Tuesday, 1 June 2021

Zagreb Stock Exchange Indices Up For Third Day in Row

ZAGREB, 1 June, 2021 - The Zagreb Stock Exchange (ZSE) main indices on Tuesday continued their positive streak for the third consecutive trading day, with the Crobex going up 0.6% and the Crobex10 by 0.5%, while trading was modest.

The Crobex went up by 0.61% to 1,944.66 points and the Crobex10 by 0.48% to 1,202.22 points.

Regular trading was modest and amounted to HRK 3.8 million.

Not one stock crossed the million kuna turnover mark, and the closest to it was the Atlantska Plovidba shipping company, with HRK 941,600. Its price rose by 6.23% to HRK 375 per share.

A total of 39 stocks were traded today, with 20 registering a price increase, 9 registering a price decrease and 10 remaining stable.

(€1 = HRK 7.515997)

For more about business in Croatia, follow TCN's dedicated page.

Tuesday, 1 June 2021

Podravka Gets HRK 5.16m Grant For Its Future Solar Power Plant

ZAGREB, 1 June, 2021 - Podravka's project of a solar power plant, worth HRK 10.3 million, will be co-funded with a HRK 5.2 million grant by the European Union and the Croatian government under the Rural Development Programme, the Koprivnica-based food factory reported on Tuesday.

"The grant was awarded by the Ministry of Agriculture pursuant to a decision by the Agency for Payments in Agriculture, Fisheries and Rural Development, and pursuant to Podravka's application for implementation of the Sub-measure 4.2 'Support for investments in the processing, marketing and/or development of agricultural products' and implementation of operation type 4.2.2. 'Use of renewable energy sources'," the company said.

The expected period for return on investment with 50% support is 3.5 years.

The investment is valued at HRK 11.7 million, of which HRK 10.3 million is to be used for the construction of the solar power plant, while HRK 1.4 will be spent on the development of the measurement facility and the necessary transformer station.

"Podravka – Danica" 2.4 MW solar power plant is to be built at the Danica Industrial Zone in Koprivnica.

(€1= HRK 7.5)

For more about business in Croatia, follow TCN's dedicated page.

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 University in Rijeka, and a place where science and economy meet to encourage entrepreneurship based on knowledge and new technologies.

„As one of the leading institutions in Croatia when it comes to entrepreneurship, Step Ri brings the newest knowledge in innovation and management from around the world through interesting education and business consulting. With our knowledge and experience, singlehandedly and with the help of the international network of partners and friends, we create projects and specialized programs to encourage entrepreneurship initiatives for both employed and unemployed, students, and the scientific community. With new services, business models, personal and organizational competencies, we make already successful entrepreneurs more competitive“, says Step-Ri's official website.
One example of such initiatives is the upcoming Summer Business Camp which will take place from June 23-27. And what's more interesting, this five-day program is brought to Step-Ri in collaboration with the American Embassy in Croatia.

„Summer Business Camp brings teams from all Croatia that want to improve or refine their business ideas and solutions through exercises, lectures, and individual coaching, “says Step Ri, promising extraordinary mentoring from successful entrepreneurs and investors.

This year, special attention will be given to the gaming startups, but other industries are also welcome. Regardless of whether you are already an entrepreneur or just aspiring to be one, you are welcome to apply if you have a developed business idea or a functional prototype.

Learning how to bulletproof your idea, experienced entrepreneur as a mentor, a chance to hear directly from investors what are they looking for and how to deliver it, valuable feedback and honest thoughts to accelerate your project, creating new opportunities, meeting other people in the business, and a having a good time- are some of the promises by Step-Ri for those who apply.

But, it would be best if you hurried, as June 6 is very close, and that's the deadline to beat. At least ten teams will be selected after a committee of experts evaluates project applications. Bed and breakfast accommodation for up to two team members, lunch at the venue, local bus tickets for getting to the venue, and a commemorative T-shirt await for those who are selected. And once in, a panel of venture capitalists, business angels, and business people will award the best with Apple iPad Pro (1st prize), Apple iPad Air 4 (2nd prize), and Apple iPad 8 (3rd prize).

Pieces of technologies such as the aforementioned above can certainly come in handy to entrepreneurs, but what about money? The actual finance for your projects?
„Many teams in the past received funding from participating investors and judges. However, nobody but you can answer that! Come and pitch your idea and see how far it will take you!“concludes Step-Ri regarding finance possibilities to turn your vision into a reality.

Learn more about Rijeka on our TC page.

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Wednesday, 26 May 2021

Indices End Day in Different Directions

ZAGREB, 26 May, 2021 - The main Zagreb Stock Exchange indices ended the day in different directions on Wednesday, with investors focusing on the preferred shares of the Adris tourism and insurance group and the Valamar Riviera hotel group.

The Crobex fell for the fourth day running and dropped by 0.16% to 1,932.26 points. 

After falling for two days, the Crobex10 picked up and ended the day at 1,197.56 points, increasing by 0.20%.

Regular turnover amounted to HRK 8.85 million or about 450,000 more than on Tuesday.

The most liquid stock was the Adris Group with a turnover of HRK 3.2 million of its preferred shares, which closed at a price of HRK 410 per share, down 0.49%.

The Valamar Riviera hotel group was the only other stock to cross the million kuna mark. It generated a turnover of HRK 1.2 million. Its shares jumped in price by 0.67% to close at 30 kuna. 

Of the 36 stocks that traded today, only 9 registered share price increases.

(€1 = HRK 7.505183)

For more about business in Croatia, follow TCN's dedicated page.

Wednesday, 26 May 2021

JANAF, OMV Sign First Oil Storage Contract

ZAGREB, 26 May, 2021 - The JANAF oil pipeline and storage system said on Wednesday it had signed its first contract with Austria's OMV Supply & Trading Ltd for storing up to 99,000 cubic metres of crude oil at the Omišalj Terminal for a period of two years.

Management said the contract confirmed JANAF's strong export orientation, adding that the company generated over 60% of its revenue from foreign clients.

The new contract ensures the further use of our storage capacity and stable business in the longer term, Management Board chairman Stjepan Adanić and Board member Vladislav Veslica said.

For more about diplomacy in Croatia, follow TCN's dedicated page.

 

Wednesday, 26 May 2021

Members of Parliament Hope For Revival of Capital Market

ZAGREB, 26 May, 2021 - Amendments to the Capital Market Act, which are aimed at further aligning Croatia's regulatory framework with the EU acquis, were supported on Wednesday by both the Opposition and the ruling majority in the parliament, who expressed hopes for the revival of the capital market. 

This is one of the most complicated laws that summarises what kind of capital market Europe wants, said Social Democrat MP Boris Lalovac, warning that Croatia's capital market was far less developed than the European.

"The value of the capital market in Croatia is HRK 276 billion, 140 billion are stocks and 130 billion securities, the annual turnover of the Zagreb Stock Exchange is around HRK 3 billion while the turnover on the OTC market is HRK 27 billion," Lalovac said.

That shows that outside of the stock exchange and capital markets, which have strict rules, trading is ten times greater, Lalovac said, expressing hope this would change.

Grozdana Perić of the HDZ said that better oversight and regulation would enable further development of the capital market in Croatia.

She warned, however, that the coronavirus crisis had caused an outflow of funds from investment funds and that their value had dropped by more than 35% or HRK 8 billion.

That is one of the reasons for amending the law, said the State Secretary at the Finance Ministry, Stjepan Čuraj, who presented the amendments to MPs.

"If we take as an example the Zagreb Stock Exchange alone, during the pandemic in 2020 it dropped by more than 35%, from 2,000 to 1,300 basis points," Čuraj said, noting that there was room for improvement.

For more about politics in Croatia, follow TCN's dedicated page.

Wednesday, 26 May 2021

Volume of Construction Work in March Up 16% Year-Over-Year

ZAGREB, 26 May, 2021 - The volume of construction work in March 2021 was 16% higher than in March 2020, while compared to the previous month, it dropped by 0.4%, show preliminary data from the Croatian Bureau of Statistics.

March was the tenth consecutive month with a year-on-year increase in the volume of construction work.

The volume of construction work on buildings in March this year was 16.5% up from March 2020 while the volume of work on other structures rose 15.3%.

Compared to February 2021, construction work on buildings in March was up 0.5% and on other structures it was 3.9% higher.

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Tuesday, 25 May 2021

Zagreb Stock Exchange Crobex Indices Fall

ZAGREB, 25 May, 2021 - The Zagreb Stock Exchange (ZSE) Crobex dropped 0.27% to 1,935.39 points and the Crobex10 fell by 0.40% to 1,195.19 points on Tuesday.

Today's turnover totalled HRK 8.4 million, or HRK 900,000 more than on Monday.

In terms of the volume of trading, the best performer was the HT telecom company (1.4 million), and its share price rose 0.54% to HRK 185.

The preferred shares of the Adris Group turned over 1.3 million, and their price slid 1.20% to HRK 412.

The Valamar Riviera stock turned over 1.1 million, and its share price increased 1.36% to HRK 29.80.

The Atlantska Plovidba shipping company generated a turnover of slightly over a million kuna, seeing a share price fall of 1.63% to HRK 361.

A total of 39 stocks traded today, with 16 of them registering share price decreases, 14 rising and eight remaining unchanged.

(€1= HRK 7.506870)

For more about business in Croatia, follow TCN's dedicated page.

Tuesday, 25 May 2021

Employers Propose Continuation of Government COVID Subsidies

ZAGREB, 25 May, 2021 - The Croatian Employers' Association (HUP) has proposed measures for maintaining liquidity and launching private investments which include retaining jobkeeping measures and covering a portion of fixed costs, ensuring favourable loans and prolonging loan maturity.

In expectation of COVID measures and lockdown of businesses being lifted, HUP addressed Finance Minister Zdravko Marić and underscored that maintaining liquidity is not only relevant during the lockdown period but should be extended for a longer period, and that recovery can only be possible if investments are boosted.

HUP proposes that jobkeeping measures be extended even after busines restrictions are lifted until such time that  all enterprises generate at least 90% of their pre-pandemic revenue in 2019. HUP believes that abolishing support measures for the economy should be gradual, depending on the epidemiological situation, but also on the circumstances in each individual sector so that Croatia is not faced with a wave of bankruptcies and layoffs.

HUP also calls for a portion of fixed costs to continue to be covered, taking account of the percentage revenue has decreased, and for facilitating access to loans for liquidity and working capital, including guarantee schemes for micro, small and medium-sized enterprises.

HUP advocates possibly transforming a portion of loans into grants and for the moratorium on loan maturities to be extended for existing loans, along with state guarantees, at least until the end of this year and longer if need be, based on transparent criteria.

HUP proposes additional support loans for exporters and enterprises investing in the 4.0 industry, and support for investments by large companies through increased support for EU co-funded projects.

It also recommends the possibility of deleveraging debts between companies to prevent a chain reaction, and for non-recoverable loans to be identified faster, as well as speeding up bankruptcy procedures, and introducing additional tax cuts.

"We believe that government subsidies to cover the disrupted economic activities due to the COVID crisis should continue until such time that enterprises can do business normally and save jobs without that support," HUP said.

For more about politics in Croatia, follow TCN's dedicated page.

Friday, 21 May 2021

E-Matematika: New Online Instruction Developing Business That Helps Pupils

May 21, 2021 - With math seeing more and more appreciation, it's still, quite rightfully, a challenging discipline that not everyone can comprehend. Quality lessons, additional instructions, and motivated lecturers and teachers are the obvious recipe to both help those who struggle with math and those who are good at it to achieve their best possible potential.

However, the coronavirus pandemic is still present and is still causing difficulties in the Croatian education system, forcing pupils and professors to switch from online to live lectures or a mix of the two, putting additional pressure on sharing knowledge on any imaginable subject. With math being a discipline that requires lots of practice and explanations, it's perhaps the subject which has suffered the most.

Still, as Srednja.hr reports, a great potential solution to this issue appeared back in October 2020 when Robert Pavlik started E-Matematika, a website, for online math instructions.

''The site is focused on all students that need help with math, whether it's about fixing a bad grade or preparing for an exam“, writes Srednja.hr.

E-Matematika currently offers 45 minutes of lessons, offering solved mathematical tasks with the procedure detailed, as well as a video explanation.

These instructions are paid for simply through the ''order instructions''check-out process, and it's all quite automated. However, phone and videocalls for arranging instructions are an option for the safety of kids so that parents can see with whom they'll be communicating. Reliable platforms for communication such as Zoom, Google Meet, and MS Teams are also used, and two conditions need to be satisfied for the instructions to work: easy platform access for the student and an uninterrupted video connection. Each instruction ends with the service sending a questionnaire to the students to see how happy they are with the whole experience, as well as a receipt. The questionnaire builds the personal rating of the instructor.

There are four levels of instructions: lower elementary classes, higher elementary classes, high schools, and faculties, which offer more effective services as some instructors prefer to work with teens, and others are specialised working with younger kids. The site so far boasts 100 instructors, and in addition to maths, Croatian pupils can also find instructions from the subjects of physics and chemistry. Srednja.hr adds that students from field-related faculties recognised the work of E-Matematika and want to participate.

The site welcomes anyone interested to apply to become the next instructor, as long as they satisfy the following conditions: two years of instructing experience as a minimum, excellent communication skills, reliability, flexibility in organising instructions, along with patience and the ability to focus on a student.

It's also worth mentioning that the first concept of online instructions in Croatia (again, for math, but also for statistics) appeared in 2011, when a mathematics professor at the Faculty of Science (PMF), University of Zagreb, Toni Milun, started posting videos explaining the curriculum online and for free. And you guessed it; it was a huge hit.

Despite Milun offering additional mathematics lessons for free, E-Matematika having more than 500 registered users and 2000 orders, it seems it can justify the paid offer with its value and use.

However, it will be interesting to see will this trend continue when the pandemic is over and the face-to-face instructions return as normal. Currently, the Croatian media landscape is seeing more and more pupils and parents stepping out and saying that nothing can replace face-to-face classes.

Learn more about Croatian inventions & discoveries: from Tesla to Rimac on our TC page.

For more about science in Croatia, follow TCN's dedicated page.

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