Didzioji 5, LT- 01128
RETAIL, Real Estate & Tourism Kristina Mataitienė, ‘Inku Dovanos‘
A World of Wool
issue No. 51
Mantas Katinas, Invest Lithuania
Interview with Martyn Cushing, British Embassy
Farewell interview with British Ambassador
Brits in Lithuania
A good time to invest?
Anyone for a footie?
David Hunt
Daniel Dolan
The Premier League is viewed by over 4.7 billion people in 212 territories across the globe. To experience the excitement for yourself, visit the UK; the home of football.
visitbritain.com
Harry Kane Tottenham Hotspur Football Club
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The Euro and Consumer Spending: A Glass Half Full or Half Empty? terms of consumer prices, the conclusion at the time was that Estonia’s transition seemed smooth (albeit with one or two scandals), with no real impact on retail spending.
Michael West, BCC Member
As 2014 drew to a close and the adoption of the Euro was just around the corner, a number of economists speculated on whether the switchover would significantly affect demand in Lithuania’s economy. In other countries, consumers had displayed a tendency to bring forward their spending on bigger ticket items (think white goods, like fridges), convinced that prices would rise when the conversion took place. Speak to Estonians today and some still grumble about rising costs in the wake of switching currencies, as vendors were accused of rounding up their prices or of taking advantage of confused consumers. The actual statistics suggest otherwise. At least in
How about Lithuania? Well the debate about rising prices has been rendered moot by the bout of deflation currently gripping much of Europe. Since December, consumer prices have fallen (compared to the same month in 2014) every month, making it impossible to conclude much on this front. What we can do is look at retail spending as a whole and for a selection of economic segments.
However if we look more closely, the image gets Computers and software did indeed display the blurrier. The figures for sectors of the economy trend of a buy now and save later mentality, with that would benefit from such behaviour are a marked decline in sales (compared to sales in inconclusive at best, if not contradictory. Products January 2014) once the Euro had been adopted, like computers, furniture, electrical household though the return to trend has been somewhat appliances and audio-visual equipment all quicker. Furniture showed strong improvements pointed in different directions. over last year hinting at the real gains being made by the economy, as people invest in their homes, though year-on-year, there was no sign of the decline in the aggregated figures. Audio-visual equipment bucked the trend and the year-onyear increase in sales in January was much larger than in December.
Meanwhile white household goods showed few signs of a hurry to cash in before the New Year, with these retailers performing even worse in January, hinting at the price pressures this segment faces.
In terms of year-on-year increases, retail sales in Lithuania have been registering steady improvements for some time, so the near standstill seen in January and February came as something of a surprise. This had followed a particularly strong December and suggested that consumers had mirrored the pattern highlighted above, namely bringing forward their purchases of bigger ticket items.
Shopping for a Difference
continued on page 4 >
What‘s new in retail market?
gourmets, with classy names like ‘Soul and Pepper’, ‘Drama burger’ and the sensational chocolatier, ‘Ali’, among others. That all makes Panorama truly special, outstanding and most of all, enjoyable.
Interview with Birutė Kalanovatė, General Manager of SLC PANORAMA
While some traditional high streets remain in Lithuania, such as Gedimino avenue in Vilnius, for the majority of shoppers the best locales are the large shopping centres that are dotted in the city. One such place is Panorama, which offers a unique range of shops and restaurants. Vilnius seems to be full of large shopping centres, please could you tell us what is it that makes Panorama different? I believe that Panorama truly understands the spirit and character of people living in Vilnius and we try our best to meet their needs and expectations. Style shoppers and good food lovers will definitely enjoy the atmosphere at Panorama, with its unexpected mixture of tenants, fresh architecture and interior - all in comfortable surroundings. People living in Vilnius like to stand out and so do we: we have several fashion brands such as ‘Pedro del Hierro’, ‘Ivo Nikkolo’, ‘Simple’ and others that are only in Panorama. The same applies to restaurants, as we are the only shopping centre in Lithuania that has such a stylish choice for
Have you noticed any effects on your business from Lithuania’s adoption of the Euro? Retail sales figures suggest that there was an above normal surge in consumer activity in the final months of 2014 and then a drop off in activity in January and February. Did you see similar trends at Panorama? We have had an interesting beginning to the year, that is certain, however the Euro was just one of the factors influencing business in general. The geopolitical situation was quite tense at the start of the year and Lithuanians were, it seems, quite sensitive too it. We had foreseen that the first quarter could have been quite reserved as far as consumer spending was concerned, nevertheless Panorama still attained very positive results, which look even better from today’s standpoint. Are you able to comment on whether customer flows from Russia and Belarus have changed in the past 12 months? Have there been fewer tax-free purchases? There is no secret that tax-free purchases from Russian and Belarusian clients decreased last year, nevertheless the prominence of such clients has always been pretty modest at our shopping centre, therefore these fluctuations have not affected our business results as may have been the case for other businesses. Prepared by Michael West, BCC member
BCC SPONSOR MEMBERS
Clothing too provided some explanation for the weakness after the New Year, although the segment’s decline had started in December, affected mostly by a fall-off in Russian clientele in the wake of the Rouble’s collapse that month.
equipment, watches, jewelry (12.6%) and for sale of textiles, clothing and footwear (10.5%). In 2014, the largest increase was observed in retail sale via mail order or via the Internet – by 27.6%. The significant retail growth is affected by weakening consumers’ expectations and a decline in the number of inhabitants outside the capital. Karolis Aidulis, Retail Real Estate Advisor, Newsec
RETAIL MARKET The improving economic situation, wage growth and declining unemployment rates created favorable conditions for the development of the retail space market. Investments are directed both towards the improvement of existing shopping centers, updates of the outdated projects and expansion or construction of new area and new shopping centers. Significant amounts of investments in the renewal/expansion the leading shopping centers strengthens their position in the market and creates more favorable conditions, attracting new brands to the market. The growing amount of new projects is also seen in the grocery retail segment, which is likely to be related to the preparation process for Lidl market entrance. In 2015 retail will continue to grow, as current development is mostly driven by the needs of market players, who are leading the industry. IMPROVING CONSUMPTION In 2014, the retail turnover increased by 5.6% compared to the same period in 2013. The biggest growth was recorded for sale of audio, video and hardware equipment, also for furniture and lighting in specialized stores; for communication
Improving consumption indicators and an increase in wages led to growth in the shopping center turnover, while maintaining the number of visitors at the similar levels. For now, the main goal of shopping center managers is to increase “dwell time” in the shopping malls and improve customer expenditure even further. NEW DEVELOPMENTS The total leasable shopping center area in Lithuania amounts to 820,000 sq. m or 0.28 sq. m per capita. Most of which or about 40% of the total supply is concentrated in the most developed city, the capital of the country, Vilnius, with 16 modern shopping centers and a total leasable area of 330,000 sq. m or 0.6 sq. m per capita. The latest developed retail project in Vilnius was the 1st phase of DomusPro which opened in 2014. Developer TK Development has sold DomusPro to the investment fund Baltic Opportunity in 2013 and started its construction works accordingly. The 2nd phase of ~3,600 sq. m is being developed in 2015-2016. Among largest refurbishments in Lithuanian retail market were re-openings of formerly named Gedimino9 (Vilnius) center under new name continued on page4 >
BCC paper issue No 51
BCC paper issue No 51
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BCC Member to Member Discount scheme
BCC Members can benefit from the discounts offered from other Members. The Membership cards are issued to member companies and individuals of BCC Lithuania. The information about discounts and offers is constantly updated and can be checked on the BCC website www.bccl.lt. The card is valid until April 1, 2016.
AVIS Rent A Car & Leasing Company • 25 % for short-term rentals within Lithuania and the Baltic states • special quotes for outbound and chauffeur drive rentals • tailor-made full leasing and fleet management offers • corporate Charge and Avis Preffered cards
Baltic Surveys
Ąžuolyno Klinika, a private hospital • 15% discount for medical consultations
Best Western hotels in Vilnius and Druskininkai • 15 % discount from the best available rate for accommodation
Baltic American Medical and Surgical Clinic • 10% discount for all medical consultations
Calenberg Vilnius • 15 % discount for WATERLOGIC water purifiers
• 10% discount for market research services in the Baltic states Biuro Pasaulis • 22% discount for stationery
Bottlery • 20% on all imported beverages • 15% on food products and Lithuanian beverages * The discount is valid for the General managers, Executives and Head of Departments of BCC Member Companies and with BOTTLERY Gold Member cards only.
Finreda • 10 % for corporate, accounting, audit organisation, legal, financial, tax and business consulting and translation services
ISM Executive school • 5% for the open-programs (seminars, academies, long-term trainings). Inkų dovanos • 10% discount for all alpaca wool clothing
Northway Medical and Surgery Centers • 20% discount for all medical consultations
Growing Talent • Free introductory one to one coaching session • Free consultation meeting to explore training & development needs • 10% discount on services (e.g. executive coaching, training workshops)
Delta Management Solutions • FREE Recruitment; FREE Replacement (if required); ZERO Admin Fee for 1st Month (waived) for Temporary Staffing Services
Hotel VANAGUPĖ & Amber SPA • 20% discount of rack rates for accommodation in the hotel • 10% discount on food and beverages in the hotel restaurant, terrace and bar • 10% discount for SPA procedures
London International School of Languages • 15% discount for all our services • an initial promotional class or consultation for free Jurgis ir Drakonas • 10% discount for all food and drinks Inkų dovanos • 10% discount for all alpaca wool clothing
Peritus Sprendimai • First consultation is free of charge
Radisson Blu Royal Astorija Hotel • 10% for official accommodation rates
Quantum Capital • 10% for all services and free of charge first consultation Vinkleris and partners, law firm • 25 % discount for the services • no hourly charge • special priority while providing service
Vilnius Grand Resort • 20% for green fee at „The V Golf Club“; • 10% discount for one time entrance in the Health Club + SPA “Oasis”; • 10% discount for individual accommodation bookings from BAR; • 10% discount for food and beverages at the restaurant „Le Paysage“
Radisson Blu Hotel Lietuva • 10 % discount on food and nonalcoholic drinks in the Riverside restaurant, Lobby Bar and Skybar; • Special accommodation offers at Radisson BLU Hotel Lietuva, as well as CARLSON REZIDOR Hotel Group worldwide
Shakespeare Boutique hotel
Vinkleris and partners, law firm • 25 % discount for the services • no hourly charge • special priority while providing service.
On April 14th, the sixteenth Annual General Meeting (AGM) of the British Chamber of Commerce in Lithuania took place at the Kempinski Hotel Cathedral Square. This year’s AGM included the election for candidates to the Board for the period 2015 – 2017. Twelve members were elected to support the chamber in fulfilling its role in the market, and in delivering quality services to its members. On April 30th, the newly elected Board gathered for the first Board meeting to elect a Chairman, and discuss roles and responsibilities. Chris Butler was re-elected to continue in his role as The newly elected BCC Board Chairman for the upcoming term from 2015Financial services: 2017. The Board also discussed their individual • Asta Grabinskė, AVIVA Lietuva roles, and the role of the committees which focus • Tomas Kontautas, Lloyd’s of London on specific areas of strategic interest. This year a • Vaineta Barevičiūtė, DNB Bank new committee was formed to bring additional • Milda Dargužaitė, Barclays Technology focus on members operating in the Financial Centre Services sector. In total, the Board is divided into five committees: Trade & Investment Promotion, Events & Membership: Financial Services, Events & Membership, Social • Chris Butler, Chairman of the Board Responsibility and the BCC paper. • Toma Vevelstad, Amber Staff BCC Board 2015-2017 and committees Social Responsibility: • Ben Harvey, Growing Talent Trade & Investment committee: • Iraida Žogaitė, Tark Grunte Sutkiene • Milda Dargužaitė, Barclays Technology Centre BCC paper: • Viktorija Trimbel, Quantum Capital • Alistair Day-Stirrat, Odontika • Robert Juodka, VARUL • Mantautas Paškevičius, Strategic Staffing Solutions International
BCC Lithuania represented at COBCOE annual event in London
BCC Social Corporate Responsibility updates
On May 9th – 11th, the BCC Lithuania was represented at COBCOE Annual Event in London – once-a-year opportunity to share working experience between other British Chambers of Commerce in Europe. The visit programme included 2 days of professional training programme for BCC staff, COBCOE Annual General Meeting & Conference and was crowned by COBCOE Gala Dinner and Annual Awards Ceremony in the Great Hall at ICAEW, where BCC Lithuania team was joined by additional guests, including British Ambassador David Hunt, BCC members in the UK and close contacts of the chamber. This year’s Gala Dinner hosted Guest Speaker Lord Bilimoria CBE, DL – founder and Chairman of Cobra Beer. The event was attended by 200 guests.
Distribution of the newly published book of Leonardo Da Vinci stories - “Winged Letters”.
A helping hand
BCC Lithuania achieves the new COBCOE Quality Standard
In this new section we include requests from our charity or NGO partners which provide an opportunity for our members, or readers of the newspaper, to provide non-financial support to worthwhile causes.
In April, BCC Lithuania was awarded as one of the first 5 COBCOE chamber members (along with Belgium, Denmark, Germany and Switzerland) to achieve the COBCOE Quality Standard. The Quality Standard certification programme was recently introduced to identify and promote good practice among the members of COBCOE. It also aims to improve and streamline the quality of service delivery through this new measurable standard.
NGO partner Sekmes Mokykla (School of Success) will be opening the first Democratic School in Lithuania on 1 September. They are in need of any unwanted office furniture or equipment, as well as building materials to help them with the renovation of the school premises. If you have anything to offer, please contact Nerijus at nerijus@sekmesmokykla.lt.
The BCC paper is the official publication of the British Chamber of Commerce in Lithuania, covering a wide variety of subjects related to promoting and encouraging bilateral business relations between the UK and Lithuania. The BCC paper also provides an outlet for the chamber and its members to publish their latest news and offer their professional views on current political, economic, European and cultural topics. The paper is widely circulated: available from Lithuania’s two main airports, business centres, hotels and the UK and Lithuanian embassies, in addition to being sent to all BCC members and business contacts, meaning it offers premium advertising space to companies wishing to engage with the Lithuanian business community. The print run of BCC paper is 4000 copies.
• 20 % discount for accommodation • 15 % discount at the “Sonnets” Restaurant and the “Globe” Bar for all regular priced menu items
Varul, Law firm • Free of charge first consultation • 10 % discount for all services
Editor in Chief – Chris Butler Editorial support: Michael West, Alistair Day-Stirrat, Sandra Kundrotė Members section - Jurga Prakapaitė, advertising – Sandra Kundrotė, e-mail: Sandra@bccl.lt , tel. +370 5 2690062 Proofreading – Shaun Harvey Layout - Tautmilė Stanevičiūtė Printing – Lietuvos ryto spaustuve, UAB Advert sizes and prices Prices
Size
The distribution of the newly published Leonardo Da Vinci stories - “Winged Letters”, for both sighted and blind or visually impaired children began in the end of May. Representatives from the BCC and the NGO “Verslas ar menas” visited the Pranas Daunys Blind and Visually Impaired Education Centre in Kaunas, to hand out the first 15 books at a special event. This project has been supported by the BCC using money collected from the Burns Night’15 charity raffle. In total 100 books will be donated to special schools, libraries and various organisations across Lithuania in 2015.
Congratulations to BCC Lithuania Overseas Member Today Translations, who won the first COBCOE ‘Make Europe Work’ Business Award in “Breakthrough Trade”.
BCC paper team:
Regus • 1 day of day office free of charge
Publicum • 10% for all services and free of charge first consultation
A new Board is elected with Chris Butler continuing as Chairman
Next publication date: November 2015
Odontika • 15% off all treatment & 5% off prosthetic work
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Bcc news
Bcc news
Size mm
BCC Member rate
BCC Non member rate
Back page 1000 cm²
273x366
400 €
500 €
Full page right 1000 cm²
273x366
390 €
480 €
Full page left 1000 cm²
273x366
345 €
430 €
½ page 129 cm²
133x368
240 €
295 €
½ page 129 cm²
273x183
240 €
295 €
1/3 page 326 cm²
273x119
145 €
210 €
1/3 page 326 cm²
133x245
145 €
210 €
Small 129 cm²
273x47
70 €
105 €
Small 129 cm²
133x97
70 €
105 €
Small 129 cm²
63x200
70 €
105 €
For further information or to book your ad space, please contact the chamber: Tel. +370 (5) 269 00 62/84, e-mail: Sandra@bccl.lt
BCC SPONSOR MEMBERS
Children from the day-care centre ‘Duok ranką’ in Vilnius (Save the Children) share their reflections after their dream trip in England 18 children from the Day-Care Centre “Duok ranką” in Vilnius (Founded by “Save the Children” Lithuania) have returned from their first ever and most exciting trip to England organised by a UK-based charity. Donations collected at last December's BCC Christmas Carols event contributed towards the flight costs for the group. On 1st June, the BCC team - Sandra, Jurga and Board member Ben Harvey - visited the day-care centre to meet the children and hear a presentation of their experiences from the trip. The team were also treated to a delicious cooked English Breakfast!
BCC paper issue No 51
BCC paper issue No 51
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The Euro and Consumer Spending: A Glass Half Full or Half Empty? < continued from page 1
However, clothing is not something you would expect to be affected by a buy now, save later mentality. A more likely explanation for that sector’s stagnation lies in the relatively warm winter, which always affects sales of more
expensive clothes (winter clothing costs more than lighter summer clothes). To my mind, the most revealing statistic came from the food segment, where the dip in sales after Christmas closely resembled that of the headline figure. This is not a great surprise given the particularly heavy prominence of food sales in Lithuania’s spending. A strong improvement at the end of the year gave way to barely any change in the first months of 2015, though March and April have registered something of a return to trend. Food is a necessity and is normally one of the last things that consumers cut back on when tightening their belts. What explains the stalling of spending in this segment after the adoption of the Euro?
The changeover to the Euro was undoubtedly a success that will hold the country in good stead going forwards, however the psychological impact of changing your currency can have unexpected effects, even if they are temporary.
The other unforeseen, as admitted by the central bank, was the amount of actual notes and coins in circulation that were spent in advance of the changeover. In effect people were keeping more cash under their mattresses than originally thought. This exceeded all of the bank’s original estimates and goes a long way to explaining the surge in spending seen in the final month of 2014.
BCC Member Questions to Legal Expert Great strides have been made in terms of consumer rights in Lithuania in recent years. Compared to elsewhere in Europe, how easy is it to reclaim money on faulty goods in Lithuania? Recent changes in consumer protection law in Lithuania are mostly related to distance selling, off-premises selling and a broader scope of information that must be provided to consumers. These areas have been more strictly regulated (even imposing economic sanctions for infringements) since June 2014, when the Directive on Consumer Rights was transposed into national law. The level of protection of consumer rights in Lithuania is similar to that in other European countries, however Lithuanian governmental authorities (i.e. the State Consumer Rights Protection Authority and the State Non Food Products Inspectorate) have no legal powers to force the trader to refund the price paid by the consumer in case of defective products. According to this, the possibility of reclaiming money on faulty goods mostly depends on the trader’s good faith and fairness. Are there any differences in Lithuanian law to common practice in Europe that we should be aware of? In some European countries the consumer has a right to rescind the contract and get his money back only if the product cannot be repaired or replaced. Unlike in these countries, under Lithuanian consumer protection legislation consumers may choose any of the below actions at their own discretion when a defective product is purchased. According to the Lithuanian Civil Code, consumers who have been sold things of improper quality (defective goods) have four equivalent rights at their discretion to demand from the trader as follows: a. elimination of defects without any payment (i.e. repairmen of the product); b. replacement of the thing of improper quality with a thing of satisfactory quality without any payment;
After more than a year of successful operation in Vilnius, IKEA will welcome a new neighbor Nordika Shopping Valley with total area of 40,000 sq. m. Approx. 45 million EUR will be invested in the project and house a large Senukai DIY store along with grocery retailer Rimi Hypermarket,
electronics store Elektromarkt and a number of other additional retailers. The project will be developed in two phases and will form a favorable shopping destination in the southern part of Vilnius city.
c. reduction of the price respectively; d. unilateral termination of the contract and restoration of the price (the consumer has no right to rescind the contract if the defect is of small value, however he has the right to demand, at his own choice, either to repair the product, or to replace it, or to reduce the price). How should the average consumer go about seeking a refund for defective goods? What should we do if the shop concerned refuses to make a refund and we have a solid case? Firstly, the consumer shall approach the trader who has sold the defective product. If the trader does not agree to refund the price, the consumer should complain to the State Non Food Products Inspectorate that would perform a technical examination of the product. If the defects are proven but nevertheless, the trader refuses to restore the price, the consumer can appeal to the State Consumer Rights Protection Authority that would initiate an out-of-court dispute resolution procedure. However, the Authority’s decisions regarding the purchase of defective products are not binding and the Authority can only “recommend” restoring the price. If the trader does not take into account the recommendation, going to court remains a means of last resort for the consumer.
Interview with Mantas Katinas, General Manager at Invest Lithuania
Russia’s sabre rattling has now lasted for more than a year. Has there been any significant impact on inward investment to Lithuania? 2014 was a record year for Invest Lithuania – the agency attracted 29 new investment projects. If you take the data for 2014 from the global FDI database, fDi Markets, you will see that the number of greenfield investments in Lithuania
What‘s new in retail market?
< continued from page 1 GO9 in March 2014, and renewal of Babilonas (Panevezys) shopping center in January 2015, that re-opened as RYO shopping center.
Eglė Bakštytė, Associate at Tark Grunte Sutkiene
A Good Time to Invest?
Over the past few months, concerns have been raised in the media that the ongoing tensions with Russia may be negatively affecting the flow of investment into Lithuania. We consider the current situation, looking at recent activity in terms of both longterm and short-term investments. Mantas Katinas, General Manager at Invest Lithuania answers to a couple of questions on this subject.
As the CFO of a major clothing company in Vilnius put it recently, after adopting the Euro “some Europeans looked at the prices denominated in Euros and saw a smaller number, Lithuanians focused instead on their smaller pay packet.” He suggested that, psychologically, people probably felt poorer than when they held the Litas, seeing for the first time a real comparison of their wealth vis-à-vis their European partners.
Consumer rights in Lithuania
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Retail / investment
RETAIL
Shopping centers developer Baltic Shopping Centers plans to expand shopping center Mega (72,000 sq. m) up to 102,000 sq. m and increasing number of tenants up to 190. Expansion project is planned to be finished in 2016, after approx. investments of 45 million EUR. NEW BLOOD IN THE MARKET International brands such as H&M, Subway entered and expanded the market. However, major part of the demand was generated from the local retailers seeking to secure the best locations in leading shopping centers and maintain their market positions. In the grocery retailers segment, all major retailers have renewed a lot of their stores along with opening new ones. Grocery retailer’s plans for 2015 are set as ambitious as in 2014. New entrant Lidl mainly caused such flurry in the market, being the first “unknown” brand in the market. It is expected that Lidl will open 2530 stores in Lithuania and will start its operation after logistics center will be completed in Kaunas. The other “unknown” brand in the market is Fresh Market, as after rapid expansion of stores (26 stores in 11 cities) it throws all the forces to e-commerce development in Vilnius. The main outcome of such intense expansion of stores will be a shift in the market share and decrease of turnover per square meter. H&M stores became a very important competitor to companies currently holding the largest share of apparel stores in Lithuanian shopping centers. Operating retailers are improving their concepts, modernizing stores and focusing on business class segment. During 2014, the total area of ~10,700 sq. m H&M stores was opened in Panorama, Go9,
Ozas, Akropolis Siauliai and RYO. H&M has already
A World of Wool
signed eight lease agreements across the country and will continue opening new stores in 2016 (expansion in Mega, Kaunas). leisure parks is significantly expanding across Lithuania too. During 2014-2015 more than 10,000 sq. m sports centers were opened.
LOW VACANCY AND INCREASED RENTS Vacancy in prime shopping centers remained at the minimum levels as the new apparel retailer occupied large areas and intensified competition. Newcomers and successfully operating local brands took place in the weak market players share. Continuously improved turnover/rent ratios in successfully operating shopping centers in all major cities have caused significant rent increases. The tendency is likely to continue in 2015, for both the shopping centers and retail streets. OUTLOOK The year 2015 will be challenging and stressful for retail market players in order to maintain the position in the market. However, growing demand and potential entrance of the new brands to the market stimulate local developers to expand existing locations and start new developments, Favorable market situation will strengthen the position of landlords and will put some pressure for prices to rise.
Not really. I guess the business community is less susceptible to headlines and takes a more thorough look at the risks and benefits when choosing the country for business. Lithuania has numerous benefits for business, including a large talent pool, hard to beat cost-effectiveness and economic stability. At the same time, being part of NATO and the EU makes us just as safe as any other member. say are your most popular items? We import dresses, tunics, sweaters, ponchos and skirts, as well as caps, scarves and gloves. The most popular items at this moment are dresses and sweaters. The styles that we select have been assessed to meet our high standards of uniqueness and quality, so that customers know they are receiving a special product.
IMPULS the largest private network of sports and
During 2014-2015 we see a great restaurant market. Individual restaurants develop into restaurant networks (Soul&Pepper, Drama Burger, Jurgis ir Drakonas, Republic, London Grill and etc.).
grew by 13% in comparison to 2013 and, all in all, 44 companies have chosen to establish or expand in Lithuania. This shows that we have not noticed significant negative effects due to the geopolitical situation. In fact, on the contrary, we noticed some positive effects: a number of IT development companies, mostly working in game development, moved their units or event headquarters to Lithuania last year. We saw big companies, like Game Insight, smaller studios, like Flazm or Charlie Oscar and famous brands, like Alternativa Platform, establish their units in Vilnius. What is more, these companies also brought their skills, ideas and knowledge. We have already seen great developments in an already vibrant IT community in Lithuania, starting with events on game development and projects with schools and universities, as well as new start-ups on the market. This only proves that Lithuania can offer a stable economic and political environment and is regarded as a business friendly location for truly global businesses, like IT. Have any investors mentioned the current political uncertainty in their discussions with you? If so, what kind of issues did they raise?
Interview with Kristina Mataitienė, founder of ‘Inku Dovanos‘
Many successful entrepreneurs talk of a Eureka moment, during which their business model suddenly came to them. For Kristina Mataitienė, founder of ‚Inku Dovanos‘, this came on a holiday to Latin America, where she was visiting an old school friend. How do you take a successful, everyday product from one market, thousands of miles away, and insert it into a wholly new one on a different continent? Read below to find out. Could you please tell us about how you got the idea to introduce Alpaca wool to the Lithuanian market? A few years ago my husband and I were travelling in Bolivia and Peru, where my best friend from my early childhood now lives. During our visit, I noticed the attractive, multi-coloured clothing made from alpaca wool that many of the people were wearing. Liking what I saw, I brought some of this clothing back as souvenirs and gifts for my children, relatives and myself. After a while my friend in Bolivia and I decided to start a business importing these garments. We were sure that alpaca wool clothing would be an interesting product for Lithuanian and, more widely, European customers. Please could you tell us a little about the types of product you import? What would you
Clothes made from alpaca wool are very light, soft and durable. Since it does not contain lanolin, which can collect dust and allergens, the wool is ideal for allergy sufferers, especially children. Alpaca wool is also dirt resistant. The special structure of the fibres prevents bubbles from forming so that, if looked after properly, alpaca wool clothing can serve for many years. Was it difficult to find partners in Latin America? Well that side of the business was handled by my partner who lives over there. Of course that is a big advantage for us. MB Inku dovanos is working with Latin American companies that ensure fair trading practices and avoid exploiting their employees. In this way the final user helps in the economic development of these countries. Could you please talk a little of how you decide what products are suitable for the Lithuanian marketplace. What kind of factors did you need to bear in mind when making your choices? Honestly I always like to look different from other people around me. This came from my teenage years. In the early 1990s, there was not a great range of clothing to be found in Lithuanian stores. Since then I decided to get involved. I started creating and sewing items for myself, so that the process of designing and creating clothing was always my hobby. This can help a lot when deciding on which styles to import. Some designs are my own creation; I also choose colours for the designs that are suggested by the producer. When making orders, I pay attention to
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Short-Term Investment: The Other Side of the Same Coin By Michael West While the picture in terms of long-term investment looks promising, the story is a little different with the short-term situation. On the face of it, the impact from the recent turmoil in Ukraine seems to have been limited. After something of a dip in value in the months following the outbreak of hostilities in Ukraine and Russia’s increasingly menacing tone, the value of the stock exchange in Vilnius is now 8.67% higher than a year ago; across all three Baltic States it is up roughly 4%. The major companies listed on the local exchanges have coped well with the lingering effects of the stand-off. Those with direct interests in Russia - assets or markets - have sought to lessen their exposure, even making sell-offs where deemed viable. And the general shift in emphasis, away from Russia towards Western markets has gathered pace. As was highlighted in the last edition of the BCC’s paper, this reflects a view that Lithuania’s economy has not been hit nearly as hard as some had feared by the Russian embargo. Still this is not the whole story. Trading volumes, i.e. the number of trades, the size of trades and the value of these trades are looking rather weak. These figures illustrate the lack of interest shown by international investors in the region. Could this reflect concerns about the political situation? Or maybe it is something that extends deeper than is first apparent. The Baltic trio are usually categorised as emerging markets, though the relatively small size of their companies and a lack of new blood on the stock market can see the interest of many shortterm investors wane quickly. Another problem is the small free floats of the companies listed (i.e. those shares traded actively on the market, rather than those held by an owner or the state), with some companies dominated by the interests of Lithuanian preferences. Usually they select natural and dark colours, with more colourful clothing for the more adventurous and expressive customer. Of course the price is also very important. Mindful of this, parts of our collection are made from 50% alpaca wool, with the remaining half from other materials. This production is much cheaper than if the clothing were made purely from alpaca wool. Can you please discuss your plans for the future? We would like to expand our business into the rest of the European market. Most interesting would be the UK and Germany. So we became members of the British Chamber of Commerce, which helps us with our first steps into that market. We have also explored some options for the German market. In a careful and measured way, this step-by-step approach should help us match our aspirations to move into the wider European market. Prepared by Michael West, BCC member
their founding figures for far longer than is usually considered healthy. Finally for those of us involved in the markets, the period before the financial crisis now seems like halcyon moment, the like of which may never be seen again. The banking meltdown caused lasting damage to the region’s markets that show few signs of healing fully. Not everyone sees a limited stock market as a problem. It is just one source of funding and some companies prefer the longer-term horizons offered by different funding vehicles, i.e. bank loans and bonds. However, equity markets usually act as weather vanes that signal early signs of concern or discontent and the growing tensions with Russia and talk of conflict has taken some toll. Short-term investors have many options and the pressures they face in making tight decisions mean that they are keenly sensitive to risk, even events many of us would consider unlikely. Moreover, the kind of psychological pressure Russia is building will grow more corrosive with time. However it is important not to overplay the situation. Thus far, the political tensions have not seriously dented Lithuania’s prospects as an investment location and the reasons for the low turnover on the stock market are deeper rooted than the concerns with Russia. While the situation with Russia has and will play a role in dampening the enthusiasm of more excitable elements of the investment community, the cooler, longer-term calculations of other investors do not seem so easily dissuaded.
BCC paper issue No 51
BCC paper issue No 51
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RETAIL
Discounters in Lithuania: Main Reasons of Weak Market Results
By Roberta Kniuipyte, Senior Research Analyst at Euromonitor International
Reasons behind discounters’ underperformance The discounters channel showed a subdued vague performance in Lithuania during the last decade, with local and regional retail players lacking experience to utilise this channel. One of the possible explanations for retailers' reluctance to expand the network of discount stores is that their target audience is too “tight-fisted” even for discounters' offerings, and often turn to bazaars for their groceries, food in particular. Lower prices offered in bazaars in cities, both big and small, are often a result of suspect accounting and the sale of smuggled or counterfeit goods. As a result, bazaars generate far greater sales than discounters.
In hindsight, discounters were doomed to fail in Lithuania, as market leaders were essentially competing against themselves, and with most marketing resources spent on modern stores other than discounters, results were unsurprising. Convenience stores in particular are competing against discounters, as they are no longer considered too pricey. Inconsistent branding did not help either: the usage of retailers‘ flagship brands for discounting stores made these outlets look like inferior versions of identically named convenience stores, only with significantly poorer product assortment. Newlycreated store brands were rejected by consumers, as they lacked promotional support. Lidl set to change discounters‘ market Lithuanian market has highly concentrated grocery retailing landscape, with Maxima being a major player. Until now, Lithuanian retailers did not need to focus on discounter brands and generated healthy profits from other store formats. However, the situation could change significantly in the near future.
The arrival of Lidl could make price competition more intense and force them to reconsider their format strategies. Although discounters have so far failed to make major inroads in the country, Lidl is confident that it can change this when it enters Lithuania in 2015. Sensitivity to prices has long Another possible explanation for the unsatisfac- been a key criteria for consumers in Lithuania. As far tory performance of discounters is a lack of business as brands are concerned, producers acknowledge continuity. There has never been a pure discounter the importance of promotions and that any brand player in Lithuania, as same companies operate su- accompanied by the dull and unglamorous word permarkets, hypermarkets and convenience stores, "discount" and a slashed price, is often the bestselling brand the| Current country. Market Sizes Value RSP excl Sales Tax |in € mn Prices | Fixed 2014 Exchange Rates for e.g. Vilniaus prekyba. Therefore, the| Historic arrival| Retail of Lidl Geographies Categories 2004 2005 2006 2007 might disrupt the market, by bringing a more agLithuania Retail value 190,70 215,90 107,20 137,30 Year-on-Year growth 36,40 13,20 -50,40 28,10 gressive pricing strategy supported by its efficient © Euromonitor International operations and global supply chain, and exclusive focus on the discounter format.
Leading grocery stores have also contributed to the poor fortunes of discounters, taking away their biggest advantage. Whilst constantly improving the appearance and shopping experience of outlets, supermarkets, hypermarkets and convenience stores all relied heavily on price slashing to attract footfall. High market concentration and resulting bargaining power over suppliers allowed these retailers to push prices down, reducing the price gap between these stores and discounters, despite the latter’s heavy reliance on cheaper private label products. Moreover, private label brands are available in other channels as well, effectively limiting the appeal of discounters.
DNB survey: how mobile banking is changing our financial behaviour
Who’s Up for a Little Footie? Michael West speaks with Martyn Cushing, British Embassy
Smart phones to replace ATMs?
Tadas Sudnius, Manager of DNB Business Development Division.
Individuals in Lithuania do not check their account balances at ATMs or log in to online banking in their computer so often now as a result of bank applications downloaded in their smart phones. The smart phone becomes a simple tool to control and actively manage one’s finances. These were the findings of a public survey ordered by DNB bank and conducted by “Spinter Tyrimai” market research company. “We can see that once people begin to use our mobile banking, it becomes a regular tool for their daily financial transactions. Currently 95 % of new telephone sales are smart phones, the use of mobile internet and applications is going up rapidly, therefore this trend will be growing further. The future of mobile banking will also depend on the solutions that banks can offer; the survey revealed that the consumers want to take a short-cut to reach their money, i.e. fast login and user friendly environment”, - said Tadas Sudnius, Manager of DNB Business Development Division.
Easy to follow your finances
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Tourism
According to the survey, mobile banking is most often used to control personal finances, 86 % of the bank apps users check their personal accounts, while every second (50 %) checks account statements. But also, quite a number of individuals use banks’ applications not only to control their finances but also for saving purposes. For example, 45 % of the respondents said they were using their mobile phones for money transfers to their family members. More than one third (36 %) of the respondents admitted to be using mobile bank to pay for services, i.e. utility fees, kindergarten or post-school activity fees, etc.
The survey showed that individuals who use mobile banking are changing their financial behaviour: 41 % of mobile bank users admitted that they do not check their account balance at ATMs so often any longer as this can be done faster and easier using smart phones. One third of the respondents said they use less of electronic banking in their computer, this change was particularly highlighted by younger (29-40) individuals, most active users of smart phones. Only 32 % of the respondents said that the bank’s application did not change their financial behaviour. Secure solution wanted Secure and easy use is the main feature of mobile banking emphasised by users of mobile bank applications. For example, 37 % said that faster and safer login would encourage them to use the app more actively. Another 37 % underlined an easier use of the application, and 31 % specified higher safety in using the application. “Naturally, our users are cautious about safety, that is typical of all innovations. Well, we must emphasise that the security level of our mobile bank application for simple transactions is not lower than using a payment card or cash, and it offers much more convenience and possibilities”, said T.Sudnius. Not just downloaded but also used The survey found that 50 % of smart phone and tablet computer users download bank apps into their mobile devices. However, the frequency of use varies: 12 % of the respondents admitted that they login to their mobile bank application 2-3 times per week, while 13 % of the respondents do that just once in a week. The rest do not login so often: only once in a few months or a year. According to the Business Development Division Manager at DNB bank, from November 2014 the new application was downloaded by over 30 thousand bank customers, and we are happy to see that the customers are actively using the app: 65 % of the users said they login to their application at least once a week.
The Premier League is viewed by over 4.7 billion people in 212 territories across the globe. To experience the excitement for yourself, visit the UK; the home of football. Harry Kane Tottenham Hotspur Football Club
visitbritain.com
Anyone involved in organising events, whether voluntary or professional, can attest to the minefield of potential hazards that lay in wait. Still, the opportunities afforded by these special occasions are not to be missed. One such event is the first football match between Lithuania and England to be played here in Lithuania on 12th October (for those of you wondering: Scotland has played Lithuania a few times before, but never England in Lithuania). I spoke with Martyn Cushing of the British Embassy about how to plan the perfect game of footie. Official planning for the event starts with meetings between the respective footballing authorities of both countries, when issues such as ticketing allowances (usually the visiting team is given 5% of available seats) and security matters are first discussed. Naturally the Embassy of the visiting country inserts itself into proceedings, taking on a co-ordinating role tying together potential loose ends. The kind of questions that typically arise include the method in which tickets are distributed. Will there be dedicated ‘fanzones’ for those visiting and not able to access the ground? How to ensure that touring fans are catered for adequately. And finally, how can this event be used to promote cultural and commercial links between the two nations. All of this
requires co-ordination between the various interested parties, official and otherwise, and the Embassy is ideally placed to knit the interests of these disparate groups together. Of course, it is still early days. Many details will only be fleshed out nearer to the date itself. Even so the outlines of various proposals can be sketched in very lightly. Regardless of the ticket allocation and the fact that the fixture is set for a Monday night in October, the England team has a loyal core of supporters that will travel under pretty much any circumstance. The Embassy will reach out to selected fan groups to brief them on what to expect so they can organise themselves as they see fit. Once a good idea of the numbers of visiting fans is apparent, more substantial planning can take place. As for Martyn, he sees a terrific opportunity to celebrate what is great about football and the UK. A nice example of this is a group called ‘Fan Friendly’, who the Embassy is keen to support. Fan Friendly seek to engage with the local community wherever they go, be this a football match, providing English lessons, or some other volunteerism. Such activities - which could be held at potential fanzones, meeting points or the match ground itself - can provide the ballast around which other business and cultural
events are hosted. The football also offers a fantastic opportunity to promote British business. One potential option that the Embassy is considering is to draw upon the UK Government’s ‘Britain is Great’ campaign, launched ahead of the London 2012 Olympics to highlight what Britain offers the world in terms of business, education and tourism. Given the role Britain has played in fostering the modern game, the ‘Sport is Great’ brand could provide a fantastic backdrop to a range of business events. Held during the weekend, these can showcase what British and Lithuanian companies have to offer, while harnessing the sporting theme to gain broader media and public interest. So where does this leave Martyn? Well he is always on the lookout for potential partners in this process. There are less than four months to go before the match and the BCC and other businesses with links to Britain or sport can play a pivotal role in supporting these events and helping to get these messages out to a wider audience. Football is good business. Maybe you have something to offer or wish to get involved somehow? If so, we’d love to hear from you.
Tourism to Lithuania – from a UK viewpoint
Sally Chambers, co-owner of Baltic Holidays
After the Christmas festivities, and once New Year has been well and truly welcomed, tourism businesses are all set for the busiest booking months
of the year. Lots of discussions have taken place over the Christmas hols, and people are looking forward to their summer holiday plans! The start of 2015 has been no exception, although there are noticeable changes to booking trends.
by the politics, perhaps more encouraged by the economics – as the Euro exchange rate is getting them some cheap prices at the moment! They want longer tours, to see all the main sights, and most are still happy to add Russia to their itinerary.
As the UK press continue to scaremonger about Putin and the Baltics, enquiries from UK travellers have definitely been affected. But, we have seen a positive increase in long haul visitors coming to the Baltics. The US, Australia & New Zealand visitors to the region are largely unaffected
Many people still view the ‘Baltic States’ as a destination, and plan to visit on a Baltic capitals tour of Vilnius, Riga & Tallinn. Many also want to combine the Baltic Capitals with St Petersburg, and because in the UK the Russian visa process has been made ridiculously awkward (you have to go in person to
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London or Edinburgh to give your finger prints!) many people are put off the whole tour, saving it for another time when the process is easier. City breaks to Vilnius, Riga & Tallinn are still popular with low-cost flights widely available, but few people consider the individual countries as a destination for a longer holiday. Come to Lithuania for your 10 day/2 week summer holiday! We are working hard to change people’s perception – there is plenty to do for a longer holiday in Lithuania! Lithuania should be seen as a holiday destination in its own right, not just for city breaks, or part of a longer tour...
BCC paper issue No 51
BCC paper issue No 51
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BCC top annual events offer unique opportunities to win memorable prizes
Farewell interview with David Hunt, British Ambassador to Lithuania has doubled in size in 4 years. Furthermore, the British Council have also co-located their office in the British Embassy compound.
British Ambassador to Lithuania David Hunt has kindly agreed to talk to the BCC paper. As an eventful four years in Lithuania comes to an end this summer we reflect on his term. Your 4 years in Lithuania has certainly been eventful. Could you pick out some highlights from a professional perspective? The Lithuanian Presidency of the Council of the European Union was a particular highlight. Lithuania’s management of the presidency was extremely well regarded. We were fortunate to place 6 British experts in various Lithuanian ministries sharing their experience and working closely with their Lithuanian counterparts. The build up and the presidency itself were intense and very demanding, including numerous Ministerial visits. Aside from this, it’s been great to lead the expansion of the British Embassy in Vilnius. We have increased our local staff as well as our complement of UK diplomats. The Embassy
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I heard there had been more Ministerial visits to Lithuania in 12 months than there has been since Lithuanian independence? That would need to be checked. Certainly it’s been a very busy 4 years and the large number of Ministerial visits have demonstrated the high value we place in the UK/Lithuanian bilateral relationship. From a business perspective I was delighted that Lord Green Minister of State for Trade and Investment, was able to come to Vilnius. It was great that he spoke at a dedicated lunch hosted by the British Chamber of Commerce in Lithuania. In January this year the Foreign Secretary, Philip Hammond visited for bilateral discussions with President Grybauskaite and a number of Government Ministers and Parliamentarians. This was the third Foreign Secretary visit to Vilnius during my time here. The highlight of course was the visit of the Prime Minister, David Cameron, who came to Vilnius for the Eastern Partnership Summit. The PM even found time for some sightseeing around Vilnius Old Town. How important was Lithuania’s management of the EU Presidency? Lithuania’s Presidency was well excecuted. It raised the profile of the country for all the right reasons and enabled closer cooperation between the UK and Lithuania on a range of issues important to the both of us. These include making the European Union more competitive, less
burdened by regulation and more democratically accountable. Commercially trade between the UK and Lithuania continues to grow? The numbers vary depending on what source you choose to use so I always tend to emphasise the most positive! Lithuanian statistics show that since 2011 UK exports to Lithuania have grown by an incredible 150%: from approximately EUR 372 bn to just over EUR 1 bn last year. This is extraordinary growth. Last year the UK had a positive trade balance with Lithuania for the first time since Lithuania joined the EU. Yes, we've invested real effort in organising trade missions from different parts of the UK, establishing strong relationships with regions such as the North East, the Midlands and Northern Ireland. We've acted as facilitators but it’s business that’s achieved this result. We've also targeted sectors of strategic importance to UK industry such as education, rail and IT. My UKTI team, Ringaile, Ieva and Laura have worked tirelessly to help UK businesses export or enter the market here for the first time and I think they’re great. They have delivered real success. But I'm also sure that more can be achieved. You only have to look at the success of companies such as Aviva Lithuania to see what the huge potential is. In just 13 years they’ve become the market leader in life insurance in this market serving over 255,000 clients. More UK companies should look at this success and follow suit.
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Chronicle of BCC Events
Chronicle of BCC Events
In 2014 and 2015, at the 2 major chamber events, our guests had a unique chance to win exclusive weekend trips to Istambul and Abu Dhabi. Who could resists to use such prizes? Loreta Masevičienė from a company Northway has aleady spent a weekend in Instambul, which was won at BCC‘s 15th Anniversary Gala Dinner and Birutė Kalanovaitė from SLC Panorama enjoyed an exclusive weekend in Abu Dhabi, won at Burns Night’15. When our team asked how did the trips go, both ladies have kindly suggested to share their short but memorable trip experiences with BCC paper readers:
to promote British Business launches in Lithuania? Yes. We‘ve hosted various launches of important UK businesses in the region such as Lloyds insurers and Friends Provident and promoted successful brand launches such as the Range Rover Evoque in partnership with Inchcape Motors.
“We were very delighted to run away to sunny Istanbul the last weekend of March, which was as cold as winter in Lithuania. It was a great trip – from a Business Class flight with exclusive service and a hospitable, conveniently located hotel, to a Bosphorus cruise with breath-taking views and walks in Istanbul's Old Town, filled with fascinating scents, sounds, and colours. Although we spent only a weekend in Istanbul, we managed to visit all the must-see sightseeing spots, tasted the most essential traditional meals, and even got a closer look at Istanbul nightlife. I am very grateful to the British Chamber of Commerce and to all the Prize Sponsors – Turkish Airlines, Novotel Vilnius Centre Hotel and Carslon Wagonlit Travel for an unforgettable experience in this remarkable city” – Loreta Masevičienė, Marketing & Sales Director, Northway .
USA. Quite a different posting. What have you enjoyed about being in Lithuania personally and what are you looking forward to professionally about your next posting? As a family we have enjoyed our time in Lithuania and made lots of good friends. Vilnius is a very beautiful city. Lithuania also has fantastically seasonal weather: watching the seasons change on the short drive into the Embassy along the river every day is a small pleasure I’ll miss. The Old Town is a delight to walk around. We will also miss our trips to Palanga, the lakes and countryside. Our next posting in Washington will of course be different. I’ve lived in the US before though and read American Studies at University so it’s not a complete step in to the unknown. The role will be very different but exciting. I will be ConsulGeneral and Head of Corporate Services (mainly managing the finance, estate and HR) for the whole of our US Network (9 Consulates-General across the country and our Mission to the UN in New York.) I’m looking forward to the challenge.
Loreta Masevičienė, winner of the prize with Sponsors
In Istanbul
“The trip exceeded all our expectations! From the very beginning till the end all experiences were very excited and pleasant! Starting with flight, continuing with excellent services organized by great representatives of Carlson Wagonlit Travel, Turkish Airlines, Kempinski Hotel Cathedral Square and Raidla Lejins & Norcous. Safari trip was fool of adrenaline. Over all, every activity confirmed all luxury standards of services anywhere we were leaded by great organization and intensive program. After 3 fool days it felt like we were there already for the week. We did very highly appreciate this trip and planning to go back there as soon as our possibilities will allow us to do it.” - Birutė Kalanovaitė, Managing Director, SLC Panorama
Prepared by Alistair Day-Stirrat, BCC Board member and Editor of the BCC paper
The Embassy has been used much more
BCC CURRY COOK-OFF
Breakfast Technical Briefings BCC Breakfast Technical Briefings continued to be a success in 2015 second quarter and kept a level of interest from chamber members and friends alike. In March, the topic “Labour Market: Challenges and Opportunities” was presented by Mantautas Paškevičius, Country Manager, Strategic Staffing Solutions. The topic attracted an interest from members and involved considerable amount of audience interaction after presentation.
Karen Davies, Business Development Manager in MIDAS (Manchester‘s Inward Investment Agency)
Breakfast Technical Briefing in April, hosted Karen Davies, Business Development Manager in MIDAS (Manchester‘s Inward Investment Agency), who made a presentation “Setting up and doing business in the UK”. The topic mainly focused on business setting up issues in the UK and Manchester in particular. The presentation also covered the growing sectors in ICT, staff recruitment, legal, tax, employment and immigration issues.
In the end of May, the chamber had a pleasure of inviting members and friends to hear Simon Hogg, Financial Institutions and Management Liability Consultant at Tysers & Co Ltd from London who spoke on the topic “Risks that you never thought could kill your business”. Mr Hogg in his presentation covered business risk and insurable risk, Cyber exposure risk, management and employees exposures and answered to questions from the audience. As usually, before presentation and the discussion, the participants enjoyed excellent English breakfast, and afterwards stayed for more networking and discussion near coffee at the Shakespeare Hotel.
Simon Hogg, Financial Institutions and Management Liability Consultant at Tysers & Co Ltd, London
In June, just before stepping into summer holidays season, the chamber had a pleasure of inviting members and friends to attend the last Breakfast Technical Briefing introducing “The Business Process behind Films and Festivals”, presented by 3 speakers: Donatas Mekionis, Carlson Wagonlit Travel, Algirdas Ramaška, Vilnius film festival „Kino Pavasaris“ and Rolandas Kvietkauskas, Lithuanian Film Centre. The participants were introduced to various partnership opportunities that exist at large events such as Film festivals, the best partnership examples of “Kino Pavasaris” were shared, additionally, the incentives scheme for business investing into film production in Lithuania was commented and explained in details.
Indian Curry cooking contest and a true feast for spice & curry lovers Congratulations to the 3rd Curry Cook-off winners: On June 9th, The British Chamber of Commerce invited members, friends and all curry fans in Lithuania to attend the 3rd Curry Cook-off social event, this year again held in the beautiful garden at the British Ambassador’s Residence. Over 90 people came to taste a great variety of different Indian curries pre-cooked by 8 teams in the innovative and modern premises at Čiop Čiop culinary studio, which was the event partner for the 3rd year in a row. The 3 Judges - the British Ambassador David Hunt, Rajinder Chaudhary, the owner of Sue’s Indian Raja Restaurant and Chef Gaspar Fernandes were challenged to select the 3 best curries. The audience did their part and voted for the “Audience choice” curry. The winners were awarded with various prizes, kindly provided by the sponsors. After presenting the awards, the guests were invited to watch Traditional Indian dancing, enormously enjoyed by all in attendance. The 3rd Curry Cook-off Cobra beer came all the way from London under kind sponsorship from Lord Karan Bilimoria, CBE, DL – the founder of Cobra Beer and Chairman of the Cobra Beer Partnership Ltd and Molson Coors Cobra India.
Birutė Kalanovaitė, winner of Burns Night’15 Charity Raffle Golden Prize with Sponsors
Donatas Mekionis, Carlson Wagonlit Travel, Algirdas Ramaška, Vilnius film festival „Kino Pavasaris“ and Rolandas Kvietkauskas, Lithuanian Film Centre.
In Abu Dhabi
Burns Night charity raffle is the main annual fundraising tool of the BCC Lithuania, actively supported by members, where Golden Prize is always a trip to either UK or some exotic destinations. In January 2015, the charity raffle helped us to raise 6.420 EUR to support NGO Verslas ar menas & Nano Radijas.
Continuing series of BCC Professional Workshops On April 17th, the British Chamber of Commerce invited participants to the half day workshop “Staying on message” with Michael Pennock (London International School of Languages), held in Comfort hotel. This interactive workshop focused on different possibilities and techniques on how to maintain a consistent and clear tone of voice when preparing the press releases, how to produce English language texts that sound natural and convincing and how to deal with new uses of English in business. The participants were provided with real examples of press releases, articles and web
Sponsors of memorable trips to Istanbul and Abu Dhabi
The British Chamber of Commerce expresses its utmost gratitude to Partners and Sponsors
1st Best Indian Curry – TARK GRUNTE SUTKIENE team (Deimantė Sirvydienė & Inga Mažvilaitė) 2nd Best Indian Curry – PwC team “Dancing Cumin” (Agnė Barauskienė & Rūta Taparauskaitė - Vosylė) 3rd Best Indian Curry – Cricket Club of Lithuania (Stuart Kemp & Darren Coltman) “Public Choice” – JD Team (Deimantė Urbonienė & Odeta Blažienė)
Mantautas Paškevičius, Country Manager, Strategic Staffing Solutions
texts to illustrate the different points, which were discussed during the session. The workshop was followed by a networking lunch in Time restaurant.
Lecturer Michael Pennock, London International School of Languages
BCC New Members Evening
A special thanks to the British Ambassador David Hunt for allowing this to happen at the magnificent garden of the Residence
Photos by Jurga Prakapaitė
On May 21st, Members of the British Chamber of Commerce were invited to the New Members’ Evening, held in Grotthuss hotel. BCC new members had the opportunity to meet other BCC members and make short introductory presentations followed by networking session over a glass of wine and delicious pizza, this time kindly sponsored by BCC new member Jurgis & Drakonas. Members of the chamber were kindly welcomed by Chris Butler, Chairman BCC. Short presentations were made by the following new members: STAY, Dominas & Partners, Kevin Badgery, Phoenix contact, Angvila, Jurgis & Drakonas, Grotthuss hotel and The Duke of Edinburgh’s International Award - new BCC CSR Partner. BCC New Members’ Evenings are held twice a year (in spring and autumn) and are aimed to integrate New BCC Members to the BCC Community.
The British Chamber of Commerce would like to express a great deal of appreciation to the new BCC Members Grotthuss hotel and Jurgis & Drakonas for their kind sponsorship
Vytautas Bražiūnas, Phoenix Contact
BCC SPONSOR MEMBERS
Monika Pacenka, Grothuss hotel
Jolita Surgutanovienė & Daiva Rauktytė, STAY
Inga Čėsnaitė, The Duke of Edinburgh’s International Award Lietuva
Vaiva Stuckienė, Angvila
Kevin Badgery, BCC Social Member
Gediminas Dominas, Dominas & Partners
Marija Sulavaitė & Tom Nicholson, Jurgis ir Drakonas
BCC paper issue No 51
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BCC paper issue No 51
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Brits in Lithuania
Interview with newly appointed CEO of PwC Lithuania, Rimvydas Jogėla
New entertainment for departing passengers at Vilnius Airport
Photos by Olga Stapsiene
Rimvydas Jogėla was appointed as Country Managing Partner of the international assurance, tax and advisory firm PwC in Lithuania with effect from 1 July 2015. He will take over this position from Kristina Kriščiūnaitė who has been a Country Managing Partner for Lithuania since 2012.
This time, our team was excited to find out English ballet dancer Daniel Dolan is amongst the ballet troupe at the Lithuanian National Opera and Ballet Theatre. We became curious to meet Daniel and find out more about him and his dancing career in Lithuania. We learned that the troupe has a large contingent of foreign dancers and he is not the only British Ballet dancer in Lithuania. How does a Warrington lad come to train at the Bolshoi Ballet Academy in Moscow? This is certainly not the average career choice for any lad in born in Warrington but once I followed my sister into the studio I haven’t stopped dancing since. Moscow came around when I was finishing high school at The Hammond in Chester. I received an email inviting me to go train at the Bolshoi Academy which was an unexpected offer which I couldn’t refuse and was an opportunity I will never regret. They took me back to basics and created the male dancer that I am today, it was tough but if you want to train with the best you get the results. What brought you to Lithuania in the first place? Are there career opportunities by coming to Lithuania? After I graduated from Moscow I had a job lined up in St Petersburg but due to visa difficulties it fell through. I had a fellow graduate who had started dancing here and she said and should come and try it out. I visited for a week and really enjoyed my time here so when I was offered a contract I took it. For me dancing in Europe will always be the number one choice as we are lucky to have some of the best new works, theatres and dancers in the world. Dancing for a national theatre is most dancers preferred choice as it is a high standard than smaller companies and theatres. Lithuania has been a great choice for my first company as I have had a lot to learn after graduation and they have supported me and gave me lots of opportunities to perform which you wouldn’t get in a lot of big theatres. For my second season here I was promoted to Corpyhee which has been quite an honour and shows that international dancers can certainly grow as dancers here. Has there ever been any other British dancers with the Lithuanian National Ballet? There was one boy who I dance alongside from England called Isaac Evans. I believe he was the first
Brit to join the Lithuanian National Ballet and he is currently in his 3rd season. The company certainly has a growing international side with dancers from France, Spain and Russia etc. After Moscow, Vilnius must feel quiet? Vilnius is a lot quieter than Moscow but I must admit I love it. I can walk to work every day without any stressful commute and the people here are friendly and extremely creative. Vilnius is a great place for an artist to live as there is a certain calmness to the city. When you are not in rehearsals have you seen much of Lithuania? Outside of rehearsals Vilnius has lots to offer. I enjoy the vast selection of restaurants and cafes the city has and like to get myself lost in the small streets of the old town. I also really enjoy running along the river at night it’s a great way to end the day in this city. I haven’t had too much opportunity to get out of Vilnius much although I have been to Kaunas a couple of times. Everyone keeps telling me to go see Trakai so that’s next on the list and I have promised myself that when I get a chance I will go and see more of this beautiful country. Daniel Dolan (b. March 21, 1993) is an English born dancer. Dancing since the age of 4 Daniel acquired word wide press interest in the year of 2009, when he was invited to train at the Bolshoi Ballet Academy in Moscow. He was only the second British dancer to graduate from Bolshoi’s Russian course and is currently performing with The Lithuanian National Ballet. His website can be visited at http://www.danieldolan.co.uk/
To start with, lets talks about your carrier in PwC. As you have been with PwC for 20 years what was the main reason engaging you with the company for such a solid period of time? I started my career in PwC as a young assurance associate ambitiously seeking for new challenges and opportunities to grow. PwC’s strong, open corporate culture and the smart people working there impressed me a lot. Here I learned how to deal with and eventually overcome my biggest career challenges. The firm recognizes people who are ambitious, think out of the box and want to be step ahead. I believe that my new role will present me a whole range of exciting challenges and I’m still learning. As you've progressed as a leader, what has been your most important professional attribute? Well, I think what I’ve always focused on is looking for opportunities to find a win-win in any situation. I’m one of those people who refuse to accept winlose or lose-lose. And I think being honest has helped me because people appreciate that. I’ve always been open to hearing different views and ideas. I’ve been interested in building consensus and connecting different groups – that’s part of my style. But there are times when you just have to take decisions quickly and do the hard things – to be a good leader you need to have a whole range of different approaches and be prepared to use them in different situations. What is the best piece of advice you have received? The worst thing you will ever do is not consult. We deal with really complex and difficult situations and consulting with your colleagues always helps unravel problems and get the best ideas. I come back to this advice time and time again. What should we expect from PwC under your leadership over the few years? Over the recent twenty years PwC became one of the leading companies in the sector of professional services and assumed the position of a reliable business advisor in the Lithuanian market. Therefore, I will continue the expansion of the company's activities and strengthen company’s leadership position in the market by focusing on the development of new services such as risk assurance services. I will also continue the development of programmes
From left to right: FilmBox LT ambassador actress Nelė Savičenko, Lithuanian film centre director Rolandas Kvietkauskas, CEO at Lithuanian airports Gediminas Almantas, Head of Film Promotion, Information and Heritage Department Liana Ruokytė-Jonsson.
The first airport cinema hall in Eastern and Northern Europe was inaugurated at Vilnius Airport in the end of May. Now passengers waiting for their flights can enjoy their time at the airport even more and watch Lithuanian films in the FilmBox LT hall free of charge. aimed at increasing wellbeing of employees and the promotion of social initiatives. In my vision I see PwC as innovative, dynamic and successful business that attracts the very best people who are excited to be a part of immense PwC growth opportunities. In conclusion how do you manage your work/ life balance? Personally, I think that there is no such a work/life balance. There is only one life and work is a part of it. However, the “to do” list is always impossibly long and seems to get longer! I try to have a couple of non-negotiable items e.g. weekends are absolutely time for my family – and I am really selfish about that time! I also try to go playing tennis few evenings a week. Small things but they can make a big difference. Rimvydas Jogėla joined the Lithuanian firm back in 1995 and has been successfully leading the Assurance Department since 2010. Rimvydas has extensive experience in leading audit, review, internal audit and accounting advisory services engagements of the largest Lithuanian telecommunication, financial services, industrial, trade and services companies. Rimvydas has acquired international experience during his work at PwC Denmark. Rimvydas Jogėla is a certified auditor of Lithuania and actively participates in the activities of the Lithuanian Chamber of Auditors. He is also an associate member of the Association of Chartered Certified Accountants and a member of the Association of Certified Internal Auditors.
Callcredit Information Group Kaunas volunteers in “Darom 2015”
Prepared by Alistair Day-Stirrat, Editor of BCC paper
Team of volunteers from Callcredit Information Group Kaunas office were one of the first participants in the most popular clean-up initiative “Darom 2015”. Volunteers helped to replant the grass around Zalgiris Arena as it was in a poor condition and needed to be seeded in the most trampled pathways. “Nemunas Island and Zalgiris Arena is our beloved home here in Kaunas and we take care of it with pleasure”, talked Dainius Aksinavicius, the Head of Kaunas office. Kaunas subdivision of UK consumer data management company Callcredit Information Group is located in Zalgiris Arena offices section. Rusne, one of the volunteers, added: “Being part
the huge movement feels exciting. We were saving the nature, team building and having fun time together - all at once!” Callcredit Information Group Kaunas office actively collaborates with Zalgiris Arena and together implement Green Strategy which helps to reduce the environmental impact on the Nemunas island, where Arena is situated. Staff from Zalgiris Arena and Park Inn Hotel also joined the volunteering team. More than 200 thousand people participated and cleaned nature in “Darom 2015” throughout Lithuania this year making it the largest environmental initiative in the country.
BCC SPONSOR MEMBERS
The idea for this unconventional passenger lounge at Vilnius Airport was implemented in cooperation with the Lithuanian Film Centre. The cinema will show short Lithuanian feature films, documentaries and cartoons selected by the short film agency Lithuanian Shorts, arranged into three programs, until the end of the year. “Vilnius Airport is not just an infrastructure, but it is also a space where passengers spend a lot of time. We care about our passengers and their mood, therefore we have established the cinema, where passengers will have an opportunity to relax before their flight as well as an opportunity to become familiar with Lithuanian cinema”, said Gediminas Almantas, CEO at SE Lithuanian Airports. The first FilmBox LT ambassador Nelė Savičenko, film and theatre actress and winner of the National Culture and Art Prize, was introduced during the opening of the cinema hall. She promised to spread the word about the unusual cinema at Vilnius Airport and contemporary Lithuanian cinema in Lithuania and abroad. “We are very excited the airport has let the Lithuanian culture and the works of young cinema makers in. This is one of the finest examples in Lithuania
COBALT is the New Name of Raidla Lejins & Norcous
We are pleased to announce that, effective as of 18th May 2015, Raidla Lejins & Norcous law offices in Latvia and Lithuania have joined with LAWIN office in Estonia to continue operating as COBALT. At the same time a new office under the COBALT name has been launched in Belarus. COBALT is a closely integrated alliance of toptier law offices across the Baltics and Belarus. Our lawyers offer cutting-edge legal solutions in all key areas of business law: mergers & acquisitions, banking and finance, capital markets, EU law and competition law, dispute resolution, tax law, restructuring and bankruptcy, real estate & construction, energy and infrastructure, environmental law, IP & IT, and employment law. COBALT’s experienced team of over 120 lawyers will continue to provide best-in-class legal advice to current and new clients. The law offices will uphold and foster its core values. Our team will work for our clients’ success, think forward, share our expertise and contribute to the community. We would like to express our gratitude to all our clients and business associates for our many years of cooperation. We look forward to taking on the challenges ahead.
and elsewhere of how business and cultural institutions can cooperate by focusing on the feelings and experiences of people rather than profit”, said Liana Ruokytė-Jonsson, one of the initiators of FilmBox LT, the Head of Film Distribution, Information and Heritage Division of the Lithuanian Film Centre. The first visitors to the cinema hall watched the 11-minute film “Forest”, created by Ignas Meilūnas this year and which premiered at the film festival “Kino Pavasaris”. The film repertoire will be regularly changed to show as many works of our country’s cinema makers as possible. All films are shown in Lithuanian with English subtitles. The future plans of FilmBox LT include introducing full-length movies for Vilnius Airport passengers. FilmBox LT cinema hall is located in the renewed departure area of Vilnius Airport next to the gate A2. Its working hours are adapted to the flight schedule – films are shown from the first to the last flight of the day.
BCC paper issue No 51
BCC paper issue No 51
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Jurga proves that language makes Europe work!
BCCL member Jurga Zilinskiene knows that speaking the customers language is the secret formula for export success. Now, Today Translations, the company she founded in 2001, has been recognised for its own sensational export growth. On May 11th, the Council of British Chambers of Commerce in Europe awarded Jurga the prestigious Breakthrough Trade Award at their annual awards dinner in London. The company has grown organically and without debt to become the UK’s leading fully project managed translation and cultural advice company.
The firm specialises in providing secure, high quality, complex assignments for their international network of clients. This includes managing events and delivering language and cultural training. They were the first in sector to achieve ISO:27001 certification, the international data security standard, for their systems and security controls. Jurga is an accomplished software coder and developed QCS+ a workflow management system that creates a paperless office and halves the time required to manage a project. As a CEO and coder, she knows the importance of having good cyber security controls and believes her focus on securing the language supply chain is well received by her clients. Always driven to find new and better ways of working, her firm recently launched AMLiss™, a service to help professionals in the regulated sector to remain compliant and mitigate risk.
Vilnius International School Fun Run At the beginning of June, students from Vilnius International School (VIS) took part in the School’s second annual Fun Run. The event brings together all students – from kindergarten through to tenth grade – to take on the challenge to run and raise money for the charity Street Child, and support the work it does in Sierra Leone. Rebecca Juras, the Director of VIS: “Students feel incredibly empowered when they recognise that they have personally contributed to improving the lives of others. It’s also nice when they can have fun while doing it.” Emma Taylor from Street Child’s London office came to Vilnius especially for the Fun Run: “It really is amazing to witness the support Street Child has been receiving from the students, teachers and parents of VIS, and we are so grateful for all their efforts. The money raised through the Fun Run will go straight to our Ebola Orphan Appeal which is helping children rebuild their lives, get back to school, and build a brighter future.”
Rebecca Juras: “Ultimately we hope that our kids value participation in community service to the extent that it becomes part of their identity. At VIS we promote community service on a local level through our work with Caritas soup kitchen, Bernardinu Sodas, and the Senevita home for the elderly. And internationally through our commitment to Street Child. We will know that we have been successful when volunteering is as popular an after school activity as playing tennis or skateboarding.”
Aviva for green Lithuania
Spring is the year time when employees and financial advisors of life insurance and pension company Aviva Lietuva start their feast of kindness. The social responsibility project "Aviva talka – žalia Lietuva" (Aviva for green Lithuania) continues already for 7 years. During this May 190 Aviva Lietuva financial advisors and 130 children from child daycare centres cleaned up 12 different city centres,
parks, lakeshores. The result of this year project - over 5 tons of rubbish. Moreover, Aviva Lietuva employees and financial advisors from Vilnius visited “SOS children's village” and together with 70 children planted flowers and painted fences. All of them had a warm day full of laugh, unity and enthusiasm. “We care for both our customers’ financial future and dignified life of our communities. Attention to socially vulnerable children is one of the values that we follow. While acting together we are capable of changing the environment we work and live in”, says Asta Grabinskė, CEO of Aviva Lietuva.
TARK GRUNTE SUTKIENE has earned the highest ranking in the Baltics in the most recent independent Law Firm Review conducted by TNS SIFO Prospera. The survey comprised an evaluation of law firms by 265 business organizations from Estonia, Latvia and Lithuania with the highest volume of annual purchases of legal services.
‘These results are in line with our firm’s mission and vision. Our aim has always been to create value for our clients by helping them to succeed in their commercial ambitions rather than just advising them on purely legal matters,’ commented Eugenija Sutkienė, Managing Partner (Lithuania).
ibis Styles in Vilnius will be the first hotel under this brand in the capital city of Lithuania, one of the most important business and cultural centre in the Baltic region. Starting July 2015 the hotel will join the Orbis Hotel Group, will operate under the ibis Styles brand and will be connected to the Accor Global Sales and Distribution System. “We were looking for a well-known international chain, so we could benefit from the booking channels, loyalty programs, sales & marketing and all the support provided by Accor and Orbis. We think that our cooperation will be beneficial to both” – com-
ments Inga Grajauskiene, general manager of the hotel. ibis Styles Vilnius offers 92 comfortable guestrooms, restaurant The Lemon Tree and 3 conference rooms. It is conveniently located in a 5 km distance to the Vilnius airport. Tourists and businessmen will appreciate its comfort, architecture, original interior design and warm welcome. ibis Styles is the economic multiple styles brand, aimed at all those who are looking for “the best of the best”, offers an all-inclusive package, with room rates including breakfast and internet access. Situated in the heart of cities and in other major centres of activity, each establishment has its own distinct personality and reflects a colourful, bright and energetic brand spirit with a hint of humour. Simplicity, interactivity, quality and conviviality are the brand’s core values. The brand network groups 233 hotels in 22 countries. More at www.ibis-styles.com
Baltic Holidays – a truly British-Lithuanian business, makes its’ home in Lithuania Back in 1999, a business was born in the spare bedroom of a Manchester terraced house. Like a newborn baby, lithuanianholidays.com grew from strength to strength and its owner Phil Teubler enlisted the help of Sally Chambers, who had just returned to the UK from living in Lithuania. Together they spoke to curious callers, who wondered what this small European nation was like and should they risk a weekend break there. Lithuania sold itself; we told stories of life in Lithuania, of exploring beautiful cobbled streets in Vilnius, of the tranquil nature, friendly locals, the local cuisine, and reassured them that yes they do have plugs in the bathrooms! Many happy clients later, Phil and Sally (and their wonderful team in the Baltics) added Latvia & Estonia to their destinations, and re-launched as Baltic Holidays www.balticholidays.com. Baltic Holidays became the UK’s leading specialists in private tours and tailor made travel to the Baltic States. Recent years have been tough, with global economics and politics taking their toll on the tourism industry in Europe. But this has inspired change
for our business; we’ve moved our operations to Lithuania! Yes, Baltic Holidays HQ is now in Kaunas. With a new management team, including Linas & Jurga Zabaliunas who are well known in the Lithuanian tourism industry (and worked with Baltic Holidays since the beginning), we remain a small business, with focus on customer service, flexibility and creativity for our clients. We have an excellent sales office in the UK, and hardworking head office in Lithuania; we combine the best of British and Lithuanian qualities. “It’s an honour to have our base in Lithuania, from here Baltic Holidays can offer the best incoming services for individuals, groups and businesses from all over the world to Lithuania” says Sally Chambers, co-owner of Baltic Holidays.
Vilnius Grand Resort combining Real Estate & Tourism
TARK GRUNTE SUTKIENE scored highest in comprehensive Baltic law firm client survey
TARK GRUNTE SUTKIENE had the highest score in overall performance in the Baltic countries combined, and ranked No 1 in Estonia and Lithuania. In Latvia, the Firm had the second highest score and ranked No 2.
ibis Styles in Vilnius. Orbis Hotel Group keeps on growing in the Baltic states
TNS SIFO Prospera carry out the most comprehensive client surveys for law firms in the Nordic and Baltic countries. Participating in this annual survey are executives and corporate lawyers, CEOs, CFOs and transactional and business development managers at companies based in the Baltic States. It is not the only international acknowledgement of the Firm recently. One of the most influential European law publications The Lawyer awarded “The law firm of the year: The Baltics 2015” to TARK GRUNTE SUTKIENE.
Vilnius Grand Resort is the only Lithuanian project combining tourism and real estate offering what is world widely defined as Lifestyle Real Estate. Lifestyle Real estate caters for the needs of such individuals that are looking for a place to live or to stay that is a reflection of their life and style. Vilnius Grand Homes is the answer; be it residential, rentals or fractional, the client will find
a selection of luxury apartments, townhouses and villas with resort-style amenities in an exclusive setting. The project has been developed in association with the international award winning master planner Darling Associates; the interior concepts are by Anouska Hempel Design. Travellers can try out each type of property through the Resort Holiday Rentals. There is an opportunity to book a stay for a short break or a holiday vacation and have a discovery experience of potential future home. The difference with a normal residential property lies in the resort amenities, an 18-hole championship golf course, a Spa with pool, sauna, steam bath, gym and Spa treatments, tennis courts, outdoor restaurant, restaurant & lounge but also dedicated housekeeping and chefs on request.
Welcome to New Blu Planet
Blu and water are such natural partners… Water covers 71% of our incredible planet but only 1% of this massive amount is actually drinkable. And experts predict that, by 2025, more than half the world’s population will be facing water-based vulnerability. Meanwhile tourism and hotels create an increase in water consumption, significantly impacting local water availability for the communities in which we operate. Since 2007 Radisson Blu has reduced their water consumption by 30% and to keep up with the responsible business campaign the plan to reduce the water footprint in laundering and housekeeping led
to the launch of the Towel Reuse Program, to make it more efficient and responsible. In the future the aim is to increase the bath towel reuse rate from 20% to 40% in all Radisson Blu Hotels. Radisson Blu Royal Astorija hotel is launching the program at the end of May and we plan that for every 250 bath towels reused, we help save a child by providing safe drinking water for life, with the target to help save 12,000 lives each year. The donations are going to be made each month, by collaborating with a new partner Just A Drop, an international water aid charity organisation. Inge Huijbrechts, Vice President, Responsible Business said, “We are really proud to instigate this global initiative to support communities that suffer a lack of clean drinking water and hope that this activity highlights to our guests and staff alike what millions of people across the globe experience every day in the search for clean water. We look forward to working with Just a Drop in the future to drive our group-wide water sustainability initiative, helping to save this scarce natural resource.”
Omnitel Puts an End to the Fear of Using Mobile Internet
Dominas & Partners helps the first Lithuanian company Abroad to go public on the NASDAQ First North market Dominas & Partners advised K2 LT, AB in connection with its listing on the NASDAQ First North market. K2 LT, AB was admitted to trading on the market on 6th May 2015 and the actual trading started on 11th May 2015. This is the first Lithuanian company, whose shares are admitted to trading on the First North platform. K2 is also the first private Lithuanian company to go public over the last seven years. The First North trading platform is operated by the market operator NASDAQ OMX Vilnius. “K2 LT, AB - is a great example of a growth company that is utilising the First North to attract the capital for expanding their business and increasing awareness” - said Daiga Auziņa-Melalksnė Head of NASDAQ Baltic Exchange Services. The capital markets team at Dominas & Partners advised K2 LT, AB on corporate reorganisation and drafted the necessary documentation for the
listing. The project was led by partner Vaidotas Puklevičius and associate Justina Rakauskaite. Dominas & Partners is a new generation law firm advising clients on the various aspects of business law, including mergers and acquisitions, capital markets and banking law. The priority of the firm is to create value added in complex or innovative corporate transactions by employing its long-time experience and international know-how.
Hot summer news – Beatos virtuvė culinary studio opened and the summer is full of interesting culinary lessons and attractions! pizza and beer pairing evening with JD Napolitan tradition pizzas, homemade ice cream and sorbets and 10 different kinds of beer. Beer and pizza experts will tell you how to find a real taste harmony between them!
Jurgis ir Drakonas starting with the lessons and tastings for pizza and beer lovers! Let’s meet in
Dates: June 4th and 18th, July 8th and 23d, August 6th and 20th. Price: 40 Eur. More info: +37067007008 or studija@beatosvirtuve.lt
New Restaurant Telegrafas Summer Menu The summer season starts with a new menu introduced at the restaurant Telegrafas. Summarising the new summer menu, Restaurant Telegrafas’ executive chef Javier Lopez especially underlines the superb quality of the products as the main element of the menu. “Product is king here,” he stated. The menu consists of the best products available on the market. According to the executive chef, every single dish can recount its history because all of them are significant, starting with the top-class, rare oysters and finalising with the 45-day-milk-fed lamb as a main dish. Experiencing the new menu, you will find lobster and Cobia fish, which has been never prepared in Lithuania before. Guests will also find other notable products on the menu too. Javier Lopez said that the importance of the local product is very much highlighted as well. It is the reason the executive chef uses many Lithuanian ingredients, such as mushrooms, berries, various seasonal vegetables, eggs, and cheese. The new menu works to portray the best products Lithuania has to offer. The executive chef especially underlines the Lithuanian game, mushrooms and berries, mentioning the nobility of these products. That’s why it is not a surprise that the deer from the Zemaitija region was named the signature dish of Kempinski Hotel Cathedral Square in Vilnius and of Restaurant
Telegrafas. In the pages of the new summer menu, the guests of the Restaurant Telegrafas will find the variation of Lithuanian beetroot soup. Executive Chef Javier stated that it is hard to imagine Vilnius without pink Lithuanian ‘gazpacho’ beetroot soup. This refreshing dish is commonly served in Lithuania. However, the variation of the beetroot soup at Restaurant Telegrafas is presented with a modern twist. Here, traditional boiled potatoes are turned into a foam of potatoes in a golden egg with Ketta Caviar, and the plate of beetroot contains herring. Guests are welcome to try new menu as of June 4 at the restaurant Telegrafas, Universiteto str.14.
72% of Lithuanians traveling to EU countries and 81% of those going to other countries don’t use mobile internet at all. Most of the travelers behave this way since they are afraid of getting unexpectedly high bills at the end of the month. Omnitel eliminates the grounds for this fear with the inclusion of mobile internet fees incurred abroad in its clients’ monthly plans. Whether a customer is looking for Trafalgar Square in London, checking for weather forecasts in Barce-
lona or just writing an e-mail in any other EU city via mobile apps – it simply no longer costs them anything. For these ordinary activities online, Omnitel clients using “Smart L, XL and XXL” plans get up to 35 MB of mobile data a day free of charge. “This offer is primarily designed for those who rely heavily on mobile internet in Lithuania, but are forced to change their habits drastically once abroad. Clearly, complete bill control is what people need, and soaring mobile data usage abroad after introducing the offer in March proves just that”, says Head of Consumer and Marketing at Omnitel Lina Galatiltė. On top of that, Omnitel has also reduced its tariffs more than twice for mobile data in the most popular exotic travel destinations: Australia, Brazil, Egypt, Hong Kong, UAE, Japan, USA, Canada, China, Israel, SAR, South Korea, Thailand and Turkey.
COMFORT HOTEL LT celebrated their 2nd birthday Comfort Hotel LT - the only hotel in Lithuania with a music theme – celebrated their 2nd birthday in honour of all mighty rock’n’roll. The underground parking space, rock dress code, special rock music by NO DJs, Harley Davidson motorbikes and famous rocker Algirdas Kauspedas transformed the hotel into a Rock Fest. “The Rock’n’roll theme goes far beyond the decorations of the hotel interior, it is the philosophy that the hotel believes in. Rock is energy, the power to be different, to break the standards and rules”, - explained hotel general manager Ruta PulkauninkaiteMacike. “People working in the hotel perform like a rock band, where every member is a virtuoso in their own field.” Comfort Hotel LT is proud of their recent awards: best Comfort Hotel of 2014; best hospitality hotel in Vilnius, 2014; travellers choice by ’TripAdvisor’ and best bargain; TOP 4 hotel in Lithuania by Tripadvisor
2014 and 2015. Comfort Hotel LT Rock’n’roll Vilnius is also nominated to become the world’s best Comfort Hotel 2015. Comfort Hotel LT offers 200 rooms with urban design. 5 suit rooms are decorated in honour of ’The Beatles’, The Rolling Stones’, Madonna, Frank Sinatra and Louis Armstrong. If you are tired of boring hotels, come to Comfort Hotel LT Rock’n’roll Vilnius and see how things can be different.
Law Firm VARUL drafts standard documentation for NASDAQ Baltic to simplify capital attraction A cross-national, Baltic securities market, NASDAQ Baltic exchange has joined forces with Law Firm VARUL, which is the first Baltic Certified Adviser of NASDAQ OMX Baltic First North Market, as well as financial consultants from Baltikums Bank (Latvia), Orion Securities (Lithuania) and Redgate Capital (Estonia), for developing samples of legal documentation necessary for issuing corporate bonds. The aim of the project is to facilitate access to the securities market and to make financing of business through bond issue more attractive. Being aware that one of the factors that might be hampering issuers in the Baltic market are relatively complicated EU requirements that the prospectus must meet, the project team worked to simplify the process of drafting legal documentation and reduce the costs. “Samples of legal documentation, necessary for issuing corporate bonds, are supposed to demonstrate to potential issuers that bonds’ issuance process is not as complicated as someone might imagine. Legal and technical aspects should not be regarded as obstacles for
Liutauras Baikštys, Associate Partner of Law Firm VARUL Lithuania.
bonds’ issuance; potential issuers should rather concentrate on economic / financial aspects, when deciding whether or not to issue bonds,” comments Liutauras Baikštys, Associate Partner of Law Firm VARUL Lithuania. Samples of legal documentation necessary for issuing corporate bonds are available in local languages as well as in English. These templates are available to anyone free of charge on the NASDAQ Baltic website.
Cold therapy – effective help for those who suffer from pain Storebrand Baltic opened an employee development
Northway Surgical and Medical Centre offers new services – an invasive pain management technique. Among other methods used in acute and chronic pain relief, a new method of cryolesion (cryoanalgesia) is applied. This procedure is recommended especially when traditional means have been ineffective.
Cryolesion is a therapeutic method based on temporary interruption of the neural and motor functions of selected structures in the nervous system by application of cold. Cryolesion is gaining more acceptance as an innovative method in pain relief. It uses a process of analgesia, during which the ice crystals created by the cryosurgery device destroy the elements of the nerve tissue carrying pain information. Cryoablation does not damage nerve structures permanently, that is why nerve tissues can regenerate slowly with no risk of postprocedural neuritis. The procedure is safe and minimally invasive. It is recommended especially when traditional means have been ineffective.
dedicated facility Storebrand Baltic, the service centre of the Norwegian finance organisation, has officially opened a training centre this April. This investment of nearly €300,000 resulted in a 550 sq. m. modern and ergonomic facility with 6 classrooms, a conference room and a spacious break area. Over the last few years Storebrand has continuously grown and has already invested more than €2 million. Ole Rikard Rønning, who has been the CEO of Storebrand in Lithuania since the beginning of the year, said that the company needs Swedish and Norwegian-speaking specialists because the company provides services to customers in Norway and Sweden and manages Scandinavian pension funds. „We decided to invest in Lithuania 8 years ago, because we found favourable conditions for our business and a lot of talented people. The fact that we continue investing
shows that we are satisfied with our previous decision. Our new training facility will enable us to implement our vision for growth and will add to increased business productivity through inhouse competence.“, Mr. O. R. Rønning said at the opening event. The Mayor of Vilnius Mr. Remigijus Šimašius joined the opening event and expressed his support for Storebrand Baltic – a company setting an example of sustainable business growth.
BCC paper issue No 51
BCC paper issue No 51
Presenting New BCC Members
14 BCC Corporate Member Dominas & Partners
Dominas and Partners serves a broad range of international and domestic corporate, institutional clients as well as individuals and many UK companies.
BCC Corporate Member Jurgis ir Drakonas
Areas of practice include Mergers and Acquisitions, Capital Markets and Private Equity, Corporate and Commercial Law, Banking and Finance, Competition Law, Tax Law, Commercial arbitration and Dispute Resolution, Real Estate and Construction Law, Technology, Media and Telecommunications Law, Intellectual Property Law, Transport and Maritime Law In particular, we focus on international business projects and dispute resolution. Dominas & Partners is a new generation international business law firm combining its partners’ experience with the modern education of its associates. Partners of the firm have been practicing business law in the Baltic Region for more than 15 years. All lawyers have been educated by Western European Universities (mainly UK such as Queen Mary College, University College London, University of London, University of Sheffield) and are fluent in English.
Company contact details: Head of the Company: Gediminas Dominas Address: Vilnius st. 31, Vilnius LT-01402 Lithuania Visitors entrance: Islandijos str. 1 Phone +370 5 232 1111 Fax +370 5 234 1111 Email: vilnius@dominas.lt www.dominas.lt
CSC Baltic: Among the Leaders in the Communication Market CSC Baltic, the IT shared service center in Lithuania, is celebrating a year full of good news and inspiring awards. On 22 May 2015, the best projects and Lithuanian organisations, which demonstrated the best communication results, received awards in the public relations competition “PaRa/Impact Awards 2015” organised by two Associations: the Lithuanian Public Relations Specialists’ and the Agencies. There was a record number of applications with 53 projects being submitted. Awards were made in nine categories, one of which was awarded to CSC Baltic. The company was recognised the best in one of the most important categories, namely, corporate communication. CSC Baltic was awarded for its coherent communication in terms of the best employer. “Our aim is to strengthen the image of CSC Baltic as the most attractive employer both in terms of the external and internal audience, to increase awareness about the company in business, IT professionals’ and student communities. We would not be able to achieve these goals without our active, imaginative employees, our enthusiastic
pizzas in Lithuania. This is a very bold statement, but we proudly strive for the best! We have three beautiful restaurants: in Pylimo street cute and cozy place in the old town and in Verkiu street (Ogmios miestas) - much bigger, family restaurant, with playground for kids and big parking space around. Our third restaurant has just opened in Akropolis (second floor, near bookstore “Pegasus”).
List of BCC Members BCC Sponsor Members
AVIVA Lietuva Life insurance and pension funds www.aviva.lt
Come and visit us for a delicious food, friendly service and great vibes! Jurgis ir Drakonas was born in March 2014 as the brainchild of Tom Nicholson, husband of popular TV cook Beata Nicholson. George and the Dragon make pizza for the real heroes, and real heroes understand the best quality. Our authentic Neapolitan tradition pizzas are made from real Italian 00 flour. Tomatoes grown under the hot Italian sun are ripe and rich, and Italian fior di latte mozzarella melts in your mouth. All Italian sausages: Salami and Nduja are brought from Italy. Of course we use Parmigiano Reggiano. We follow Vera Pizza Neapolitano traditions and our pizza dough matures slowly for a better flavour. The slow rising allows the dough to develop complex flavours and a unique taste and texture. Our pizzas are baked in the authentic dome oven at 400°C for 90 seconds. We believe that our pizzas are the highest quality and most delicious
Company contact details: Head of the company: Tom Nicholson www.jurgisirdrakonas.lt OGMIOS Verkių str. 29, „Ogmios“ miestas, Šeimos aikštė 6 Tel.: +370 645 52 250 E-mail: ogmios@jurgisirdrakonas.lt PYLIMO Pylimo str. 22D Tel: +370 600 77 977 E-mail: pylimo@jurgisirdrakonas.lt AKROPOLIS Ozo str. 25 2 Floor Tel: +370 602 02 035 E-mail: akropolis@jurgisirdrakonas.lt
Bunnahabhain rep. by Mineraliniai vandenys, UAB Production of single islay malt Scotch Whisky www.bunnahabhain.com
Carlson Wagonlit Travel Corporate travel management www.carlsonwagonlit.lt www.kalevatravel.lt
BCC Corporate Member NEWSEC partners and other friends”, Antanas Uršulis, general manager of CSC Baltic said. As a result of the excellent accomplishments, CSC Nordic & Baltic will create a marketing and communication (M&C) hub in Lithuania to support and be part of the M&C team for the Nordic region. “We will work as one team across the region, focusing on building our brand, proving our tough leadership, supporting our business, and securing a strong communication agenda. Setting up a marketing and communication hub in Lithuania shows considerable appreciation for the work done by CSC Baltic. The major stimulus prompting the implementation of the goals set is the motivated team, strong internal culture of the company, and positive climate”, Ingrida Bartkienė, communication manager of CSC Baltic, added.
Newsec – The Full Service Property House in Northern Europe – is by far the largest specialised commercial property firm in Northern Europe and the Baltic countries. With over 600 professionals in 20 offices Newsec cover all parts of the commercial property market. Newsec provide services to most of the leading property owners, investors and corporates in the region. Newsec manage more properties and carry out more transactions, more lettings and more valuations than any other firm. We have the largest research team. Together this gives us depth and breadth of the market. As in many other geographical regions the vast majority of the transactions take place between local players. It is therefore vital to have a strong local presence in every country in order to find the right counterpart. We also have an exclusive collaboration with BNP Paribas Real Estate - one of the leading advisors in Europe. Newsec is a stable and long-term player. The company was founded in Sweden in 1994. The founding family
DNB bankas Banking www.dnb.lt
have been the main owners from the start, with the rest of the company owned by some 50 key executives in the Group. Newsec is divided in five Business Areas, and is without question the market leader in each of them. • • • • •
15
GlaxoSmithKline Pharmaceuticals www.gsk.lt
Transactions Asset&Property Management Consultancy Asset and Business Valuation Research&Analysis
BALTIC AMERICAN MEDICAL & SURGICAL CLINIC
PUBLICUM, UAB (www.publicum.lt) / Public Relations, Public
services
(www.bak.lt )/ Health Care
Affairs, Management consulting and training
MYKOLO ROMERIO UNIVERSITETAS (http://www.mruni.eu) /
BALTIC SURVEYS (Baltijos Tyrimai, UAB) (www.gallup.com) /
PZU Lietuva, UAB DK (www.pzu.lt ) / Insurance
higher education
Market research
RADISSON BLU Lietuva HOTEL (www.radissonblu.com/
VILNIUS MONTESSORI PRE-SCHOOL (www.vms.lt) /
BANKSERVIS, UAB (www.bankservis.lt) / Bank and office
lietuvahotel-vilnius)/ Hotel, biggest centre located Conference
International Montessori environments based on Dr. Maria
equipment, security products and solutions
and Event centre, Riverside restaurant, Skybar, Lobby bar,
Montessori’s humanistic philosophy and approach, specializing
BARCLAYS Technology Centre Lithuania (http://www.
fitness centre and sauna
in Early Childhood Education and Parent Education
lifeintechnology.co.uk/global-locations/vilnius-lithuania/) /
RADISSON BLU Royal ASTORIJA Hotel (www.radissonblu.
QUANTUM CAPITAL (www.qcapital.eu ) / Investment
one of strategic IT engineering centres providing support for
com/hotel-vilnius) / Hotel, French restaurant „Brasserie de Verres
banking & strategic advisory boutique
Barclays business activity worldwide.
en Vers“, Astorija Bar, Meetings & Events center, Catering services,
RAIMDA Auditas (www.raudit.lt) / Audit
Best Western HOTEL VILNIUS (Naujasis Vilnius, UAB)
Health club with swimming pool
STAY (www.stay.lt) / Business & leisure concierge
(www.vilniushotel.eu) / Centrally located Hotel, restaurant,
Ramada Hotel & Suites Vilnius (www.ramadavilnius.lt)
TAURAGĖ INDUSTRIAL PARK (www.tip.lt)/ Industrial premises
conference centre, fitness centre, swimming pool and sauna
/ Luxury hotel
for rent in Southwest Lithuania
BITĖ LIETUVA, UAB (www.bite.lt) / Telecommunications
REGUS (www.regus.lt ) / The world leading provider of
V. Paulius & Associates (www.vpa.lt/) - Real Estate
BIURO PASAULIS, UAB (www.biuropasaulis.lt)
pioneering workplace solutions, with a large range of products
VILNIUS INTERNATIONAL SCHOOL (www.vischool.lt) /
(www.elektromedia.lt)/ /Office supplies, printing management
and services from fully equipped offices to professional
International Baccalaureate World School. Early childhood
and IT solutions
meeting rooms, business lounges and the largest network of
education, primary and middle school.
BNTP, UAB (www.bntp.lt) / Private equity investment; real
videoconference studios.
VINKLERIS
estate development and investment; asset management;
SCHAGE Real Estate (www.schage.lt) / Real estate
international law firm providing legal advice regarding taxes,
project management; facilities management.
development company. Investing in, renting and selling
company establishment and competition, as well as family and
British Council (www.britishcouncil.lt) / the United
premises for office, residential and commercial use
labor law issues
Kingdom’s international organisation for cultural relations and
SHAKESPEARE Boutique Hotel (www.shakespeare.lt) /
educational opportunities.
Boutique hotel, Sonnets restaurant, Globe bar, conference halls
CALENBERG Vilnius | STEELCASE (www.calenberg.lt) /
SORAINEN (www.sorainen.com) / Legal services in all fields of
International moving/ relocation and dealership of the office
business law in the three Baltic countries and Belarus
ELCENTRA LTD (www.elcentra.com) / E-learning planning and
furniture- STEELCASE
STOREBRAND BALTIC, UAB (www.storebrand.com ) / Shared
development
CALLCREDIT OPERATIONS, UAB (www.callcreditgroup.com)
service center for Storebrand ASA in Norway and SPP in
NORMA FOSTER LTD / business consultancy on export
/ Experts in the fields of credit referencing, marketing services,
Sweden. Financial services within life- and health insurance,
communications, sales and reputation in international markets
consumer information, interactive solutions and consultative
banking and asset management.
TODAY TRANSLATIONS (http://www.todaytranslations.com) /
analytics.
SUE’S INDIAN RAJA (www.suesindianraja.com) / Indian
translation, interpreting services
CAMIRA FABRICS Ltd (www.camirafabrics.com) / Contract
Restaurant
PricewaterhouseCoopers Assurance, Actuarial, Advisory, Tax and Legal services www.pwc.com/lt
Valiunas ELLEX (http://www.valiunasellex.lt/) / A leading and internationally highest ranked business law firm in the
com/en/hotels/campanile-vilnius-airport) / hotel, European
Baltics.
cuisine restaurant „Le Restaurant“, Lounge bar, conference
VANAGUPĖ HOTEL (www.vanagupe.lt) / 5* Hotel, Modern
Adrian North NEW!
center, modern Camper Parking with state of the art facilities
Conference centre and luxury GOLDEN Spa centre, gourmet
Andrius Končius
COBALT (www.cobalt.legal) - Legal services in all fields of
cuisine restaurant L’Ambra Rossa
Chris Butler
business law in Lithuania, Latvia, Estonia and Belarus
VARUL, Law firm (www.varul.com ) / Legal services in all fields
Christian Ranft
COMFORT HOTEL (www.comforthotel.lt) / Hotel
of business law in Lithuania, Latvia, Estonia and Belarus
Geoffrey Cohn (Life Member)
Vilnius Grand Resort www.vilniusgrandresort.com / 5
Tark Grunte Sutkiene Full-service business law firm in the Baltic region and Belarus www.tarkgruntesutkiene.com
BCC PR Partner
BCC Accounting Partner
BCC Corporate & Group Members
BCC Social Members
Hugh Miles Thomas OBE, FCA
authorised Lloyd‘s coverholder
star Hotel, 8.000m2 Conference Centre, Catering Services, Spa,
Dr Helene Ryding
CSC Baltic, UAB (www.csc.com/lt) / IT services and outsourcing
Fitness Centre, Leisure, PGA design Golf course, Over the water
Jūratė Rusteikaitė – Bakšienė
DELTA MANAGEMENT SOLUTIONS, UAB
restaurant, Real Estate
Kevin Badgery NEW!
(www.deltamanagement.lt )/ Recruitment, Executive Search,
WESTERN UNION Processing Lithuania UAB
Mark Whittle
Temporary Staffing, Employment Services, Personnel Testing &
(www.westernunion.com) - Financial Services
Mervyn Richardson
Assessment, Greenfield Staffing Support
ZABOLIS PARTNERS (www.zabolis.com) / Finance and Real
Michael West
DOMINAS & partners (www.dominas.lt) / Law firm NEW!
Estate
Nick Price
EKO RIVI, UAB (www.ekorivi.lt) / Consultancy in municipal and
WEST EXPRESS (http://www.westexpress.lt/) / Travel agency,
Ron Sheppard
environmental infrastructure
providing and organising professional business and leisure
Sigitas Žutautas
EUROMONITOR INTERNATIONAL (www.euromonitor.com ) /
travel services
and industries EVERSHEDS SALADŽIUS (www.evershedssaladzius.lt) / Legal
Small company/NGO Members
services G4S Lietuva, UAB (www.g4s.lt) / Security Solutions covering
A Hostel ( www.hostelsvilnius.lt) / Accommodation Services
cash
AMBER STAFF (www.amberstaff.com) / Temporary
handling,
guarding,
electronic
security,
system
maintenance, installation, courier service.
staffing and employee leasing
GLIMSTEDT (www.glimstedt.lt) / Legal services
ANGVILA / Wholesale supplier of eels to Lithuania and the
GRANT THORNTON RIMESS (www.grantthornton.lt ) /
European Union
Assurance, internal audit, tax advisory, legal advisory, corporate
BALTIC FILM SERVICES (http://bfs.eu.com) / Film and
finance, and accounting services
television production
GROTTHUSS HOTEL (www.grotthusshotel.com/) / Hotel
Baltic Holidays (www.balticholidays.com) / Tour operator
HIGHLIFE, UAB / Manufacturing for export timber components
in the UK specializing in Lithuania, Latvia & Estonia
for the furniture and construction industries.
BCS INTERNATIONAL (www.bcsinternational.net) / The
ISM University of Management and Economics (www.ism.lt)
Behaviour Change Specialists, are an international people
/ Higher education
development organisation, dedicated to the practical use
JURGIS IR DRAKONAS (jurgisirdrakonas.lt) / Pizza restaurants
of emotional intelligence to improve individual and team
NEW!
performance.
KAREN MILLEN (www.karenmillen.com) / retail, women
DEKONA, Evaldo Darškaus IĮ (www.dekona.lt) / Management
clothing
Consulting: Operational efficiency, Lean, Six Sigma, process
Kempinski Hotel Cathedral Square
improvement
(www.kempinski.com/vilnius) / 5 star luxury hotel in Vilnius
D & T Global - Developer of real eastate
KLAIPĖDA FREE ECONOMIC ZONE MANAGEMENT
EUROCONTINENTAL Limited / Textiles
COMPANY (www.fez.lt) / Management and development of
FINREDA, UAB (www.finreda.net) / Corporate services provider.
Klaipėda Free Economic Zone
Legal, financial and business consulting & services including
KPMG Baltics, UAB (www.kpmg.lt ) /Audit, Tax, and Advisory
translations to Lithuanian and foreign companies
services
GENCS VALTERS, Law Firm (www.gencs.eu ) / full service,
LEINONEN, UAB (www.leinonen.eu) / Accounting services
general practice international business law firm with offices
LLOYD’S (www.lloyds.com) / Insurance and reinsurance
in Riga, Tallinn and Vilnius focused on tax, litigation, M&A,
NEWSEC (www.newsec.com) / Real Estate NEW!
corporate, immigration, finance and intellectual property law
NORTHWAY (www.nmc.lt) / Private medical centre
AON (www.aonbaltic.lt/) / Risk management, insurance and
GROWING TALENT (www.growingtalent.eu)
NOVOTEL VILNIUS CENTRE (www.accor.com) / Hotel services
executive coaching, and delivering training for leadership and
reinsurance brokerage
ODONTIKA (www.odontika.com) / Dental surgery
ARIJUS (www.arijus.lt ) / Transport and Logistic services
talent development
OMNITEL (www.omnitel.lt) / Telecommunications
AVIS Rent a Car & Leasing Company (www.avis.lt) / Car rental
Inkų dovanos (www.inku-dovanos.com) / Clothes from the
PHOENIX CONTACT (www.phoenixcontact.com) /
alpaca wool
and leasing
manufacturer of electric connection and industrial automation
ĄŽUOLYNO Clinic (www.azuolynoklinika.lt) / The first private
LONDON INTERNATIONAL SCHOOL OF LANGUAGES
technology
(www.londonisl.com) / Business courses, specialized training
clinic in Lithuania for psychological problems, psychiatric
PERITUS SPRENDIMAI (www.peritus.lt) / EU funding, Project
for both IELTS and TOEFL university admission exams
disorders, alcohol and drug addiction treatment, long – term
Management, Public Procurement, Strategic Research, PPP
LitCapital Asset Management (www.litcapital.lt) /
nursing. Patients can be consulted or hospitalised.
PROVIDENT FINANSAI (www.provident.lt) / Personal credits
independent professional private equity fund management
provider and responsible lender
MAGISTRAI (www.magistrai.lt) / Translation and interpretation
/
Providing
(www.legalconsulting.lt/)
/
OVERSEAS MEMBERS Overseas members
CAMPANILE Vilnius Airport Hotel (http://www.campanile.
Provider of strategic market research on countries, consumers Strategic Staffing Solutions International Provider of information technology solutions. Recruitment Services www.strategicstaff.com
partners
seating & transportation fabric manufacturer
COLEMONT (www.colemont.lt) / Insurance broker, an
Company contact details: Head of the company: Ugnius Meidus Address: Gediminas av. 20 , LT-01103 Vilnius, Lithuania Tel. +370 5 252 6444 E-mail: info@newsec.lt www.newsec.lt
and
BCC Board 2015-2017 Chairman Chris Butler BCC Social Member Field of interest in the Board – Events & Membership Alistair Day-Stirrat Odontika Field of interest in the Board – BCC Paper Asta Grabinskė AVIVA Lietuva Field of interest in the Board – Financial Services Ben Harvey Growing Talent Field of interest in the Board – CSR Iraida Žogaitė Tark Grunte Sutkiene Field of interest in the Board – CSR Mantautas Paškevičius Strategic Staffing Solutions International Field of interest in the Board - Trade & Investment Milda Dargužaitė Barclays Technology Centre Field of interest in the Board - Trade & Investment, Financial services Robert Juodka VARUL Field of interest in the Board - Trade & Investment Toma Vevelstad Amber Staff Field of interest in the Board - Events & Membership Tomas Kontautas Lloyd’s of London Field of interest in the Board - Financial services Vaineta Barevičiūtė DNB Bank Field of interest in the Board - Financial services Viktorija Trimbel Quantum Capital Field of interest in the Board - Trade & Investment
www.panorama.lt/en