Business

Wednesday, 4 May 2022

Volume of Retail Trade in March Down Slightly in EU, Croatia Sees Strong Growth

ZAGREB, 4 May 2022 - Retail trade in the European Union and the euro area in March fell slightly reflecting a decrease in fuel sales whereas in Croatia it increased strongly, the latest Eurostat report released on Wednesday indicates. In March, the seasonally adjusted volume of retail trade decreased by 0.2% in the EU and by 0.4% in the euro area compared with February, when it increased by 0.3% and 0.4% respectively. The volume of retail trade in the EU and euro area dropped the most at petrol stations, by 3% and 2.9% respectively. The retail sale of non-food products also decreased, by 0.7%…
Wednesday, 4 May 2022

Croatian Motorways "Makeover" to Total 263 Million Kuna from Own Funds

May the 4th, 2022 - Croatian Motorways (HAC/Hrvatske autoceste) is set to spend a massive amount on a ''makeover'' of sorts. Here's precisely how a total of 263 million kuna will be spent. As Poslovni Dnevnik/Marija Brnic writes, Croatian Motorways will soon get to work on the demolition of Motel Rastovica on the A3 Bregana-Zagreb-Lipovac motorway. A job tender worth around three million kuna is now underway, but, as was confirmed by Croatian Motorways, no new content will be built on the site after the removal of that facility. What are set to be removed are old and neglected motel and…
Tuesday, 3 May 2022

€1.04 Billion Worth of Treasury Bills Sold to Refinance "Old" Treasury Bill

ZAGREB, 3 May 2022 - The Finance Ministry on Tuesday sold €1.04 billion worth of treasury bills at 0.1% interest, which is more than last year when treasury bills were issued at negative interest rates, when financial institutions actually paid the state treasury to hold treasury bills. Ahead of the maturity of €1.2 billion worth of treasury bills, issued before the previous financial crisis, the ministry today offered €1.2 billion worth of bills for subscription and financial institutions offered €1.39 billion in total. The ministry then accepted the offers totalling  €1.04 billion. The new treasury bill has a maturity of one year. The balance of subscribed treasury bills has…
Tuesday, 3 May 2022

Bridge MP Says Euro Introduction Should Be Postponed

ZAGREB, 3 May 2022 - Opposition Bridge party MP Zvonomir Troskot said on Tuesday that Croatia should postpone the introduction of the euro, warning that its introduction would cause an additional rise in prices. "The national economy is not ready yet for euro introduction, that decision should be postponed during this time with the war current in Ukraine, armament in Europe and high inflation. It would not be a prudent move," he told a news conference. Troskot warned that the introduction of the euro would cause additional inflation, recalling in that context the introduction of the euro in Slovenia and noting…
Tuesday, 3 May 2022

HŽ Cargo Generates Revenue of HRK 482.3 Million in 2021, Up 5%

ZAGREB, 3 May 2022 - The HŽ Cargo railway freight company generated a revenue of HRK 482.3 million in 2021, which is 5% more than in 2020, while EBITDA increased from 2% to 7%, HŽ Cargo reported on Tuesday. This is the result of a series of activities undertaken to ensure liquidity and optimise business, new contracts and new investments in modernisation valued at almost HRK 50 million, HŽ Cargo said, adding that it has retained a market share of 53% and increased productivity by 11%. According to preliminary results for Q1 2022, the company generated an 11.5% increase in revenue year on year…
Tuesday, 3 May 2022

Večernji List: National Average Pay of €1,500 Possible Only With High Inflation

ZAGREB, 3 May 2022 - The average Croatian pay could reach €1,000 by the time of euro area entry, but inflation has been affecting purchasing power, the Večernji List daily of Tuesday says, noting that labour shortages will put pressure on wage growth in the private sector, while public sector unions have secured a base pay rise. The average pay in the country has exceeded HRK 7,400 and the average net wage could amount to €1,000 by the time Croatia formally joins the euro area. That is faster than expected by the Andrej Plenković government, but also faster is inflation, which has been affecting the…
Monday, 2 May 2022

Colombian-Croatian Startup Minka Gets Enormous Investment

May the 2nd, 2022 - The Colombian-Croatian startup Minka, the head of which is a former ''Infobiper'' from the wildly successful Vodnjan-based company, has recently received a huge cash injection. As Jutarnji/Novac/Bernard Ivezic writes, new startups have already started emerging from the rather remarkable company Infobip. A good example is the Colombian-Croatian startup Minka, a fintech company which has just raised a huge 24 million US dollars in investments from two major investors, Tiger Global Management and Kaszek. In total, Minka has received 27.5 million dollars in investments so far. Tiger Global Management is otherwise one of the largest and…
Sunday, 1 May 2022

German-Croatian Chamber of Industry: Ukraine War to Affect 70% of Companies

ZAGREB, 1 May 2022 - A majority of companies which are members of the German-Croatian Chamber of Industry and Commerce estimate that the war in Ukraine will adversely affect their business in the future. The German-Croatian Chamber of Industry and Commerce carried out a survey between 22 March and 22 April this year among 32 of its members to examine the possible impact of the Ukraine conflict on their business. The survey revealed that at this point the situation in Ukraine was not having a negative effect on the operation of 55 per cent of the companies. However, 70 per…
Sunday, 1 May 2022

Up to 35,000 Seasonal Workers in Croatia Missing: Most Wanted Positions and Salaries

May 1, 2022 - Up to 35,000 seasonal workers in Croatia are missing this season, with waiters being the most sought-after workers in Croatia. The 2022 tourist season should be excellent and at the level of 2019 or even better, at least according to the announcements. After two pandemic years, lockdowns have been lifted across Europe, and tourists are coming back to Croatia. But will there be enough seasonal workers to fill all the necessary jobs? Index.hr reports: According to the eVisitor system, which includes tourist traffic generated in commercial and non-commercial facilities and nautical charter (eCrew), in Croatia during…
Saturday, 30 April 2022

Retail Businesses Earn HRK 2.2 Billion in Profit in 2020

ZAGREB, 30 April 2022 - A total of 9,158 businesses with 102,085 employees operated in the retail trade sector in Croatia in 2020, and the sector's consolidated result was a profit in the amount of HRK 2.2 billion, show data from the Financial Agency. The number of retail businesses in 2020 was 3.1% up from the previous year. In 2020, the first year of the coronavirus pandemic, those businesses earned revenues in the amount of HRK 101.5 billion, while their expenditure totalled HRK 98.8 billion. A total of 5,450 businesses operated at a profit, a drop of 13% from the previous year…
Saturday, 30 April 2022

Rimac Seeking to Employ 250 People for Positions in UK, Germany

April the 30th, 2022 - Wildly successful Croatian entrepreneur Mate Rimac, the founder of Rimac Automobili, is looking to employ as many as 250 new employees, some of whom will go on to work in the United Kingdom and in the German capital of Berlin. As Poslovni Dnevnik writes, nobody who follows the media space in Croatia will find the name Mate Rimac strange. This incredibly talented and doggedly determined Livno-born businessman not only placed the country on the automotive map after starting out from his garage, but has since become the co-owner of Bugatti Rimac, with many other ventures…
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