensive, government might be forced to turn to IMF for an emergency loan. This could result in additional austerity measures and more output contraction. However, this risk was diminished by recent developments in Greece where politicians passed additional austerity measures.
Lithuania’s internal problems are as prominent as external ones. Labor market remains weak. While number of unemployed people fell by a fifth last year to 222 thsd. level of unemployment remained high at 13.9% at the end of 2011. This weighs on consumer confidence and limits growth of domestic demand. The problem is structural unemployment as companies report the lack of skilled labor force while majority of unemployed are not qualified or have liberal art degrees. This as well as emigration will have severe negative consequences on economic growth and state finances in the long-run. Nevertheless, the short-run economic developments will depend on the solutions of the Eurozone crisis and on the outcome of elections in Lithuania this autumn.
The risk of overspending by politicians in the pre-election cycle did not materialize in Lithuania as Government continued its budget consolidation in 2012. However, the uncertainty of the outcome of the new ruling coalition and the uncertainty whether the new Government continues with the current fiscal conservativism and strategic projects (LNG terminal and Visaginas power plant) makes it very difficult to forecast for 2013.
Overall, 2012 will be the year of slower growth and further stabilization in the economy. We expect Lithuania’s GDP to grow in the region between 2.5 – 3 per cent compared to 5.8 per cent in 2011. If Greece crisis is contained and Europe returns to growth at the second half of 2012 Lithuanian economy will end up growing at the higher rate of this range.
Rokas Bancevičius, Senior analyst
Rokas Bancevičius is an acting head of the DNB Economic Research Unit. He holds MSc in Economic and Social History from Oxford University and BSc in Economics from University of Birmingham.
Rokas Bancevičius, Senior analyst, DNB Bank.
This year we celebrate the independence day of Lithuania surrounded by the uncertain economic environment. Lithuania was one of the top growing economies in the EU in 2011 but we are not expecting more of the same in 2012. The key challenges for Lithuania this year will be escalations of debt crisis in the eurozone and the general elections in Lithuania this autumn.
Overall, 2012 will be the year of slower growth and further stabilization in the economy. We expect Lithuania’s GDP to grow in the region between 2.5 – 3 per cent compared to 5.8 per cent in 2011. If Greece crisis is contained and Europe returns to growth at the second half of 2012 Lithuanian economy will end up growing at the higher rate of this range.
Illustration: http://www.dailymail.co.uk
Eastern European criminals were responsible for more than 11,000 crimes in London last year. Nationals of Poland, Romania and Lithuania were most likely of all foreigners to be prosecuted by the police, an investigation has revealed, according to Mail Online.
Overall, foreigners are accused of one in four of all crimes committed in London.
Astonishingly, they make up nine out of ten drug suspects and are responsible for more than one in three sex offences.
One in four of the East European assailants were Lithuanians, while criminals from Poland
accounted for around 50%. But the percentage in proportion to population shows that Lithuania towers on top with a huge margin. In relation to population there were committed 6.5 times more crimes by Lithuanians than by Poles!
Terrible statistics for a small country that so desperately needs good forces in the recovery and new prosperity after all the years of Soviet oppression.
A report published by Associate Professor Aurelijus Gutauskas at Mykolas Romeris University's Law Faculty gives a very interesting insight into how the economic downturn has led to increased social disparities, crime, fraud and widespread shadow economy in Lithuania, ref https://vilnews.com/?p=6312#idc-container
EU homicide rate per 100 000 population,
average per year, 2007-2009
Homicide is a type of violent crime, and is defined as the intentional killing of a person, including murder, manslaughter, euthanasia and infanticide. It excludes death by dangerous driving, abortion and help with suicide. The national figures indicatethat Lithuania and Estonia have by far the highest incidence of homicides (over 8 and 5 victims respectively per 100 000 population).
Illustration: http://www.dailymail.co.uk
Eastern European criminals were responsible for more than 11,000 crimes in London last year. Nationals of Poland, Romania and Lithuania were most likely of all foreigners to be prosecuted by the police, an investigation has revealed, according to Mail Online.
Overall, foreigners are accused of one in four of all crimes committed in London.
Astonishingly, they make up nine out of ten drug suspects and are responsible for more than one in three sex offences.
One in four of the East European assailants were Lithuanians, while criminals from Poland
accounted for around 50%. But the percentage in proportion to population shows that Lithuania towers on top with a huge margin. In relation to population there were committed 6.5 times more crimes by Lithuanians than by Poles!
Terrible statistics for a small country that so desperately needs good forces in the recovery and new prosperity after all the years of Soviet oppression.
A report published by Associate Professor Aurelijus Gutauskas at Mykolas Romeris University's Law Faculty gives a very interesting insight into how the economic downturn has led to increased social disparities, crime, fraud and widespread shadow economy in Lithuania, ref https://vilnews.com/?p=6312#idc-container
EU homicide rate per 100 000 population,
average per year, 2007-2009
Homicide is a type of violent crime, and is defined as the intentional killing of a person, including murder, manslaughter, euthanasia and infanticide. It excludes death by dangerous driving, abortion and help with suicide. The national figures indicatethat Lithuania and Estonia have by far the highest incidence of homicides (over 8 and 5 victims respectively per 100 000 population).
According to Mayor of Vilnius Arturas Zuokas, the new airline will be named .airLituanica after the plane of the two American-Lithuanian pilots, Steponas Darius and Stasys Girenas who in 1933 tried to beat Charles Lindberg’s non-stop distance record across the Atlantic by flying from New York City to Kaunas. Their Lituanica was an Bellanca CH-300 Pacemaker airplane. After successfully flying 6,411 km, it crashed, 650 km from its destination, Kaunas. Both pilots were killed.
Ref: https://vilnews.com/?p=8867
Lithuanian authorities are taking steps to create a national carrier. According to Mayor of Vilnius Arturas Zuokas, the airline will be named .airLituanica, reported Diena.lt.
Lithuania leaders have criticized the current situation and say that every EU member states except Lithuania has its own national carrier.
Lithuania on Friday warned that would-be EU member Serbia has yet to meet the conditions to be granted formal candidate status next month, amid a diplomatic spat between the two countries.
"We regret that none of the conditions set at December's European Council summit have been fully implemented," foreign ministry spokeswoman Margarita Butkiene told AFP.
"We believe that the EU must demand from Serbia full implementation of the stated conditions," she added.
She underscored Serbia's failure to comply with demands for progress in EU-brokered talks on Kosovo, a mainly ethnic-Albanian region whose split four years ago Serbia has refused to recognise.
Wieslaw Prugar, CEO of Orlen Upstream, and president of the Polish Exploration and Production Organization, says that the recoverable reserves of shale gas in Poland are probably several times fewer than 5.3 tcm, as estimated by the U.S. Energy Information Administration.
Similarly, less optimistic predictions were given by Pawel Poprawa of the Polish Geological Institute. “The [American] report overestimates acreage and production volume per unit,” Poprawa recently told Natural Gas Europe.
Wieslaw Prugar, speaking to a reporter from PiN Radio, also commented on the Polish government's shale gas development plans. According to Minister of Treasury Mikolaj Budzanowski, a production scale of at least 0.2 - 0.3 bcm should be reached no later than in 2015.
Jonas Basanavičius (23 November 1851 – 16 February 1927) was an activist and proponent of Lithuania's National Revival and founder of the first Lithuanian language newspaper Aušra. He was a signatory of the Act of Independence of Lithuania on 16 February 1918 Basanavičius is often given the unique informal honorific title of the "Patriarch of the Nation" for his contributions and help in re-establishing the Lithuanian state.
By Aage Myhre, Editor-in-Chief
aage.myhre@VilNews.com
“A man's country is not a certain area of land, of
mountains, rivers, and woods, but it is a principle;
and patriotism is loyalty to that principle.”
- George William Curtis
It is 16 February 2012. It is today exactly 94 years since a group of brave men wrote the Lithuanian declaration of independence after the country had been under Tsarist Russia's iron heel through more than 100 years. These men represented a generation that certainly felt an overwhelming sense of pride at the dawn of renewed independence. The Act of February 16 was signed by all 20 representatives of the Council of Lithuania, proclaiming the restoration of an independent State of Lithuania, governed by democratic principles. The meeting and signing procedures were chaired by Jonas Basanavičius, the man often given the unique informal honorific title of the "Patriarch of the Nation" for his contributions and help in re-establishing the Lithuanian state.
What these men presented from the balcony of a house in Pilies street here in Vilnius Old Town was not much more than a piece of paper. But it was a paper that symbolized a nation willing to throw off the yoke. A nation that had won back its self respect and dignity in spite of the injustice and oppression that had been going on since the Russian occupation started in 1795.
We salute these men for their courage and foresight. We salute them because they, in faith, hope and dignity clearly showed that Lithuania wanted to live up to its proud history as a nation of greatness.
Great nations are founded on self-belief!
VilNews e-magazine is published in Vilnius, Lithuania. Editor-in-Chief: Mr. Aage Myhre. Inquires to the editors: editor@VilNews.com.
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