Wednesday, 16 June 2021

Labour Costs in Croatia Grow For First Time Since Pandemic Started

ZAGREB, 16 June, 2021 - Slower salary growth halted the growth of hourly labour costs in the EU in the first quarter of 2021, while in Croatia labour costs increased for the first time since the start of the pandemic, Eurostat data show on Wednesday.

In the first quarter of 2021, the hourly labour costs rose by 1.7% in the EU, compared with the same quarter of the previous year. In the fourth quarter of 2020, hourly labour costs increased by 3.2%.

The costs of hourly wages and salaries increased by 2.6%, after growing 3.8% in Q4 2020.

The costs of salaries increased the most in arts, entertainment and recreation (+8.3%), followed by accommodation and food service activities (+6.1%).

The costs of contributions at the start of this year went up 1%.

The highest increases in hourly labour costs in Q1 2021 were registered in Lithuania (+12%) and Slovenia (+11.1%), while the lowest were in Austria (+0.3%) and Belgium (+0.9%).

In Croatia, they went up 2.3%, for the first time since Q2 2020. In Q4 2020, they dropped 1.1%. The costs of hourly wages and salaries increased 2.3% after falling 0.2% at the end of last year. The costs of contributions went up 2.2%, after falling 6.4% at the end of 2020.

The largest decrease in hourly labour costs in Q1 2021 was registered in Malta (-2.6%), followed by Ireland (-2.5%).

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

Tuesday, 15 June 2021

Zagreb Stock Exchange Indices Rebound

ZAGREB, 15 June, 2021 - The Zagreb Stock Exchange (ZSE) Crobex and specialised Crobex10 indices on Tuesday rebounded by 0.41% to 1,973 points and 1,213 points respectively.

Today's regular turnover was HRK 6.4 million, or HRK 800,000 more than on Monday.

The Maistra hotel company was the only one to cross the one million kuna mark in turnover. It generated HRK 1.25 million and its share price stagnated at HRK 302.

A total of 39 stocks traded today, with 18 of them registering share price increases, 14 recording share price decreases and seven remaining stable in price.

(€1 = HRK 7.489862)

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

Wednesday, 9 June 2021

Zagreb Stock Exchange Indices Up For Second Day in a Row

ZAGREB, 9 June, 2021 - The main Zagreb Stock Exchange (ZSE) indices rose on Wednesday for the second day in a row amid modest trading.

The Crobex gained 0.43% to reach 1,958.03 points, its highest level in nearly a month, while the Crobex10 rose by 0.56% to 1,210.84 points, its highest level since the end of February 2020.

Turnover at the close of the trading session was HRK 4.5 million, about 600,000 higher than on Tuesday. None of the stocks passed the turnover mark of one million kuna.

A total of 35 stocks traded today, with 14 of them registering share price increases, 10 recording share price decreases and 11 remaining stable in price.

(€1 = HRK 7.493408)

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

Wednesday, 9 June 2021

Podravka Group to Invest HRK 5 Bn Over Next Five Years

ZAGREB, 9 June, 2021 - Over the next five years, the Podravka Group plans to invest about HRK 5 billion in the modernisation and digitalisation of production and logistics, marketing and acquisitions, the group said on Wednesday after the Supervisory Board green-lighted its business strategy until 2025.

"The implementation of the adopted strategy includes investment of about HRK 1.7 billion in the modernisation and digitalisation of production and logistics processes, about HRK 1.4 billion in marketing to achieve organic growth, and about HRK 2 billion for acquisitions," Podravka said in a statement.

The group's Food division will focus on product and packaging development and innovation to increase the availability of products and adjust them to the needs and habits of different consumer groups.

The business strategy also sets the criteria for the consideration and selection of acquisitions. With possible acquisitions in the Food division, Podravka aims to strengthen its presence and position on markets to pursue further accelerated growth.

The Pharmaceuticals division (Belupo) will focus on strengthening growth on international markets, notably in central and eastern Europe, expanding its portfolio with products  in additional anatomical, therapeutic and chemical groups, and boosting growth on the domestic market by introducing new products.

(€1 = HRK 7.5)

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

Tuesday, 8 June 2021

Zagreb Stock Exchange Indices Increase Amid Modest Turnover

ZAGREB, 8 June, 2021 - The main Zagreb Stock Exchange (ZSE) indices increased on Tuesday amid modest turnover, with the Crobex going up by 0.37% to 1,949.56 points and the Crobex10 by 0.31% 1,204.12 points.

Today's regular turnover was about HRK 3.9 million, about HRK 2.7 million lower than on Monday.

An additional HRK 2.8 million was generated by block transactions with shares of the HT telecommunications company.

The stock of the HT company was also the only one to cross the one million kuna turnover mark in regular trading. It generated a turnover of HRK 1.1 million, and the price of its share went up by 1.09% to HRK 185.

A total of 38 stock traded today, with half of them, 19, registering price increases, 11 stagnating in price and eight recording price decreases.

(€1 = HRK 7.497334)

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

Tuesday, 8 June 2021

EU Intellectual Property Office (EUIPO): 7% of Croatians Misled Into Buying Counterfeits

ZAGREB, 8 June, 2021 - Nine percent of Europeans and seven percent of Croatians have been misled into buying counterfeit products, according to a survey released by the EU Intellectual Property Office (EUIPO) on Tuesday.

The study, entitled "European Citizens and Intellectual Property", shows that consumers find it difficult to distinguish between genuine and fake products.

Nearly one in ten Europeans claimed that they were misled into buying counterfeits, but there were considerable differences between EU member states. 19% of Bulgarians, 16% of Romanians and 15% of Hungarians said they were deceived, compared to 2% of Swedes and 3% of Danes.

Croatia was below the EU average, with 7% of its citizens saying they were misled into buying counterfeit products.

According to Eurostat, over 70% of Europeans shopped online in 2020, and uncertainty regarding counterfeit products has become a growing concern for consumer protection, the study showed.

Counterfeit products represent 6.8 % of EU imports worth €121 billion and impact every sector, from cosmetics and toys, wine and beverages, electronics and clothing to pesticides and pharmaceutical products. They pose serious risks to the health and safety of citizens as they usually do not comply with quality and safety standards.

The study says that the worldwide trade in counterfeit pharmaceutical products has been estimated at €4 billion. Digital piracy also represents a highly lucrative market for infringers. Just in the area of internet protocol television (IPTV), €1 billion of unlawful revenue is generated every year by the
supply and consumption of copyright-infringing digital content in the EU, harming creators and
legitimate businesses.

Counterfeiting affects not only consumers, but it also causes considerable damage to the EU
economy, notably small and medium enterprises (SMEs). One in four SMEs and 21.7% of SMEs in Croatia said they suffered damage on account of intellectual property rights infringement, according to the study.

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

Wednesday, 2 June 2021

Zagreb Stock Exchange Indices Continue Positive Streak

ZAGREB, 2 June, 2021 - The Zagreb Stock Exchange (ZSE) main indices rose on Wednesday for the fourth consecutive day, and turnover was slightly higher than in previous days, with HT and Turisthotel each generating more than HRK 2 million in turnover.

The Crobex increased by 0.36% to 1,951.71 points, and the Crobex10 by 0.43% to 1,207.71 points.

Regular trading amounted to HRK 8.6 million, 4.8 million more than on Tuesday.

The most traded stock was the HT telecom company, with a turnover of HRK 2.97 million. It closed the day unchanged, at HRK 185.50 per share.

The Turisthotel tourism company turned over HRK 2.5 million and was among the more liquid stocks, with a price increase of 3.23% to HRK 3,200.

A total of 33 stocks were traded today, with 13 registering a price increase, 11 registering a price decrease and 9 remaining stable.

(€1 = HRK 7.504018)

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

Wednesday, 2 June 2021

Entrepreneurs To Have One Chance For Debt Forgiveness, Reports Večernji List

ZAGREB, 2 June, 2021 - Every entrepreneur should have one opportunity to have their debt forgiven during their entrepreneurial life and to be able to do business without hindrance, Večernji List daily said on Wednesday.

This is provided for by the Directive on preventive restructuring frameworks and second chance from 2019, which EU member states have to introduce into their legislation by mid-2021, that is in a month.

The Croatian Ministry of Justice has also announced that it will initiate amendments to the Bankruptcy Act and the Consumer Bankruptcy Act to adapt them to the Directive, but a bill of amendments has not been presented yet so it remains unclear whether Croatia will additionally regulate discharge of business debts.

In Croatia, there are currently about 16,000 entrepreneurs with blocked accounts, and about 8,000 of them are companies, while the second half are craftsmen and other entrepreneurs who keep business books. The total debt of all entrepreneurs amounts to about HRK 6 billion.

The situation is much more difficult for nearly 240,000 citizens with blocked accounts, whose debt principal totals about HRK 17 billion.

So far, the state has twice written off debts of citizens with blocked accounts as part of special campaigns, but that has not significantly affected the overall situation.

Debt write-offs for entrepreneurs were the most common in pre-bankruptcy settlements established by former finance minister Slavko Linić during Zoran Milanović's term as prime minister. Later, the law changed and debt write-offs are now less frequent.

The EU Directive does not address citizens' debts directly, but it proposes that states apply the principle for debt forgiveness for entrepreneurs to over-indebted citizens.

Under the Directive, everyone should have the opportunity to have their debt written off in a procedure that should last no longer than three years, Večernji List said.

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

 

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.

Page 5 of 76

Search