International Internet Magazine. Baltic States news & analytics
Thursday, 08.10.2015, 23:09
During the First Innovative Enterprise Week in Riga, the EIB Group and the European Commission (EC) have launched three new financial products to boost the competitiveness of innovative companies in Europe under the "InnovFin – EU Finance for Innovators" programme, reported BC EIB Group representative.
Keyword tags: Baltic, Business, Business in Europe, Economics, EU – Baltic States, Good for Business, Latvia, Markets and Companies
Loreta Grauziniene, speaker of the Lithuanian Seimas, met with Volodymyr Groysman, chairperson of the Verkhovna Rada of Ukraine, in Kiev, the press service of the Seimas reports BC . Together with other speakers of parliaments of the Nordic and Baltic countries, they discussed possible programmes of the Nordic and Baltic countries and the Council of Europe in support of the Ukrainian Parliament, with special attention to the reform process.
A special expert group (HLG/AB) advised the Commission on administrative burden reduction for entrepreneurs during last five years. The aim was to eliminate 25% of the administrative burdens 13 key areas. The results exceeded the initial targets: annual savings in the EU-28 are of about €33.4 billion, which represent an easing of the burden by 27%. The Commission praised the HLG/AB work.
Broader ‘business intelligence’ market surges 50% to US$ 60 billion, the highest valuation ever, and on par with the electronic gaming industry, said the new ESOMAR Marker Research Report. As to Europe, it is largely the “old” EU-15 that struggles to overcome the economic pains; France, the Netherlands, Denmark and Luxembourg were the only markets to record net gains in 2014.
Over 70 thousand counterfeit goods were seized during a major Joint Customs Operation (JCO) code-named “ERMIS”. The Operation focused on postal and courier mail traffic, to identify fake products shipped through small consignments. Joint Customs Operation helped to avoid losses to the EU’s and the member states’ budgets in the form of evaded customs duties and taxes.
The EU authorities are trying to attract member states’ attention to the SMEs activity. Recent “action plan” shows some progress in doing business. SMEs play a decisive role in the European economy’s competitiveness and dynamic. To help them realise their growth potential, the EU is working towards promoting entrepreneurship and creating a friendlier business environment for SMEs.
In his speech - “The conditions for new growth in Europe” - at the European Forum in Alpbach, Austria, Olli Rehn, Vice-President and European Commissioner responsible for Economic and Monetary Affairs and the Euro, underlined necessary steps by the member states and the EU institutions for reaching progressive growth in Europe.
There is a special tripartite EU Agency - European Foundation for the Improvement of Living and Working Conditions (Eurofound), which provides social partners, governments and EU decision makers with relevant, timely and unbiased research results on living and working conditions of the European citizens. The results of the 3rd survey are expected at the end of 2013.
The EU leaders are aware of the need for stronger rules to react to new threats associated with various methods of money laundering. These threats are constantly evolving, which require regular updates of the rules. The Commission has adopted two proposals to reinforce the EU's existing rules on anti-money laundering and fund transfers.
Stimulating growth is obviously the most important task to get out of exiting financial crisis. Besides, being more competitive is essential to sustainable economic recovery. Therefore, developing a tax environment for growth and competitiveness must be the primary motive for every tax policy and reform in the EU, all the member states and the Baltics.
The Commission’s ‘EU- 2020’ Strategy adopted in 2010 called for improvement of the business environment in Europe. EU company law and corporate governance rules for companies, investors and employees must be adapted to the needs of today’s society and to the changing economic environment. Commission’s action plan for European corporate governance and law should make that companies are both competitive and sustainable.
The European Commission’ assessment issued at the end of December 2012 showed that the volume of national support to the financial sector and banks (during 2008-11) amounted to around €1.6 trillion, or about 13 % of EU GDP. However support to the real economy dropped by more than 50% compared to 2010. About €13.5 billion has been repaid by beneficiaries to the granting authorities at the end of June 2012.
A unique approach to supporting start-ups by helping society’s most vulnerable groups to find work through self-employment and enterprise, created by the UK organisation Outset, was announced today as the winner of the 6th European Enterprise Promotion Awards. Cyprus, Sweden, Italy, Portugal and Turkey also received prizes for driving enterprise with new and innovative local solutions.
A highlight of the Cyprus EU presidency, the first SME Assembly was opened on 15 November 2012 by VP Antonio Tajani and Cypriot Minister of Commerce, Industry and Tourism, Neoklis Sylikiotis. The Assembly discussed the key challenges faced by SMEs across the EU. With over 400 delegates, representing the 23 million SMEs in the EU, the Assembly, in Nicosia, brought together SMEs; business organisations; European, national and regional government; the SME Envoys, academia and the media to discuss how to help SMEs ‘Go for Growth.’, inform BC the organizers.
Single Market is a central element of the European growth agenda in the current economic crisis. The Commission has adopted in October a new proposal –“Single Market Act II”, putting forward twelve key actions for rapid growth in the EU and the Baltic States.