EconomyThe function of payment of compensation for heating will be transferred to local governments and they will be able to assist a greater number of residents as from next year. In his meeting with Lithuanian economic diplomats and representatives of Enterprise Lithuania (Versli Lietiva), Lithuania's Minister of Economy Evaldas Gustas presented the challenges posed to Lithuania by the Russian embargo and urged them not to give in in their search for new export markets for Lithuania's produce. A newly built high voltage power line between Klaipeda and Telsiai has been put into operation. It is the first 330 kV overhead power line built after the restoration of Lithuania's independence. The power line will transmit electricity from Northern Europe to Lithuania when the NordBalt power link begins to operate, energy company Litgrid announced in a statement. 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, for the nine months period ended 30 September 2014, the company said in a statement. Minister of Finance Rimantas Sadzius in Lithuania favourably assesses nine-month tax collection trends and says that the annual state revenue plan will most likely be fulfilled in 2014. Lithuania's long-term debt security interest rates in the secondary market reached record lows, and the euro adoption is one of the main reasons which drives the growing trust of the international financial market's participants in Lithuania. In August 2014, the build-up of the current account balance (CAB) in surplus (LTL 552.9 million, or EUR 160.1 million) was driven by a strong decline in the trade balance deficit, as well as the remaining surplus in the balances of services, secondary income and capital account. Based on preliminary assessment by the Ministry of Finance, revenue collections in the first nine months of 2014 surpassed expectations by 0.8% in Lithuania. Two entrepreneurs from Lithuania will be working in the Akron Global Business Accelerator in the next month. Base interest rate will become by 1% more expensive since 2015 when loans obtained in the litas will be converted to the euro. |
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