Defense Minister Arvydas Anusauskas said he would propose to increase Lithuania’s defense budget this year amid worries of Russia’s aggression against Ukraine. “I suggest adjusting this year’s budget,” Anusauskas said after reports that Russia was not pulling back troops from Belarus after the conclusion of military drills. He said additional funding would be used to…
Lithuania has come in second in the Financial Times’ latest ranking of Europe’s financially and economically advanced and entrepreneurial cities. Vilnius was assessed in the general category of medium-size cities as part of the ranking, the Lithuanian capital’s development agency Go Vilnius said. Produced by the Financial Times’ investment arm fDi Intelligence, the European Cities…
Lithuanian central bank has told the country’s commercial banks to prepare for possible power cuts and cyberattacks, as fears of Russia invading Ukraine continue to mount, Reuters has reported. Losing electricity and Internet access were “extreme but possible” scenarios that the Bank of Lithuania told the country’s banks to be ready for in a letter…
Lithuania’s nitrogen fertilzser plant Achema said on February 15 it was considering suspending striking workers’ labour contracts, hiring new people to fill in their places. “We can take certain collective action against the remaining protesters, it’s called a lockdown, a temporary suspension of labour contracts,” Achema’s chief legal officer Rytis Budrius said. “It means that…
Energy price hikes, the continuing pandemic and geopolitical tensions did not seem to affect Lithuania’s exports growth in 2021. Statistical data analysis by Enterprise Lithuania, the government’s business promotion agency, showed that the country’s goods exports grew by 20.5% YoY. Export growth rates remained similar throughout the year. The most significant growth was recorded in…
China’s decision to suspend imports of certain products from Lithuania will not cause any problems, because businesses have already stopped exporting to China and found new markets, Lithuanian Prime Ministers Ingrida Simonyte has said. “As far as I know, there’s no practical problem because of this decision, since exports of these products to China have…
Stinger anti-aircraft missiles from Lithuania will be handed over to Ukraine in the upcoming days, Prime Minister Ingrida Simonyte said on February 10 during her visit to Ukraine. “We are increasing the number of military instructors in Ukraine and providing the country with additional weapons and equipment,” Simonyte said. “Stinger anti-aircraft missiles from Lithuania will…