According to International Financial Reporting Standards (IFRS), the amount of Ergo premiums written in the first quarter of the year 2014, exceeded EUR 39.2 million in the Baltic States.

The Competition Council has imposed a fine of LTL 11.8 million (EUR 3.42 million) on UAB Lukoil Baltija for implementing concentration without authorisation from the Competition Council, and obliged the company to eliminate deficiencies.

Starting from May 5 the former director of the ISM University of Management and Economics – Dr. Nerijus Pačėsa, took the position of Managing Director of UAB Senukų prekybos centras. He replaced former long-time director, Saulius Raudys.

Ukio Bankas bankruptcy administrator and Scottish company BIDCO signed the sales contract of Scottish football club Hearts and its managing company Heart of Midlothian Plc.

Statistics Lithuania informs that, based on non-final data obtained from customs declarations, Intrastat reporting and VAT returns data, exports in March 2014 amounted to LTL 6.5 billion, imports – LTL 7.3 billion. Over the month (March 2014, against February), exports increased by 4.9, imports – by 12.4%.

INVL Technology, which was split-off from Invalda LT on April 29, 2014, owns 80% of BAIP Group shares. In the first quarter of 2014 consolidated revenue of BAIP Group according to unaudited data increased by 16% as compared to the same period last year and amounted to 10.122 million litas, the Lithuania-based financial company Invalda said in a statement.

Lithuania's Prime Minister Algirdas Butkevicius says that the Government will try to rescue petroleum refining company Orlen Lietuva, which is going through a difficult period, with the assistance of companies Klaipeda Oil and Lithuanian Railways.

Ten years ago today, the European Union expanded the most in its history. A community with 15 states became one of 25 (it now has 28 members). The expansion was mainly eastward, absorbing eight countries formerly controlled by or part of the Soviet Union, and unleashing big waves of migration to the west. But the EU also acquired two small Mediterranean states: Cyprus and Malta. The Economist has examined how have all ten fared since then.

During the three months of 2014, the Lithuania-based group of paper manufacturing enterprises consisting of Grigiskes, Baltwood UAB, Klaipedos Kartonas, Mena Pak PAT, and Klaipeda Recycling UAB achieved the consolidate sales turnover of 86.2 million litas, which was ten million litas (EUR 2.9 million), or 13.1% more than during the three months in 2013, the company said in a statement.

On April 30th, Statistics Lithuania released 1st quarter GDP estimate. On a year-on-year basis GDP increased 2.9%. This reading was generally in line with the expectations of DNB Bankas.