EconomyOn 16 July 2015, the Board of TEO LT, AB approved unaudited TEO LT, AB Consolidated Interim Financial Statements, prepared according to International Financial Reporting Standards as adopted by the European Union, and Consolidated Interim Report for the six months period ended 30 June 2015, the company said in a statement. Swedbank in Latvia and Lithuania posted the profits, but had losses in Estonia in H12015-07-18, 13:56In the first six months of the year 2015, Swedbank in Latvia operated with EUR 57 million in profit, the bank has informed. For Swedbank Lithuania profit for the first six months of 2015 amounted to EUR 36.2 million and Swedbank Estonia announced that its loss for the first six months of 2015 amounted to EUR 20.9 million. Based on the data of Lithuania's Communications Regulatory Authority, in the first quarter of 2015 year-on-year, the total revenue for provision of postal services increased 11.4% – from EUR 25.1 to EUR 28 million. Lithuania's 2nd pillar pension funds records growth despite turmoil in global financial markets2015-07-16, 16:55Nearly all of the 2nd pillar pension funds operating in Lithuania recorded positive returns in the first half of 2015, while the average change in an investment unit was 4.70%. Since the beginning of the year the value of the net assets of 2nd pillar pension funds has increased by EUR 178.19 million and amounted to EUR 2.044 billion (LTL 7.057 billion). Lithuania's National Audit Office completed the 2014 financial (regularity) audit at the Office of the Government. The 2014 data of the set of financial statements and of the set of budget execution reports of the Office of the Government are, in all material respects, fairly presented. During the audit, the Office of the Government duly cooperated with auditors, corrected the identified errors and took the initiative to review the accounting data, to find and correct other accounting errors in order to submit a sound set of statements, the Audit Office reports. Observations were issued to the Office of the Government on the use of premises and allocation of funds to the implementation of the Programme for Maintaining the Historical Memory. The Office recognised the identified deficiencies and corrected some of them during the audit; it also informed that in the short term necessary decisions will be made to remove the remaining discrepancies. Recommendations on the elimination of other less material deficiencies and strengthening of internal control were given, and their implementation will be monitored.
The low-cost airline Ryanair has confirmed in a press release that it will be officially closing down its Copenhagen base and relocating to Kaunas, Lithuania. Economy Minister Evaldas Gustas on July 8th 2015 met with representatives of the American-Lithuanian Business Council to discuss investment and trade cooperation between Lithuania and the United States. Audit: significant share of electricity price is still not sufficiently transparent in Lithuania2015-07-13, 09:46The Ministry of Energy in Lithuania is one year lagging behind on the implementation of the priority measure of the Government Programme for 2012-2016: to review the guiding principles concerning the public service obligations (PSOs) and their compensation procedure. In the light of this fact the NAOL conducted a preliminary study, which aimed to identify risks arising due to the application of the unreviewed PSO scheme. In the first quarter of 2015, the annual growth rate1 of Lithuania's financial assets (5%) exceeded that of liabilities (4%). Net borrowing of the total economy was EUR 179 million; it comprised 2.2% of GDP. The EU and its member states should make multinationals report their financial performance, tax details, assets and employee numbers country by country, so as to help fight tax evasion and illicit money flows in developing countries, says Parliament in a non-binding resolution voted on Wednesday. MEPs also call on EU financial institutions to ensure that companies receiving EU support do not "participate" in tax evasion. |
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