Business

ZAGREB, October 1, 2019 - The Croatian National Bank (HNB) on Monday presented a revision of statistics on relations with foreign countries, which reveals an increase in gross foreign debt in the period from 2000 to 2018, most of which happened at the end of 2018, in the amount of close to €3.9 billion, and a decrease in the current account balance of payments in all the years since 2002, ranging from €21 million to 974 million. In line with the revision practice of euro area member-states, in 2019 a major revision of statistics of relations with foreign countries was…

ZAGREB, September 30, 2019 - The Uljanik Plovidba shipping company has applied for pre-bankruptcy proceedings to be launched after a foreign banking syndicate broke off negotiations and retained in Malaysia an Uljanik ship as collateral for due debts, the Pula-based company said on Monday. "The management and steering boards on 29 September 2019 adopted a decision to have pre-bankruptcy proceedings launched, along with a restructuring plan based on and in accordance with agreements reached so far regarding a possible settlement with existing creditors," the company said in a press release. The company's management said that despite a high level of…

ZAGREB, September 30, 2019 - Representatives of the government and unions on Monday resumed negotiations on extending years of service until the age of 68 and it was said that, without clear criteria, this could cause a disaster in science and higher education due to the complicated hiring and promotion of young scientists, which would result in emigration. "Should the working life be extended, over the next three years there would be no promotions of young people and their employment in science and higher education. Given the EU's open borders, excellent young scientists will leave the country," the state secretary…

ZAGREB, September 30, 2019 - The assembly of Kraš-ESOP - the Employee Stock Ownership Plan at the Kraš confectioner - on Monday voted against an agreement for joint action with the Braća Pivac meat industry group, Zrinka Vrhovski of Kraš-ESOP said. The decision was made following a debate and it was concluded that the reason to vote against the proposal for joint action with Braća Pivac was that Kraš-ESOP may not be able to ensure a sustainable financial scheme for the joint takeover of Kraš, Vrhovski said. She noted that the only reason why the Employee Stock Ownership Plan was…

ZAGREB, September 30, 2019 - Over 306.7 million euro in tax revenue is lost in the region annually due to tobacco smuggling, including 120 million euro in Croatia, according to the findings of a project on the illegal trade in tobacco products along the Balkan route. The project was carried out by the Zagreb Institute of Economics in 2018 and included a survey on smokers' habits and views on the illegal trade. The survey was carried out in Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, North Macedonia and Kosovo, covering 3,000 adult respondents in each country. Presenting the findings earlier…

As Bernard Ivezic/Poslovni Dnevnik writes on the 29th of September, 2019, the 2018 annual report states that Mate Rimac's company has increased its investments to an enormous 106.7 million kuna, four times more than the year before. The level of investment offers some of the answers as to why Mate Rimac continues to do so well. Mate Rimac, founder and CEO of the most famous Croatian startup Rimac Automobili, told Poslovni Dnevnik that he expects that in three to five years, his company will start to grow rapidly in terms of revenue. According to Business Croatia (Poslovna Hrvatska), Mate Rimac's…

ZAGREB, September 29, 2019 - An overhaul worth 800 million kuna was carried out in the Rijeka Oil Refinery in Urinj over the first four months of this year, the largest to date, and the installation of a 4 billion kuna delayed coker is being prepared, it was said at the Refinery Open Day on Saturday. CEO Ivan Krešić said the event was organised to make the company as transparent as possible in its operations and relations with the local community. The delayed coker, whose installation should be completed in three years' time, will increase profitability and enable the Rijeka…

ZAGREB, September 28, 2019 - The first compressor station in Croatia's gas transport system could be in trial operation as of October and in regular operation by the end of the year, it was said on Friday when Environmental Protection and Energy Minister Tomislav Ćorić and officials of the Plinacro gas pipeline operator visited the construction site at Velika Ludina in the Moslavina region. Works on the 209.5 million kuna station, which will enable two-way gas transport between Croatia and Hungary from the start of 2020, began in August 2018. Ćorić said it was especially important that the station would…

ZAGREB, September 27, 2019 - The sentiment in the Croatian economy improved more significantly in September owing primarily to confidence in the services and retail trade sectors, while in the EU and the euro area a marked worsening was recorded, shows the European Commission's regular monthly report released on Friday. Croatia's Economic Sentiment Indicator (ESI) in September is four points higher than the indicator for July, and stands at 114.7 points. In August it dropped by 1.7 points. Expectations in September grew the most in the services sector, by 8.1 points to 24.9 points. The services sector was followed by…

ZAGREB, September 27, 2019 - The awareness of the potential impact of the business sector on children's rights in Croatia is relatively low - only six percent of survey respondents believe that the operation of the company they work for has a great influence on children's rights, UNICEF has warned. These are the findings of the first national survey on the impact of the business sector on children's rights, presented at a news conference in Zagreb on Friday. The main goal of the survey, launched by UNICEF, is to understand to what extent children's rights are recognised as part of…