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  • Similar to 2008-2009 economic slump, Baltic markets see money glut again
    promotion organizations like Investuok Lietuvoje Invest in Lithuania L J for example do a tremendous job in attracting foreign investments What it does here has a big impact on the economies of Vilnius Kaunas Klaipeda first of all The scene of start ups also looks pretty promising On top undoubtedly sits Vinted an online fashion and clothe swap marketplace with nearly 15 million members worldwide So regionally we are sending ripples in financial markets but internationally we are tiny How worrisome in your eyes is China s slower pace of growth or even possible stagnation Should the Baltics be worried about it Well if we were to look at China directly our economic exposure to it is rather insignificant Over the last year s 10 months our China bound exports amounted to 81 million euros which is rather insignificant in the total of our exports at around 20 billion euros last year Still China s impact on the world economy is huge many analysts maintain that recovery after the financial crisis of 2008 to 2009 was largely hitched onto China s crisis unscathed economy As analysts today slash the Chinese economy growth forecasts from 9 per cent to 6 per cent most lately it does cast a shadow on the world s economic outlook for Lithuania s too If China hits a snag or dips into recession fallout will be tangible across the globe No doubt of that but the question is how big it will be If things turn bad how can the Baltic economies mitigate the consequences Is there anything we can do about it ourselves or will the European Central Bank be making the call The European Central Bank has indeed a very big impact on our economies but the leverages we can employ ourselves were it the case are important too As Lithuanian economy has rebounded from the dismal performance from 2008 to 2009 and is getting where it was before the slump we cannot let our guard down I mean we have to be watchful and smart when it comes to fiscal policies and domestic debt The best preparation for a possible recurring economy crunch would be tackling debt and accrue a certain reserve On the other hand as a small heavily exports oriented market we are very vulnerable to what goes on globally Is there any silver lining to the murky picture Cheering us all up I d say this a crisis is hardly possible in a year of election of a new US president I am not joking Analysts have noticed that a year marking a US president s election is economically crisis free So we all should be pretty safe in 2016 But as I said China troubles and heaps of cheap money in the markets can be signs of a looming uncertainty ahead As Lithuania holds parliamentary elections this year the Government is likely to loosen up its fiscal policies It is possible but once again it has to be cognizant

    Original URL path: http://www.baltictimes.com/similar_to_2008-2009_economic_slump__baltic_markets_see_money_glut_again/ (2016-02-13)
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  • Latvian financial watchdog chairman quits
    implementation of the single supervisory mechanism joining the European level bank supervisors introduction of measures on prevention of laundering the proceeds from criminal activity and of terrorist financing and adoption of the euro in 2014 as the institution s main accomplishments during his term in the office FKTK council is able to continue full implementation of its functions also with four members in the council until the parliament approves a new chairman Zakulis will continue work in his position until the parliament votes on his dismissal Outgoing Prime Minister Laimdota Straujuma said after the coalition parties cooperation council meeting on Monday that there is a room for improvement in the current work of FKTK Nothing Personal an analytical news program of Latvia s TV3 commercial channel reported last Sunday that US officials have requested replacement of Zakulis Citing findings of OECD experts TV3 said that the Latvian banking regulator has not been interested in uncovering and exposing corruption cases The Financial and Capital Market Commission for instance has failed to provide regulations that would prevent money laundering risks OECD experts have found that the banks representations in foreign countries have been left without any supervision whatsoever Inspections in the banks are carried out very rarely which increases fraud risks The FKTK is an autonomous public institution which carries out the supervision of Latvian banks credit unions insurance companies and insurance brokerage companies participants of financial instruments market as well as private pension funds payment institutions and electronic money institutions Comments Related Articles Lithuania will host innovation experts and creators from around the globe Transport Ministry Sacks Chairman of Latvian Railways Office launch party of Latvian Asian Chamber of commerce Subscribe Advertise Log In Please enter your username and password Forgot your password Login Related Articles Goliath Wind signs 100 million

    Original URL path: http://www.baltictimes.com/latvian_financial_watchdog_chairman_quits/ (2016-02-13)
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  • Eesti Energia to record 65.6 million euro loss
    declined by 43 percent reaching 25 euros a barrel on Monday Considering developments on the energy markets the need for a devaluation of assets is obvious The precise size of the impact of the impairment on the financial results of Eesti Energia will be published with the financial result on Feb 25 The impairment has no direct impact on the business operations of Eesti Energia or its ability to meet its loan obligations before creditors Eesti Energia said The competitiveness of Eesti Energia continues to depend on how effectively and flexibly we are able to produce electricity and oil using our own assets The beginning of the year has shown that the production capacities of Eesti Energia continue to be very significant regionally This is confirmed by the record of electricity generation for the period since our country regained its independence set on January 15 At the same time increased demand for electricity at the beginning of 2016 has helped compensate for the effect of the low oil prices Sutter said Built for an investment of 640 million euros and having a capacity of 300 megawatts the Auvere power plant is the newest and the most effective generating unit of Eesti Energia In addition to oil shale the Auvere plant can operate using biofuel to the extent of 50 percent and its output can cover up to a quarter of Estonia s annual demand for electric energy The Auvere plant was linked up to the power grid on May 2 last year and since then it has produced electricity periodically It has operated for 2 700 hours by now and produced approximately 550 gigawatt hours of electricity The plant s projected maximum annual net output is 2 200 gigawatt hours which equals about a quarter of Estonia s energy consumption Eesti Energia has invested 51 million euros in the Utah project Work is currently going on to seek environmental permits and improve the competitiveness of technology Eesti Energia has substantially cut the project s operating costs and brought a large part of development operations over to Estonia The group has a small team in Utah s that is doing work related to the procedure of environmental permits When global oil prices move up and the project s business plan becomes more competitive Eesti Energia is planning to bring strategic investors also into the Utah project like it did with the Jordan project Of major projects Eesti Energia has not yet completed also a project to build a power plant in Jordan on which a financing agreement has been concluded but negotiations on equity financing are still under way without which construction will not be started Sales revenue of Eesti Energia in the third quarter of 2015 totaled 171 million euros 13 percent less than in the same period a year ago and profit was down 29 percent at 31 3 million euros The reduction in revenue mainly was a result of lower energy prices and output Eesti Energia posted a

    Original URL path: http://www.baltictimes.com/eesti_energia_to_record_65_6_million_euro_loss/ (2016-02-13)
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  • Privacy Policy - The Baltic Times
    The Baltic Times The Baltic Times is an independent monthly newspaper that covers latest political economic business and cultural events in Estonia Latvia and Lithuania Born of a merger between The Baltic Independent and The Baltic Observer in 1996 The Baltic Times continues to bring objective comprehensive and timely information to those with an interest in this rapidly developing area of the Baltic Sea region Read more Our news analysis

    Original URL path: http://www.baltictimes.com/privacy/ (2016-02-13)
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  • Disclaimer
    The Baltic Times The Baltic Times is an independent monthly newspaper that covers latest political economic business and cultural events in Estonia Latvia and Lithuania Born of a merger between The Baltic Independent and The Baltic Observer in 1996 The Baltic Times continues to bring objective comprehensive and timely information to those with an interest in this rapidly developing area of the Baltic Sea region Read more Our news analysis

    Original URL path: http://www.baltictimes.com/termsofservice/ (2016-02-13)
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  • News search
    government for Latvia Kucinskis is new P M Thursday February 11 saw a new Latvian government approved which will be headed by Prime Minister Maris Kucinskis from the Greens and Farmers U Read More NATO to bolster presence in Eastern Europe NATO s Secretary General Jens Stoltenberg has confirmed that NATO defence ministers have agreed to bolster its presence in its eastern r Read More Butkevicius believes there is conspiracy to oust him as Prime Minister Algirdas Butkevicius the leader of the Lithuanian Social Democratic Party and Lithuanian Prime Minister believes there is a conspiracy to oust Read More Grybauskaite blames Prime Minister over government corruption Lithuanian President Dalia Grybauskaite believes the country s government is becoming vulnerable to corruption and added that Prime Minis Read More Britain to send warships to Baltic Sea According to British Defence Secretary Michael Fallon Great Britain will send five warships to the Baltic Sea as NATO prepares to discuss add Read More How to fight corruption in the Baltic States in 2016 RIGA On Jan 26 2016 Transparency International TI released its 2015 corruption perception index CPI with mixed results for the Baltic S Read More There is no one for all cure VILNIUS According to the World Health Organisation WHO the average Lithuanian aged over 15 consumes a vast intake of 15 4 litres of pure al Read More 1 2 3 4 5 6 7 8 9 10 Next Subscribe Advertise Log In Please enter your username and password Forgot your password Login Subscribe A subscription to The Baltic Times is a cost effective way of staying in touch with the latest Baltic news and views enabling you full access from anywhere with an Internet connection Subscribe Now About The Baltic Times The Baltic Times is an independent monthly newspaper that

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    The Baltic Times is an independent monthly newspaper that covers latest political economic business and cultural events in Estonia Latvia and Lithuania Born of a merger between The Baltic Independent and The Baltic Observer in 1996 The Baltic Times continues to bring objective comprehensive and timely information to those with an interest in this rapidly developing area of the Baltic Sea region Read more Our news analysis and commentaries provide

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    newspaper that covers latest political economic business and cultural events in Estonia Latvia and Lithuania Born of a merger between The Baltic Independent and The Baltic Observer in 1996 The Baltic Times continues to bring objective comprehensive and timely information to those with an interest in this rapidly developing area of the Baltic Sea region Read more Our news analysis and commentaries provide readers with insight essential to understanding the

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