Old Part of Zagreb's Vlaska Street to Become Pedestrian Zone
April the 23rd, 2022 - The old part of Zagreb's Vlaska Street is set to become an exclusively pedestrian zone. This move comes as more and more plans are in the works to expand the heart of the capital's pedestrian zones and to gradually eliminate traffic in certain areas.
As Poslovni Dnevnik writes, the old part of Vlaska Street, between Draskoviceva and Palmoticeva, is set to become an exclusively pedestrian zone, which will be welcome news to some, and a source of irritation to others. The profession is worried that the move will create traffic jams on other roads in the centre, while the City of Zagreb says that this is just the beginning of the expansion of pedestrian zones in the very centre of the city.
The project of adapting that part of Stara Vlaska (the old part of Vlaska Street) into a zone intended only for pedestrians starts on May the 28th and has been conceived in different phases:
"In the first phase, road traffic will be closed and the installation of planters with trees will begin, which will also be benches. The terraces of the cafes will remain as they are now, and we will bring some stands in for craftsmen. We'll mark the opening of the pedestrian zone with a concert and children from three nearby schools will draw on the pavements, with the help of some local street artists,'' said Deputy Mayor Luka Korlaet.
He added, according to a report from HRT, that about 10 parking spaces on that stretch of Vlaska Street will be abolished. Assistant professor Marko Sevrovic from the Institute for Traffic Planning pointed out two problems of such an intervention when it comes to traffic:
“What will happen to the vehicles that use that street to head to the east? If you're going from the north and want to go east, you'll have to go all the way down to Djordjiceva. Now the question is how this will affect the traffic there. Traffic is very similar to liquid - if you close it off somewhere, it will just go somewhere else. In addition to that, there's the issue of the pedestrian crossing on Palmoticeva. There will be two separate pedestrian zones with a very busy Palmoticeva between them in this case,'' he said.
A traffic light is offered as a solution for crossing what will then be a very busy Palmoticeva.
This is just the beginning of work on expanding the pedestrian zones in Zagreb's bustling and always busy city centre, and Korlaet concluded the following:
"The plan is also to turn Masarykova Street, so the entire promenade stretching to the Croatian National Theatre, into a pedestrian zone."
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Can Croatian Financial Sector Withstand Consequences of Ukraine War?
April the 23rd, 2022 - Can the Croatian financial sector withstand the consequences of the war in Ukraine following the Russian invasion? Experts say yes.
As Tomislav Pili/Poslovni Dnevnik writes, the Croatian financial sector isn't immune to the consequences of the ongoing war in Ukraine, but there will be no big problems because it is strong enough to withstand whatever the outcome may be, according to the Macroprudential Risk Scanner of the Croatian Financial Services Supervisory Agency (Hanfa).
The growth of geopolitical risks caused by the Ukraine-Russian war increased systemic risks in the financial services sector back in February by increasing already pronounced inflationary pressures and disrupting investor sentiment, the publication said.
Risk growth
The beginning of 2022 was additionally marked by the growth of interest rate and market risk, which in the short term had a negative impact on the risk of profitability of the financial services sector, but the level of capitalisation of the Croatian financial sector remains high even in such unpleasant conditions.
“Liquidity in the Croatian financial sector in terms of services during the first quarter of 2022 was maintained at very high levels despite increased pressures on disbursements from some investment funds. The analysis conducted in the analytical report called: ''Do domestic institutional investors behave pro-cyclically?'' Showed that in the period from 2014 to 2021, there was no systemically significant search for returns in the financial services sector, despite pressures on profitability in the form of declining returns on bond investments.
Nevertheless, cyclical systemic risks are at elevated levels in the context of pronounced market uncertainties and pronounced structural vulnerabilities of the sector, which are primarily reflected in the increased concentration of investment in domestic government bonds,'' they said from Hanfa.
At the beginning of the year, investment funds recorded double the amount of pressure placed on assets in terms of negative market movements, as well as increased disbursements, but to a much lesser extent than back in March 2020.
Their net assets at the end of March were 16 percent lower than they were back at the end of 2021 and amounted to 18.1 billion kuna. Sudden pressures on share payments due to the limited nature of such a recent shock and high liquidity reserves of the funds didn't manage to undermine the liquidity position of investment funds, the regulator claims.
Negative impacts
Changes across the wider financial market also affected the value of investments of pension funds, whose assets amounted to 139.8 billion kuna back at the end of March, which is a decrease of 0.7 percent when compared to the end of 2021.
The negative impact of market developments on the value of net assets boasted by pension funds partially mitigated the inflow of new funds in the amount of 2.8 billion kuna. Although the domestic stock market in the previous period before the Russian invasion of Ukraine didn't record record highs and was only marginally exposed to economies subject to sanctions at the end of February, global market corrections and deteriorating market sentiment also affected Croatian capital market prices.
As such, some sectors, whose business relies more heavily on the imports of materials, such as the construction sector, lost up to 10 percent of their value from the end of January in February.
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Zagreb Company Holosys Gets Owner from Powerful Egyptian Group
April the 23rd, 2022 - The Zagreb company Holosys has got an owner from the powerful Egyptian Elsewedy group, which has been the owner of the Slovenian Iskraemeco group since back in 2007.
As Poslovni Dnevnik/Marija Brnic writes, the Zagreb company Holosys, a tech group which deals with the production of measuring instruments, has now got a new majority owner, the Slovenian Iskraemeco, seeing it become part of the Egyptian group Elsewedy.
With the announcement of the conclusion of the contract by which this Slovenian company will take over the Zagreb company Holosys, both companies expressed their joint expectations that together they will be able to offer more comprehensive smart solutions for electricity, water and gas, and further expansion in the global market.
Holosys founders Tomislav Lekic, Zoran Zoricic and Ivan Lukacevic have been developing a system for the production of advanced electrical devices based on NB-IoT for remote reading of energy consumption since way back in 2004, which they've since placed on more than 50 markets.
Late last year, Russia was included in the list of export markets, where an important step forward was expected, and for a small company that developed with its own solutions, one of the main references is that more than half a million such measuring instruments worldwide are connected through some of their systems.
Thir range includes power supply modules, data acquisition hubs, antenna systems and data processing software.
The Zagreb company Holosys has about 20 employees and like many other companies during pandemic-dominated 2020, their continuous growth of revenues halted. Data for last year hasn't yet been published yet. They say from Holosys that the movement of income in the period marked by the coronavirus pandemic was certainly marked by global and local trends, with a pronounced disruption of supply chains, which inevitably left an impact on their business.
“The decision to make the Zagreb company Holosys part of the Iskraemeco Group was motivated by strategic development reasons. First of all, through Iskraemeco, Holosys is gaining a strong and experienced partner on the global market, which will increase our market reach. We expect the synergistic effect of complementary technologies and products, and we'll be able to provide additional quality by expanding the portfolio of our services and raise the user experience to a higher level. This is certainly a great opportunity for the growth of our team and an additional step forward on the international market,'' said Tomislav Lekic, the director of Holosys.
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Croatia Among EU Countries With Largest Decreases in Debt to GDP Ratio
ZAGREB, 22 April (2022) - The government debt to GDP ratios in the EU and the euro area decreased in the fourth quarter of 2021 thanks to the recovery of the economy from the coronavirus crisis, and Croatia was among the countries with the largest decreases, according to a report released by Eurostat on Friday.
In the EU, the government debt to GDP ratio stood at 88.1% at the end of 2021, compared to 89.9% at the end of September. In the euro area, the ratio was 95.6%, down by 1.9 percentage points from the previous quarter.
At the end of 2020, the government deficit to GDP ratio stood at 90.0% in the EU and at 97.2% in the euro area.
Among member states, the highest government debt to GDP ratios at the end of the fourth quarter of 2021 were recorded in Greece (193.3%), Italy (150.8%), Portugal (127.4%), Spain (118.4%), France (112.9%), Belgium (108.2%) and Cyprus (103.6%), and the lowest in Estonia (18.1%), Luxembourg (24.4%) and Bulgaria (25.1%).
In Croatia, consolidated general government debt amounted to HRK 343.6 billion at the end of 2021, which was 79.8% of GDP. At the end of September 2021, it was HRK 345.3 billion, or 82.7% of GDP, while at the end of 2020, it was HRK 330.4 billion, or 87.3% of GDP.
Compared with the fourth quarter of 2020, seven member states registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2021 and twenty member states a decrease.
Increases in the ratio were recorded in Czechia (+4.2 pp), Malta (+3.6 pp), Slovakia (+3.3 pp), Romania (+1.6 pp), Latvia (+1.5 pp), Germany (+0.6 pp) and Bulgaria (+0.4 pp), while the largest decreases were observed in Greece (-13.1 pp), Cyprus (-11.4 pp), Portugal (-7.8 pp), Croatia (-7.5 pp), Denmark (-5.4 pp) and Slovenia (-5.1 pp).
Compared with the third quarter of 2021, seven member states registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2021, nineteen a decrease, while the ratio remained stable in Germany.
Increases in the ratio were observed in Slovakia (+1.8 percentage points – pp), Czechia (+1.5 pp), Latvia (+1.3 pp), Bulgaria (+0.9 pp), Romania (+0.6 pp), Malta (+0.4 pp) and Sweden (+0.3 pp), while the largest decreases were recorded in Greece (-8.3 pp), Cyprus (-5.4 pp), Slovenia (-5.0 pp) and Italy (-3.8 pp)
In Croatia, the government debt to GDP ratio at the end of 2021 was 2.9 percentage points lower than at the end of September 2021.
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No Bomb Found at Zagreb Shopping Centre
ZAGREB, 22 April (2022) - No explosive device has been found at Zagreb's Arena shopping centre, the police told Hina on Friday, adding that they are continuing to establish all the circumstances related to this event.
In the afternoon, the police evacuated the shopping centre following an anonymous tip that an explosive device had been planted there.
Mayor Tomislav Tomašević visited the scene, saying that if it was a hoax, he expected the police to find and most severely punish "the idiot playing with the nerves of the people of Zagreb after (two) earthquakes, the pandemic and the crash of a military plane."
The head of Arena's marketing department, Sanja Vladović, said they received an anonymous email saying that two bombs had been planted in the shopping centre.
She estimated that, since it was Friday afternoon, there were about 2,000 people in the centre when the email arrived.
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Main Zagreb Stock Exchange Indices End Week in Red
ZAGREB, 22 April (2022) - The main Zagreb Stock Exchange (ZSE) indices fell slightly on Friday, with the Crobex decreasing by 0.09% to 2,134 points and the Crobex10 by 0.1% to 1,285 points.
Turnover at the close of the trading session amounted to HRK 7.5 million, roughly the same as on Thursday.
Three stocks passed the turnover mark of one million kuna.
The highest turnover, of HRK 1.8 million, was generated by the stock of the Valamar Riviera hotel company. Its price fell by 1.39% to HRK 35.50.
The stock of the HT telecommunications company turned over HRK 1.5 million, closing at HRK 192.5 per share, down 0.26%.
The stock of the state-owned postal bank HPB turned over HRK 1.1 million. Its price increased by 1.08% to HRK 940 per share.
A total of 43 stocks traded today, with 17 increasing, 15 decreasing and 11 remaining stable in price.
(€1 = HRK 7.559050)
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Green Tourism: Sunčani Hvar Hotels to Open First Sustainable Hotel in Hvar Town
April 21, 2022 - The first sustainable hotel in Hvar town designed according to the latest environmental principles will open in July this year.
It is located in the city center, on the famous Hvar waterfront. The hotel in question that is being renovated is the annex of the old hotel Dalmacija. Upon completion, this 4-star hotel will shine in new splendor. Moreover, it will be renamed Beach Bay Hvar Hotel, which will emphasize its superlative position along a natural pebble beach a few meters from the entrance to the hotel. All rooms and suites have a view of the picturesque bay, the Franciscan monastery, the Hvar bay, and the Paklinski Islands.
The investment is valued at 22 million HRK, and after the renovation, the hotel will receive 21 completely renovated accommodation units with carefully designed interior details. Rooms and suites are harmoniously decorated, with natural fabrics and materials, and provide guests with complete comfort at all times. The hotel is entirely designed according to the principles of sustainable development so that guests can enjoy a pleasant and environmentally conscious vacation.
"The development of "green hotels" is the future of sustainable tourism and represents an opportunity to completely transform the accommodation offer. By renovating Beach Bay Hotel, we are establishing the concept of sustainable development that communicates built-in values with modern and environmentally conscious guests. This way we are preserving the natural environment and the authentic offer of the local community," commented the President of the Management Board Gordana Tomičić.
The island of Hvar is the sunniest island in the Mediterranean. With 2843 hours of sunshine a year, solar energy is a natural solution and the best renewable energy source. The hotel is equipped with solar panels and energy-efficient equipment to increase the energy efficiency of the building. Special emphasis is placed on local foods and products from small local suppliers, in order to support the local community and provide guests with an authentic experience when holidaying on the island.
The project is assigned to the architectural studio Tissa from Poreč. The contractor is Slavonska gradnja.
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The State Attorney's Office Says is Looking Into Criminal Complaints Against Construction Minister
ZAGREB, 22 April (2022) - The State Attorney's Office (DORH) said on Friday it was conducting inquiries into Construction, Physical Planning and State Assets Minister Ivan Paladina and examining criminal complaints filed against him.
DORH said Paladina confirmed that complaints had been filed against him and that, after examining some of them, it decided to dismiss them.
DORH said it requested that the remaining complaints be examined.
According to the Index web portal, prosecutors are looking into Paladina's acquisition of bonds in the IGH construction company.
Paladina says nothing new in report on inquiries
Responding to DORH's press release, the minister said it contained "absolutely nothing new."
"It is already known that my former partners filed several criminal complaints against me, nearly all of which have been dismissed, as confirmed by DORH today. As far as I know, the procedure in one or two complaints is not over yet," he told Hina.
"After a criminal complaint has been filed against you, DORH must look into it," he added.
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Zagreb Gets Monument in Honour of Researcher Andrija Mohorovičić
ZAGREB, 22 April (2022) - A monument to Andrija Mohorovičić, the great Croatian geophysicist, was unveiled in Zagreb's Grič Park on Friday to mark the 165th anniversary of his birth.
Mohorovičić, who was born in Volosko in 1857 and died in Zagreb in 1936, was a prominent researcher in the fields of meteorology and seismology.
Mohorovičić's most important discovery is the boundary between the Earth's crust and mantle - a boundary subsequently named the Mohorovičić discontinuity, which is usually referred to as the Moho discontinuity or the Moho. The crater Mohorovičić on the Moon's far side is also named in his honour.
The site for the monument has been chosen in Grič Park in upper-town Zagreb near the weather institute where the scientist had been employed.
After studying mathematics and physics in Prague, Mohorovičić worked as a high school teacher in Zagreb and Osijek and later at the Maritime School in Bakar, where he taught meteorology and in 1887 established a weather station.
Since 1892 he headed the meteorological observatory in Zagreb, which ran all weather stations in the then Croatian Banovina.
He earned his PhD degree in Zagreb in 1893 and became a member of the Yugoslav Academy of Sciences and Arts in 1898 while in 1910 he became an associate professor of geophysics and astronomy.
The monument to Mohorovičić was designed by sculptor Nikola Džaja.
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Penalties for Using Ustasha Salute Might be Increased, Prime Minister Says
ZAGREB, 22 April (2022) - Prime Minister Andrej Plenković said on Friday the possibility of increasing penalties for the use of the Ustasha salute "For the homeland ready" was being considered in talks with national minorities and antifascists, but not legislative amendments that would ban its use.
"I have underlined once again that the existing regulations and Constitutional Court rulings are very clear about the salute. I think only the practice should be standardised. We can see if the penalties might be increased, so that we can act preventively in that way too, but also punish those breaking the law," Plenković told the press after a commemoration for the 77th anniversary of the inmate breakout from the WWII Ustasha concentration camp Jasenovac.
He did not specify whether amendments to the criminal code or the misdemanour law were being considered.
A number of options are being discussed, he said, adding that the courts already have the legal basis but they should standardise their practice, which can also be done by the Supreme Court.
Plenković went on to say that the government was willing to finance the refurbishment of the Jasenovac Memorial Site, and that the education ministry would try to ensure, in agreement with school principals, that as many pupils as possible visited it.
He also commented on a recent statement by War Veterans Ministry envoy Matko Raos at a HOS (Croatian Defence Forces) commemoration that "without 10 April 1941, there would have been no present-day Croatia."
Plenković said Raos made a "serious mistake" and that he apologised to the war veterans minister and him.
"Sometimes inexperienced people say something they shouldn't. We all distanced ourselves from it, condemning it. I'm not sure whether we should send anyone to such events any more," he said, adding that he meant events which resembled a provocation more than a commemoration.
Plenković said those present at today's commemoration honoured all those killed at Jasenovac at the time of the fascist NDH (1941-45 Independent State of Croatia).
"We are sorry for everyone who was killed here, Jews, Serbs, Roma, Croats and antifascists, all who were against that regime."
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