EconomyThe Lithuanian business market is not very attractive to investors due to its inflexible legal base and excessive bureaucratic requirements. Consolidated net profits of Baltic Mill, the Baltic milling group, stood at 852,000 euros in the past financial year, up by a factor of 3.6, from 238,000 euros, in the year before, Baltic Mill informs in a statement to the Nasdaq Vilnius stock exchange. Lithuania's gross domestic product (GDP) went up by a seasonally and workday-adjusted 2.1 % in the second quarter of 2016 from a year ago to reach 9.611 bln euros at current prices, Statistics Lithuania said in a specified report on Tuesday. FL Technics, an aircraft maintenance, repair and overhaul (MRO) services company that is part of the Lithuanian-owned, Warsaw-listed aviation group Avia Solutions Group (ASG), will represent the UK ground equipment manufacturer Semmco. Klaipedos Nafta, (Klaipeda Oil) the Lithuanian state-controlled oil loading company and the operator of the liquefied natural gas (LNG) terminal, will be able to serve more tankers in a few years and load them fully after the Klaipeda port renovates its embankments. The magazine «Nordic Business Europe» published «Thinkers 20 – the Brightest Business Minds in Northern Europe». The comprehensive ranking of the brightest business minds in Northern Europe. This year’s ranking features 20 brilliant business thinkers who are changing the world with their ideas and accomplishments. At the TOP were four entrepreneurs from Estonia and one from Latvia and Lithuania. After repeated tests did not reveal any bacteria, the Lithuanian State Food and Veterinary Service (VMVT) on Tuesday allowed the Kaunas-based frozen food product company Judex subject to a law-enforcement investigation to resume production. Salmonella, E. coli and listeria were earlier confirmed in its output, while enterobacteriaceae was found in the premises. Finland's reinforced concrete connections manufacturer Peikko is investing more than 9 million euros in a new beam factory in Lithuania's second-largest city Kaunas. Average gross monthly earnings in Lithuania's economy, excluding sole proprietorships, rose by 8.1 percent in the second quarter of 2016 compared with a year earlier to reach 771.9 euros. Nordea, the biggest financial group in the Nordic and the Baltic countries, and Norway's DNB bank have agreed to combine their operations in Lithuania, Latvia and Estonia, the banks said. The agreement is yet to be endorsed by institutions supervising banking operations and competition, with completion of the process expected in the second quarter of 2017. |
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