Business

Monday, 9 May 2022

Ex Economy Minister Ivan Vrdoljak Invests in Rovinj Campsite

May the 9th, 2022 - Former Croatian economy minister Ivan Vrdoljak has invested a large chunk of money in the Rovinj campsite (Porton Camp), which is set to re-open in about one week following a ''makeover'' of sorts. As Poslovni Dnevnik/Marija Crnjak writes, the Rovinj campsite is set to re-open its doors as a more luxurious destination in a week's time, thanks to an investment of 3 million euros in the first 27 cottages which truly do stand out in terms of design and execution. Everything there has been made in Croatia and are Croatian products, made of sustainable materials,…
Sunday, 8 May 2022

Croatia Annually Loses €173m to Illegal Trade in Cigarettes and Tobacco

ZAGREB, 8 May 2022 - Croatia lost HRK 1.3 billion (€173m) in budget revenues to the consumption of illegal cigarettes and cut tobacco in 2021, a survey conducted by the Croatian Employers' Association (HUP) in cooperation with the Ipsos market research agency shows. The purpose of the survey was to determine the size of the untaxed tobacco market and its impact on the national economy. It was carried out in December 2021 and January 2022 on a representative sample of 1,243 households including 3,062 respondents aged 19 and above. The survey showed that 27.9% of the population aged 19 and…
Saturday, 7 May 2022

FinMin Says Still No Solution For Brodosplit Shipyard

ZAGREB, 7 May 2022 - Finance Minister Zdravko Marić on Saturday denied Brodosplit CEO Tomislav Debeljak's statement that a solution had been found for the shipyard, saying talks are under way and that the situation is very complex. "Unfortunately... no agreement has been reached," Marić told the press. He said the Brodosplit situation became even more complex in the past few weeks due to the opening of pre-bankruptcy proceedings. They imply an additional procedural as well as "temporal component" regarding the approval and regime of state aid, he added. Also, he said, the Finance Ministry has been analysing the technical, legal and financial justification…
Saturday, 7 May 2022

Fitch Reaffirms Croatia's Rating at 'BBB' With Positive Outlook

ZAGREB, 7 May 2022 - The Fitch Ratings agency has affirmed Croatia's investment rating at 'BBB' with a positive outlook, estimating that the recovery of the country's tourism industry will support the economy at a time of slowing exports and that eurozone entry will mitigate financing risks. Fitch revised down its projection of Croatian growth for 2022 from 4.4% to 3.3%, citing base effects and a sharp slowdown in household consumption as high inflation affects consumer spending. "A slowdown in key trading partners, primarily the eurozone, will affect goods export performance this year but we expect key services sectors such…
Saturday, 7 May 2022

Value of Construction Work in Zagreb in 2021 Up By Over 20%

ZAGREB, 7 May 2022 - The value of construction work and new orders in Zagreb increased by over 20% in 2021 compared with the previous year, according to data provided by the city's statistics office. Last year, the value of construction work carried out by own workers was HRK 7.5 billion, which is an increase of 22.8% from 2020 when it amounted to HRK 6.1 billion. By type of construction work, 70.7% of the value of the work done accounted for newbuilds and 29.3% for other works, including reconstruction, repairs and maintenance. By type of structures, the value of work…
Saturday, 7 May 2022

PM: Confidence of Credit Rating Agencies Shows Croatia is on Right Track

ZAGREB, 7 May 2022 - The confidence of international credit rating agencies shows that Croatia has remained on the right track after a strong economic recovery in 2021, Prime Minister Andrej Plenković said on Saturday. His statement came after the Fitch Ratings agency reaffirmed Croatia's investment rating at BBB with a positive outlook. The government sees this as an indication of the country's economic stability while dealing with the consequences of the Russian military invasion of Ukraine, inflationary pressures and other challenges. The trend was reversed during the term of the present government. Fitch restored the credit rating to BB+ in…
Saturday, 7 May 2022

Could Revising Student Earnings Limit Solve Croatian Labour Issue?

May the 7th, 2022 - The continuing issues faced by the Croatian labour force (or lack of it, to be more precise) could be solved by altering a current law and increasing the limit on how much students are allowed to earn without them, or usually their parents, facing tax issues. As Poslovni Dnevnik writes, irritated employers have rightly pointed out that the income threshold after which the right to tax relief is lost for students is much too low, and that raising it would encourage students to not only seek out employment, but to be willing to work more.…
Friday, 6 May 2022

ZSE Indices End Week in Red

ZAGREB, 6 May (2022) - The main Zagreb Stock Exchange (ZSE) indices ended the week in red, with the Crobex falling by 0.92% to 2,110 points and the Crobex10 by 0.87% to 1,257 points. Turnover at the close of the trading session was HRK 10.8 million, about 2.3 million higher than on Thursday. An additional HRK 4.9 million was generated by a block transaction with the Atlantic retail group stock at HRK 1,620 per share. The Atlantic Group stock also generated the highest turnover in the regular session, of HRK 1.74 million. Its price remained stable at HRK 1,640. Three more…
Friday, 6 May 2022

Žito Group, E.ON Sign Contract for Construction of Solar Power Plant

ZAGREB, 6 May (2022) - Žito Group and E.ON Solar, a company that is part of the E.ON Croatia Group, have signed a contract for the construction of a solar power plant on the premises of the vegetable oil factory in Čepin, which is expected to help save 2.6 gigawatt hours of energy a year and should be put into operation in June. The new solar power plant will be the eight solar power plant Žito Group operates as part of its energy and environmental strategy. The seven previously built plants have a total capacity of 2.3 megawatts. The new plant…
Thursday, 5 May 2022

Compensation For Converted Loans Outside Scope Of Consumer Protection Directive

ZAGREB, 5 May 2022 - Delivering a ruling on the right to compensation for overpaid interest for loans pegged to a foreign currency after conversion, the EU Court of Justice has found that these loans fall outside the scope of the consumer protection directive. The court published a decision on Thursday saying that the directive of 5 April 1993 on unfair terms in consumer contracts should be interpreted in such a way that contractual provisions that reflect national law under which the seller or service provider was obliged to propose to the consumer an amendment to their original contract by…
Thursday, 5 May 2022

Three Croatian Egg Farms Collapse, Set to Close at End of Week?

May the 5th, 2022 - Three large Croatian egg farms have collapsed and their management has stated that they plan to remain open and in function only until the end of this week. As Poslovni Dnevnik writes, Croatian poultry and egg producers are currently navigating troubled waters. Just as they announced before Easter, some are closing down their farms because their production costs have become too high to be able to cope with. RTL discovered that three large Croatian egg farms are set to shut their doors, and the producers have also been complaining that the traders must be deaf…
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