Business

ZAGREB, June 8, 2020 - Last year was one of the best years for investment funds with the value of their assets exceeding HRK 26 billion and this year despite the obvious fall due to the COVID-19 pandemic. the sector has been significantly maturing, it was said at the Top of the Funds award ceremony on Monday. President of the association of companies for the management of investment funds within the Croatian Chamber of Commerce, (HGK) Hrvoje Krstulovic underlined that 2019 was one of the best years for investment funds and capital market with Undertaking for Collective Investment in Transferable Securities (UCITS) funds increasing…

ZAGREB, June 8, 2020 - The European Commission on Monday approved under EU State aid rules, a Croatian scheme that grants reductions to energy-intensive companies on a surcharge to finance support for renewable electricity production.  Croatian support for renewable energy is at present financed through contributions from electricity consumers, based on their consumption. The scheme, which will apply until 31 December 2021 and will have a provisional annual budget of €10 million, will benefit companies active in Croatia in sectors that are particularly energy-intensive (hence with higher electricity consumption) and more exposed to international trade, says the European Union on its…

Does Croatian agriculture really take enough advantage of the country's enviable water wealth? If your answer is no, you'd be correct. As Novac/Marina Klepo writes on the 6th of June, 2020, the Republic of Croatia irrigates a mere 2.5 percent of its agricultural land and according to this criterion is at the very back of the European Union (EU), according to an analysis by the Smarter consulting company. According to EU statistics, the average share of irrigated areas in the EU27 (excluding Germany and Estonia) stands at 6.7 percent, while at the level of Mediterranean countries - it is as high…

June 6, 2020 — Hotels on Zadar's historic peninsula are slowly starting to open their doors, but unfortunately, few guests are walking through them. The Dalmatian town relies on small groups such as families or classmates, travelers from farther-flung corners of the world, or "city hopping" guests galavanting up and down the coast. There are none so far. The small groups have suffered because of epidemiological measures limiting . Travelers making long trips have limited flight options. While "city hopping" has become a taboo issue, with isolation and social distancing remaining keys to staying healthy. In short, Zadar's usual guests can't…

ZAGREB, June 6, 2020 - Findings of the ECB's assessment showing that all the major commercial banks in Croatia have met capital adequacy requirements and passed stress tests means that Croatia is a step closer to the European Exchange Rate Mechanism (ERM II), the Croatian Chamber of Commerce (HGK) said on Friday. Therefore we can expect the country to join the euro area in 2023, as planned, the HGK says in a press release after the Croatian National Bank (HNB) stated that the comprehensive assessment conducted by the European Central Bank showed that the five leading banks in Croatia are…

June 6th, 2020 - Katherine Kurelja, a recent diaspora returnee to Croatia, explains to us why you should visit Croatia - but from a business standpoint!  Even though we all want to go on vacation right now and to somewhere like sun-kissed, and lifestyle rich Croatia, I want to share another side to this small, yet diverse country. One that’s less talked about, but equally inspirational. The business side and the offerings that make Croatia a value-added business destination. Home of world-class IT talent. Croatia is well known in international tech circles for its’ programming prowess, creative problem-solving, and quality…

As Novac writes on the 4th of June, 2020, although we're now in early June, and despite permission from the National Civil Protection Headquarters having been given to finally try to restart the Croatian economy, many working in the Croatian tourism industry have decided that some doors will remain closed, and it seems that a few of those who opened their doors to visitors still don't have price reductions. ''The ideas or perhaps it's better to say the recommendations at the level of our destination are that there is no need to lower prices compared to what they were at…

ZAGREB, June 5, 2020 - A total of 2,173 new cars were sold in Croatia in May 2020, which is 76% fewer than in May 2019 when 9,149 vehicles were sold, according to data from the Promocija Plus market research agency. In the first five months of this year, 13,286 new vehicles were sold, a decrease of 55.6% compared with the same period of last year. In the first five months of 2020, the best-selling car brand was Volkswagen, with 2,191 vehicles sold and a 16.5% share in total sales. It was followed by Skoda with 1,959 vehicles sold and…

June 4, 2020 — Will the cost of hospitality services in Croatia drop because of the coronavirus crisis? Many hotels are still closed in early June, and restaurant terraces are mostly empty, according to Zadarski List. Yet there are no discounts, and prices remain fixed. This year there is no overbooking, but there is almost no collapse in accommodation prices. What gives? The director of Lošinj's Tourism Board Dalibor Cvitković offered an explanation. "The recommendations at our destination are that there is no need to lower prices compared to the same period last year, but to provide additional services, such as parking…

ZAGREB, June 4, 2020 - The government on Thursday adopted a conclusion expressing its readiness to get involved in creating conditions to restart shipbuilding in the northern coastal city of Pula through the Uljanik Brodogradnja 1856 company. The conclusion is based on documents provided by the receiver for Uljanik d.d., Marija Ruzic, Economy Minister Darko Horvat said. He recalled that at its session of March 26 this year the government had approved the transfer of the concession for the commercial use of the port of Pula for shipbuilding purposes from Uljanik d.d., which has filed for bankruptcy, to Uljanik Brodogradnja 1856.…