Minister: budget deficit to narrow, debt-to-GDP ratio to stabilize in 2021

The Lithuanian state's 2021 budget bill has been drafted with the aim of reducing the general government deficit and stabilizing the growth of debt relative to GDP, Finance Minister Vilius Sapoka said on Tuesday.

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One in 3 Lithuanians feels anxious about money

Thirty-nine percent of Lithuanians feel anxious about their finances every day, which adversely affects that relations with family members and their health and productivity at work, the latest survey has found.

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Simonyte: key budget issue is what to do with borrowed money

The key question related to Lithuania's next year budget is what will be done with borrowed money and EU funds, says Ingrida Simonyte, leading the opposition conservative Homeland Union – Lithuanian Christian Democrats' candidate list in the parliament election.

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Minister: Lithuania financially capable of withstanding another coronavirus outbreak

Lithuania would be financially capable of withstanding another coronavirus outbreak, Finance Minister Vilius Sapoka said, adding that the government is unlikely to reintroduce the stringent quarantine measures that were in place last spring.

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A new commercial bank has launched operations in Lithuania

PayRay, a Lithuanian financial sector company, has started a new page of its business service activities. It has now begun operating as a bank and will soon start collecting deposits, as well as further focusing on developing capital financing solutions for businesses, the company announced in a press release.

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Innovation sprint aims to bring together tech-minded women together

A band-aid that assesses pain levels quickly and accurately. Sustainable packaging made from tomato stems. A global platform that enables peer-to-peer sharing for travelling parents. All these and dozens of other ideas were developed during Women for Global Challenges innovation sprints in Lithuania over the last two years.

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Lithuania may raise minimum wage by EUR 35

The Lithuanian government proposes to raise the minimum wage from 607 euros to 642 euros before tax and increase the monthly child benefit from 60 euros to 70 euros next year.

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One more flight resumed from Vilnius Airport

Turkish airline Turkish Airlines has resumed flights between Vilnius and Istanbul.

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Virbalas from Glassbel: today’s sustainability solutions will influence decades to come

The modern opera house in Dubai, the Danish Maritime Museum with its amazing architecture, the National Museum of Qatar, a unique temple in Chile. If you ever have the opportunity to visit these buildings, take note of the windows and glass featured in them, because they were created and produced at the company Glassbel, which has settled down in Klaipėda FEZ.

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Klaipėda harnesses foreign experts for the development of blue economy

Scientists and practitioners of international renown will share their knowledge of shipping, ports, biotechnologies and other prospective areas at Klaipėda University (KU). By making use of the unique Blue Growth Leaders Academy programme, the port city looks to accelerate the growth of its blue economy.

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Over half of Lithuanians believe property prices will go up

Over a half of Lithuanian residents believe residential property prices will go up over the next 12 months as such expectations have almost gone back to the level seen a year ago, the latest survey commissioned by SEB bank has revealed.

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Presidential aide: budget deficit expected to reach 5–6 pct of GDP next year

Lithuania’s budget deficit will reach 8–9 percent of GDP this year, but should decline steadily from 2021 towards the balance that should be achieved in several years’ time, an advisor to Lithuanian President Gitanas Nauseda said, adding that next year, the budget deficit should amount to approximately 5–6 percent of GDP.

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Growing COVID-19 cases changes the behaviour of Lithuanians

The continued growth in the number of coronavirus cases in Lithuania has led to a substantial decrease in the flows of people going to shopping malls and using public transport.

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Lithuania suspends million-worth payments to Belarus under EU program

The Lithuanian government has suspended 5.8 million euros in payments to Belarus under EU-funded programs following Belarusian law enforcement's crackdown on peaceful protesters after the rigged presidential in the country, Lithuania's Interior Ministry said on Thursday.

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Government makes it easier for highly-qualified people to come to Lithuania

The Lithuanian government has made it easier for highly-qualified specialists from abroad, including lecturers and researchers, to come to Lithuania.

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Metso Outotec’s new factory in Šiauliai now operational

Metso Outotec’s new manufacturing site in the region of Šiauliai (Šiauliai län) in northern Lithuania has started its operations. The new plant further strengthens the company’s capability to produce high-quality rubber and poly-met wear parts for its mining customers. The investment was announced in March 2020.

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Fintech Paysera starts trading physical gold

Paysera LT has started trading gold. Unlike other fintech companies, Paysera LT will trade in actual bars and coins rather than units of this precious metal sold on the exchanges. Buyers will be able to store their gold, purchased via the app, at the company’s storage facilities, order home delivery or pick it up at the company HQ, the company informs in a press release.

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Researchers are developing new material for planes and cars that will show damage invisible to a human eye

KTU researchers together with colleagues from Latvia, Denmark, Sweden, Slovakia, Ukraine, Czechia, Belarus and the US are developing multifunctional composite materials for aircraft, cars, wind power plants and other structure production. The international team of researchers aims at making the new material not only durable but also checking for errors invisible to the human eye.According to Dr Daiva Zeleniakienė, a researcher at Kaunas University of Technology (KTU) Faculty of Mechanical Engineering and Design, advanced transport, aviation, wind turbines and other structures production from fibrous polymer composites is popular because the material is light and has excellent mechanical properties.

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Minister: Rail Baltica's joint management model poses threat to its continuity

The joint management model of the European standard-gauge railway project Rail Baltica is already posing threat to the project's continuity, Lithuanian Transport Minister Jaroslav Narkevic said after hinting about the possibility of building the railway independently without Estonia and Latvia.

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Šapoka: new taxes wouldn't be painful

As Lithuania's public debt is growing due to the coronavirus crisis, the country might need to raise some taxes in the futures. Their burden wouldn’t be as heavy on residents and the economy if the economic structure changed, Lithuanian Finance Minister Vilius Sapoka says.

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