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Innovations mean faster electronic payments
VILNIUS - The Bank of Lithuania’s proposal on payment market innovations, submitted this spring, was met with support from payment service providers, reports ELTA. Therefore, as of next year, it will be possible to make payments more quickly and cheaply, says the central bank. “Quite a few market participants responded to the Bank of Lithuania’s invitation, so next year an electronic system of retail payments in euros will begin operating. Its participants will be able to make payments to their customers more quickly and cheaply, and this will increase competition in the c...  Full story...
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 Jul 03, 2014 - Business Calendar...
ESTONIA Personal Learning Environments Conference will cover areas like ‘Managing Life Transitions,’ and ‘Formal Learning Contexts: Conflicts and Confluences,’ for both aspiring and high achieving business managers and executives. July 16-18, Venue to be announced, Tallinn LATVIA International Conference on Knowledge Innovation and Enterprise Leading conference dedicated to knowledge, innovation an...
 Jul 03, 2014 - Post-Vilks era worries Rimsevics...
RIGA - Bank of Latvia President Ilmars Rimsevics believes that when current Finance Minister Andris Vilks leaves office the after the next elections, some individuals in government could have the desire to begin spending unearned money, reports LETA. Rimsevics told Latvian Radio on June 10 that Vilks is one of the best finance ministers Latvia has had since the restoration of independence. He emphasized that Vilks has done much to improve ...
 Jul 03, 2014 - Hahn commends Latvia on efforts...
RIGA - Absorption and use of EU funds deserve words of praise, as it has helped Latvia to recover from the financial crisis, European Commissioner for Regional Policy Johannes Hahn said in a press conference at the Cabinet of Ministers after meeting with Prime Minister Laimdota Straujuma in early June, reports LETA. Hahn added that reforms must continue, with a focus on economic growth. He stressed that Europe is moving forward from develo...
 Jun 04, 2014 - France signals OECD support for Lithuania...
VILNIUS - France supports Lithuania’s aspirations to join the euro area next year and to launch negotiations on accession to the Organization for Economic Cooperation and Development (OECD), Minister of Foreign Affairs Linas Linkevicius said after meeting his French counterpart Laurent Fabius in early May, reports ELTA. At the meeting with Angel Gurria, OECD secretary general, Lithuania’s progress seeking to initiate accession ...
 Jun 04, 2014 - Estonian labor costs squeeze producers...
TALLINN - Although wage growth slowed slightly at the end of last year and the number employed fell in the first quarter of this year, growth in Estonian labor costs has not really slowed enough to reduce the imbalances that have built up in the labor market over recent years, the central bank Eesti Pank said, reports LETA. The imbalances are visible in a fall in labor productivity and in the extent to which growth in wage costs outstrips th...
 Jun 04, 2014 - Optimism returns among entrepreneurs...
RIGA - Compared to 2012, public evaluation of various factors that influence starting a business in Latvia has improved this year, according to a survey carried out by Swedbank Business Network, reports LETA. The number of those who believe that the economic situation is not connected with starting a business has decreased to 27 percent, while in 2012 this figure was 43 percent. During the past two years, the number of those who believe that...
 Jun 04, 2014 - EC proposes tax reform for growth...
VILNIUS - On June 2 the European Commission (EC) adopted recommendations related to budget, employment and other structural reforms that each EU member state should implement in the next 12 to 18 months in order to enhance economic growth, reports ELTA. The recommendations are based on detailed analyses of each country’s situation and provide guidance on how to boost growth, increase competitiveness and create jobs in 2014-2015, said the...
 May 01, 2014 - Wage pressures build in Estonia...
TALLINN - Slow economic growth has had a visible impact on the labor market, Estonia’s central bank Eesti Pank said in its latest labor market review published in April, reports LETA. In the second half of 2013, the first signs of slower economic growth having an impact on the labor market appeared. Employment in the second half of the year was at about the level of a year earlier, but the decline in the working age population meant th...



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