Business
Thursday, 19 March 2020
COVID-19: City of Split Announces Measures to Mitigate Negative Effect on Economy
March 19, 2020 - The City of Split announces measures to help citizens and entrepreneurs during the corona crisis. In line with national efforts to combat the economic damage caused by the coronavirus outbreak (COVID-19), Split Mayor Andro Krstulovic Opara is bringing a set of measures to help citizens and entrepreneurs affected by the National Civil Protection Headquarters’ decision to stop work. Under the Decision of the National Civil Protection Headquarters on prohibiting certain economic activities from today, March 19, 2020, the following applies: 1. Suspension of all foreclosures in the form of halting forced collection within the next 90 days…
Thursday, 19 March 2020
Minister Darko Horvat Presents First 10 Measures to Help Croatian Economy
March 19, 2020 - A look at the first ten measures proposed to help the Croatian economy during the corona crisis. Following the decision to prevent the rise in prices of critical products for supplying the Croatian market and exporting those products for which a shortage in Croatia could appear, Minister Darko Horvat presented the first ten measures from the Ministry of Economy, Entrepreneurship, and Crafts, which were proposed at a Government session on Tuesday, reports Vecernji List on March 16, 2020. These measures will be aimed primarily at entrepreneurs and craftspeople. “The meaning of all the measures we plan…
Thursday, 19 March 2020
Surge in Telecommunication Traffic Due to Online Classes, Work at Home
ZAGREB, March 19, 2020 - Telecoms in Croatia are registering a rise in traffic this week due to online classes starting, more people working at home, more calls being made, and an increase in using various services and applications, however, network capacities are large enough at the moment to handle increased traffic. Three biggest telecom companies in Croatia have informed Hina that everything is controllable despite this surge. The HT telecom emphasises that at this moment the company is focused on making sure that users are connected, pointing out that their communications infrastructure has a remarkable capacity and a high…
Wednesday, 18 March 2020
Journalists and Media Not Included in Government Measures
ZAGREB, March 18, 2020 - The Croatian Journalists' Association (HND) and Journalists' Union (SNH) on Wednesday released a joint press release saying that they regret that the government's measures to ease the consequences of the crisis in the wake of the coronarivus pandemic do not include reporters and the media. HND and SNH recalled that after the economic crisis in 2008 the number of reporters in Croatia was halved and that they believed that being aware of that, the government will propose measures to protect reporters, who in the current difficult times are exposed to danger in order to serve…
Wednesday, 18 March 2020
Inflation Down in Feb in EU, Euro Area and Croatia
ZAGREB, March 18, 2020 - The annual inflation rate in the EU and euro area was down slightly in February while the inflation rate in Croatia was the same as the euro area average, shows a report released by the European statistical office on Wednesday. In the EU-27 the annual inflation rate measured by the Harmonised Index of Consumer Prices (HICP) in February was 1.6%, which is 0.1 percentage point lower than in January. In the euro area the inflation rate was 1.2%, down by 0.2 percentage points compared to January. The highest year-on-year price rise in the euro area…
Wednesday, 18 March 2020
Pevex Stores to Remain Open, Company Secures 6 Salaries for Employees
As Poslovni Dnevnik writes on the 18th of March, 2020, Pevex (formerly Pevec) is attempting to keep its stores open despite the coronavirus outbreak wreaking havoc with the economy, and it has secured six months' worth of salaries for its employees. The Pevex retail chain reported on Wednesday that it wouldn't lay off employees even if individual stores were forced to close due to the spread of COVID-19. "Pevex will not lay off its employees, even if a particular store closes due to the virus. We've secured a net wage payment for our workers for six months and we're currently…
Wednesday, 18 March 2020
Liquidity More Than Sufficient to Enable Smooth Cash Flow for Businesses
ZAGREB, March 18, 2020 - Croatian National Bank (HNB) governor Boris Vujčić informed the government on Tuesday that the country possessed very high foreign currency reserves and that system liquidity was more than sufficient to ensure the cash flow for businesses. Presenting the central bank's measures designed to mitigate the economic consequences of the crisis caused by the outbreak of COVID-19, Vujčić said that he expected a sharp but short contraction of economic activity, primarily as a result of efforts to contain the spread of the coronavirus. There are forecasts that this situation will be relatively short, lasting three, six…
Tuesday, 17 March 2020
Analysis of INA's Operations, Value to be Completed in Q2
ZAGREB, March 17, 2020 - The Council for INA on Tuesday accepted a report by its investment consultant on the course of due diligence in the Croatian oil company, defining the course of further activities for the possible purchase of INA shares held by the Hungarian oil and gas group MOL. An analysis by the investment consultant on company's operations and value is expected in the second quarter, the government said in a statement. The INA Council, an advisory body tasked with providing guidelines, taking action and putting forward proposals to the government regarding preparations for, implementation and financing of…
Tuesday, 17 March 2020
Croatia Given More Than 119 Million Euro to Purchase 21 Electric Trains
ZAGREB, March 17, 2020 - The European Commission on Tuesday approved the allocation of more than €119 million from the Cohesion Fund to Croatia to purchase 21 electric trains. That is one of 14 large infrastructure projects in seven EU member states with a total value of €1.4 billion. "Over €119 million from the Cohesion Fund will finance the purchase of 21 new electric trains to boost service quality, reduce delays and encourage more people to use a sustainable transport type. This project will contribute to modernise the country's rolling stock and to improve connectivity and mobility with positive economic…
Tuesday, 17 March 2020
80% of Companies Suffering Losses Because of Coronavirus
ZAGREB, March 17, 2020 - The impact of the coronavirus epidemic on business operations has been felt by 80% of domestic companies, which is an increase of 13 percentage points in just 16 days, the Croatian Chamber of Commerce (HGK) said on Tuesday, citing its latest survey. Almost 60% of companies said that they have so far recorded losses of up to HRK 500,000, which is an increase of 5 percentage points compared to the previous survey, and if the situation continues, 11% of them expect losses of more than HRK 1 million. "Tourism, agriculture and transport continue to be…
Tuesday, 17 March 2020
CNB Governor Boris Vujcic Explains Croatian Banking System Stability
Just how is the Croatian banking system doing in these tying coronavirus-dominated times? As Poslovni Dnevnik writes on the 17th of March, 2020, the Croatian National Bank's Governor Boris Vujcic said that since the beginning of last week, there has been some stronger pressure on the kuna exchange rate. He also stated that the CNB has intervened and stabilised the exchange rate and announced that it will continue to work. According to Vujcic, the Croatian banking system is currently very stable and that, despite the coronavirus epidemic which is rocking the global economy, there is currently no threat to its…
