Business

June 18, 2022 - With international customers, shareholder representatives, long-time companions, representatives of the Austrian and Croatian governments, and the entire workforce, the new FACC plant for producing lightweight components for aircraft cabin interiors was ceremoniously inaugurated on Friday in Jakovlje. FACC has announced plans to expand the workforce of the plant from 170 to 600 employees by 2025. After a construction period of 10 months, the new FACC Plant 6 went into operation in December 2021. At this new facility, the company is manufacturing lightweight components for the cabin interiors of business jets and passenger aircraft. This important strategic…

June the 18th, 2022 - The Adris Group has announced its massive 3.2 billion kuna investment plans which cover everything from digitialisation to some well known hotels in both Zagreb and Split. As Poslovni Dnevnik/Jadranka Dozan writes, at last week's general meeting, the Adris Group voted on a proposal for the payment of dividends, which are somewhat more generous than they were last year. During the first week of July, shareholders will receive a payment of 15.50 kuna per share (compared to last year's 12.5 kuna per share and no dividends to speak of whatsoever the year before that), which means…

ZAGREB, 17 June 2022 - The value of fiscalised receipts in tourism in the first five and a half months of 2022 is significantly higher than in the same period in 2019 and Croatia could have a record tourist season this year, Finance Minister Zdravko Marić said on Friday. "The value of fiscalised receipts in the tourism industry in the first five and a half months of this year is 22% higher than in the record tourist year 2019," Marić said in Luxembourg, where he attended a meeting of EU finance ministers. He, however, suggested caution with predictions, considering that the peak season is…

ZAGREB, 16 June 2022 - A global seminar of the International Association of Insurance Supervisors (IAIS) opened in Dubrovnik on Thursday, bringing together over 350 participants from 70 countries. The two-day seminar is being hosted by the Croatian Financial Services Supervisory Agency (HANFA), whose president, Ante Žigman, said that insurance companies are under great pressure from inflation and increasing interest rates as well as from climate change. "Catastrophic events, such as floods, hailstorms, wildfires and earthquakes, are largely covered by insurance, so insurance companies have to cope with that," he noted. Žigman also mentioned cybernetic risks, which are not tangible…

ZAGREB, 16 June 2022 - Over the next year, Croatian companies will be among the EU companies hardest hit by the consequences of the war in Ukraine, the European Investment Bank (EIB) says in its latest report. "Firms in countries closer to Ukraine and Russia, such as Hungary, Poland, Latvia and Lithuania, will feel the pressure. Moreover, firms in Greece, Croatia and Spain will also be more affected than the EU average," says the report, entitled "How bad is the Ukraine war for the European recovery?" The EIB published a ranking of countries whose companies face the greatest risk from the…

June the 16th, 2022 - Ongoing inflation is continuing to force Croatian price lists to alter more and more frequently, with some very simple services now significantly more expensive than they were this time last year. As Poslovni Dnevnik writes, the increase in prices across all fields owing to inflation has particularly affected Croatian islanders, and even on the gorgeous Central Dalmatian island of Korcula, company owners had to adjust their business to the recent price increases, writes HRT. As costs increase, it's now questionable how altering Croatian price lists will affect the upcoming height of the summer tourist season. New…

ZAGREB, 15 June 2022 - The current regulations enable builders to demand compensation from the client for increased costs, but the first 10% of that increase on the contracted price is borne by the builders who can seek compensation for the rise on top of that, Construction Minister Ivan Paladina said on Wednesday. In response to questions about the direction the government will pursue in the expected decision for next week which should address the price hikes affecting construction companies, Paladina said that recognising the difference in prices does not require any annexes to contracts because contractual relations legislation already enables the contracting…

ZAGREB, 15 June 2022 - Croatia has made progress in all factors of competitiveness and has moved up by 13 notches to 46th place on the IMD's World Competitiveness Ranking, according to the  World Competitiveness Yearbook published by the Institute for Management Development (IMD) on Wednesday. Denmark reached the top spot for the first time in the ranking’s 34-year history, having come 3rd in 2021, while Croatia has made the biggest leap of 13 places from 59th to 46th position. The World Competitiveness Centre ascribes Croatia's performance also to the improvement of business climate against a backdrop of the forthcoming accession to the euro area. The…

June 15, 2022 - Zagrebačka pivovara has invested a total of HRK 64 million in a technologically advanced line for filling and packaging cans. The investment in a technologically advanced line will fully satisfy the constant growth of market demand for canned beer in the Zagreb production plant, further increase the company's sustainability, the competitiveness of domestic production, and offer consumers new formats and multipacks of cans. It is part of the large investment cycle of Zagrebačka pivovara in the expansion of production and storage capacities with which the leading Croatian beer producer is celebrating its jubilee year and the 130th birthday…

June 15, 2022 - The Croatian Agency for Small Business, Innovation, and Investment (HAMAG-BICRO) organized an online event to announce the winners of the Indo-Croatian Startup Challenge, a competition for Croatian and Indian startup companies supported by Infobip, KONČAR, and HexGn. More than 300 applications were received, among which the 13 best innovative solutions were selected. HAMAG-BICRO organized the competition to upgrade the initiative to connect with the Indian market and launch the India-Croatia Startup Bridge, a digital platform designed to strengthen the international cooperation and innovation environment and trade and economic cooperation between Croatia and India. The competition was organized…