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Lithuania Business News: Archive 2003-

WEEK 23.2007

Saturday, 9th of June

Alita wins the bidding
Alita, one of Lithuania's largest alcoholic beverage producers, has won the bidding for a majority stake in the Serbian brewery Beogradska Industrija Piva (BIP), in consortium with the Swedish financial and investment company United Nordic Beverages.
The Alita-Nordic Beverages consortium, in which the Lithuanian company holds a majority interest, offered EUR 21.4 million for the Serbian state's 51.9 percent stake in BIP. It said that the buyer would commit itself to investing another EUR 5.1 million in the brewery.

Inflation rises in Lithuania
Inflation in Lithuania rose by 0.5 percent in May compared with April, the Statistics Department reported. The average annual inflation rate was 4.2 percent.
May's Consumer Prince Index was pushed up by rises of 1.5 percent in transport costs, 0.3 percent in food and soft drink prices, 1.3 percent in prices for miscellaneous goods and services, 1 percent in prices for hotel, cafe and restaurant services, and 0.3 percent in housing, water, electricity, gas and other fuel prices.
Respublika, Lietuvos Zinios

Sanitas reports consolidated sales
Sanitas, which owns pharmaceutical plants in Lithuania, Poland and Slovakia, reported consolidated sales of LTL 136.89 million for the first five months of this year. The consolidated sales figure is 4.2 times higher than that in the same period last year, when results from Poland's Jelfa, were not yet included into the group's results.
Consolidated sales for May alone reached LTL 29.21 million, 4.4 times higher than a year earlier, the company said.
"The sales growth is in line with our projections. We forecast lower sales for July due to a halt in production for vacations, but we anticipate higher sales in June," Sanitas CEO Saulius Jurgelenas said in a statement.

Friday, 8th of June

Fishery auctions opens in Klaipeda
Klaipeda will on Friday open an auction of fishery products, the first in Lithuania's history and in the Baltic countries.
Investments into the construction of the auction cost LTL 6.6 million the Ministry of Agriculture, the founder of the auction, said in a statement.
The auction was expected to concentrate the supply of fishery products, optimize the prices and improve the working conditions for fishers, the ministry noted.
The auction will house the wholesale in Baltic fish and will render sorting, freezing, other services. The construction of the auction was launched in April 2006 under the supervision of Klaipedos Zuvininkystes Produktu Aukcionas (Klaipeda Auction of Fishery Products), a company established by the Ministry of Agriculture for the auction project back in 2004.
Lietuvos Zinios, Respublika, Verlso Zinios

World Trade Centers might open in Lithuania
Danish-owned World Trade Centers Vilnius (WTC Vilnius) intends to invest LTL 1.5 billion in a World Trade Center (WTC) that is planned to be built in the Lithuanian capital. Plans call for building the WTC by 2010.
The company said it is in currently in talks over one of the three potential WTC locations, but would not disclose where these sites are.

Producer prices rise
Producer prices or the prices for manufactured goods at the factory gate rose by 2.1 percent in Lithuania in May versus April, the country's Statistics Department reported.
The monthly rise largely resulted on a 9.7 percent surge in the prices of petroleum products. Other factors contributing to the increase included the 3.1 percent rise in the producer prices of electric machines and equipment and a 0.3 percent rise in the prices of foodstuffs and drinks, the department said.
The rise was partially offset by a 7.8 percent plunge in the prices of chemicals.
The producer prices of goods sold on domestic market rose by 2 percent over a month, while the prices of petroleum products alone soared by 15.6 percent.

Thursday, 7th of June

Giraites Armament Factory looks for foreign investors
The Lithuanian government on Wednesday gave the go-ahead for the conversion of the state-owned Giraites Armament Factory into a public company and intends to seek foreign investment in the ammunition production facility.
The Cabinet also decided that the Giraites Armaments Factory should be removed from the list of enterprises of strategic importance to national security and instead be put on the list of enterprises important in ensuring national security. The move is expected to have an impact on the development of the country's military industry.
The authorities took the decision to build the armament factory in the district of Kaunas in May 1999. The facility, which covers an area of 32 hectares, cost the state LTL 70 million to build. According to media reports, another LTL 150 million was spent on the purchase and installation of French-made ammunition production equipment.
Lietuvos Zinios

Lithuanian government decides to raise minimum wage
The Lithuanian government decided on Wednesday to raise the minimum monthly salary by LTL 100 to LTL 700 from July 1.
The increase will take place three months earlier than originally planned, which will cost the state an additional LTL 25-35 million, the government's press office said.
Some LTL 35.4 million has been earmarked in this year's budget for raising the minimum salary from the current LTL 600 to LTL 700 from October 1.
On Wednesday, the Cabinet also decided to raise the minimum hourly pay rate by 14.5 percent to LTL 4.19. Some 14.6 percent of Lithuania's working population earns minimum salaries or less. Among people with full-time jobs, minimum salary earners make up around 8.5 percent, according to data from the Statistics Department. Respublika, Lietuvos Zinios

Utenos Alus presents new beer
Utenos Alus is making an experiment. From now on, Utenos Alus will not be poured into dark bottles, it will appear in transparent bottles. It was made for a simple reason – transparent beer bottles are getting more popular in the world. Such kinds of beer as Tuborg Twist or Baltika nr.5 and others have already been produced in transparent bottles. Imantas Cepulis, production director in Svyturys-Utenos Alus, said that the company consulted Carlsberg experts and worked for half of the year until it created such beer, which is not harmed by sun. Until now, only special kinds of beer and beer drinks or cocktails could have been produced in transparent bottles. Beer made by traditional technologies could not be saved in transparent bottles.
Lietuvos Rytas, Lietuvos Zinios, Respublika

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