Yanis Varoufakis. Is Europe Deindustrializing?

European industry is reeling under the twin threat of high energy prices and President Joe Biden’s Inflation Reduction Act (IRA) which, in essence, bribes Europe’s green industries to migrate to the United States. Are Europe’s industrial heartlands about to become rustbelts? Will Germany experience the trauma that Britain suffered as its factories closed, compelling its high-skilled manufacturing-based labor force to accept low-skill, low-productivity, low-wage jobs?

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Repsense, reputation measurement startup, attracts EUR 0.5mn

Lithuanian-founded data analysis company Repsense, which introduced the first automated online reputation measurement model at the end of last year, has raised EUR 0.5 million for further product development and international expansion, Innovation Agency Lithuania said, referring to a news report on the portal vz.lt.

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LTG Infra announces new design tenders for Rail Baltica

LTG Infra, the company implementing the Rail Baltica project in Lithuania, has announced a tender for the infrastructure of the Kaunas passenger station territory and is about to call for tenders for the design of railway infrastructure of regional stations in Kaišiadorys and Vievis in coming days, the Ministry of Transport and Communications said in a press release.

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Estonian regtech startup Salv raises EUR 4mn to combat financial crimes

Estonian regtech firm Salv has secured EUR 4 million in a seed funding round extension to combat financial crimes. The funding round was led by New York-based venture capital firm ffVC and participated by German G+D Ventures and existing investors. To date, Salv has raised EUR 7 million in venture capital investments, reports the Estonian Investment Agency (EIA).

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Šiaulių bankas has acquired own shares

On 25-26 January, Šiaulių bankas AB purchased own shares on the Tender Offer Market of Nasdaq Vilnius AB, the bank reports.

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TV3 Group to acquire M-1 radio stations

TV3 Group, a media company group, has signed an agreement on the acquisition of radio stations owned by M-1.

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Border guards seize cigarettes smuggled from Belarus worth EUR 600,000

Last week, Lithuanian border guards at Stasylų railway station, southeastern Lithuania, seized two shipments of smuggled goods, nearly 160,000 packs of cigarettes whose market value exceeds EUR 600,000.

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Gas consumption in Lithuania down by over a third in 2022

In 2022, Lithuania’s gas consumption stood at 15.6 terawatt-hours (TWh), a decrease of 35% if compared to 2021, when the country’s gas demand reached 24 TWh, Amber Grid, the operator of the gas transmission system, said in a press release.

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A2 Vilnius-Panevėžys motorway closed at 40th km

The A2 Vilnius-Panevėžys motorway has been closed Wednesday morning in the direction of Panevėžys at the 40th kilometre (Širvintai district) following a major road accident, the Traffic Information Centre said.

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Hanner plans up to 700 new flats in Vilnius this year

Hanner, one of the real estate development leaders in Lithuania, has announced its investment plans in the country totalling at least EUR 68 million this year.

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Vasiliauskas joins IMF executive board

Vitas Vasiliauskas, a former adviser to the prime minister and chairman of the board of the Bank of Lithuania, has joined the Executive Board of the International Monetary Fund (IMF), the central bank said.

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Finnair adds more flights to Riga for summer 2023

Finnair grows its operations in Latvia and adds the 4th daily frequency between Helsinki and Riga. The additional flight will be operated during entire summer season, starting from March 26, Riga Airport said in a press release.

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Latvia to host largest wind power conference in the Baltics in April

Latvia’s largest wind energy industry conference, WindWorks. Moving Energy, has evolved into the most prominent event of this kind in the Baltic region. Foreign and local experts will meet in Riga on April 19 this year to look for solutions for more successful and faster utilization of wind energy across the Baltics.

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Skuodis to propose launch of Vilnius-Riga-Tallinn train route to Baltic counterparts

Transport Minister Marius Skuodis left on Sunday for a meeting with his two Baltic counterparts in Tallinn, where joint Baltic projects and implementation of the European railway link Rail Baltica are to be discussed.

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Klaipėda terminal cargo up by nearly 30% in 2022

In 2022, Klaipėda Container Terminal (KKT) increased general cargo volumes by almost 30% to 899 thousand tonnes, from 699 thousand tonnes in the same period in 2021, the company said in a press release.

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Head of central bank: food price regulation would only delay problem

Gediminas Šimkus, chairman of the Board of the Bank of Lithuania, says that even though it is the rising food prices that have the biggest impact on the inflation rate, it would not be wise for the Government to undertake any kind of food price regulation.

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Container handling at Klaipėda port up by 57%

Klaipėda seaport, which had forecast that cargo handling might decrease by 35% in 2022 due to the loss of transit freight, has reoriented and attracted new cargo flows last year.

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Bank of Lithuania to inspect 16 financial institutions in 2023

The Bank of Lithuania has published its Financial Market Participant Inspection Plan for 2023.

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Used car market up by 3% in December

In December 2022, 12,170 used cars were registered in Lithuania for the first time, an increase of 3.1% compared with December 2021, when 11,806 cars were registered.

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MONEYVAL report on Lithuania: improvements in transparency of legal persons and in powers of customs authorities

Lithuania has improved its measures to combat money laundering and terrorist financing; it has been upgraded from “partially compliant” to “largely compliant” with the FATF (Financial Action Task Force) Recommendations 24 and 32, related to transparency of legal persons and cash couriers, concludes the Council of Europe’s anti-money laundering body MONEYVAL in a follow-up report released on 18 January.

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