Business

Saturday, 29 May 2021

Tobacco Industry with Net Profit of HRK 81.9m in 2019

ZAGREB, 29 May 2021 - Businesses in the Croatian tobacco industry posted the net profit of 81.9 million kuna in 2019, a rise by 72.5% compared to 2018, according to the data provided by the Financial Agency (Fina). In 2019, only the three entreprenuers -- TDR, Hvatski Duhani and Tvornica duhana Udbian -- were registered in this business activity in 2019. They had 902 people on their payrolls. The total revenues in the tobacco industry were HRK 1.1 billion, and for instance in 2017, they totalled 1.4 billion while in 2003 and 2004 they reached more than 2.6 billion. The…
Saturday, 29 May 2021

Can Croatian Private Sector Reach Planned 8% Investment Growth?

May the 29th, 2021 - The coronavirus pandemic has dealt a heavy blow to investments in Croatia, but could the Croatian private sector ever truly manage to reach planned goals, despite how unrealistic they might seem? As Poslovni Dnevnik/Jadranka Dozan writes, as is more than usual for the pre-election period, the past few weeks have bore witness to a mini-review of recent investment projects with occasional "ribbon cutting" taking place. The first estimate of GDP for the first quarter is expected, which will show how things are with the level of investment activity compared to the end of last year,…
Saturday, 29 May 2021

Saab Continues to Monitor the Procurement Process in Croatia

May 29, 2021 - Defence and Security Company Saab recognizes and respects the decision of the Croatian government in the fighter aircraft procurement process. However, Saab is convinced that the offer made by the Swedish government for the 12 new Gripen C/D aircraft, which includes delivery within 2 years, a full logistic support package and training for Croatian Air Force pilots and technicians, as well as a tailor-made strategic cooperation package to be delivered by Saab, would meet and even exceed all the needs of the Croatian Air Force. "We believe that our proposal is very comprehensive and highly beneficial…
Friday, 28 May 2021

Adria Business Network #16 Features Monika Mikac!

May 28, 2021 - Adria Business Network #16, organized by entrepreneurs Željka Barišić, owner of Forca Digital Agency (www.forcadigitalagency.com), and Kristina Krstinić, owner of MIKRIS Project Management (www.mikris.eu), was held on May 26, 2021, for the second time at Aspira High School. Monika Mikac was the featured guest.  The event's goal is business networking in Croatia and the region, creating business opportunities, and encouraging continuous education. The event offers the opportunity for all participants to get to know each other better and network better and in a targeted way. The guest lecturer was Monika Mikac, CBO at QEV Technologies, a…
Friday, 28 May 2021

Retail Trade Turnover in April Sees Record Jump

ZAGREB, 28 May 2021 - In April 2021, the retail trade turnover went up for the third consecutive month at the highest rate since the Croatian Bureau of Statistics (DZS) has been following this data, which indicates the continued recovery of consumption and the entire economy. The DZS said on Friday the working-day adjusted retail trade turnover in April 2021 was 2.1% lower than in March 2021 in real terms, while increasing 34.4% on the year. April 2021 was the third straight month that consumption increased year on year after falling for 11 in a row due to the pandemic, while the 34.4% jump was the…
Friday, 28 May 2021

HBOR Offering Favourable Loans to Help Businesses Recover from Pandemic

ZAGREB, 28 May 2021 - The European Investment Fund has approved a €35 million guarantee to the Croatian Bank for Reconstruction and Development (HBOR), allowing it to originate a portfolio of €50 million to mitigate the economic consequences of the COVID-19 pandemic, HBOR said on Friday. HBOR will approve loans at interest rates reduced by 0.403 percentage points or only with bills of exchange and promissory notes as collateral. The EIF guarantee stems from the Pan-European Guarantee Fund (EGF), a €25 billion guarantee facility set up by the European Investment Bank Group in 2020 to accelerate the post-COVID-19 recovery of the European economy. The EGF guarantee will allow HBOR to offer…
Friday, 28 May 2021

Croatian Employers Propose Keeping Economic Measures in Place Longer

May the 28th, 2021 - Croatian employers have proposed that the Croatian Government keep some economic measures, namely the job preservation measures introduced to try to combat the economic effects of the pandemic in 2020, in place for longer than planned. As Poslovni Dnevnik/Ana Blaskovic writes, with the abolition of some of the country's epidemiological measures with even more relaxations to come in the foreseeable future, the Croatian Employers' Association (HUP) sent to the Minister of Finance Zdravko Maric proposals for a new set of economic measures. The existing ones, this association of Croatian employers says, should be very carefully…
Thursday, 27 May 2021

Public Auction for 5G Frequencies Starts, HRK 300m in Revenue Expected

ZAGREB, 27 May 2021 - The Croatian Regulatory Authority for Network Industries (HAKOM) has launched a public auction for 5G frequencies, applications can be submitted from today until 11 June, it is expected that licenses will be allocated by the end of August, and revenue is expected to be at least HRK 300 million. The HAKOM Council decided this at its meeting on Thursday, and Chairman Tonko Obuljen told Hina that they expected great interest from operators for this public auction. "We believe that the positive effects of 5G technology on economic growth will be shown very soon," he said.…
Thursday, 27 May 2021

Comping to Expand Business With Acquisition of Megatrend

ZAGREB, 27 May 2021 - Comping, a leading Croatian IT company, has taken over Megatrend Business Solutions, to expand its business concerning high technological solutions, Comping's management board director Alojzije Jukić told a news conference in Zagreb on Thursday. Both sides said that they were happy with the transaction, however, they stopped short of revealing the value of the transaction. "The acquisition of the majority of Megatrend Business Solutions (about 90%) will help us to additionally strengthen our market position, particularly in the data center area, business analytics infrastructure. In that regard, we plan a data center in Buzin where we will invest about €2 million…
Thursday, 27 May 2021

Summer Business School: A Chance for Entrepreneurs at Step-Ri Science-Technology Park

May 27, 2021 - This June, a five-day Summer Business School organized by Step-Ri Science-Technology Park and the American Embassy in Croatia makes Rijeka the place for entrepreneurs. Science parks, research parks or technology parks or less intriguingly known as innovation centers, are a purpose-built cluster of office spaces, labs, workrooms, and meeting areas designed to support research and development in science and tech, says Bidwells, one of the UK's most reputable property consultancy companies. Common infrastructures worldwide and in Europe, the biggest city in Kvarner, Rijeka, is no exception in having one. Step-Ri is a science-technology park, part of the…
Thursday, 27 May 2021

Glovo to Purchase Popular Croatian Food Delivery Service Pauza.hr

May the 27th, 2021 - Glovo is set to purchase the wildly popular Croatian food delivery service Pauza.hr, adding that they also plan for more acquisitions and further expansion across Croatia's immediate region. As Novac writes, Glovo, a leading delivery platform for various product categories, recently announced a series of separate acquisition agreements with Delivery Hero Group, one of the world's leading delivery platforms, which will acquire some of their companies in Central and Eastern Europe (CEE), including one Croatian food delivery service - Pauza.hr. The transaction is expected to be concluded in full over the next few weeks, depending on…
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