Business

As Zlatko Simic/Novac writes on the 18th of December, 2020, joint cooperation between the Ministry of Agriculture and HBOR in the middle of this year introduced a new financial instrument called ''Working capital for rural development" which provided favourable HBOR loans and funds for lending liquidity to Croatian farmers and processors of agricultural products, as well as entities operating in the forestry sector affected by the ongoing pandemic. Business difficulties caused by the coronavirus epidemic are proven by one of the ten criteria, including reduced demand or the possibility of product placement, an increase in production costs or the inability…

December the 19th, 2020 - Odojak (suckling pig) is a much loved meal for many a Croatian meat lover and quite the staple on many a Croatian restaurant. With coffee to go available just about everywhere, why not odojak to go? Here in the Croatian capital, this new place is more than likely to be a hit. As Vecernji list/Zoran Vitas writes, on the very first day of it having opened its doors, Zagreb's brand new Odojak to go facility showcased precisely just how popular it is going to be among the meal lovers of the city as a little crowd…

December the 18th, 2020 - HZ Cargo sought urgent help from the Croatian Government recently as a result of the ongoing crisis, and the powers that be have responded by approving 50 million kuna in state aid to help smooth out virus-induced issues. As Poslovni Dnevnik writes, on Thursday, the Croatian Government approved state aid to HZ Cargo in the generous amount of 50 million kuna, which is being implemented in the form of a loan with a repayment period of six months, with the regular interest rate of one percent per year implied. The Minister of Maritime Affairs, Transport…

ZAGREB, Dec 17, 2020 - Demand for new cars in the European Union fell by 25% in January-November 2020 compared with the same period of 2019, while in Croatia the fall was nearly double the EU average, a report by the European Automobile Manufacturers' Association (ACEA) shows. From January to November this year, a total of 12 million new cars were registered in 26 EU member states (excluding Malta), which is a decline of 25.5% compared with the same period last year. "Eleven months into the year, the impact of COVID-19 continued to weigh heavily on the cumulative performance of…

December 16, 2020 - Damir Sabol and his co-founders Izet Ždralović and Jurica Cerovec discuss the Microblink expansion to the US market and beyond.  Despite the ongoing COVID-19 crisis, Microblink recorded 36 percent sales growth and secured an investment from Boston-based Silversmith Capital Partners that has invested in companies such as Webflow, ActiveCampaign, and Appfire. Two years after securing a $6 million investment for their spinoff company Photomath, Damir Sabol and his co-founders Izet Ždralović and Jurica Cerovec have exclusively confirmed an investment of over HRK 370 million by the US growth equity fund Silversmith Capital Partners. Damir explains for Netokracija.hr…

As Lucija Spiljak/Poslovni Dnevnik writes on the 16th of December, 2020 - last year, Croatia's residents spent a record 15.3 billion kuna during the festive period, but the ongoing coronavirus crisis has left its mark on Croatian Christmas consumer habits. Although there is no estimate for what has been an absolutely dire 2020 yet, the specialised consulting company in the field of the agri-food sector, Smarter, estimates that the total consumption of food and beverages will fall by up to 20 percent in December, marking a significant change in the typical Croatian Christmas shopping spirit. According to the latest data…

ZAGREB, Dec 15, 2020 - In 2019 Croatia remained second last among the EU 27 for Actual Individual Consumption (AIC) and GDP per capita, Eurostat data released on Tuesday indicate. AIC per capita expressed in Purchasing Power Standards (PPS) notes Croatia being 34% below the EU average, Eurostat reported, confirming its June forecast. Hungary was ahead of Croatia with an AIC per capita of 33%, while Bulgaria was at the bottom of the list with an AIC level of 42% below the EU average. AIC per capita of more than 25% below the EU average was also registered in Latvia and Slovakia. Romania registered the…

As Marko Repecki/Telegram writes on the 14th of December, 2020, if almost 7,000 vulnerable companies fail (according to the data from August, they're now even more endangered than they were before with this new lockdown), the Croatian state budget will lack a massive 3 billion kuna, which is equivalent to funds for as many as 130,000 pensions, according to the Voice of Entrepreneurs Association (Glas Poduzetnika). Economist and head of the Economic Council of the Voice of Entrepreneurs, Vuk Vukovic, analysed the effect of the collapse of vulnerable companies on the state budget. The aforementioned association has been warning that micro,…

December the 15th, 2020 - Croatian Telecom is only continuing its marked success over recent months as it prepares to offer access to its 5G network for more than one million Croatian residents. As Novac/Bernard Ivezic writes, after being challenged by competition in mobile communications for a long time, Croatian Telecom (CT) has made a significant and decisive turn this year. The company was the first in all of Croatia to offer 5G commercially, and it already offers it to more than a million citizens across fourteen Croatian cities, then it received recognition from Spetest and Ookla that its 4G…

ZAGREB, Dec 14, 2020 -The government on Monday approved state aid for the national flag carrier, Croatia Airlines amounting to HRK 600 million, HRK 350 million of which refers to investing fresh capital in the company and HRK 250 million as an equity loan. The decision was made in line with the European Commission's temporary framework allowing member states to provide additional support to the business sector due to the COVID-19 pandemic. Thus, CA has been given support in an effort to resolve the its liquidity problems and to boost its capital. Transport and Infrastructure Minister Oleg Butkovic said that the pandemic has had…