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THE VOICE OF INTERNATIONAL LITHUANIA

29 March 2017
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Section 12: BUSINESS, ECONOMY – INVESTMENTS

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Country comparator:
Lithuania has big
trouble growing

Country Current account balance (BoP, current US$) Inflation, consumer prices (annual %) GDP growth (annual %) GDP per capita, PPP (current international $) GINI index ()
United States -470.902 1.64 3 47153.01 40.81
Canada -49.307 1.777 3.215 39050.17 32.56
Estonia 0.673 2.974 3.105 20663.43 36
Lithuania 0.534 1.318 1.33 18147.98 37.57
Norway 51.444 2.399 0.677 57230.89 25.79
Sweden 30.408 1.158 5.61 39024.17 25

BoP: Balance of Payments.
GDP: Gross Domestic Product.
GINI index: measures the extent to which the distribution of income or consumption expenditure among individuals or households within an economy deviates from a perfectly equal distribution.

The latest comparative data show that Lithuania has big trouble growing even with the unprecedented sacrifices of the austerity policies by the Kubilius Government; and from very low levels. This data confirms my earlier predictions of big financial-economic collapse in Lithuania: bank and company bankruptcies.

Val Samonis
Toronto, Canada

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Category : Business, economy, investments / Front page

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Opinion: Irene Simanavicius, Toronto:

Invite Brazil
to Tea


Three decades ago, for example, the Brazilian government gave aircraft manufacturer Embraer lucrative contracts and various subsidies, recognizing that it could potentially find a niche in producing smaller, regional aircraft. Private investors were dubious of Embraer’s chances. Had it relied solely on private investment, the company probably would have failed; instead, it flourished, becoming the world’s biggest maker of regional jets.

My question is... What is Lithuania going to do to get top tier corporations to take Lithuania seriously? Lithuania needs to get on board especially now with the slow economic temperature in Europe, we need investors that will TRUST Lithuania. We need Lithuania to trust Lithuania. We need to be investing in the country, providing jobs for Lithuanians, introduce some level of security for Lithuania.

Lithuania NEEDS a strong economy!

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Category : Business, economy, investments

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AAA rated nations worldwide:
8 of 10 top rated nations
located in North Europe!

Least risky countries, Score out of 100
Country risk rankings (June 2012)
Source: Euromoney country risk 
http://en.wikipedia.org/wiki/Credit_rating
RankPreviousCountryOverall score
11Norway90.37
22Switzerland88.83
33Singapore88.03
44Luxembourg87.90
54Sweden86.79
65Finland84.30
77Canada84.26
88Denmark83.52
99Netherlands83.07
107Germany82.24

It may surprise many that eight of the top ten countries in the world enjoying AAA rating from Standard & Poor’s are located in Northern Europe, and that all four Scandinavian countries are among these eight. The only non-European countries on this distinguished list are Canada and Singapore, while countries like the U.S., Japan and China have to accept lower rank.


Click on the map for higher resolution.

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Category : Business, economy, investments

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3 UPCOMING CONFERENCES:

Baltic Dynamics 2012
September 13th - 14th in Vilnius

We would like to attract your attention to the international conference

„BALTIC  DYNAMICS  2012 : THE ROLE OF SCIENCE AND TECHNOLOGY PARKS IN SUPPORTING ENTREPRENEURIAL COMMUNITY“

which takes place in Vilnius Radisson BLU Hotel (Konstitucijos 20) on September 13th and 14th, 2012.

The conference will present the newest facts on innovation and business / SMEs in the Baltic, as well as detailed discussions on public entrepreneurial support, the role of science and technology parks, intellectual property management, international cooperation in the field of innovation, among others.

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Category : Business, economy, investments / Front page

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Lithuania: Your strategic
gateway to Europe

September 21st in Chicago

The annual World Lithuania Economic Forum (WLEF) this year takes place in Chicago September 21st. This year's conference is entitled Lithuania: Your Strategic Gateway to Europe.

The conference will convene business professionals from corporations that have operations in, or looking to establish operations in Lithuania; senior-level government officials responsible for attracting FDI to Lithuania; and entrepreneurs exploring opportunities in Lithuania.

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Category : Business, economy, investments / Front page

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Baltic Investors Forum
October 25th - 26th in Vilnius

Mark your calendar to make sure you attend the first Baltic Region Investors Forum.
The two-day international event of the highest level for business international development, investment promotion and future economic prospects already presents over 30 prominent speakers.

For the first time in Baltics:
Dr. Nouriel Roubini,Co-founder and Chairman, Roubini Global Economics 
Mr. Richard C. Koo,Chief Economist, Nomura Research Institute  

Register to Forum online          Get your Program online 

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Category : Business, economy, investments / Front page

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The new President of Lithuanian Industrialists' Confederation,
Robertas Dargis, about the financial crisis in Lithuania:

Our government
has failed


ROBERTAS DARGIS
Photo: Irmanto Gelūno/
www.15min.lt

“We took the easiest way – additional borrowing. The rate of change in our sovereign debt is enormous compared to other European countries. We had a debt of 17.4 billion litas (5 billion euros) and over the four years of the crisis, it has swollen to 51 billion (14.8 billion euros) – that's the figure we're having by the end of this year. Such a hike in debt is very dangerous to the state, so at least today, we must choose measures that make future predictable.”

The Lithuanian Industrialists Confederation (LIC) has elected a new president – businessman Robertas Dargis, CEO of the Eika Group. He says business is every country's engine for progress and not, as some imagine, a clique of self-seeking lobbyists.

Dargis, who runs a construction company, defeated a strong competitor in his running for presidency – Visvaldas Matijošaitis, CEO of Vičiūnų Group. Dargis succeeds the previous LIC president, late Bronislavas Lubys, and will head the organization for four years.

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Category : Business, economy, investments / Front page

Klaipedos Nafta has one of the most up-to-date oil terminals in Europe

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Rokas Masiulis,
General Manager of Klaipedos Nafta

Rokas Masiulis has huge challenges, both behind and in front of him. As head of the giant oil terminal belonging to Klaipedos Nafta, he has had good success, and has this year also delivered remarkable economic performance for the company that in essence is owned by the Lithuanian State. Now it's planning and development of the increasingly well-publicized LNG terminal that lies in front of him. The president and the government have decided that the LNG venture will be a project of national concern..

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Category : Business, economy, investments / Front page

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Russian Rouble –
invented in Lithuania?

What would you think if you found out that experts believe that the Rouble did not originate in Russia? What would you think if you found out that these same experts believe the Rouble originated in Lithuania and then later migrated to Russia?

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Category : Business, economy, investments / Front page

OPINIONS

Have your say. Send to:
editor@VilNews.com


    • Greeks won, Lithuanians lost!
      By Val Samonis

      Before they realized what is going on and who was robbing them, the Lithuanian people got clubbered by PM Kubilius’ ambitious austerity policy and the younger ones started emigrating in catastrophic numbers, seeing no future in the country whose GDP was reduced (from a low post-Soviet level) by some 20% by the combination of the old nomenklatura rent-seeking policies and the global Great Recession. Lithuania is hollowing out, unfortunately.

      Read more…
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    • A far too bright picture of the present reality
      By Aage Myhre, Editor-in-Chief

      The above post from Val Samonis, where he compares “crisis-hit” Greece and a Lithuania supposed to be quickly recovering from the 2008 crisis, internationally praised for its austerity measures, calls for reflection.

      The difference is that while the people of Greece protest and angrily demonstrate in the streets of Athens, people here only become more and more bitter, emigrate, begets crime in other countries, etc. 

      Lithuania's elderly and disadvantaged people who have seen their minimum pensions drastically cut, and mothers seeing that the child benefits are completely removed as concept, they bow their necks and become even more active in growing potatoes on their garden spots outside the city instead of standing up against the government’s unfair measures against them... 

      This country's politicians claim they have been the smartest in ...
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    • What is this country going to live on 20 years from now?

      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.
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    • New Chairman of the Bank of Lithuania

      Vitas Vasiliauskas

      Friday the Seimas of the Republic of Lithuania decided to appoint Vitas Vasiliauskas as the Chairman of the Board of the Bank of Lithuania. The decision comes into force as of 16 April 2011.
      The current Chairman of the Board of the Bank of Lithuania Reinoldijus Šarkinas congratulated Vitas Vasiliauskas on this occasion.
      "I wished the new Chairman of the Board of the Bank of Lithuania all the best", said Reinoldijus Šarkinas.
      The Chairman of the Board of the Bank of Lithuania is appointed for a term of five years by the Seimas of the Republic of Lithuania upon nomination by the President. The number of the terms of office is not limited.
      Reinoldijus Šarkinas has been holding the position of the Chairman of the Board of the Bank of Lithuania since 15 February 1996. After the end of his term of office, the Seimas has authorised Reinoldijus Šarkinas to continue working as the Chairman of the Board of the Bank of Lithuania until 15 April 2011.
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    • Independence day commemoration
      In connection to this year’s Lithuanian Independence Day, it might be of your interest to know that in 1938 there was printed an unissued ten litu banknote commemorating the 20th anniversary of Lithuanian independence 1918-1938.

      President Smetona and the Declaration of Independence is on the note’s face, and the Council of Lithuania is on the back. Smetona is interred in a mausoleum in Ohio.

      Submitted by Frank Passic, Albion, Michigan.
      Read more...



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