Baltics Worldwide http://www.balticsworldwide.com all about Estonia, Latvia and Lithuania Wed, 16 May 2012 04:00:00 +0000 http://wordpress.org/?v=2.6.3 en Wed, 16 May 2012, Work ethic in spotlight… http://www.balticsworldwide.com/wed-16-may-2012-work-ethic-in-spotlight/ http://www.balticsworldwide.com/wed-16-may-2012-work-ethic-in-spotlight/#comments Wed, 16 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31247/ In such case the minimum wage could go up by 50 litas (14.50 euros) as of this July and reach 900 litas in 2013. The government also suggests stipulating 20 days of holidays per year instead of the current 28. And, maximum severance pay would be four months’ wages, the employer would have to warn an employee 3 months before dismissal (currently 4 months). Employers would also have the right to terminate an employment contract when employees turn 65.

“We want Lithuanian people to have more employment opportunities, Lithuanian business to create more jobs and be able to pay better wages,” Kubilius said on May 14.
Accordi…

]]> http://www.balticsworldwide.com/wed-16-may-2012-work-ethic-in-spotlight/feed/ Wed, 16 May 2012, Freivalds defends railcar purchase… http://www.balticsworldwide.com/wed-16-may-2012-freivalds-defends-railcar-purchase/ http://www.balticsworldwide.com/wed-16-may-2012-freivalds-defends-railcar-purchase/#comments Wed, 16 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31248/ The Finance Ministry also refers to the European Commission’s opinion that the planned modifications to the contract are so important, that a new procurement process should be organized.
According to the Finance Ministry, Pasazieru vilciens has not taken into account objections that the Finance Ministry, Transport Ministry and the Procurement Monitoring Bureau made previously regarding any significant alterations of the contract and those sections of the contract that were not to be altered “under any circumstances.”

The Finance Ministry requests the Transport Ministry to promptly inform it about its further actions an…

]]> http://www.balticsworldwide.com/wed-16-may-2012-freivalds-defends-railcar-purchase/feed/ Wed, 16 May 2012, Inflation remains threat for euro in Latvia… http://www.balticsworldwide.com/wed-16-may-2012-inflation-remains-threat-for-euro-in-latvia/ http://www.balticsworldwide.com/wed-16-may-2012-inflation-remains-threat-for-euro-in-latvia/#comments Wed, 16 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31260/ Swedbank chief economist Martins Kazaks in turn emphasized that “Latvia needs the euro.” He agreed that there are certain risks and costs; however, if the country is smart enough, it will be able to benefit from Europe’s single currency.
Kazaks pointed out that, even if the euro area collapses later, it is better to be a part of it. He explained that the euro area will not disappear, its weaker member states, however, could “drop out” and the remaining ones will be the source of stability. Kazaks believes that now is the time to join the eurozone.

At the May 10 National Trilateral Cooperation Council sessio…

]]> http://www.balticsworldwide.com/wed-16-may-2012-inflation-remains-threat-for-euro-in-latvia/feed/ Wed, 16 May 2012, Estonia has budget under control… http://www.balticsworldwide.com/wed-16-may-2012-estonia-has-budget-under-control/ http://www.balticsworldwide.com/wed-16-may-2012-estonia-has-budget-under-control/#comments Wed, 16 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31261/ The Commission forecasts 3.8 percent growth for 2013.
Inflation is expected to slow to 3.9 percent in 2012, as food price inflation recedes. Nevertheless, housing costs and energy prices will continue to drive inflation. In 2013, inflation is expected to maintain at around 3.4 percent, pulled upwards by the completion of the electricity distribution reform on Jan. 1, 2013.

The unemployment rate is expected to fall to 11.6 percent this year and 10.5 percent next year.
Nominal wage growth is expected to remain relatively moderate at around 4.4 percent in 2012 and 5.7 percent in 2013, while real wage growth should become increasingly pos…

]]> http://www.balticsworldwide.com/wed-16-may-2012-estonia-has-budget-under-control/feed/ Thu, 10 May 2012, The proceedures for a taxation agreement and advance pricing agreements … http://www.balticsworldwide.com/thu-10-may-2012-the-proceedures-for-a-taxation-agreement-and-advance-pricing-agreements/ http://www.balticsworldwide.com/thu-10-may-2012-the-proceedures-for-a-taxation-agreement-and-advance-pricing-agreements/#comments Thu, 10 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31191/ For this reason there is the possibility to sign an agreement with the Lithuanian State Tax Inspectorate: 1) Agreement on the amount of tax; 2) Advance pricing agreement.

A taxation agreement might be signed when neither the State Tax Inspectorate, nor taxpayer have enough evidence of the amount of tax that a taxpayer should pay. This involves all taxes, excluding duties. After the agreement is signed, the taxpayer is not allowed to contest the amount of tax that was calculated. However, the State Tax Inspectorate cannot increase the amount of tax that the taxpayer should pay for that period.

An advance pricing agreement is an agreeme…

]]> http://www.balticsworldwide.com/thu-10-may-2012-the-proceedures-for-a-taxation-agreement-and-advance-pricing-agreements/feed/ Thu, 10 May 2012, Finland announces LNG terminal… http://www.balticsworldwide.com/thu-10-may-2012-finland-announces-lng-terminal/ http://www.balticsworldwide.com/thu-10-may-2012-finland-announces-lng-terminal/#comments Thu, 10 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31192/ Gasum made its announcement as it wished to inform Estonia of the plan of building the terminal so that Estonia could react to its environmental effects, which can potentially affect Estonia.
Estonian electricity main grid company Elering is also studying the possibilities of building an LNG terminal in Estonia. A gas pipeline with Finland would make building the terminal much more economically feasible.
Elering’s manager Taavi Veskimagi commented that the Finnish LNG terminal building environmental effects evaluation program does not have to include the topic of an interstate gas pipeline.

The two states’ governments are …

]]> http://www.balticsworldwide.com/thu-10-may-2012-finland-announces-lng-terminal/feed/ Thu, 10 May 2012, MRU in UK partnership… http://www.balticsworldwide.com/thu-10-may-2012-mru-in-uk-partnership/ http://www.balticsworldwide.com/thu-10-may-2012-mru-in-uk-partnership/#comments Thu, 10 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31194/ Alvydas Pumputis and Middlesex University (MU) Deputy Chancellor Prof. Michael Driscoll signed a cooperation agreement allowing for awarding of joint diplomas and strengthening MRU’s position in the international studies sphere, reports ELTA. The agreement was signed at Lithuania’s Ministry of Education and Science as Minister Gintaras Steponavicius looked on.

This will provide UK-degree courses to meet the needs of potential MRU and international students.
It will mark the first time a Lithuanian and British institution of higher learning have joined hands to work in partnership to create a new joint academic unit allowing …

]]> http://www.balticsworldwide.com/thu-10-may-2012-mru-in-uk-partnership/feed/ Thu, 10 May 2012, Cooper works on Swiss accounts… http://www.balticsworldwide.com/thu-10-may-2012-cooper-works-on-swiss-accounts/ http://www.balticsworldwide.com/thu-10-may-2012-cooper-works-on-swiss-accounts/#comments Thu, 10 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31195/ It is necessary to file the application separately, given that Switzerland is not a member of the European Union, the bank said in a statement.
Recognition of the bankruptcy in Switzerland will allow the bankruptcy administrator and his team to begin the process of securing and recovering the financial assets located in that jurisdiction.

“Recognition of the bankruptcy in Switzerland is of significant importance to the process of recovering the financial assets of the bank currently held in Swiss bank accounts. We have identified over 1 billion litas (290,000 million euros) of financial assets in Switzerland that were put out of …

]]> http://www.balticsworldwide.com/thu-10-may-2012-cooper-works-on-swiss-accounts/feed/ Thu, 10 May 2012, Wirth wants ‘transport philosophy’… http://www.balticsworldwide.com/thu-10-may-2012-wirth-wants-%e2%80%98transport-philosophy%e2%80%99/ http://www.balticsworldwide.com/thu-10-may-2012-wirth-wants-%e2%80%98transport-philosophy%e2%80%99/#comments Thu, 10 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31196/ The entire transport sector should be considered as a whole on the national political level, not as a sum total of various competing sectors, such as road transport, railroad, maritime transport and aviation. Transport is a critical element of the economy, and a way must be found so the transport industry could develop best, contributing to the entire national economic growth, stressed Wirth.

A “transport philosophy” needs to be developed at the ministerial level, because most clients are interested in a high quality integrated transport system, where goods can be delivered to customers or warehouses quickly, efficiently and s…

]]> http://www.balticsworldwide.com/thu-10-may-2012-wirth-wants-%e2%80%98transport-philosophy%e2%80%99/feed/ Thu, 10 May 2012, Weakness ahead for manufacturing… http://www.balticsworldwide.com/thu-10-may-2012-weakness-ahead-for-manufacturing/ http://www.balticsworldwide.com/thu-10-may-2012-weakness-ahead-for-manufacturing/#comments Thu, 10 May 2012 04:00:00 +0000 Mr.D http://www.baltictimes.com/news/articles/31210/ Judging by talk from sector representatives and the European Commission’s mood indices, which worsened by 3.4 points in April, manufacturing industry volumes could slightly decrease during the next few months, Bank of Latvia economist Igors Kasjanovs writes in the central bank’s portal Makroekonomika.lv.

“The mood indices currently indicate a reduction in the volume of orders. Several sector representatives also confirm that a slight decrease in the volume of orders is felt. This year, industrial production output will be more diversified than during the previous years, determined by ever-increasing production volumes in…

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