Tuesday, 20 April 2021

Ministry of Finance Sells HRK 2.34 Bn Worth of Treasury Bonds

ZAGREB, 20 April, 2021 - The Croatian Ministry of Finance sold HRK 2.34 billion worth of treasury bonds, which was by 139 million kuna higher than planned, at an auction on Tuesday,with an interest rate of a mere 0.02% for one-year-long bonds.

In advance of the maturity of HRK 2.55 billion worth of treasury bonds, the Ministry offered HRK 2.2 billion for subscription, HRK 2 billion with a maturity of one year and HRK 200 million with six months' maturity.

Financial institutions submitted bids totalling HRK 2.34 billion and the Ministry accepted all of them.

The Ministry issued HRK 2.34 billion worth of treasury bonds with a maturity of one year at an interest rate of 0.02%, which was the same interest rate as at the previous auction held on 2 March.

The balance of kuna-denominated bonds subscribed has decreased by HRK 212 million to HRK 14.32 billion.

(€1 = HRK 7.560764)

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Friday, 16 April 2021

Zagreb Stock Exchange Indice Drop for Third Consecutive Day

ZAGREB, 16 April, 2021 - The main Zagreb Stock Exchange (ZSE) indices weakened for the third consecutive day on Friday amid modest trading, the Crobex decreasing by 0.19% to 1,878 points and the Crobex10 by 0.28% to 1,176 points.

Both indices also ended in the red week-on-week -- the Crobex went down by 0.55% and the Crobex10 by 0.73%

Of the sectoral indices, the industrial index saw the biggest decline, of 0.5%, while the construction index was the only one to go up, by 1.53%.

Today's regular turnover was HRK 4.9 million, or HRK 600,000 less than on Thursday.

The stock the HT telecommunication company generated the highest turnover, of nearly HRK 1.6 million. Its price remained unchanged at HRK 191.5 per share.

A total of 39 stock traded today, with seven of them registering price increases, 19 recording price decreases and 13 remaining stable in price.

(€1 = HRK 7.567447)

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Friday, 16 April 2021

The Croatian National Bank (HNB) Reports HRK 266m Profit in 2020

ZAGREB, 16 April, 2021 - The Croatian National Bank (HNB) generated a profit of nearly HRK 266 million in 2020, achieving a positive result for the second consecutive year, but the profit was almost three and a half times lower than in 2019, according to the central bank's audited financial statement released on its webpage.

For the sake of comparison, the HNB had posted a profit of just over HRK 927 million for 2019.

Of last year's profit, HRK 53.2 million was paid into the bank's general reserves and HRK 212.8 into the state budget, in accordance with the Act on the Croatian National Bank.

The financial statement also shows that the HNB last year generated HRKK 591.7 million in net interest income, which is nearly HRK 88 million or 17.4% more than in 2019.

At the same time, net fee and commission income was HRK 34.4 million, or 11% higher, while operating income was HRK 703.3 million, or 48% lower compared with 2019.

The HNB's operating expenses in 2020 reached HRK 419.5 million, or 6% more. In 2020, the HNB had an average of 690 employees, which is 19 more than in 2019, and total employee costs were HRK 203 million.

(€1 = HRK 7.567447)

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Thursday, 15 April 2021

Zagreb Stock Exchange Indices Down For Second Day in a Row

ZAGREB, 15 April, 2021 - The main Zagreb Stock Exchange (ZSE) indices fell for the second day in a row on Thursday, with the Crobex decreasing by 0.22% to 1,882 points and the Crobex10 by 0.17% to 1,179 points.

Turnover at the close of the trading session was HRK 5.56 million, about a million less than on Wednesday. An additional HRK 4.68 million was generated by a block transaction with the stock of the Atlantic food and retail group at HRK 1,560 per share.

The only stock to pass the turnover mark of one million kuna was that of the Adris insurance and tourism group, turning over HRK 1.4 million. The price of its share rose by 0.45% to HRK 444.

A total of 43 stocks traded today, with 16 of them registering share price increases, 11 recording price decreases and 16 remaining stable in price.

(€1 = HRK 7.562610)

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

Wednesday, 14 April 2021

Zagreb Stock Exchange Main Indices Weaken

ZAGREB, 14 April, 2021 - The Zagreb Stock Exchange (ZSE) indices weakened slightly on Wednesday amid modest trading, the Crobex by 0.04% to 1,886 points, and the Crobex10 by 0.08% to 1,181 points.

Of the sectoral indices, the construction index saw the biggest decrease, of 1.56%, while the industry index increased the most, by 0.28%.

Today's regular turnover was HRK 6.5 million, HRK 3.2 million more than on Tuesday.

The highest turnover, of HRK 1.68 million, was generated by the preferred stock of the Adris insurance and tourism group. Its price went up by 0.49% to HRK 410 per share.

The only other stock to pass the turnover mark of one million kuna was Zagrebačka Banka, turning over HRK 1.22 million. Its price remained unchanged at HRK 56 per share.

A total of 43 stocks traded today, with 14 of them recording share price increases, 15 registering price decreases and 14 remaining stable in price.

(€1 = HRK 7.571658)

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Wednesday, 14 April 2021

Croatian Exporters Say National Recovery Plan Needs Transparent Project Criteria

ZAGREB, 14 April, 2021 - The National Recovery and Resilience Plan calls for extremely transparent criteria for selecting projects and contractors, as well as defining criteria which will protect the domestic economy, the Croatian Exporters Association said on Wednesday.

One of the priorities is for hundreds of thousands of young expats to return to Croatia, the association underscored.

Croatian Exporters said that they welcomed the 2021-2026 draft national plan, aimed at strengthening economic and social resilience of the Croatia economy, that is, "mitigating the social and economic impacts of the crisis and contributing to the green and digital transition", because many of the recommendations and requests they had been sending to the government in recent years had been partially taken into account.

However, they warn that there are some questions and doubts about the planned allocation of funds for the national plan's components, 54% of which should be earmarked for the economy.

"Have key performance indicators been defined, analyses conducted and effects of planned projects on long-term sustainable and harmonised growth and development of Croatia quantified? (...) Planned investments covered by the National Plan will certainly increased Croatia's GDP in the next six to eight years, but we doubt whether it will increase the long-term GDP growth rate," Croatian Exporters said in the review they sent to the government.

They are also under the impression that the domestic production and export processing industry has been neglected in the national plan.

"Digitalisation and the green economy... won't be sufficient drivers for a big step forward in the development and progress of the domestic industry. At the same time... projects aimed at infrastructure, energy, construction and tourism won't contribute to a significant improvement in the poor structure of the Croatian economy," the exporters' association said.

They also consider that it is necessary to define criteria that will protect the domestic economy.

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Tuesday, 13 April 2021

Croatian Democratic Union (HDZ): "National Recovery Plan is Developmental and Based on Reforms"

ZAGREB, 13 April, 2021 - The ruling Croatian Democratic Union (HDZ) caucus said on Tuesday that the National Recovery and Resilience Plan was a developmental document that is based on necessary reforms and that its objective is Croatia's overall economic development.

HDZ whip Branko Bačić told a press conference in Parliament House that with that document Croatia received the highest amount of all EU member states according to its GDP. "And that is one of the indicators that one loves Croatia through deeds and not words," claimed Bačić.

He underscored that there is no strict difference between funds for the real sector and public investments because both sectors have to interact with the aim of developing Croatia's economy.

HDZ MP Marko Pavić explained that the plan relates to one-quarter of the €24.5 billion that Croatia has negotiated with the EU for the next 10 years, which is twice as much as Croatia had until now.

Pavić rejected opposition claims that not enough funds were foreseen for the private sector.

Croatia is near the top of EU countries with regard to allocations for the private sector, about one-third are direct allocations and more than half are indirect through public procurement, he underscored.

Direct allocations for the private sector in Spain, Portugal and Estonia, for example, are at 30%, in Lithuania between 10 to 20 percent and nothing in Germany, he added.

Pavić: Government is open to suggestions and constructive proposals from the Opposition

Andrej Plenković's government has shown that it knows how to obtain funds and that it has the creativity and know-how to use those funds, claimed Pavić and added that the government is open to any suggestions and constructive proposals from the Opposition.

Referring to the one-off COVID supplement for pensioners that the government announced on Monday, Bačić denied that this was a pre-election move. "Any measure can be considered to be a pre-election move regardless of when it adopted... The COVID supplement has occurred now when the government reached an agreement with its partners," he said.

Bačić commented on the initiative for stricter penalties for Ustasha symbols, reiterating that the HDZ advocates a comprehensive rule for the use of symbols of all totalitarian regimes.

Defending the use of symbols of just some totalitarian regimes opens new ideological debates and arguments that do not contribute to anything, and the only way to approach the matter is to have an equal distancing from all undemocratic totalitarian regimes, he said.

The use of the 'For the Homeland Ready' needs to be banned except when wartime units commemorate events in which their fellow fighters were killed, he added.

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

Tuesday, 13 April 2021

Zagreb Stock Exchange Indices Rebound

ZAGREB, 13 April, 2021 - The main Zagreb Stock Exchange (ZSE) indices rebounded on Tuesday, with the Crobex rising by 0.26% to 1,887 points and the Crobex10 by 0.07% to 1,182 points.

Turnover at the close of the trading session was HRK 3.45 million, 500,000 lower than on Monday.

None of the stocks passed the turnover mark of one million kuna. The highest turnover, of slightly over HRK 500,000, was generated by the stock of the Podravka food company. The price of its share fell by 0.72% to HRK 550.

A total of 36 stocks traded today, with 12 of them registering share price increases, 12 recording price decreases and 12 remaining stable in price.

(€1 = HRK 7.570542)

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

 

Tuesday, 13 April 2021

Bridge Party Says Investing in Public Sector Won't Result in Economic Recovery

ZAGREB, 13 April, 2021 - The Bridge party on Tuesday criticised the government's National Recovery and Resilience Plan, noting that investing in the public sector will not finance economic recovery but rather cause new scandals and clientelism.

"Each kuna invested in the private sector will yield a return of four kuna and each kuna invested in the public sector means a maximum return of one kuna, if the money is used efficiently, which in Croatia is not the case," Bridge MP Zvonimir Troskot said at a news conference.

He said that he condemned the stigmatisation of people who think critically about the National Recovery and Resilience Plan as "people whose patriotism is dubious."

Ruling HDZ MP Grozdana Perić last week said that those who criticise the National Recovery and Resilience Plan "do not love Croatia."

"Grozdana Perić and the prime minister's special advisor on economy, Zvonimir Savić, are not the only economic strategists. There are the Institute of Economics, the Croatian Employers' Association, the Entrepreneurs' Association as well as independent economists who are saying that the National Plan is not good," said Troskot.

"If entrepreneurs are again disregarded, we won't have money for wages, pensions or COVID allowances," he said.

Bridge against banning "For homeland ready" salute

Bridge MP Nikola Grmoja commented on initiatives to ban the Ustasha salute "For the homeland ready."

"As regards the insignia of the Croatian Defence Force (HOS), that is a legal unit of the Croatian Army. We are not for bans but rather for education and clear distancing from all totalitarian regimes, Fascism, Nazism and Communism alike," said Grmoja, noting that one should not link HOS with the 1941-45 Independent State of Croatia and the Ustasha.

"Banning symbols turns them into a fetish, and we don't want that," he said.

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Friday, 9 April 2021

Zagreb Stock Exchange Main Indices End Week in Opposite Directions Amid Low Turnover

ZAGREB, 9 April, 2021 - The Zagreb Stock Exchange's Crobex index went up 0.06% to 1,889.05 points on Friday, while the Crobex10 dipped 0.07% to 1,185.06 points, and regular turnover was only HRK 3.5 million.

No stock crossed the million kuna mark and the most traded one was the Valamar Riviera tourism company, turning over HRK 888,000. It closed at HRK 29.50 per share, the same as on Thursday.

Forty-one stocks traded today, with 13 increasing in price, 14 decreasing and as many staying the same.

(€1 = HRK 7.569904)

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