bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 24.10.2017 | Name days: Renāte, Modrīte, Mudrīte
LithuaniaLithuania

Week in Lithuania. Lithuanian Banks cautious on arival of UK‘s Revolut Limited

FaceBook
Twitter
Draugiem
print
(+1 rating, 1 votes)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

Stasys Kropas, president of the Lithuanian Banks‘ Association, has expressed cautiousness about the accession of UK-based financial services and payments company Revolut Limited to Lithuania.

«The competition is increasing, and it is a good thing, the bank of new technologies gives challenges and new opportunities, however, we should bear in mind that the rules of the game should be equal for all. For instance, the client identification procedure should be analogous for banks and payment companies, while Revolut has simplified schemes for smaller transactions, which are not allowed for banks in Lithuania,» Kropas said in a statement.

«If the banking infrastructure is used for Revolut operations, the outcome will be one side maintaining the sector and the other just enjoying and using the result. Therefore, the most important thing is identical regulation for analogous services,» the president noted.

In his words, the participation of the central Bank of Lithuania in such «business projects» is also alarming.

«The central bank signs an agreement with a business enterprise, which comes to compete with banks. I immediately get suspicious that the central bank will not be neutral, as it is also developing its (payment) system and wants all new players to join its system rather than choose a European system. I believe this may involve some restriction of competition and a conflict of interests, » Kropas emphasised.

On Thursday, October 6, the Bank of Lithuania and Revolut Limited signed a memorandum of understanding. Revolut CEO Nikolay Storonsky said in Vilnius on Thursday that the company would soon open a subsidiary in Lithuania with initial staff of up to 40 specialists, with plans to open a specialized bank here in the future.

Lithuanian injured by militants off Yemen

The Lithuanian Foreign Ministry said on Thursday, October 6, that it had no information about a Lithuanian citizen having been injured in an attack by militants on a civilian ship off Yemen. The Foreign Ministry of the United Arab Emirates said that the crew of the ship comprised 24 civilians from India, Ukraine, Egypt, Jordan, the Philippines and Lithuania. According to the UAE ministry, the ship was attacked by militants off the coast of Yemen as it was carrying assistance. Yemenis and passengers aboard the ship were wounded. Lithuanian diplomats on Thursday sent a note to the United Arab Emirates, asking for information about the incident close to Yemen where a Lithuanian citizen may have been affected in an attack of a civilian ship.The Foreign Ministry of the United Arab Emirates has said that those injured in the attack were receiving medical treatment in the UAE.

Fertilizer company under criticism over African imports

The Saharawi Arab Democratic Republic‘s government has condemned the resumption of phosphate rock shipments from Western Sahara to Lithuania. CEO of Lifosa, the Lithuanian fertilizer company, has assured that its imports came from Morocco and did not know the origin of the raw materials. A cargo of 75,000 tons is due to be received by the Lithuanian fertilizer company AB Lifosa in Klaipėda later this week, the country‘s state-run news agency Sahara Press Service said. According to the report, Lifosa was the last company in 2015 to terminate trade with Western Sahara, while Lithuania remains the second-largest buyer of phosphates from the African country.

PM campaigned in native town

Lithuania‘s Prime Minister Algirdas Butkevičius, the leader of the Social Democrats, has take unpaid holiday to meet the electorate of Vilkaviskis, southern Lithuania, ahead of the parliamentary election this Sunday.

Lithuanian, Estonian ministries on MH17 findings

The Lithuanian and Estonian foreign ministers expect that international investigator‘ findings on the downing of a Malaysia Airlines jet over eastern Ukraine in 2014 «will open the eyes of some colleagues.» Dutch-led criminal investigators delivering their verdict on MH-17 plain disaster. The ministries underlined that they currently saw no reason for lifting the sanctions against Russia. The EU and US sanctions on Russia‘s financial, military and oil sectors were imposed in the summer of 2014 in the wake of the Malaysia Airlines’ flight MH17 crash in eastern Ukraine.

Voter turnout is much higher

Over 36,000 voters cast ballots in the first day of early voting in Lithuania’s parliamentary elections on Wednesday, October 5, which is an increase by 10,000 voters than in the same period of the last 2012 elections. According to data provided by the Central Electoral Commission, votes were cast by 36 827 voters on Wednesday, October 5, i.e., 1.48 percent of the electorate. This includes 29 852 voters who voted in municipalities and 6 975 voters in special post offices. Meanwhile, the voter turnout on the first day of early voting in the 2012 elections was 26 816 or 1.04 percent of the electorate, including over 19 000 in municipalities and about 7 000 in special post offices.

Deputy EIC leaves Lietuvos Rytas daily

Liudas Dapkus, deputy editor-in-chief at the daily Lietuvos Rytas and editor-in-chief at the Lrytas.lt news website, said on October 5 that he is leaving Lietuvos Rytas. «It‘s time for new horizons, challenges and discoveries,» Dapkus said on Facebook. Dapkus has worked interruptedly at Lietuvos Rytas since 1991.

Carlson Rezidor brings first Radisson RED to Lithuania

Rezidor, a member of the Carlson Rezidor Hotel Group, has announced of the signing of the first Radisson RED in the Baltics, Russia & CIS region. The hotel will be in Vilnius city centre, next door to the existing Radisson Blu Lietuva hotel and only a short walk from the historical Old Town. The around 200 room Radisson RED Vilnius is expected to open its doors by early 2020.

President extends condolences to Haiti

President Dalia Grybauskaitį on Friday, October 7, extended condolences to Haiti‘s acting President Jocelerme Privert over the loss of hundreds of lives in the hurricane.«On behalf of the people of Lithuania and on my own behalf, I extend deep condolences over hundreds of lives lost and the enormous damage sustained due to the devastating hurricane. It has brought extreme pain to all, posing a huge challenge to your country,» the president wrote in her message of condolences.

Biochemist awarded Warren Alpert Prize

Professor Virginijus Šikšnys, biochemist of the Vilnius University‘s Institute of Biotechnology, has been awarded the elite Warren Alpert Foundation Prize for his remarkable contribution to the understanding of the CRISPR bacterial defense system and the revolutionary discovery that it can be adapted for genome editing.At a ceremony at the Harvard Medical School, Šikšnys was awarded along with four other researchers, sharing a prize of 500 000 US dollars, the Vilnius University said. By now, 54 scientists have received a total of 3 million US dollars. Eight of them were later awarded the Nobel Prize.

Financial sector ready for risks

Risks from Sweden are alarming, however, the Lithuanian financial sector is ready, says Vitas Vasiliauskas, the chairman of the board of the central Bank of Lithuania who is currently participating in the International Monetary Fund annual meetings in Washington, DC.In his words, experts of the International Monetary Fund (IMF) issued warnings and recommendations about the increased risks in the Swedish financial sector, which Lithuania’s largest banks are closely linked to.Vasiliauskas noted that, in case of a unfavorable shock on the Swedish real estate market, for instance, sharp decline in housing prices, would possibly have an unwanted effect upon the Lithuanian financial system and the country‘s economy.

Investments moving from Estonia to Cyprus

Lithuania‘s foreign direct investment in Estonia shrank by 58.8 percent, to 89.4 million euros, in the first half of 2016 year-on-year, while the investment in Cyprus soared by 43 percent to 277.6 million euros, Verslo Zinios business daily reported.According to the report, Lithuania‘s corporate investment grew in vocational, research and technical operations in Cyprus, mainly business headquarters, while investments in Estonia declined in financial and insurance operations.Lithuania’s overall business investments abroad inched down by 0.6 percent year-on-year to 2.38 billion euros.

Lithuanian gas exchange to expand to Latvia, Estonia

Lithuania‘s gas exchange Get Baltic intends to expand to Latvia and Estonia next year to develop a unified trade system for all three Baltic states, which should facilitate deals among the countries.Unimpeded gas trade among the three Baltic states is still impossible, as Latvia has not yet liberalized its gas market and will only take the step next April. Furthermore, the entry-exit point system is still in effect in the Baltic countries, stipulating additional payment on each border for gas transportation. Consequently, gas purchased in Lithuania becomes more expensive upon arrival in Estonia.

LR chiefs advise against Rail Baltica deal

Executives of Lietuvos Geležinkeliai (Lithuanian Railways, LG), the Lithuanian state-run company that is the only firm that has not yet signed the public procurement deal of the European-gauge Rail Baltica project, have advised against signing the document – this would leave the company outside the contract.«The most rational way would be for Lietuvos Gelezinkeliai to exit the contract,» Darius Taraškevicius, adviser to LG CEO, told BNS Lithuania.In his words, the second proposed version is for Lietuvos Geležinkeliai to sign the contract with the proposed changes, while the third proposal is to put the LG CEO under the obligation of signing the contract as it is now.

Coca-Cola dismissing 64 employees

Coca-Cola, the biggest producer of non-alcoholic beverages worldwide, will dismiss 64 people in the wake of its recent decision to close its factory in Alytus, southern Lithuania.The Alytus territorial labor exchange has been notified about Coca-Cola HBC Lietuva‘s plans to make redundant 64 people between Deember 5 and February 6. The company currently has staff of 207, the Lithuanian Labor Exchange said.Opened in 1994, the factory in Alytus will be closed down in late November, with the production moved to Poland. Coca-Cola HBC Lietuva will keep its logistics center in Kaunas and will continue investing and distributing products in Lithuania, Latvia and Estonia.

RE market sees quiet start to fall

The first month of fall was a quiet one on the Lithuanian property market, with activity increasing by a mere 3 percent in September compared with August, figures from the Center of Registers showed on Thursday. A total of almost 89 700 real estate units changed owners in January through September, a rise of 13.4 percent year-on-year. In September alone, the number of purchase transactions totaled 10 900 units, up 3 percent month-on-month and up 7.8 percent year-on-year.A total of 25 200 apartments and nearly 7 400 single-family houses were sold in the country during the nine months, up 18.2 percent and 7.7 percent from a year ago, respectively.

Archaeologists reveal mystery of Klaipeda castle

Lithuanian archaeologists have established an island in the lower River Dange as the location of the first wooden castle built in 1252, thus revealing one of the biggest mysteries of the founding of the port city of Klaipeda, daily Lietuvos Žinios said on Friday, October 7. The castle was later replaced by a stone citadel.Archaeologists examined an area of 1 000 square meters, about 2-5 m deep.

Ref: 020/111.111.111.4164


Leave a reply

Pabriks: losing control over airBaltic would be a mistake for Latvia

«If attraction of an investor for Latvian’s national airline airBaltic results in full privatization of the company, Latvian state would make a strategic mistake,» says MEP Artis Pabriks.

Another person may be involved in NSL and ZZS illegal financing case

Corruption Prevention and Combating Bureau’s launched criminal process regarding possible illegal financing of parties To Latvia from the Heart and Union of Greens and Farmers has identified another involved person.

Mortality from strokes in Latvia may grow significantly in the near future

To raise awareness of the dramatic situation with strokes in Latvia and motivate decision-makers into improving stroke prevention measures and treatment and increasing funding for this area, cardiologists and neurologists invite officials to come to a discussion.

Pavļuts: party unions would be welcome, but not for politically technical reasons

In preparation for Saeima elections, unions should be considered by parties that have similar goals, not politically technical considerations, said Kustība Par leader Daniels Pavļuts in an interview to Rīta panorama programme.

Minister: changes in Russian schools needed for formation of unified political nation

Latvia requires a unified political nation, which is impossible to achieve living in different education spaces. With that, it is only natural for the process to progress towards our youth studying together, Latvian Education Minister Kārlis Šadurskis told Rīta panorama programme about the intended education reforms in Russian-speaking schools.

Czech election won by party of police-sought billionaire Babiš

In the parliamentary election of the Czech Republic, which took place over the weekend, centrist party ANO has won. It is chaired by billionaire Andrej Babiš, who has been stripped of the immunity of a member of parliament over suspected wrongdoing in attracting European Union farming subsidies.

Rīgas satiksme limits competition; agreements prevent ‘others’ from entering the market

Competition Council believes Rīgas satiksme’s contracts with private companies limit competition, because they prevent other players from entering the market, as reported by De Facto programme of LTV.

Weather will be clear and dry in Latvia at first; set to change in second half of the week

On Monday and Tuesday weather will be dictated by increased atmospheric pressure – weather will remain clear and dry. Wind will draw in from the east and south-east, which will be strong along the coast in Kurzeme, as reported by Environment, Geology and Meteorology Centre.

Spain denies effort to strip Catalonia of autonomy amount to coup

The Foreign Minister of Spain, Alfonso Dastis, has dismissed claims that the effort of the central government to introduce direct rule in the separatist region of Catalonia can be considered as a coup d'état as it is seen in Barcelona.

TM: the ministry is open for a full disposal of state-owned airBaltic shares

Latvian Transport Ministry is currently engaged in reviewing specific offers for attraction of investors for airBaltic. A full privatization of the company is not out of the question, says the ministry’s state secretary Kaspars Ozoliņš.

Week in Lithuania. Election watchdog’s decision puts budget grants for Liberals in question

A total of 45,336 euros in the costs of the training organised by an Institute of Applied Politics owned by Sarunas Gustainis, a former MP and former member of the Liberal Movement, for the party should be recognised as non-monetary contribution, says a task force established by the Lithuanian Central Electoral Commission.

BNN summary of the week: birth and death rates in Latvia turn out shocking. Gambling halls to close down

BNN offers a summary of this week’s topical news in a variety of categories: Fight; Truth; Business; Future.

Professor: by taking money away from science, the state shoots itself in the foot

The matter regarding insufficient funding for science has recently become more topical in the public space. President of Latvian Academy of Sciences Ojārs Spārītis is rather critical of the situation: Latvia has lied to the European Union and European Commission about making sure that funding for science reaches 1.5% of GDP by 2020.

To prevent fraud, audit of MPC recipients to be performed in Latvia

Latvian Economy Ministry intends to perform an audit of mandatory procurement component recipients and use new regulations to combat fraudulent activities, as confirmed by Economy Minister Arvils Ašeradens.

Rail Baltic procurements to be processed using Electronic Procurements System

Following the changes to Latvian Republic’s Public Procurements Law, all new procurements for Rail Baltica administered by RB RAIL will be processed using a free electronic information system and its e-contest subsystem.

Estonian construction price index pushed up by wages

The construction price index in Estonia has in July-September of 2017 increased by 0.9% in comparison to second quarter this year and by 1.7% from July-September of 2016, Estonian statisticians have estimated.

Surplus of Latvia’s government budget reached 9.5 million euros in 2016

In 2016 general government budget surplus accounted for EUR 9.5 million or 0.04 % of the Gross Domestic Product, whereas general government consolidated gross debt amounted to EUR 10 091.6 million or 40.6 % of the GDP.

Latvia to invest EUR 5.9 million into formation of unified port network

Ports of Riga planning region and Kurzeme planning region have commenced an important tourism project. The goal of this project is creating a unified yacht port network in Latvia and Estonia with quality services that would allow developing sailing tourism and attract foreign sailing enthusiasts in the future, reports the regions’ representative Inese Ozoliņa.

Graft-suspected Tartu deputy mayors resign

In Estonia's second largest city, Tartu, Deputy Mayors Artjom Suvorov and Valvo Semilarski have stepped down from office, Estonian press reported, after the politicians were arrested under suspicion of graft.

Expert: workers of Latvia’s NGO sector have high ‘burnout’ risk

Workers of Latvia’s NGO sector have a high burnout risk, said once the director of Providus Dace Akule in an interview to Latvijas Radio.

Producer: many young people come to work in the film industry

Latvia’s film industry has been steadily growing these past several years, and it is especially gratifying that many young people are coming to work in the industry, says director and producer, representative of Film Angels Productions Jānis Kalējs.

Pollution blamed for every sixth premature death globally

Nine million premature deaths globally in 2015 are said to be related to pollution, a study has found pointing to presence of harmful matter in air, water and workplace as the three main risk factors.

Infectologist: influenza kills biologically the weakest, including children and pregnant women

Influenza is an infection that affects both children and adults. However, it kills those who are biologically weak, says Immunization State Council chairperson and infectologist of Children’s Vaccination Centre Dace Zavadska.

Investor activity made easier between Latvia and Vietnam

An intergovernmental agreement has been signed between the Republic of Latvia and Socialist Republic of Vietnam on prevention of double taxation and tax avoidance in relation to income tax.

Colder masses of air to enter Latvia in coming days; precipitation to be limited

Although high atmospheric pressure will be present above Latvia in the coming days, southern regions in Latvia will experience short-term precipitation on Saturday, 12 October, caused by the cyclone active above Poland. Colder masses of air will enter Latvia in the coming days.