British Chamber of Commerce Didzioji 5, LT-01128 Vilnius, Lithuania
DIGITAL Kurt Wilson, CEO, Advansys
Juan Madronero, Branch Manager, Strategic Staffing Solutions
Why Businesses Should Take A Holistic Approach To Online Marketing
Job Terminators or How I Learned to Love Automation page 4
page 5
issue No. 56, 2017
Interview with Janis Valodze, General Manager of Radisson Blu Royal Astorija Hotel.
Ib Fredslund Madsen, Ph.D., Chief Strategist, Jyske Bank
Are we digitising our world too much?
Robust equity market eliminates all concerns page 11
page 6
Shining a Light on Luminor Luminor combines two of the best-known banks in Lithuania: DNB and Nordea. The name, a form of the Latin word for illumination and revelation, speaks of how banking is moving increasingly from a bricks and mortar business to one of digital and bespoke services. We talked to the head of Luminor in Lithuania, Andrius Načajus.
made of the digital revolution in financial services, so-called Fintech. Is this something that your group intends to pursue further in the country?
Luminor combines the activities of two banks active in Lithuania for more than a decade. Can you detail what synergies you hope to achieve in merging your operations? What changes can customers expect to see? Scale is key in today’s banking and the merger of DNB and Nordea’s operations in the Baltics was based on the rationale that their combined operations would increase both scale and cost efficiency. It was a complementary fit. When the transaction closed, Luminor entered the market as a new standalone Baltic bank, providing financial services with independent governance and an arm’s length relationship with its parent banks. The merger positioned us as a top-three service provider in the Baltic banking market. Luminor started its operations in autumn 2017 and is currently looking to mould itself for the future. Our ambition is to be increasingly relevant to our customers and, over time, Luminor will focus on becoming a home bank equipped with the best financial ecosystems for our target customers. At the moment we are still using existing banking solutions. More visible changes to current product and service offerings are
Nowadays customers expect everything to happen at the push of a button and we want to fulfil this expectation. This means that we have to understand how our customers behave and to provide the best solution. We are looking at the ways we can achieve this: using new technologies, attracting some partners, etc.
planned to take place in the first quarter of next year.
Photo: Andrius Načajus, Country Head at Luminor
The banking industry is constantly evolving. Most obviously people’s day-today interactions with their bank are moving online. Has this had a notable effect on your margins and profitability? How do you intend to meet these challenges?
customers and leave a positive mark, we will focus on delivering our core offering in cooperation with other companies. We will combine our knowledge and long-term experience with local and personalised customers, together with modern, forward-looking technology. Our main customers will be local companies and financially active people with an entrepreneurial mind-set.
Today’s financial services’ landscape is much wider than traditional banking. To be relevant to its
How do you perceive Lithuania’s role in today’s financial industry. Much has been
When thinking of the financial sector, most people will readily recall the difficult days after 2008. As a result, the regulatory load on the sector increased and lending became much more restricted. Speaking for your merged bank, do you see an increased opportunity from this merger to expand your lending portfolio locally? What other drivers of growth can you see coming forwards? I think we should not talk about specific products or services. We want to be the financial ecosystem for our target customers, meaning that we have to provide services our customers need and in the way that is most convenient for them. Prepared by Michael West, Editor of BCC paper
Technologies are changing the Real Estate Industry
5 Questions to Martynas Babilas MRICS, Head of Corporate Solutions Baltics, Newsec While everybody in Lithuania is busy talking about Fintech, I spotted the conference on Proptech organised by Newsec. Tell us a little bit more about this new emerging industry. It seems that technologies are finding their way into everything including Real Estate.
BCC SPONSOR MEMBERS
How come that one of the most conservative industries, is no longer an exception to the rule?
so products developed for this industry are very scalable and thus relevant to start-ups and bright minds in tech.
capital fund called Nordic Proptech Ventures who is actively scouting for opportunities and supporting start-ups by investing and mentoring.
Real Estate or Property is one of the largest industries globally though one of the most conservative in terms of change through technology. That was the case until recently when Proptech became a buzzword and also a tangible initiative to blend property and technology minds to spot opportunities and innovate. With a sold-out Proptech conference that took place this September in Vilnius we also understood how relevant this topic is to both industries – property companies understand the need to change in order to retain a competitive edge; whereas technology professionals find real estate an attractive field to create new products that scale and can add significant value to users. Typically backgrounds and approaches of representatives of these two very different industries have little in common. It follows that if the specific problems, needs and requirements of the property industry can be structured properly then technology would solve these issues innovatively, creating true value.
What’s your personal opinion about PropTech value adding in the nearest future? Are there already any good examples to share on the Global scale?
Where is Lithuania in all this? I believe, it won’t take long for the first examples to show up?
Knowing the level of conservatism applicable to the Real Estate industry, are technology start-ups still keen to bring their ideas and change this perception? Technology is shaping most industries and real estate is no exception – everyone is the user of real estate in one form or another, and
According to Wired magazine Proptech is now where Fintech was 10 years ago. It is commonly assumed that technology will influence and potentially disrupt some fields of traditional real estate segments. Most widely known examples of Proptech include companies working in space sharing, crowdfunding, virtual reality, smart buildings and other subsectors. With names such as AirBnB, WeWork, Storefront. We were privileged to visit the Proptech week in New York in October and discovered that all major developers, landlords, investment funds, and consultants are paying attention to what’s happening with Proptech and are willing to spot how technology can change and create value to the way these stakeholders operate. Traditional real estate industry leaders are closely looking at Proptech and investing into start-ups and initiatives that can firstly create value to their core business but also be prospective as to new and scalable products. For example Stronghold, the owning company of Newsec, has a venture
Lithuania has huge potential for Proptech with a strong entrepreneurial base, and a developed start-up environment as well as many bright minds in the property industry that are open to innovation. Proptech revolution is just starting in Lithuania but with the amount of interest and relevance it receives I strongly believe we will discover brilliant initiatives in the near future. Would you picture a PropTech industry in the next 5 years in the Baltics? At the moment it is necessary to unlock the potential of bringing real estate and technology professionals together for networking, sharing industry challenges, problems and ideas. Solving challenges also makes current processes and products better by uplifting the user experience. I very much invite real estate and technology professionals to join the ProptechBaltic. com initiative for future events (conferences, hackathons, networking events) and to turn the Proptech wave in Lithuania into a tsunami. Thank you, Martynas! Prepared by Sandra Kundrotė, BCCL Executive Director
BCC paper issue No 56
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BCCL NEWS
Chairman’s column
Chris Butler, Chairman of the BCCL Board
Dear BCCL Members, Welcome to the final ever print edition of the BCC Paper, the theme of which is, very appropriately, digital! It is the end of an era that started back in 2000 when we first produced the Paper and has continued though 56 editions since then. However, time marches inevitably on and for some while now the BCC has been actively pursuing a digital communication strategy based on our Pulse App, as well as making use of the more traditional online channels of our website and social media. Add to this the clear cost benefit of the move away from print and the BCC Board felt that it was a decision that had to be made. The good news is that the content will live on in an on-line format and in addition, as a Chamber we should have more resources (time and money) to spend on our digital communication. Over the years I have often used the Chairman’s column to pontificate on the state of Lithuanian business and politics, so I am happy to take this last opportunity to do so in print. From a business perspective there seems to be plenty to enjoy at the moment – solid economic growth rates (GDP growth of 3.9% in the third Quarter of 2017) combined with significant increases in salaries, at least in the private sector.
It is often said that these increases in salaries Lithuania can never hope to be large enough to stem the flow of emigration to higher salary countries - and there is some truth in that. It is also true that the inflation rate is running very high and therefore for many people, additional costs are wiping out many of the gains of higher wages. Still, I am of the opinion that higher salaries and, yes, higher costs, are inevitable if the economy of Lithuania is to become truly integrated with that of “old” Europe. Turning to politics, one year has now passed of possibly the strangest parliament and government I think Lithuania has ever had. By strange I do not necessarily mean bad, but let me illustrate what I mean by giving you an example. At lunch recently with visiting civil servants from three different UK ministries I was asked what I thought of the government. I had to give an answer that will always sound odd to English ears. I said that the quality of the parliament is one of the worst that Lithuania has ever elected, but that the cabinet of ministers (“the government”) is, on average, more capable than the last one and possibly more capable than any during last 20 years. What this means, looking at it positively, is that competent individual ministers working within their sphere of responsibility can potentially achieve quite a lot. Looked at pessimistically those ministers, albeit that they may be competent, have very little political influence and so are likely to be at the mercy of decisions taken by parliament. In 2019 there will be three national elections in Lithuania – municipal, European and Presidential. The first shots of those elections are already being fired, and it will be fascinating to see how it turns out. What I can assure you is that the British Chamber of Commerce will be at the heart of all the economic and political events to come, just as we have been during the 18 years during which we were publishing the Paper in print form. AND I DIDN’T EVEN MENTION BREXIT!
A new way to develop business internationally across COBCOE member and affiliate networks At the British Chamber of Commerce in Lithuania, our goal is to support the development of your business. That’s why we are pleased to be a strategic partner of COBCOE Connects, a unique new international online trade platform which is specially designed for members of chambers of commerce. Find the contacts you need in international markets, talk to your moderator to facilitate connections with other members and let new customers find you. COBCOE Connects is a fastgrowing, digital trading platform that covers many countries. Online platform uses the latest technology to match business contacts within a trusted environment. Furthermore, COBCOE Connects was built in collaboration with networks of chambers of commerce, trade associations and other respected organisations. Known and trusted networks, moderated by people with in-depth knowledge of their local market or sector who can also provide follow-on support to reach your goals, contact other members and develop new opportunities.
COBCOE Connects in numbers: • Launched in January 2017 • More than 2500 members • 10 participating chambers of commerce over Europe • Integration with Kompass allows connexion with 10+ million businesses • Your personal moderator, always ready to help you develop.
New tool for BCC Members ONLY – the APP “Pulse for Enterprise”
BCCL fully rebranded New logo The British Chamber of Commerce in Lithuania started the year of 2017 with the new logo. It was created by gifted team of DADADA studio. Furthermore, the BCCL Board was actively involved in the fascinating and inspiring process and the most innovative and bravest option got selected. The inspiration of the new logo came from stylized UK flag together with the Double Cross (an integral part of the Lithuanian national coat of arms). It reminds a flower – the symbol of openness and collaboration - the key to successful business dialogue.
Reviewed strategy In April, the new BCCL Board was elected for 2 years term at the AGM, and got immediately engaged to review the strategy of the chamber. The first meeting was held in Vilnius Rise and moderated by Anne-Marie Martin, the COBCOE Chief Executive from London. During the meeting the BCCL Board updated vision, mission, the future goals for the Chamber and decided on the key strategic areas for the Chamber to focus on during the next 2-3 years, which are: focus on International trade opportunities, digital development of the BCCL and more start up businesses in the chamber‘s network.
Starting from May 25th all BCC Members are able to follow BCC Updates on their phones and tablets. The new digital solution for BCC members to save their TIME but stay tuned with the chamber activities was launched on May 25th at the BCC New Members Evening. It’s the APP “Pulse for Enterprise” created by 5 entrepreneurs: Adomas Nosalis, Giedrius Šlikas, Tadas Blantaitis, Olegas Gončarovas and Paulius Čegis, who are dedicated in bringing their idea to life. Idea, which could change the way we understand communication within enterprises or associations.
Pulse for Enterprise is an Internal communication tool meant to build or enhance already living culture and more active engagement with BCCL. Culture important as it defines who we are, how we behave amongst each other, make decisions and do business within our community. In Order for culture to flourish engagement is needed from the members involved in it. Vital role in this process is played by an effective communication, which requires tools that gather information flow and distributes the relevant content for the end user in an simple and engaging way. Our app is now available on: Appstore and Google Play.
19th Burns’ Night in Vilnius Saturday 27th January 2018
New Web Besides changed logo and reviewed strategy, the BCCL launched its new updated website in late Autumn. Digital agency „digitouch!“ helped BCCL to make its website not just functional as a presentation but reflect chamber‘s philosophy and main values. Furthermore, BCCL News, events, application form, BCC Paper and other activities are available on www.bccl.lt and mobile friendly version.
Palace of the Grand Dukes of Lithuania The TOP annual fundraising of the British Chamber of Commerce in Lithuania, in Honour of Scotland’s greatest poet and lover, Robert Burns. Dress code: Black Tie or Kilt Corporate Tables are available for booking. Inquiries via e-mail: Sandra@bccl.lt www.bccl.lt
BCC paper issue No 56, 2017
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OUR CSR
Many runners and a lot of running help rebuild a school in Nepal In November last year five members of the Running For Change team, led by BCC Member Ben Harvey, travelled to Nepal to take part in the Nepal International Marathon. The Marathon was organised in response to the 2015 earthquake which caused severe destruction across several regions of the country. Over 257 schools were damaged or destroyed. The team were raising money for the UK based charity Street Child which has been supporting the reconstruction of schools devastated by the earthquake. The team’s work received a huge boost when Vilnius International School joined the project and supported the fund-raising effort through their annual student Fun Run. The Fun Run, which took place in June, raised Euro 3,035 taking the total amount raised by Running For Change to over Euro 21,100. This money has been used to completely reconstruct the Sunsari Primary School in Khiji Chandeshwori Village, Okhaldhunga. This includes six classrooms, toilets, drinking water and handwashing facilities for the 240 children attending the school. Prior to the reconstruction work, students and teachers were having to use tents as classrooms. The new school has been up and running now for 6 months, allowing these students to continue their education without further disruption. Ben and the team would like to thank those who donated at the Chamber’s Christmas Carol event, and everyone who has supported the project.
Lithuania: the best IT talent country in the world. Make the dream come true.
Micro:bits to hundreds of bicycles shipped from the Burning Man to Lithuania for a crazy bike parade.
Micro:bit for every Lithuanian kid! This year, to celebrate the 100 year anniversary of the modern Lithuanian state the biggest nongovernmental IT education project in Lithuania has a vision to provide every Lithuanian fifthgrader with a Micro:bit* computer. A Micro:bit is a a pocket-sized codeable computer and a tool to inspires and teach children to learn coding in a few minutes. The BBC Micro:bit initiative started in the UK in 2016 and aims to reach 1 million children throughout the country. Who are we at kompiuteriukai.lt? Povilas Poderskis: Advisor on Technology to the Mayor of Vilnius Remigijus Šimašius, passion-
ate about open data, web developer, and Director of the “Kompiuteriuku paramos fondas” - foundation for our goal. One December Saturday morning almost a year ago Povilas saw a friend posting an idea on Facebook that instead of giving away free national costumes for all 7 year old children in celebration of the centenary of the modern Lithuanian state (as proposed by some politicians), we should rather invest in IT education and think about a mini computer as a present to schoolchildren. Povilas loved the idea and shared the post. The post was subsequently shared another 500 times and liked by almost 3,000 people. At this point Povilas realised that there was no way he could leave this dream unfulfilled. He continues to be the primary driver of this project.
Ada Jonuse: entrepreneur, IT education evangelist, women empowerment agent, CEO of Lympo.lt and VP for Marketing and Business Development at A.lot parking. Ada cannot have enough of IT education projects. In 2016, she co-organised a Guinness world record of the biggest programming lesson in the world in Vilnius. And that was only the beginning. Giedrius Kavaliauskas - Micro:bit enthusiast, maker and organiser of the Vilnius Mini Maker Fair, Executive Director of TEA, an NGO uniting local hackerspaces, makerspaces and fablabs. Besides, a Burning Man native. Giedrius loves building stuff. Micro:bit is a great tool for building amazing projects, like, fixing
Why did we choose Micro:bit? - An innovative and playful way for children to engage with technologies - Micro:bit not only encourages to learn coding, but also robotics, logical thinking and creativity - A low cost and simple tool offering great opportunities - A proven technology with a big data base of learning material and best practice examples What is our goal? To provide every Lithuanian fifth-grader with a Micro:bit and to inspire a new generation of tech leaders and creators. For this we aim to fund raise 324,000 EUR in 2017. We covered more than 50% of the 25,000 fifth-graders in 6 months. Now we need your help. Join us on www.kompiuteriukai.lt/parama ! One Micro:bit costs only 12 EUR and it can completely change a child’s life. Or get in touch directly with our project manager Viltaute Žvirzdinaitė viltaute@kompiuteriukai.lt
Burns Night’17 charity raffle fund bringing changes for children in Lithuania During last Burns Night BCCL raised 8770€, shared in equal parts by 2 pre-selected children charities, who are keen to share how the donations of 4385€ each helped to implement their projects during 2017. The teaching material was published in 100 units with a CD including video material for teachers and children. The seminar for programme trainers has passed, in which Všį Vaiko labui presented material set supplement for teachers working with children of special educational needs (SEN).
Zipio draugai (Všį Vaiko labui), a part of ‘Partnership for Children’ in the UK have successfully completed their 2 year project for the children with special educational needs in Lithuania and say that the donations brought small but important changes for the society adopting the UK's best practices.
BCC SPONSOR MEMBERS
The trainers-psychologists from the Lithuania’s largest cities were invited to participate at the seminar. A pilot run of the supplement was launched at the end of October. The schools that specialise in SEN education or have separate groups for children with special educational needs were invited for the pilot run. ‘In Lithuania there was no material for teachers aiding them in educating emotional intellect and coping skills when working with children with special educational needs. Now we will have to train the teachers and change their views that these special children need not only shelter and sustenance but that they have emotions and, as each of us, need help learning to recognize them and coping with them.’ - said director of Všį "Vaiko Labui" Aurelija Okunauskienė
One more charity, which BCCL supported, was ‘The Child Line’ for implementation of a new ‘chattool’ for live counselling. The aimed chat service was launched in November as the new way of getting the emotional support for children and teenagers. From the received funds ‘Child Line’ bought the web-chat software developed for help-lines, made the adaptation to their website, created design and already tested how it works. The psychologists of ‘Child Line’ also prepared the training program for volunteering counsellors on effective communication with children and teenagers by chatting online. First group of experienced counsellors finished the training in October. After launching in November ‘Child Line’ is consulting the children by chat 3 days a week via 2 lines for 3 hours and will later evaluate the results and the need of this tool of emotional support. It will let children connect one-on-one, in real time with a Child Line counsellor via the web or from a smart-phone. The children and teenagers who prefer to write about their difficulties could re-
ceive emotional support without waiting, at the time when they need it most. BCCL team thanks all who support our Annual Fundraising Burns Night Gala Dinner each year, as it demonstrates that working together for the good causes we can bring some small but important changes for the children and youth society in Lithuania. Our 19th Burns Night in Vilnius will be held on 27th January, 2018 at the Palace of Grand Dukes. For sponsorship opportunities please contact the BCCL at sandra@bccl.lt
BCC paper issue No 56
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DIGITAL
Why Businesses Should Take A Holistic Approach To Online Marketing By Kurt Wilson, CEO, Advansys
Today’s Internet connects millions of disparate buyers and sellers together from around the globe. For users there’s also an increased sense of immediacy, be that access to information, products or services. So for any business, the split-second it takes to present us with a list of relevant search engine results pages (SERPs) could prove to be the deciding factor in its ability to tap into a suitable buying audience and ultimately its success. As an increasing amount of businesses now choose to promote their services online, advertising their products on marketplaces such as eBay and Amazon, the competition has become extremely fierce making it harder to get noticed. For this reason many forward-thinkers have turned to online marketing to try to give them a competitive advantage. Promoting Your Business Online
website. Did your site meet their expectations from an imagery and wording perspective? Does the site instil confidence about the people and the business behind it? Are the functions and features of the site easy to use? Is it easy to for the user to navigate and find what they are looking for? These are just a few examples of factors to consider. Getting these basics wrong results in high bounce rates and low conversion rates. There is little point throwing good money into online marketing if the site you are taking them to lets you down.
So, how do you go about successfully promoting your business online? As a pre-requisite you will need a web presence that portrays your business in the most positive, attractive manner as possible. It needs to look clean, fresh and modern, be easy to use, responsive in nature (adapting to the users device) and have quick page load speeds. Next you’ll need traffic, but not just any traffic, relevant buying traffic. To achieve this you’ll need to advertise your website in a targeted fashion to people interested in what you have to sell. There are a number of different methods at your disposal including, but not limited to; Search Engine Optimisation (SEO), Pay-Pay-Click (PPC) & Remarketing, Conversation Rate Optimisation (CRO), Social Media and Email marketing. We group these into different categories which we at Promote affectionately call “VCR” (Visibility, Conversion, and Retention).
Social and Email Marketing – Retention
Search Engine Optimisation (SEO) - Visibility There are two main factors to consider with SEO; on-page and off-page. On-page factors are those we can directly control such as the semantics of the HTML mark-up or code used to develop the site. It is the underlying code and the meaning of the tags used within that sends out your message to the search engines. To illustrate this in simple terms consider a newspaper front page without a headline. Not only would that look strange but at a quick glance the reader would get no sense of the subject of the article. Similarly a web page without a heading <h1> tag would be less attractive to the likes of Google. In some cases we may think we have what looks like a headline but if it is not marked up correctly then the semantics are totally lost. The good news is that we can greatly influence a websites ranking for specific phrases simply by optimising the code. Conversely, offpage factors are not directly controllable. For example. the most basic signal search engines use are backlinks; in crude terms the more you have from trusted external sites the greater the credibility given to your site and the better it will rank. When it comes to undertaking your SEO campaign it’s also vital to understand what keywords and phrases to target. These are the search terms that are commonly entered into a search engine that are related to your products and services. By understanding which keywords to use (you can analyse using keyword tools), you’ll be able to work out search volumes, competitiveness and ultimately a keyword efficiency index (KEI). For example: No. Searches/No. Results = KEI The higher the KEI the easier the ranking should be to attain and the more prudent that phrase would be to target on the assumption it’s relevant for your buying audience. Keywords and a concept called LSI (latent semantic indexing) can then be used as part of a content marketing strategy to attract a search engine to rank your site for your chosen phrases. Whilst Google and others go through algorithm updates adding, removing and adjusting the importance of key signals, the fundamental approach to SEO has remained constant over the last decade. This is why SEO is seen as the best way to establish a long-term presence within a search. A well-structured SEO campaign should start delivering results within the 1-2 months; any longer and you’re using the wrong agency.
Kurt Wilson, CEO, Advansys
Conversion Rate Optimisation (CRO) – Conversion
Pay Per Click (AdWords) & Remarketing Visibility
So, by now you’ve invested in getting relevant targeted traffic to your site but what if the enquiries and sales are not forthcoming? What can we do? This is the time to look at CRO. In order to do this you need to first define the goals for your site and then look at how to increase the fulfilment of those goals i.e. the number of conversions that result. Two key concepts to consider in CRO are “visual match” and “word connect”. Just as prospective property buyer may form an opinion about whether they like the property or not within a few seconds of a viewing, a consumer sub-consciously undertakes a similar evaluation of your
If SEO is the long-term holy grail of online advertising then PPC is more short-term and immediate because you are paying for the privilege of appearing. Nevertheless, you can produce great results with a correctly structured campaign. Unfortunately many businesses are lured into PPC without a true understanding of best practice and for that reason PPC could also be viewed as a “stupidity tax”. In very simple terms your adverts are placed within search results whenever the keywords you define are searched for by the user. There are other variants but typically the process guarantees that you’ll literally ‘pay-perclick’ only when somebody clicks on your advert – so PPC can offer a fantastic way of driving a great volume of targeted traffic to your website, in a relatively short space of time especially if your organic rankings from SEO are not so visible. Where you appear in terms of adverts position is a based on something known as AdRank made up of Google’s quality score and the amount of your bid. The highest bidder does not necessarily get the top spots. Remarketing takes this to another more cost effective level by showing typically banner adverts to users who may have previously visited your site but did not take any action. These adverts stealthily follow you as you browse and depending upon previous pages visited can deliver different targeted offers. For example if you sell toasters and user was browsing a specific toaster product landing page we could remarket back to them via a banner on a 3rd party website with a voucher code for a percentage discount off an electrical appliance. The ability to target users who have previously shown an interest in a particular product and entice them to buy with a personalised offer is an extremely powerful tactic.
Social Media has immense reach however is not right for every business regardless of the hype surrounding it. Even when it is applicable you may want to be selective in which channels you actively engage with. Twitter, Facebook, Pinterest, Instagram and LinkedIn are the main players each having their own pros and cons. Facebook is worthy of special note due to the ability to accurately target and segment selective groups of users who are interested in your products or services via Facebook Ads. These users can be marketed to very cost effectively compare to more mature approaches such as PPC and lend themselves to increasing visibility and customer retention. Email Marketing still continues to provide an extremely low cost way to promote offers and keep existing customers informed about your business with a view to retaining their current and future custom. Just remember to offer your customer a simple way to unsubscribe and be aware of GDPR for collecting consent and storing personal data. Taking A Holistic Approach Whether it’s due to time, cost or skill constraints many businesses pick and choose their which online advertising methods to use. However, it’s only by taking a holistic approach and engaging in multiple disciplines that you will truly be able to succeed online - and continue to make it a success going forward. For more information on digital marketing please get in touch or visit https://promote.agency.
BCC paper issue No 56, 2017
5
DIGITAL
Job Terminators or How I Learned to Love Automation when to get support for projects that may cross organizational boundaries. • Secure buy-in from key stakeholders and customers for automation initiatives that require both cross-team collaboration and additional investment funds outside of operating budgets (e.g. IT Help Self Service Portal, Gamification Working Model for Managing Infrastructure Alerts, etc.)
In many corporations, Human Resources (HR) is a service that is shared across the organization, a true “Shared Service” in the literal sense. This service model allows for reduced operational redundancy, increased efficiency and, ultimately, reduced costs. With the advent of offshore sourcing, it was a logical evolution for HR services and operations to transition to Shared Service Centers offshore. Such transitions allowed organizations to further reduce costs by taking advantage of cost savings due to labor cost arbitrage in cost competitive locations, as well as providing access new talent in these locations.
Automation Enablers (IT and non-IT Enablers)
In fact, HR / HR Operations is one of original “Shared Services” that was first migrated to offshore Shared Service Centers. To facilitate the move to this new offshore model many HR / HR Operations functions were first consolidated from a management and process perspective. Core sections of these combined functions were aligned to repeatable tasks. Such commoditized work was deemed suitable to transition to the emerging Shared Service Center delivery model (e.g., lift and drop model). Initial efficiencies were gained from economies of scale by migrating large sections of a corporation’s HR’s commoditized workload to lower cost Shared Service Center locations. It was a cost arbitrage opportunity rather than a value-add initiative, that resulted in a reduced price point per unit of work. Initial attempts at offshoring HR / HR Operations and IT Services were often reactive rather than proactive as part of a long-term location strategy. Most significant decisions were still made onshore at the parent organization headquarters. In this initial model, bespoke HR offices and their corresponding services were historically established in a “shotgun” or scattered approach by most organizations. These days, however, the HR Operations shared service offering is maturing beyond a scattered transactional approach based on labor arbitrage, to a more value-add automated self-service offering based on gamification, with a focus on improved customer experience. This has been facilitated in part by the co-location of both IT and HR Operations Shared Services. Alongside HR/HR Operations, IT (e.g., Development and Production Support teams) was another of the “Original Shared Services”. With the advent of co-located HR Operations and IT Teams, close proximity facilitated opportunities for both teams to collaborate and identify improvement and value-add initiatives. Leveraging HR operational business knowledge, combined with IT Ser-
Juan Madronero, Branch Manager at Strategic Staffing Solutions, international provider of customized IT solutions and staffing services vice Models and Service Catalogs, both teams had the expertise and the core resources to automate IT and HR processes, thus reducing utilization of both teams, increasing capacity for additional work. As a Shared Service Center location matures, the value proposition will erode as labor cost increases and talent moves on to new roles as part of natural career development. Automation of HR Operations, of IT Services, and most other Shared Service Teams, is key to increasing the value proposition; freeing up capacity to onboard more complex work. Thus enhancing career development opportunities for the resources that have developed new skills through working on automation projects. For automation to be successful, both management and teams need to focus on Five Key Pillars of Automation: Culture • The move towards automation requires a significant change in culture. Management need to foster and reward a culture of innovation. • They need to dispel the belief that automation is a threat to job security and encourage their employees to innovate and actively seek out oppor-
tunities for automation. • “Fail Fast” is better than not trying at all. Reward success, but also acknowledge failed efforts as it demonstrates thought leadership and innovation. • Lessons learned from failure will only add to the overall technical and business knowledge needed for successful automation. Business Knowledge • Understanding the business process workflow is vital in identifying opportunities for automation. • This knowledge is built up over time in the Shared Services Center and should be leveraged to increase value proposition offered. Risk Appetite • Understand both the risk and the benefits automation to your customer’s business. • Given the impact of HR operations and IT services to employees and external clients, to an organization’s reputation, as well as the regulatory environment in which the organization operates in, the risks of automating a process should not outweigh the benefits. Tactical vs. Strategic Approach
• Business Process Automation. • Challenge all existing processes. • Just because it’s been done in the past, does not mean it’s still relevant or needed. • Build Credibility with Business Clients and Stakeholders to gain trust. • Key Stakeholders will only consider innovative automation proposals (akin to Google Moon Shots Model), if they feel their Operations teams (e.g., IT or HR), genuinely understand and appreciate their core Business Drivers • DATA is KING (The Devil is in the Details. God is in the Details) • Automated tasks/workload facilitates a deeper understanding overall utilization of resources. • Understanding the parameters for automation also helps the on-boarding process by identifying candidates of work for suitable for automation, and those that aren’t • For example, X type and amount of new work is assigned to existing resources. Y type and amount of new work will only be on-boarded via Automation. • Quantify data and trends and publish success cases of improved consumer experience, through reduced human error and increased delivery speed. Summary Change is a constant in today’s world. If you can adapt to change you not only survive but thrive. Therefore Automation should not to be seen or feared as “Job Terminators”, akin to the robots from the Terminator and Matrix films. Automation, Robotics, Article Intelligence are to be embraced to remain competitive and relevant in today’s digital and knowledge-based service economies. Resources from existing teams that embrace automation will only facilitate and enhance their career development as they will learn new skills. Their jobs may change, but they will remain in demand given their new skill sets and experience. Automation is key for the customer experience. It reduces manual error, increases speed of delivery, and produces data sets to quantify and identify additional areas for automation and improvements to client experience.
• Know when to invest in short-term wins and
How fast should we scroll to capture the results of digitalisation? Are we really the last generation who will remember the phone with a cord? For the past years we have been hearing a lot about digitalization. It resonates everywhere – in various communication channels, brand identities, product design, media, you name it. Should we forget paper as we will soon forget the stationary phone? I guess not, however, each brand should define where they go to and if digital options matter to their business. So it is an important task to all marketers and sales people who have to clearly see what the company’s next step is, how much it should adapt to the fast changing business models, how quickly and how often a brand should be uplifted, etc. Logo on a pencil or on the youtube window corner? Being in the world of graphic design and brand identity, we already count years since we have
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noticed a shift in the creative processes of a project. If a few years ago we would like to show a new logo to a client, we would simulate it on such things as an entrance sign, a roll-up, a flag, a pencil, etc. These days, digital channels become of first priority and we aim to create identity that looks very good in the digital world. For example, we address the following questions: is a logo proportion perfect to fit different screens? Is the design applicable on application icons? How will it look on a phone or tablet? Does it have a symbol which would be easy to recognize at a fast speed? Media professionals state that each banner has got up to 2 seconds to be noticed – here comes a big task how to help a client to send their sales message that goes along with the brand identity itself and, moreover, both are attractive in the digital world where a user has got extremely little time. Everything is scrolled, flipped, saved, sent, browsed and you never know for how long it may or will stay in ones head.
‘Hello, is there anything else we could do? Vs ‘Hello, your request has been received, we will get back to you in a month’ User experience – that is what matters most. Digitalisation is, for sure, about communication. Logo in the paper era is a beautiful thing itself and always will be. There emotions are driven by choosing paper where tactile comes into play – texture, material, smell, shine versus matt effect, etc. In the digital world, on the contrary, it is more important how the brand behaves, what tone of voice it has got, how it further continues the visual story in all the other communication steps. What feeling it evokes for you? Does it make you smile and if it does, is it on the right time? I would even dare to say that the brand is digitally good when you do not even notice it while working. When you browse and scroll you should
fully be in the brand yet not think about it. If it starts bothering you, it means something is not as best as it could be. I am unique. Every trend is important and valuable. However, each business company and brand must aim to be unique. Authenticity remains to be the key aspect of each business. Therefore, branding, and especially the digital one, continues playing an important role when creating a successful business – all the stories should be exhibited – how to do it well on a small screen – that what matters. As tailors for brands and their value, DADADA Studio provides visual expression based on essence and authenticity, gives advice for personal and corporate brands, their products and services. More at www.dadadastudio.eu
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DIGITAL
Are we digitising our world too much? The hotels and tourism industry have taken the digital path without doubt as should be expected. It is supposed to connect us, but more and more it is disconnecting us, says Janis Valodze, general manager of Radisson Blu Royal Astorija Hotel. We talk to him about how ‘going digital’ changes both the hospitality industry and his personal life. Janis, how long have you worked in the hospitality industry, and where did your journey begin? I’ve been working in the hospitality industry my entire professional life, which is, all together, over 20 years. Actually I haven’t done anything else! My first familiarisation with the industry took place in tourism school with different jobs in the housekeeping department: from cleaning rooms to washing carpets, then moving up to the reception. During my apprenticeship in Hotel de Rome, Riga, a landmark hotel at the time, I was offered to stay and that is where my real journey began. You’ve been in Vilnius nearly two years now, after arriving from Riga as a general manager at Radisson Blu Royal Astorija Hotel. What inspired you to take this move and how has it changed your routine in and out of office? Mobility is one of the cornerstones of our company’s philosophy. So therefore it was just a question of ‘when’ a move comes and then the journey begins. As there was a possibility to move to Vilnius, I thought “why not?”. It is right in the neighbourhood, and a very dynamic and growing city. But honestly I did not expect the extent to which this is evident. Vilnius very positively surprised me and definitely exceeded my expectations. From one standpoint this is great, but from another, it shows how much work still needs to be done to improve the awareness of Vilnius and Lithuania when it is still considered an enigma to its neighbours! By sharing my experiences and stories with my friends in Latvia they are totally surprised as this is new information for them, so what level of knowledge can we expect from more distant countries? If we are talking about daily routine, I would say that an hotel is an hotel no matter where it is located. Sure there are different types of hotels, different locations, different markets and etc, but the core stays the same and it is guest service and satisfaction that matter, no matter where the location is. Working in hospitality sounds like you have to be open to anything. What have you always enjoyed about this industry and how you would relate it to your personality?
I would most probably not be here today. The thing I am enjoying the most with this industry is that it is a true people business. I rate myself as a rather outgoing person, who likes company and enjoys having people around. I guess this is the main reason I have a good synergy with the industry. The best accomplishment for me is to see somebody really happy with our services and to help people enjoy their time away from home. Even small things. If I see somebody on the street with a map, I will definitely ask if they need help, It makes my day. My wife jokes: “Can you for once leave people alone on the street, they are fine!” But no, I simply cannot! Your field is always changing. Rapid digitalisation is one of the highlights in the hotels business. How do you see its impact and what further changes in guest behaviour and expectations will tourism face? Yes, this is true, the playing field is changing constantly and unfortunately I have to admit, we hoteliers have overslept the change. Just one example for you is the online travel agencies, the hotel industry did not realise how they took over their position, by which I mean that all the money hotels were saving on marketing and digitalisation, are now being paid as commissions to agents. Sure there are certain comebacks going on now, especially with the big chains trying to get their positions back. The national hotel association are trying to level the playing field by suggesting changes to legislation. From the guests perspective the main impact from the younger generation is that we need to be sharp ‘online’ – meaning: up-to-date, acceptable, provocative and different! If you are not there and not sharp you are basically out of business. Because of this I see that investment in digital will only increase, especially for the big chains who will try to keep up with the Online Travel Agencies. For the individual hotels, sad but true, there is almost no opportunity in this digital war. Either they join the chains, the hotel association platform or stake everything on the Online Travel Agency card. I do not see how it is possible for the individual hotel to stand out in today’s digital jungle. What are the digital technologies you can’t live without personally? Actually, the only things I would miss are the smartphone and Google Maps in the car. Honestly for me as an individual there’s already too much that’s gone digital. All this is supposed to connect us, but more and more it is just disconnecting us. See in the airport or in the bar, hardly anyone is talking face to face anymore, we are all just sitting in front of our devices. The scariest thing about this is that often we are not enjoying the simple things anymore. If we take an experience in a restaurant, a sports game or a trip, then to validate the full experience (current culture suggests) we need to broadcast it on social media. At the end of the day the amount of likes and comments we receive on social media sometimes appears much more important than simply enjoying the event itself. And yes, I often get the question “why do we not see any posts on social media from your vacation?” There’s a very simple answer, because the experience was too good to waste time creating the virtual experience of it. You are many-years in the hospitality industry, how has it impacted your travel habits? I wouldn’t say there’s much of an impact. Sure you do not book right away, you shop around, but nowadays I think everybody does that. You know from experience, maybe, more of what to look out for or to check before you book. When you are in the hotel itself, you see it differently, sometimes more critically and sometimes not so – as you are already professionally aware of where and why such problems arise. Anyway, wherever I stay, somehow I see the staff first as a colleagues and only secondarily as somebody who is serving me, but generally during a holiday I try not to wear my professional hat and just enjoy the experience. On a business trip, I just need basic, i.e a clean and functional room with a good bed.
If you want to be successful and make your way, you need to be open to new ideas and challenges, and not only in hospitality. The opportunities come up regularly, sometimes they knock on the door very quietly, so it is important to keep one’s ears to the ground so as not to miss them and then take your chance. This is true for individuals as well as for companies. If talking about individuals then I like very much the saying of Richard Branson: “If somebody offers you an amazing opportunity but you are not sure you can do it, say yes – then learn how to do it later!” It sounds very opportunistic and can be very risky, but I do agree with that. It might not always work out, but it is still much better than beating yourself up for years afterwards that you did not take such and such opportunity. Speaking for myself as well as in general, our lives contain a certain amount of opportunities. As a student I took a job in a printing house in Germany, without speaking a word of German. Yes, it was not easy, but after a month I was already able to have some basic communication. I made a move from an 8 room hotel in Riga to an 1008 room hotel abroad, sure it was slightly different. I took the opportunity of running the Food and Beverage department in the biggest hotel in the Baltics with five outlets and a huge Meeting & Events operation. For one term I took the offer to run lectures in Tourism School in parallel to my job. Clearly, it was not all easy, but I do not regret a single decision I made. As the more we challenge ourselves with such decisions, the more we move forward. Without these challenges Radisson Blu Royal Astorija Hotel in Vilnius
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Peering through the fog Much like an aircraft landing in foggy conditions the FX markets can often be opaque and unclear. The question has to be, what can we use to help us navigate a “safe landing” for our currency exposure in such conditions? Firstly, we need a good understanding of the economic landscape. Economically the Eurozone is doing well, gross domestic product (GDP, the monetary value of all finished goods and services produced within the EU) is growing at a healthy 0.6% every quarter and this compares favourably with the UK (0.4%) and the United States (0.55%). Regarding the Lithuanian (LT) economy, exports grew more than 20% year-on-year in August, and the latest readings for industrial production indicate that strong overseas demand is also boosting the industrial sector. Furthermore, the Focus Economics Consensus Forecast panel expects the economy to expand 3.2% in 2018, up 0.1 percentage points from last month, and 2.9% the following year. The LT economy is expected to grow at a sustained pace over the next two years due to inflows of EU funds and solid external demand from Europe and CIS countries. One of the main drivers of currency markets is interest rates. The logic being that an investor will put their money where it receives the highest interest rates. The United States leads here with US interest rates at 1.25% and publicly saying that they want to raise interest rates by 0.25% steps another four times before the end of 2018 (as long as inflation and the US economy allow them). The Bank of England (BoE) base rate is 0.25% and has also stated that they will withdraw stimulus (i.e. hike interest rates) within the “coming months”. The reason for this being that UK inflation is 3.0% and above the BoE’s 2.0% target. That leaves the ECB with interest rates as low as -0.4%, actually charging banks for holding money with them and usually buying Euro 60 billion worth of Government bonds every month to try and encourage growth in the Eurozone economy. At time of writing ECB President Draghi has just told the market that from January 2018 until September 2019, the ECB will only buy Euro 30 billion worth of bonds per month. He added that this situation would continue as long “as necessary.”, it seems like Euro rate hikes are a long way away. The problems for the ECB are twofold. EU inflation is still weak and forecast to slip lower
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in 2018, plus a stronger Euro (if rates are eventually hiked) may lead to lower exports for the Eurozone economy as their goods become more expensive. So for now the ECB is happy with a weaker Euro. So much for the economics, what about politics? The UK struggles here, coping of course with Brexit. In a nutshell, as with every divorce it all boils down to the money. The UK has no other means of leverage available and as such David Davis (chief Brexit negotiator) has been publicly pushing for negotiations for the important new trade treaty talks to be conducted alongside the departure talks. The EU has the upper hand as Article 50 states that the remaining member states agree departure terms between them and then present them to the departing state (UK). However, it does suit the EU to agree a deal with the UK about money. The UK pays in some £9 billion a year into EU coffers, that is a large sum and currently the only country that could reasonably fill some of that gap is Germany. Is there anything else that can help us with a clearer view? The (technical) picture can paint a thousand words. For EURUSD after the latest ECB action it is possible that we may well stay in recent ranges (1.1400-1.1900) for a time before seeing new direction. For EURGBP we of course are aware of Brexit. If price breaks below 0.8750 then we could see a move to lows seen last June. Conversely if 0.9400 breaks on the topside we could see much higher levels for EURGBP but this would probably coincide with a “Hard Brexit.” We hope the above gives you a clearer view of possible currency moves. For more detailed analysis, forecasting, live exchange rates or to discuss a hedging strategy please contact either Trevor or Richard on the details below. Trevor Charsley, Senior Markets Advisor DD: +44 (0)207 004 3866 tcharsley@afex.com Richard Torres, Corporate Foreign Exchange DD: +44 (0)207 004 3887 rtorres@afex.com Or visit afex.com Happy Landings!
Uncertainties whether Brexit will help attract business away from the UK to Lithuania As news that one of Lloyd’s of London’s largest insurance syndicates XL Group, which operates the XL Catlin brand, is to move its European headquarters to Dublin because of Brexit. Doubts remain as to whether more will follow. In fact there is little evidence that businesses in Europe see Brexit as an opportunity to attract investment or business away from the UK. According to the report from COBCOE Council of British Chambers of Commerce in Europe who represents British chambers of commerce across Europe and their business members. Lithuania was one of 27 roundtable meetings in 18 EU countries undertaken by COBCOE in the wake of the Brexit vote. What emerges in the report is a picture of a highly integrated, transnational economy in which businesses (even those that serve a largely domestic customer base) work across borders to obtain the talent, parts and finance they need. The UK is not only a link in that business chain, but often a springboard to success, providing access to innovation, markets and capital far beyond its own shores. The report highlights the uncertainty about the future that is impacting European businesses and their decision-making now. Managing the risk that uncertainty presents is also of itself a drag on productivity, with management time and resources diverted. This report’s findings demonstrate that European businesses believe the EU and European governments are not listening to their concerns. The process of the negotiations to date, the apparent “zero sum” approach adopted by the parties to the negotiations, and the risks and uncertainties that firms across Europe now face as a result each undermine continued European economic productivity and competitiveness. A bad deal is a bad deal for everyone and therefore should be avoided at all costs. Europe’s global competitiveness depends on regulatory development keeping pace with technological advances. In this regard, participants particularly lamented the loss of the UK Government as a business-friendly force for driving reform within the EU. European businesses fear that Brexit could result in a divergence in these rules and standards
between the UK and EU and/or that the EU and/ or UK may cease to recognise compliance with the regulatory requirements of the other as sufficient to trade freely within its own territory. This would create a needless duplication of regulatory standards, compliance with which would lead to added costs, inefficiency and a loss of competitiveness for European businesses. The significance of the risk of regulatory divergence for business manifests itself in many forms across a variety of sectors. It reflects the pan-European operations and supply chains of many businesses in the broadest sense, touching upon: how they distribute their internal functions, where they can purchase their component parts, how they obtain licences to provide their services, whether their people are qualified to work in a given jurisdiction, the availability of finance for their projects and, ultimately, the markets in which their products can lawfully be sold to customers. Businesses across Europe see minimising the disruption of Brexit as the key business priority for governments. Non-tariff barriers, including the practical impact of border controls and regulatory divergence, were highlighted as primary concerns. For a full annaylise of COBCOE report visit http://www.bccl.lt/2017/09/council-of-thebritish-chambers-of-commerce-in-europecobcoe-releases-a-report-brexit-the-voices-ofeuropean-business/ The summary prepared by Alistair Day Stirrat, BCCL Board Member
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BCCL Guy Fawkes (Bonfire) Night in Vilnius On November 11th, the British Chamber of Commerce organised the 9th Guy Fawkes (Bonfire) Night in Vilnius Grand Resort. BCCL members and British community with families gathered to enjoy this traditional English celebration. The Guy Fawkes (Bonfire) Night in Vilnius followed the time-honoured British traditions of having a bonfire, a Guy effigy, mulled wine, traditional Shepherd’s pie and excellent cake sponsored by Vilnius Grand Resort. For the entertainment this year we had a young card tricks magician Simas to show some tricks to the guests. The event ended in a traditional manner with a fabulous firework display and marshmallows near the bonfire outside to close the evening. The British Chamber of Commerce expresses great gratitude to all Guy Fawkes (Bonfire) Night Sponsors for their outstanding input into organising this event
Photos of Augustas Maniušis
BCCL Sponsor and Board Members meet with Gabrielius Landsbergis, Leader of Lithuanian Conservative Party In October, BCCL Sponsor and Board members were invited to attend BCCL Exclusive Political Briefing Lunch at the British Embassy, kindly hosted by Andy Pearce, then Chargè D‘Affaires for the British Embassy, Vilnius. Gabrielius Landsbergis, Leader of Lithuanian Conservative Party (Tevynes Sajunga) was our special Guest for round table discussion, who willingly shared his thoughts about the Lithuanian political situation. The discussion was moderated by Chris Butler, BCCL Chairman of the Board. The Political Briefings are specially held for BCCL exclusive group of Sponsor & Board members oncetwice a year and are kindly hosted by H.M. Ambassador. Political Briefing Lunches create a platform for discussions with senior figures in the Lithuanian political and economical establishment, or occasionally with Political observers and Guest visitors from the UK.
BCC paper issue No 56, 2017
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BCCL Monthly Business Breakfast Briefings bring together business and public institutions for a dialog In autumn, BCCL traditional monthly Business Breakfast Briefings covered three themes, bringing valuable insights for the international business community and engaging BCCL members and representatives from public sector to maintain a dialog on different issues. On September 27th, Business Breakfast Briefing covered the topic ‘New labour code: relief or extra burden for the business?’. The discussion brought together experts, BCCL members and the State Labour Inspectorate to address the issues concerning the New Labour Code, which came into force from 1st July in Lithuania. Ramūnas Petravičius, Ellex Valiunas and Loreta Laričeva from the State Labour Inspectorate were our guests to present the topic and answer to questions regarding implementation of the New Labour Code. The discussion was moderated by Toma Vevelstad, Amber Staff. On October 25th, Business Breakfast Briefing addressed the topic “Commercial Property: is there enough room in the market for everyone?”. Jurgita Silaikyte and Bernardas Velikonis experts at Newsec and Vaidotas Aleksius Managing Director at Turto Bankas looked at opportunities in the Private & State Commercial property sectors and talked about trends in the region, investing opportunities and demand on office space. The discussion was moderated by Robert Juodka, Managing Partner at PR1MUS. Business Breakfast Briefing on November 30th has brought the topic on digital development for small and medium companies and discussed the issues such as why and how to go digital, which industries are most likely to reap the benefits and which industries can wait, does every business have to have its own cloud, platform and/or an app, is it necessary to invest in clouds and platforms and catch up with big players or simply to go with the flow. The presentations delivered by Augustas Gutautas from DXC Technology and Aurimas Baubkus from Telia Lietuva and the discussion afterwards moderated by Robert Juodka, PR1MUS, were truly thought provoking.
The moments captured by photographer Mona Avik.
Special thanks to Mona Avik for capturing the moments at Business Breakfast Briefings in autumn.
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CHRONICLE OF BCCL EVENTS
Vygaudas Ušackas, internationally acknowledged Lithuanian diplomat speaks at BCCL Business Lunch
Graphic recording was made by Žilvinas Mažeikis from www.markerheroes.lt. On 13th of November BCCL had a pleasure to host an exclusive Speaker lunch with the former EU's Ambassador to the Russian Federation, internationally acknowledged Lithuanian diplomat Vygaudas Ušackas. Current Russian politics, a situation in Afghanistan and insights on the future development of the EU were discussed among other matters.
The event was sponsored by Strategic Staffing Solutions International. Special thanks to Kempinski Hotel Cathedral Square.
The moments captured by photographer Augustas Maniušis.
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BCCL Members’ News
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KEMPINSKI SEYCHELLES RESORT BAIE CWT Easy Meetings, a new online tool for meetings LAZARE – UNRIVALLED LUXURY IN and events organizers, launched by Carlson Wagonlit Travel and powered by Meetingpackage.com BREATHTAKING SURROUNDINGS
Described by early settlers as ‘the original Garden of Eden’, the Seychelles archipelago is without a doubt the jewel of the Indian Ocean and a leading luxury destination for discerning travelers. Located on the famous Baie Lazare, in the exclusive south-end of Mahé Island, Kempinski Seychelles Resort offers guests roundthe-clock expertise, dedication and unmatched Creole hospitality. Set in dazzling surroundings of untouched, natural beauty this beachfront paradise, nestled in a secluded bay at the foothills of a magnificent mountain range, offers a private haven for romantics at heart, an activity-packed family getaway or the perfect destination for corporate gatherings and events. Just 30 minutes from the Seychelles International Airport, this unique property makes an idyllic base from which to explore the rest of the island, yet offers much in the way of exclusivity and privacy for those looking to get off the tourist track. A selection of private rooms and suites set in expansive tropical grounds, have been designed to blend harmoniously with the natural environment; and refined to reflect 120 years of Kempinski service excellence. A passion for food, produce and premium beverages is similarly an ear-mark of the Kempinski brand and is evidenced by the attention to detail and culinary fineness at all four of the resort’s dining outlets. Their uncompromising search for authentic recipes and quality local ingredients means guests are able to enjoy a wide variety of regional and international cuisines in an array of atmospheres, ranging from beachside casual to fine dining elegance. Inspired by the flavours and traditions of the Indian Ocean, there is an incredible selection of fresh seafood, caught daily and prepared to perfection by a hand-picked
team of international chefs. For a truly memorable and intimate evening, be sure to book a bespoke private dinner: host an elegant dinner party or arrange a romantic, candle-lit dinner for two beside a palm-lined pristine beach or on the placid shores of the resort’s private lagoon. For travellers in search of pure luxury and pampering, Kempinski, The Spa offers sumptuous treatments in a serene environment, using only organic and natural products inspired by the change of European seasons. Guests looking to do more than just recline in a sunbed while taking in exquisite views of glittering turquoise seas will be delighted by the facilities offered at the water sports and recreation pavilions: An onsite dive centre and complimentary snorkeling gear will assist you in exploring the Seychelles’ abundant marine landscapes, while a surf school and stand up paddling provide exciting opportunities to travel above the waves. A well-equipped gym and outdoor sports courts join an Olympic length swimming pool in the resort’s artillery of fitness apparatus, while a short hike through dense jungle will guide you to a vast granite elevation for an unforgettable hill-top yoga class, overlooking the resort and tranquil Baie Lazare.
Carlson Wagonlit Travel, the world’s largest business travel management company operating in Lithuania, is launching a partnership with MeetingPackage.com, a user-friendly booking platform designed to improve the booking process for meetings and events. This partnership gives Lithuanian business access to more than 250 000 locations for conferences and events in different countries of the world. At the same time, it opens up the possibility for country hotels and confe-rence centers to connect to the global platform and offer their services to foreign companies seeking venues and planning events in Lithuania. “Hotels and other venues in Lithuania are constantly seeking for opportunities to increase their occupancy rates. One of the reasons for these rates not being very high is the complicated and slow sales process involving a lot of calls and e-mails. On the other hand, companies looking for the venues for their events in Lithuania have to make some simple but time-consuming queries and become busy with the processes requiring routine work,” says Rasa Barisiene, Managing Director for Lithuania and Latvia. According to her, after monitoring the situation for some time and powered by this new partnership, Carlson Wagonlit Travel is introducing a web-based solution under brand name „CWT Easy Meetings“ which will enable companies to book venues meeting their demands in different countries of the world. “This partnership also allows Lithuanian businesses, such as event organizing companies, to increase sales because along with their services they can offer a wide range of locations around the world matching their customers’ needs. Working with Lithuanian business many years we see the potential of this product. It is already being used by our customers,” says R. Barisiene. Since the beginning of its partnership with Carlson Wagonlit Travel, MeetingPackage.com has been expanding the list of hotel, conference and other venues from around the world available for its users online. Even before the cooperation, MeetingPackage.com received many requests for the venues suitable for meetings and
Robust equity market eliminates all concerns By Ib Fredslund Madsen, Ph.D., Chief Strategist, Jyske Bank care will not perform that well in a scenario with rising interest rates and the price structure in the US pharmaceutical market is under pressure structurally. Furthermore, for the short term, we upgrade the cyclical element by having an Overweight recommendation for Industry. The confidence indicators in industry have been robust, and we still expect increasing interest rates.
From small, home comforts to spacious luxury and bespoke banqueting, the Kempinski Seychelles Resort is an ideal location for those seeking a world-class island getaway. Contact Information: +248 438 reservations.seychelles@kempinski.com,
6666,
www.kempinski.com/seychelles
Equities have performed remarkably well in 2017. Well because global equities have yielded a total return of more than 18% (in terms of USD). Remarkably because Trump’s disappointing political results, the generally high valuation of equities and economic growth in the US being only just above 1% in Q1 did not have any effect on the equity market and equity volatility at all. On the other hand, both US interest rates and the dollar reacted to the collapse of optimism relating to stimuli. Sector strategy In the current situation, our equity strategy will involve a mix of cyclical and defensive sectors. However, for the short term we choose to reduce the defensive characteristics of the portfolio by reducing our recommendation for Healthcare from Overweight to Neutral. In addition, Health-
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events in Lithuania, therefore. by the end of this year, the company plans to add to their database new locations in Vilnius as well as in other major cities of the country. To accomplish this task by the set deadline, a dedicated employee has been appointed in the company. At the moment MeetingPackage.com employs 22 people. The company has its operational divisions in London (United Kingdom), Monza (Italy) and Espoo (Finland). In the latter, it was established as a start-up in 2014. Currently, MeetingPackage.com’s booking platform is available in eight languages. The possibility to translate it into the Lithuanian language is also considered. In the coming years, the company plans to expand to the USA and Asian markets, and its turnover should reach 10 million euros. Carlson Wagonlit Travel, the world’s leading business travel management company, operates in more than 150 countries worldwide, offering business travel management, its optimization, security as well as meetings and events management services and solutions to government agencies and non-governmental organizations. Every day, the company’s customers would be able to fill 200 Boeing 747s and about 100,000 hotel rooms. In addition, Carlson Wagonlit Travel carries on average 95 business events in various parts of the world every day. The company employs more than 18 thousand people. Its turnover reached 23 billion USD in 2016.
However, we do keep a close eye on the whether the current situation with growth at the exactly right level and tightening measures on the part of the central banks that are also exactly right (the so-called goldilocks situation) can be maintained. When we do not have the fundamental support from cheap equities, an increasingly pro-cyclical equity strategy will generally be more fragile and not as long-term in nature as is usually the case. Moreover, it is important to emphasise that the US is in a late phase in the economic cycle, which will only last for a limited period (the upcoming tax cuts being the joker in the pack) compared to the situation if we had just emerged from an economic downturn. Jyske Bank is BCCL Overseas member offering Private Banking services for Lithuanian, British and International clients. Key contact people for the chamber are: Sean Stray, Senior Relationship Manager, tel. +45 2157 9762, e-mail: stray@jyskebank.dk Søren Langkjær, Intl. Wealth Management Adviser, tel. +45 5117 7441 e-mail: soeren.langkjaer@jyskebank.com
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BCCL Members’ News
AIG - Mission First, People Always The old US military adage “Mission First, People Always” sums up the approach taken by AIG in our exit from the Lithuanian market in recent months. AIG made the difficult decision to exit from Lithuania earlier in 2017 and are now working to shut down operations in Vilnius by March 2018. This decision was made particularly difficult given the support and goodwill that we have received; the talent in the market and the team that we have built; and the excellent performance achieved since entering the market a few short years ago. AIG, like many other companies in Insurance and Financial Services, has undergone sustained change in recent years, including recently the divestiture of our Central and Eastern European branch office footprint. This materially reduced the opportunity to further scale operations in Vilnius, and given the relationship of scale to efficiency materially diluted the economic case. Since we made the public announcement to exit in June, we’ve been heartened, but not surprised, to see the very high level of support from our teams and the market as we navigate these changes. We have spoken extensively with our teams that with every challenge there is opportunity, and so that is how we as a team locally view this. Two core themes have informed our actions since then; the first being that with our teams we will provide continued excellent support to our customers “Mission First”; the second being that we will provide every appropriate support and assistance to our team members in this change
“People Always”. We have over 200 people in Claims Adjudication and Policy Servicing teams today who provide service to more than 10 countries. These people are released in three batches in November, December and again in February. Given the material investment in people both in learning and development and on the job experience, and that we were fortunate to hire excellent people to start with - we remain very optimistic about the future for our people, and more broadly for Lithuania. With support from the BCC and others, we’re actively partnering with companies now to assist our people find suitable career opportunities after AIG. If you read this, and are on the lookout for talent and have not engaged with us to date – please do reach out to hr.vilnius@aig.com. Finally we would like to acknowledge again the goodwill and support we receive every day from the BCCL and its membership – so thank you! “Mission First, People Always”.
Frightening statistics: are we ready to face the reality? In recent years, cancer morbidity in Lithuania has been growing consistently. According to the Institute of Hygiene since 1997 cancer cases is up by 40 percent reaching almost 18.000 cases in 2012. Cancer is the most common critical illness that is covered by life insurance and pension company “Aviva Lietuva”. Company’s Critical illness insurance allows a person to receive benefit in case of 40 illnesses including cancer, stroke and heart disease. Most benefits were paid for malignant tumours. Malignant tumours were the second most common reason causing people mortality in Lithuania in 2016. „Life insurance cannot protect from serious illnesses but it can help fight it, choose effective treatment and rehabilitation. We see many young people suffering from cancer and pay benefits for customers as young as 25 years old. Following the statistics, we have also introduced critical illness cover for children”, – says Asta Grabinskė, CEO of „Aviva Lietuva“. The amount of benefits the insurer paid for criti-
cal illness insurance reached 621.000 euros last year. The largest benefits paid were 58.000 euros for thyroid cancer, 51.000 euros for acute myocardium infarction. “Aviva Lietuva” is one of the leading life insurance and long term savings providers in Lithuania. The company was awarded as one of the 10 best medium-sized companies in Europe in 2017. It is a part of UK based “Aviva” group operating in 16 countries throughout the world.
Trade across the North Sea continues to grow In spite of the ongoing Brexit discussion, DFDS continued to increase its volumes on the North Sea freight routes to and from the UK. Continued growth in the UK and EU economies is good news for all. Page ContentDFDS’ published Q2 results were the best ever recorded in the company and this was among other things due to a very positive development in trade across the North Sea. DFDS’ routes carried 6% more trailers between ports in Norway, Sweden, Denmark, the Netherlands and Belgium and ports in the UK. “The UK is our largest freight market, and we are encouraged by the positive development which we have seen year-on-year in spite of the discussion about possible Brexit effects,” says Niels Smedegaard. The Bank of England expects the UK economy to grow by 1.6% in 2017, and UK export volumes have picked up since the British pound (GBP) depreciated after the Brexit vote in June 2016. “As we are also seeing positive developments in the EU economies as a whole, we are confident about the future. This is good news and supports our plan of deploying larger and more environmentally friendly ships on our North Sea routes in 2019 and 2020,” says Niels Smedegaard.
“It is also good news for the customers, manufacturers, exporters and transport companies we serve. Continued growth in trade will enable them to grow or maintain their activities and the many jobs they create,” he says. DFDS also welcomes the UK Government’s recent initiative to maintain the free flow of goods through continuing the current flexible customs control between the UK and the EU after Brexit. “This is in line with our expectations that all parties will be interested in protecting trade for the benefit of growth and jobs in the countries involved, and we hope the proposal will pave the way for a positive agreement,” says Niels Smedegaard.
BCC paper issue No 56
BCCL Members’ News
13
Digital Commerce Evolution in the United Kingdom A Unique Medical Technology for Arthrosis
Treatment
The UK is a digital frontrunner, being one of the most digitally advanced commerce markets worldwide. The UK economy has been able to maximise its high smartphone penetration rate, encouraging consumers to shop wirelessly, which has resulted in surging e-commerce growth. Today’s connected consumer buys goods and services differently from previous generations. Brands are using digital devices to give the ability to browse their commerce offering anytime and anywhere. Blogs and social media sites are proving increasingly important to sales, with this due in large part to the growing use of smartphones. Consumer foodservice is also registering strong growth, with a predicted CAGR of 7% in constant value terms between 2016 and 2021. Growth in online, mobile and delivery channels have helped to bolster the foodservice industry all over the world, with the UK being one of the leaders in the global market. A key factor driving online sales in the future will be the internet of Things. Euromonitor International predicts that mobile remote
Kęstutis Bliznikas, a trauma and orthopaedic surgeon at Northway
purchases will grow at a constant value CAGR of 21% over the next five years. Lina Sidorenke, Senior Communications Executive at Euromonitor International
Nordgain now offers accounting services for funds operating in Lithuania The accounting services company is now offering complex accounting services to investment funds and licensed investment companies operating in Lithuania. Not only will the new service cover traditional accounting services, but it will also take on the tasks of regulating the net asset value of fund managers, managing internal processes, and reporting to the Bank of Lithuania as well as other institutions. According to Agnė Jasinskaitė, Nordgain CEO, the digitalization of the company’s services allows to manage complex accounting processes, adds to quick and efficient communication with clients as well as - taking on new challenges. The company has been providing fund accounting services in foreign jurisdictions for some time. According to Jasinskaitė, the niche to create less regulated management companies and alternative investment funds in Lithuania emerged only after the adoption of the Law on Collective Investment Undertakings Intended for Informed Investors. The more favorable regulation has triggered the investment fund market.
Disease of skeletal articulation, or bone joints, caused by wear and tear, is the most common degenerative joint and spine disease. When it develops, articular cartilage can become heavily damaged. The main cause of arthrosis, a specific type of arthritis, is through constant and excessive physical activities that exceed the joints’ capabilities. Arthrosis can be caused by many other factors such as obesity, heredity, correctness of limb axis (posture), or metabolic, autoimmune and other inflammatory or infectious diseases. Surgeries performed at Northway Medical and Surgical Centre involve a unique medical technology that enables real-time, point-ofcare collection of the patient’s tissue and the
Attorney-at-law Laurynas Lukošiūnas promoted to Sorainen partnership Notes Tomas Kontautas, country managing partner of Sorainen Lithuania, “As head of the Public Procurement practice at the Sorainen Lithuanian office and working on large-scale public-private partnership (PPP) projects, Laurynas demonstrates excellent leadership skills. Clients appreciate his professional approach and capacity to solve complicated legal issues effectively and swiftly.”
Agnė Jasinskaitė, Nordgain CEO
“Lithuania’s investment market is young. We do not have many companies providing investment services, and there is also a lack of infrastructure to serve them. Although a fund management company can have a separate accounting department, it is easier and more efficient to hire a bookkeeping company: there is no need to constantly invest in the employee’s training,” she says. The fund accounting service offered by Nordgain is part of the Lewben Group’s one-stopshop Fund Hotel service. This means that the company’s specialists provide the necessary documentation, licensing processes, accounting, reporting, and other operational issues, from product creation to day-to-day operation.
Primus strengthens cooperation with KTU School of Economics and Business
Laurynas Lukošiūnas, head of the Public Procurement practice at the Sorainen Lithuanian office has become the 12th Sorainen partner in Lithuania and the 29th in the region. Under Laurynas’ leadership, the rapidly-growing Sorainen Public Procurement practice has become a top-tier player in Lithuania. Laurynas will continue developing this and the also fast-expanding Dispute Resolution practice.
Laurynas joined Sorainen in 2011. Prior to that he practiced at another major law firm in Lithuania for six years. Laurynas holds a master’s degree in law, having graduated from Vilnius University.
ish and Jewish artisans, visitors to a German pub that stood on the corner of Latako g., and the proprietors of a publishing house. On September 26th, the memories of another resident, formerly unknown to archivists, were shared with our students. His name is Samuil Birger.
According to the agreement, collaboration will cover preparation and implementation of various law related projects, strengthen students’ knowledge of legal matters and their applicability in a competitive business environment.
BCC SPONSOR MEMBERS
Laurynas often lectures at conferences in Lithuania and abroad. He is also an active member of several organisations and projects. Representing international organisations such as AIJA (Association Internationale des Jeunes Avocats), he encourages international cooperation among legal professionals. International legal directories including The Legal 500 and Best Lawyers recognise Laurynas as one of the top public procurement and dispute resolution experts in Lithuania.
History is Full of Memories Waiting to be Revealed
On 13 September Kaunas University of Technology (KTU) and law firm Primus signed a cooperation agreement. Mrs Edita Gimžauskienė, Dean of KTU School of Economics and Business, and Ernesta Žiogienė, partner at Primus, signed the agreement.
“We are glad and proud to be in a partnership with one of the strongest and most advanced universities in Lithuania. KTU has a clear aim to strengthen cooperation between science and business, invests in progress, innovative technologies and knowledge. We see many common points of interests. We also hope to contribute to implementation of interesting and innovative projects. We value this cooperation as an opportunity to share our professional knowledge and practical experience in business law, as well as motivate students to understand the importance of legal competencies” – noted Ernesta Žiogienė, partner at Primus.
preparation of a mixture of stem and regenerative cells in what is called the ‘Celution 800 System’ and which is then administered into the patient’s damaged joints. This unique surgery produces a regenerative effect that recovers the damaged cartilage and significantly improves joint condition by reducing swelling and relieving the tiresome pain associated with it. According to Kęstutis Bliznikas, a trauma and orthopaedic surgeon who performs this type of surgery, application of the cell mixture results in the improvement of the blood circulation around the damaged area, strengthening the body’s disease resistance, and stimulating healing. The patient experiences continued improvement from the first month of application through to the point at which the condition stabilises. According to Dr. Gintaris Vilkevičius, a vascular surgeon and Head of Surgery at Northway centre, the Celution 800 Device was acquired with the aim of providing medical services to patients more efficiently. This is the first device of its kind in the Baltic States and will enable Northway to offer patients the most advanced services in regenerative medicine. This therapy will be particularly helpful to patients who have undergone conventional treatment in the past that has proved to be ineffective. In addition to the effective treatment of joints, this medical technology is also especially effective in the treatment of open wounds and burns.
Ernesta Žiogienė, partner at Primus (left) and Mrs Edita Gimžauskienė, Dean of KTU School of Economics and Business (right)
By signing the cooperation agreement both organizations agreed to organize and implement projects in the field of law, cooperate in the improvement of study programmes, organize joint conferences and events, exchange professional expertise and good practice. Both parties will cooperate in consulting students on writing their course works and final works and in organising internships.
Although humble at first glance, the courtyard and surrounding structures that house Vilnius International School on Rusų g. contain the rich and varied history of a multicultural city. Archaeological documents inform us that our walls preserve 500 years of memories of Orthodox Russians visiting churches that once stood here, those of a wealthy farmer and his family, a series of Pol-
Samuil was one of the fortunate few who escaped the tragic fate of many Jews in Vilnius, having left on foot to Kazan 700 km away. He returned to Vilnius at the age of ten with his mother and two brothers and found the city eerily deserted and bereft of familiar signs and sounds. They resettled in the empty printing house at Rusų g. 3 and lived for many years in what is presently a ventilation room. On the occasion of European Day of Languages, Vilnius International School revived the sounds of the Yiddish speaking neighborhood by learning the values associated with this ancient alphabet and dancing to the Rakija Klezmer Orkestar. Samuil’s story is now part of our story.
BCC paper issue No 56
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Presenting New BCCL Members
BCCL Sponsor Member
BCCL Small Company Member
DFDS A/S Branch office
FIRST IMPRESSION
Lars Thorsen, Head of Ligistics.
DFDS A/S branch office (DFDS A/S Lietuvos filialas) provides European door-door transport solutions to manufacturers of consumer and industrial goods. As a provider of logistics solutions, DFDS has earned a reputation for reliability, efficiency and superior customer care. This
reputation is the result of a commitment to doing things a certain way – The DFDS Way. At the heart of our success is a commitment to deliver tailored solutions that support our customers’ activities, reduce the cost for their business and add value to their operations. At DFDS we have invested in technology, equipment and facilities to meet the demands of modern, lean supply chains. Our operational areas are in the import and export of goods from Lithuania, Latvia, Estonia to the United Kingdom and Ireland and vice versa. In the future we plan to expand transportation services to Germany, Italy and other countries in Europe. DFDS A/S Branch office Email: vilnius.logistics@dfds.com Phone: +370 52 559 444 Address: Saulėtekio al. 15, Vilnius, LT-10224, Lithuania
BCCL Overseas Member ArcaPay Ltd
clients to reduce costs associated with foreign exchange (FX) and speed up payments abroad. As part of our offering, ArcaPay provides advisory services, helping senior managers establish robust currency risk management processes in their companies. Marius Bausys, Founder and CEO
ArcaPay is an Authorised Payment Institution that specialises in international business-tobusiness (B2B) payments and currency conversions. The company’s digital platform enables
ArcaPay Ltd Email: info@arcapay.com Phone: +44 75432 78651 Address: 35 Ludgate Hill, London EC4M 7JN, UK
BCCL Overseas Member LITHUANIA GB
Whether it’s in meetings and presentations, or on your website and marketing materials, first impressions last. That’s why First Impression offers a suite of services that will enable you to create exactly the impression you want. These services include content strategy development and brand building, copywriting and editing, training and coaching for spoken and written communication in English, and company-wide language audits. We have already supported the likes of Barclays, AIG, Invest Lithuania, Vilnius Tech Park, ERGO Bal-
tic, Practica Capital, COBALT, and Sorainen in getting their English language communication right, every time. How can we help you? First Impression Email: michael@firstimpressionconsulting.net www.firstimpressionconsulting.net
BCCL Corporate Member Courtyart Vilnius City Centre The new state-of-the-art lobby at Courtyard provides greater flexibility and choices for our guests. At the center of it all is The Bistro, your destination for a great breakfast, or drinks and dinner during the evening. You’ll also enjoy invi-ting, flexible spaces where you can work or relax, free Wi-Fi throughout and easy access to the latest news, weather and airport conditions via our GoBoard technology. Plus, our well-equipped fitness center will help you stay refreshed and energized. Whether traveling for business or pleasure, your
stay at Courtyard is sure to be more comfortable, more productive and more enjoyable than ever before! Courtyart Vilnius City Centre Head of the Company: Tomas Pauliukonis Email: Tomas.Pauliukonis@hanner.lt Phone: +370 65 512 346 Address: Konstitucijos pr. 7, Vilnius, LT-09308, Lithuania
BCCL Overseas Member Revenio Capital Ltd Revenio Capital Limited (“Revenio”) is a specialist investment advisory and management firm authorised and regulated bay the Financial Conduct Authority. Revenio provides regulated investment services across the capital structure with a focus on UK and Western European real estate investments, including capital market and other structured products. With longstanding relationships and a successful and consistent track record, the team of Revenio Capital has developed significant transaction expertise and a unique access to compelling off-market investment opportunities,
applying sophisticated financial engineering techniques and generating superior risk-adjusted returns for clients. Revenio Capital Ltd Head of the Company: Tunc Guven Email: tguven@revenio.co.uk Phone: +370 65 692 866 Address: 21 Southampton Row, London, WC1B 5HA
BCCL Small Company International Fintech UAB
The Hon Richard Evans, Founder of Lithuania GB
Working very closely with the Commercial Attache of the Embassy of Lithuania (UK), we provide a professional ‘fast track’ sales solution, currently for mid-large size Lithuanian Companies serious about doing business in the UK. With over 100 total years of high level sales experience and extensive world-wide connections Richard, and his team, provide a seamless process in to getting to the right people with a ‘sniper-shot’ strategy towards ultimately securing contracts.
Working very closely with the Commercial Attache of the Embassy of Lithuania (UK), we provide a professional ‘fast track’ sales solution, currently for mid-large size Lithuanian Companies serious about doing business in the UK. With over 100 total years of high level sales experience and extensive world-wide connections the Hon Richard Evans, and his team, provide a seamless process in to getting to the right people with a ‘sniper-shot’ strategy towards ultimately securing contracts. Lithuania GB www.lithuaniagb.com
BCCL Corporate Member UAB Albright Lietuva
Albright International. Notably, Albright International is the only British investor in Lithuania’s National Port. The company makes switches and contacts that are sold all over the world, though mainly through its products being incorporated into third party manufactured equipment. Ramūnas Barcevičius, General Manager
UAB Albright Lietuva is situated within Klaipėda’s ‘Free Economic Zone’. It is the Lithuanian production arm of British company
UAB Albright Lithuania Email: sales@albrightinternational.com Phone: +370(8)46 416 302 Address: Kretainio 4, Klaipėda, LT-94103, Lithuania
International Fintech UAB is a licensed e-money institution, founded by seasoned veterans of the Fintech sector. The company was launched to provide all Fintech services under one roof that are necessary to online merchants. Our company’s turn-key solution will have any fledgling business up and running straightaway, whether it needs emoney, e-payments or any other Fintech services.
International Fintech UAB Head of the Company: Algė Budrytė Email: alge@international-fintech.com Phone: +370 69 400 234 Address: Odminiu g. 8, LT-01122 Vilnius, Lithuania
BCCL Overseas Member Paysolut Ltd Paysolut helps fintech startups to save money and launch faster by acting as the single vendor for the software, know-how, partnerships and even an interim payments institution licence.
Paysolut Ltd Head of the Company: Vytenis Pavalkis Email: VP@paysolut.com Phone: +370 61 518 928 Address: Kemp House, 160 City Road, London, EC1V 2NX, UK
BCCL Small Company Member DADADA Studio As tailors for well known brands of value, we provide visual expression based on essence and authenticity when creating branding, visual design and related design projects. We give advice for personal and corporate brands, their products and services. Crisp concepts and well-crafted designs are our guidelines.
DADADA Studio E-mail: hello@dadadastudio.eu Phone: +370 676 42203 Adress: T. Ševčenkos 16i-412, Vilnius LT-03111, Lithuania
BCC paper issue No 56, 2017
List of BCCL Members 15 BCCL Sponsor Members
AVIVA Lietuva Life insurance and pension funds www.aviva.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
DFDS A/S Branch Office Logistics www.dfds.com
GlaxoSmithKline Pharmaceuticals www.gsk.lt
Kempinski Hotel Cathedral Square 5 star luxury hotel in Vilnius www.kempinski.com/vilnius
Luminor Banking www.luminor.lt
PricewaterhouseCoopers Assurance, Actuarial, Advisory, Tax and Legal services www.pwc.com/lt
Strategic Staffing Solutions International Provider of information technology solutions. Recruitment Services www.strategicstaff.com
TGS Baltic Full-service business law firm in the Baltic region and Belarus www.tarkgruntesutkiene.com
BCCL Accounting Partner
BCC SPONSOR MEMBERS
BCCL Corporate & Group Members AIG (www.aig.com) – Insurance ALBRIGHT LIETUVA (www.albrightinternational.com) / Manufacturing (NEW!) ARIJUS (www.arijus.lt ) / Transport and logistic services AVIS Rent a Car & Leasing Company (www.avis.lt) / Car rental and leasing BALTIC AMERICAN MEDICAL & SURGICAL CLINIC (www.bak.lt )/ Health Care BALTIC SURVEYS (Baltijos Tyrimai, UAB) (www.gallup. com) / Market research BANKSERVIS, UAB (www.bankservis.lt) / Bank and office equipment, security products and solutions BARCLAYS GROUP OPERATIONS LIMITED (http://www. lifeintechnology.co.uk/global-locations/vilnius-lithuania/) / one of strategic IT engineering centres providing support for Barclays business activity worldwide. BEST WESTERN HOTEL VILNIUS (Naujasis Vilnius, UAB) (www.vilniushotel.eu) / Centrally located Hotel, restaurant, conference centre, fitness centre, swimming pool and sauna BNTP, UAB (www.bntp.lt) / Private equity investment; real estate development and investment; asset management; project management; facilities management. BRITISH COUNCIL (www.britishcouncil.lt) / the United Kingdom’s international organisation for cultural relations and educational opportunities. CALLCREDIT OPERATIONS, UAB (www.callcreditgroup. com) / Experts in the fields of credit referencing, marketing services, consumer information, interactive solutions and consultative analytics. CAMIRA FABRICS Ltd (www.camirafabrics.com) / Contract seating & transportation fabric manufacturer COBALT (www.cobalt.legal) - Legal services in all fields of business law in Lithuania, Latvia, Estonia and Belarus COMFORT HOTEL (www.comforthotel.lt) / Hotel COLEMONT (www.colemont.lt) / Insurance broker, an authorised Lloyd‘s coverholder COURTYARD Vilnius Hotel (http://www.marriott.com/ hotels/travel/vnocy-courtyard-vilnius-hotel/)/ Hotel (NEW!) DXC Technology (www.dxc.technology/) / IT services and outsourcing DELTA MANAGEMENT SOLUTIONS, UAB (www.deltamanagement.lt )/ Recruitment, Executive Search, Temporary Staffing, Employment Services, Personnel Testing & Assessment, Greenfield Staffing Support DOMINAS DERLING (www.dominas.lt) / Law firm DUBINGIŲ ŽIRGYNAS (www.dubingiuzirgynas.lt) / A recreational and entertainment complex (NEW!) ELLEX VALIUNAS (http://www.valiunasellex.lt/) / A leading and internationally highest ranked business law firm in the Baltics EUROMONITOR INTERNATIONAL (www.euromonitor. com ) / Provider of strategic market research on countries, consumers and industries EVERSHEDS SALADŽIUS (www.evershedssaladzius.lt) / Legal services NCC Group,UAB(https://www.nccgroup.trust/uk/)/Cyber security and incident response services G4S Lietuva, UAB (www.g4s.lt) / Security Solutions covering cash handling, guarding, electronic security, system maintenance, installation, courier service. GASPAR’S restaurant (www.gaspars.lt) / Food & Beverage GJENSIDIGE (www.gjensidige.lt) / Insurance GLIMSTEDT (www.glimstedt.lt) / Legal services GRANT THORNTON BALTIC (www.grantthornton.lt ) / Assurance, internal audit, tax advisory, legal advisory, corporate finance, and accounting services HIGHLIFE, UAB / Manufacturing for export timber components for the furniture and construction industries. HOLIDAY INN (www.holidayinnvilnius.lt) / Hotel IBIS Styles Vilnius (www.ibis.com)/ Hotel, Restaurant „The Lemon Tree“, Lounge bar, Conference center JSC CHARLOT LT (www.charlot.lt) /Office supplies, printing management and IT solutions KLAIPĖDA FREE ECONOMIC ZONE MANAGEMENT COMPANY (www.fez.lt) / Management and development of Klaipėda Free Economic Zone KPMG Baltics, UAB (www.kpmg.lt ) /Audit, Tax, and Advisory services LEINONEN, UAB (www.leinonen.eu) / Accounting services LLOYD’S (www.lloyds.com) / Insurance and reinsurance NEWSEC (www.newsec.com) / Real Estate NORDGAIN (www.nordgain.com) - Financial, tax, asset, transaction, management consulting, finance and accounting services NORTHWAY (www.nmc.lt) / Private medical centre NOVOTEL VILNIUS CENTRE (www.accor.com) / Hotel services ODONTIKA (www.odontika.com) / Dental surgery TELIA LT (www.telia.lt) / Telecommunications PARK INN BY RADISSON KAUNAS (https://www.parkinn. com/hotel-kaunas) / Hotel PRIMUS Attorneys at Law (www.primus.legal) / A panBaltic full service law firm with offices in Lithuania, Latvia and Estonia
PHOENIX CONTACT (www.phoenixcontact.com) / manufacturer of electric connection and industrial automation technology RADISSON BLU HOTEL LIETUVA (www.radissonblu.com/ lietuvahotel-vilnius)/ Hotel, biggest centre located Conference and Event centre, Riverside restaurant, Skybar, Lobby bar, fitness centre and sauna RADISSON BLU ROYAL ASTORIJA HOTEL (www.radissonblu.com/hotel-vilnius) / Hotel, French restaurant „Brasserie de Verres en Vers“, Astorija Bar, Meetings & Events center, Catering services, Health club with swimming pool IMPERIAL HOTEL & RESTAURANT VILNIUS (www.imperialvilnius.lt) / Luxury hotel SCHAGE Real Estate (www.schage.lt) / Real estate development company. Investing in, renting and selling premises for office, residential and commercial use SHAKESPEARE Boutique Hotel (www.shakespeare.lt) / Boutique hotel, Sonnets restaurant, Globe bar, conference halls SORAINEN (www.sorainen.com) / Legal services in all fields of business law in the three Baltic countries and Belarus SUE’S INDIAN RAJA (www.suesindianraja.com) / Indian Restaurant VANAGUPĖ HOTEL (www.vanagupe.lt) / 5* Hotel, Modern Conference centre and luxury GOLDEN Spa centre, gourmet cuisine restaurant L’Ambra Rossa VILNIUS GRAND RESORT www.vilniusgrandresort.com / 5 star Hotel, 8.000m2 Conference Centre, Catering Services, Spa, Fitness Centre, Leisure, PGA design Golf course, Over the water restaurant, Real Estate WEST EXPRESS (http://www.westexpress.lt/) / Travel agency, providing and organising professional business and leisure travel services WESTERN UNION Processing Lithuania UAB (www.westernunion.com) - Financial Services ZABOLIS PARTNERS (www.zabolis.com) / Finance and Real Estate
Small company/NGO Members AMBER STAFF (www.amberstaff. com) / Temporary staffing and employee leasing BALTIC FILM SERVICES (http://bfs.eu.com) / Film and television production BALTIC HOLIDAYS (www.balticholidays.com) / Tour operator in the UK specializing in Lithuania, Latvia & Estonia STEAVE NEALE INTERNATIONAL (www.stevenealeinternational.com) / The Behaviour Change Specialists dedicated to the practical use of emotional intelligence to improve individual and team performance DADADA Studio (www. dadadastudio.eu) / Brand tailors (NEW!) DEKONA, Evaldo Darškaus IĮ (www.dekona.lt) / Management Consulting: Operational efficiency, Lean, Six Sigma, process improvement D & T Global - Developer of real eastate EUROCONTINENTAL Limited / Textiles FINREDA, UAB (www.finreda.net) / Corporate services provider. Legal, financial and business consulting & services including translations to Lithuanian and foreign companies FIRST IMPRESSION (www.firstimpressionconsulting. net) / Content strategy development and brand building, copywriting and editing, training and coaching for spoken and written communication in English (NEW!) GENCS VALTERS, Law Firm (www.gencs.eu ) / full service, general practice international business law firm with offices in Riga, Tallinn and Vilnius focused on tax, litigation, M&A, corporate, immigration, finance and intellectual property law GROWING TALENT (www.growingtalent.eu) / Providing executive coaching, and delivering training for leadership and talent development INTERNATIONAL FINTECH, UAB / Financial Services (NEW!) LitCapital Asset Management (www.litcapital.lt) / independent professional private equity fund management MYKOLO ROMERIO UNIVERSITETAS (http://www.mruni. eu) / higher education QUANTUM CAPITAL (www.qcapital.eu ) / Investment banking & strategic advisory boutique RAIMDA Auditas (www.raudit.lt) / Audit SLEEP IN VILNIUS (http://www.sleepinvilnius.lt/) / Accommodation Services VILNIUS INTERNATIONAL SCHOOL (www.vischool.lt) / International Baccalaureate World School. Early childhood education, primary and middle school. VILNIUS MONTESSORI PRE-SCHOOL (www.vms.lt) / International Montessori environments based on Dr. Maria Montessori’s humanistic philosophy and approach, specializing in Early Childhood Education and Parent Education VINKLERIS AND PARTNERS (www.legalconsulting.lt/) / international law firm providing legal advice regarding taxes, company establishment and competition, as well as family and labor law issues
Overseas members OVERSEAS MEMBERS ADAMS & MOORE (www.adamsandmoore.co.uk) / financial and accounting services AFEX (www.afex.com) / Associated Foreign Exchange (AFEX) in international payments. ARCAPAY LTD (www.arcapay.com) / International payments and money transfers (NEW!) INTEGRATE ADVICE / Financial Services (NEW!) LITHUANIA GB / International Trade and Development (NEW!) LYLE & SMITH (www.lyleandsmith.com) / Beauty products (NEW!) PAYSOLUT Ltd (www.paysolut.com)/ Information Technology and Services(NEW!) REVENIO CAPITAL (https://www.revenio.co.uk/)/ Investment Advisory (NEW!) JYSKE BANK Private Banking (www.jyskebank.dk) / Private banking TODAY TRANSLATIONS (http://www.todaytranslations. com) / translation, interpreting services TRIANGLE (www.triangle.co.uk) / Investment, Development and Asset Management
BCCL Social Members
Andrius Končius Bryan David Wallace Chris Butler Christian Ranft Geoffrey Cohn (Life Member) Hugh Miles Thomas OBE, FCA (Life Member) Helene Ryding, Dr. Jūratė Rusteikaitė – Bakšienė Linutė Miknevičiūtė Cohn Mark Whittle Mervyn Richardson (Life Member) Michael West Nick Price Ron Sheppard Sigitas Žutautas Tom Nicholson (NEW!)
BCCL Board 2017-2019 Honorary President Claire Lawrence HM Ambassador to Lithuania Chairman Chris Butler BCCL Social Member Field of interest in the Board – International Trade & Investment Subcommittee 1st Vice- chairman Alistair Day-Stirrat Lyle & Smith Field of interest in the Board – Membership Development Subcomittee and Brexit advisory role 2nd Vice- chairman Robert Juodka PRIMUS MBA, MRICS Field of interest in the Board - International Trade & Investment Promotion Subcommittee Asta Grabinskė AVIVA Lietuva Field of interest in the Board – Financial Services & Digital Subcommittee Eric Shakeshaft Holiday Inn/Triangle Field of interest in the Board – Membership Development Subcommittee Joana Baublyte - Kulviete Ellex Valiunas Field of interest in the Board – Financial services & Digital Subcommittee, Brexit Advisory Role Mantautas Paškevičius Strategic Staffing Solutions International Field of interest in the Board – International Trade & Investment Promotion Subcommittee Mariano Andrade Gonzalez Barclays Group Operation Lithuania Field of interest in the Board - Financial Services & Digital Subcommittee Toma Vevelstad Amber Staff Field of interest in the Board - Membership Development Subcomittee Tomas Kontautas Lloyd’s of London Field of interest in the Board - Financial Services & Digital Subcommittee Vaineta Barevičiūtė Luminor Bank Field of interest in the Board - Financial Services & Digital Subcommittee Viktorija Trimbel Quantum Capital Field of interest in the Board - International Trade & Investment Promotion Subcommittee
Making Private Banking easy, personal and out of the ordinary Our clients receive a much more personal relation than many would expect from an international bank. Maybe that’s why, on average, our client relationships last for more than twelve years? We offer Private Banking services, which include: • • • • • •
Private Banking services from EUR 150,000 Individual investment advice based on your requirements and investment profile Unbiased investment advice – there are no bonus schemes Competent investment advice in consultation with a large number of specialists Direct contact to your adviser – we don’t have call centres All this from a healthy, solid bank ranking among the 10 strongest banks in European stress test.
Join us as a client and you will have a bank that has specialised in international private banking for more than 40 years with more than 20,000 international clients in more than 135 countries. Please contact us to hear how we can help you.
Søren Langkjær Intl. Wealth Management Adviser soeren.langkjaer@jyskebank.com Tlf. +45 89 89 61 82
Sean Stray Senior Relationship Manager stray@jbpb.dk Tlf. +45 89 89 61 83
JYSKE BANK PRIVATE BANKING COPENHAGEN • Vesterbrogade 9 • DK-1780 Copenhagen V • Denmark Phone: +45 89 89 62 34 • Fax +45 89 89 61 94 • privatebanking@jbpb.dk • www.jbpb.dk