Business

April the 10th, 2022 - The Russian Sberbank has now sold its former 43 percent stake in Fortenova to the Hungarian Indotek company, Fortenova CEO Fabris Perusko has announced. As Jutarnji/Novac/Andrea Koscec writes, the Russian Sberbank has sold its 43 percent stake in the Fortenova Group to a Hungarian investment fund called Indotek Group, majority owned by one of the richest Hungarians of all, Daniel Jellinek, Bloomberg reported, and soon after, Fortenova confirmed the information on its website. The price involved hasn't yet been announced, but it was pointed out that in order to conclude the transaction, it was necessary…

ZAGREB, 9 April 2022 - Croatian construction companies are accumulating losses because of the continued rise in input costs and are wondering whether the situation will escalate to such an extent that they will no longer be able to operate. For the post-earthquake reconstruction of buildings alone, construction companies need about 20,000 more workers, who are nowhere in sight now. Hina asked construction companies and institutions how they saw the present situation in their sector, how they were coping with increased prices of material and fuel, whether they would be able to deliver on the contracts signed without incurring losses, and how…

April the the 9th, 2022 - The Croatian longevity food tech startup Cidrani has received investments from some big Croatian IT names, including the person behind the wildly successful Photomath. As Poslovni Dnevnik writes, the Croatian longevity food tech startup Cidrani recently presented a new investment round worth 190,000 euros within the Bird incubator, under the auspices of which it has been operating for the last year. New investors in Cidrani are some very well-known Croatian IT and business names, including the founders of Five, Luka Abrus and Viktor Marohnic, the founder of Photomath Damir Sabor, private equity and venture…

ZAGREB, 8 April (2022) - In the first two months of 2022, Croatia exported HRK 26.1 billion worth of goods, up 42.5% on the year, while imports went up 39.7% to HRK 40.4 billion, the national statistical office said on Friday. The foreign trade deficit was HRK 14.4 billion and was HRK 3.7 billion higher than in the first two months of 2021. The export-import ratio was 64.4%, as against 63.2% at the same time last year. Exports of goods to EU member states totalled HRK 18.9 billion, up 47.9% on the year, while imports went up 28.6% to HRK 29.8 billion. Exports…

ZAGREB, 8 April (2022) - BAT Group is continuing its investment cycle in the Kanfanar factory with an additional HRK 400 million (€53 million) to be invested in new categories of tobacco products, which confirms its status of a leading private foreign investor in Croatia, company officials said on Friday. BAT Adria director-general Zvonko Kolobara said the new investment built on last year's HRK 200 million (€27 million) investment in new production lines for heated tobacco products. Kolobara said the new investment would require new hiring but he could not specify how many new workers would be employed. Speaking of the black market, he…

April the 8th, 2022 - The old Zadar Maraska building which is so very well known in that ancient Dalmatian city will soon take on an entirely different look as its transformation into a brand new Hyatt Regency hotel has allegedly begun. As Poslovni Dnevnik writes, work has finally begun on the construction of the Hyatt Regency hotel in the old Zadar Maraska building, as reported by the local Zadarski portal. All appears to be going to plan if we're to look at the fact that it was announced by the regional director of Dogus Croatia, Burak Baykan last October…

April the 8th, 2022 - Cavtat's Hotel Supetar is set to be transformed into a small boutique hotel under the Adriatic Luxury Hotels (ALH) brand. As Poslovni Dnevnik/Marija Crnjak writes, this summer, Adriatic Luxury Hotels (ALH) will bring a hotel brand in the segment of small luxury boutique hotels to Croatia's southernmost town, under which the newly renovated Hotel Supetar will operate. The investment worth almost two million kuna per room includes a thorough renovation of Hotel Supetar, which had three stars before its reconstruction, but is located in a top location in Cavtat. The hotel will join the luxury…

ZAGREB, 7 April 2022 - Croatia's commercial accommodation facilities saw 398,000 tourist arrivals and 1.1 million overnight stays in the first two months, which is 206,000 more arrivals and 581,000 more overnights compared with the same period of 2021, the national statistical office (DZS) said on Thursday. In the first two months of 2022, domestic tourists generated 209,000 arrivals, or 54,000 more than in 2021, as well as 481,000 overnight stays, or 141,000 more year-on-year. Foreign tourists generated 189,000 arrivals and 595,000 overnights stays in the first two months of 2022, which is an increase of 152,000 and 440,000 respectively.…

ZAGREB, 7 April 2022 - Foreign entrepreneurs are interested in investing in Varaždin County, it was said in Varaždin on Thursday at a meeting of economic advisors accredited to diplomatic missions and representatives of foreign trade offices with county head Anđelko Stričak and mayor Neven Bosilj. The meeting was organised by the Foreign Ministry's directorate for economic affairs and development cooperation. Such meetings are an excellent opportunity to show foreign representatives each county's potential and investment possibilities, said Rina Eterović Goreta, head of the directorate. She said more than 35 economic advisors from more than 25 countries were at today's meeting and that…

ZAGREB, 6 April 2022 - The state budget earned HRK 870 million from generating electricity from wind and the sun in 2021, when 3.5 TWh of power was generated from renewable energy sources (RES) under the  support scheme of the Croatian Energy Market Operator (HROTE),  the Večernji List reported on Wednesday. HROTE,  whose main task is to encourage and provide subsidies for the production of electricity from renewable sources and cogeneration, managed to cover its loss of HRK 370 million from 2020 and to earn an additional 500 million kuna, the daily newspaper reported today. The loss in 2020 was due to a…