Financial Services

International Internet Magazine. Baltic States news & analytics Friday, 18.04.2014, 23:43

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Seimas establishes euro adoption procedures in Lithuania

Seimas establishes euro adoption procedures in Lithuania

17.04.2014

On Thursday, by adopting the Law on the Euro Adoption, as well as secondary legislation, the Parliament of Lithuania (Seimas) has established the legal basis to introduce the new currency in Lithuania, reports LETA/ELTA.

Keyword tags: EU – Baltic States, Financial Services, GDP, Legislation, Lithuania



EC allocates EUR 146,000 to cover losses of Lithuanian pig farmers

EC allocates EUR 146,000 to cover losses of Lithuanian pig farmers

17.04.2014

The European Commission (EC) approved of the initiative proposed by Lithuania and established an additional possibility to cover losses sustained by pig farmers due to preventive measures against African swine fever, informs LETA/ELTA.

Estonian Parliament toughens capital requirements for banks

Estonian Parliament toughens capital requirements for banks

17.04.2014

The Riigikogu approved on Wednesday with 88 for votes the law of amendments to the credit institutions law and other connected laws, which among other things will bring tougher capital requirements for banks, LETA/Postimees Online reports.


PZU purchases RSA assets in Baltics and Poland

PZU purchases RSA assets in Baltics and Poland

17.04.2014

PZU SA has today reached an agreement, subject to regulatory and antitrust approvals, to purchase Lietuvos Draudimas AB in Lithuania, AAS Balta in Latvia, the business of the Estonian branch of Codan Forsikring A/S and Link4 Towarzystwo Ubezpieczen S.A. in Poland. The total aggregate consideration amounts to approx. EUR360m. The acquisitions are a key step in fulfilling PZU’s strategy of international expansion, informed BC PZU’s press service.

In 2013, the representation expenses of Seimas leadership amounted to LTL 100,000

In 2013, the representation expenses of Seimas leadership amounted to LTL 100,000

17.04.2014

In 2013, the representation expenses of the parliament leadership amounted to LTL 100,000 (EUR 29,000). During 10 months of 2013, Parliament Speaker Vydas Gedvilas (until he was replaced by his party fellow Loreta Grauziniene) was the one to spend the most funds for representation, informs LETA/ELTA, referring to Lietuvos zinios.

17.04.2014

Number of domestic money orders through the post has doubled in Lithuania in Q1

According to estimations of Lithuania Post, the number of domestic money orders sent in the course of the current year 2014 has almost doubled if compared with the same period of 2013. The results were mainly determined by expanded number of PayPost outlets and shrinking network of bank units serving customers, informed BC Lithuania Post.

17.04.2014

Civil servants' salaries in Lithuania to be compensated

Prime Minister of Lithuania Algirdas Butkevicius has met the Constitutional Court's (KT) ruling on the compensation of civil servants' salaries with reserve, informs LETA/ELTA.

16.04.2014

Salaries in Lithuania are projected to rise by 5.8-6.9% in 2014-2017

Lithuanian Government will continue to carry out responsible fiscal policy. On Wednesday the Cabinet of Ministers has approved convergence programme for 2014 by which Lithuania commits to maintain sustainable compliance with the Maastricht criteria in 2014-2017, and to be prepared for the euro adoption in early 2015, informs LETA/ELTA.

16.04.2014

2015 Lithuanian euro coin samples have been minted

The Board of the Bank of Lithuania approved the 2015 issue Lithuanian euro coin samples, which will the basis for the Lithuanian circulation euro coins, the Bank of Lithuania said in a statement, cites LETA.

16.04.2014

Ukrainian and Russian risks of Estonian banks are relatively low

Ukrainian and Russian risks on Estonian credit institutions are relatively low, Estonian Financial Supervision Authority (FSA) board member Andres Kurgpõld said, LETA/Postimees Online reports.

16.04.2014

Approved profit of airBaltic in 2013 – 1 mln euros

This week the shareholders of airBaltic have approved the annual report of the Latvian airline. airBaltic has achieved a net profit of EUR +1 million for the full year of 2013. airBaltic has surpassed by far its original plans and has turned around the FY2012 loss of EUR -27 million, converting it into a net profit of EUR +1 million for 2013. airBaltic has achieved profitability one year ahead of the initial schedule.

16.04.2014

Latvenergo Group looks at EUR 46 mln profit in 2013

Latvenergo Group has published its audited Annual Report for 2013 which shows profit at EUR 46 million, down 9% from 2012, as NASDAQ OMX Riga reports, cites LETA/Nozare.lv.

16.04.2014

Lithuanian companies are preparing for euro, while residents remain indifferent

As less than 7 month remains until the planned introduction of the euro in Lithuania, more than a half of companies began preparations for the euro changeover, while residents are more passive in preparing for the euro, informs LETA/ELTA.

16.04.2014

Latvian Rail’s profit grew to EUR 79.8 mln in 2013

State-owned joint-stock company Latvijad Dzelzcels (Latvian Rail, LDz) posted substantially more in profit last year than previous year – EUR 79.8 million, the company's vice-president Aivars Straksas said during a press conference today, cites LETA/Nozare.lv.

16.04.2014

Lithuanian PM welcomes another step towards banking union

Lithuania's Prime Minister Algirdas Butkevicius welcomes European Parliament's decision made on Tuesday approving new key banking rules that would put an end to expensive taxpayer bailouts, making instead banks rely on their own resources, the prime minister's press service informs LETA/ELTA.

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