Business

ZAGREB, 17 Feb 2022 - The DIV Group, a leading Croatian manufacturer of steel products, on Thursday welcomed the European Commission's decision to impose definitive anti-dumping duties on imports of certain iron or steel fasteners originating in China. Following the European Commission's publication of the relevant regulation in the Official Journal, the Zagreb-based group says that the anti-dumping duties will pave the way for fair competition and create an opportunity for the group to double its exports of standard bolts to above 60 million euros annually. This will also allow further investment of €100 million annually, DIV said. DIV recalled that the Commission…

ZAGREB, 17 Feb 2022 - Bus operators at the Croatian Employers' Association on Thursday voiced regret that the government's scheme designed to alleviate the impact of rising energy prices did not include the passenger transport sector, asking to be included in the scheme and for a lower VAT on their services. The bus operators warned that they had been affected by rising energy prices as well as by the negative impact of the coronavirus pandemic on group travel. "The government scheme has reduced VAT on gas, food, agricultural products and sporting and cultural events, but not on passenger transport. The VAT rate on passenger…

ZAGREB, 17 Feb 2022 - The INA Group registered a net profit of HRK 1.31 billion in 2021, after a loss of HRK 1.14 billion in 2020, the leading Croatian oil and gas group said in a financial statement on Thursday. INA's net sales revenue grew 51.5% on the year to reach HRK 22.4 billion in 2021. The company's CCS EBIDTA excluding special items reached HRK 3.03 billion, up by 70% from 2020. "In 2021 the macro environment for oil and gas industry has improved thanks to the easing of restrictive measures and rising hydrocarbon prices. In such environment Exploration and Production once…

ZAGREB, 17 Feb 2022 - According to the provisional number of livestock and poultry in 2021, as compared to the final data for 2020, the number of cattle increased by 1.2%, while the number of pigs decreased by 6.8%, of sheep by 4.5% and of poultry by 11.9%, the Croatian Bureau of Statistics has said. As of 1 December 2021, there were 428,000 head of cattle in Croatia, 963,000 pigs, 632,000 sheep, 86,000 goats, the same as in December 2020, and 11.5 million head of poultry. The number of cattle of two years and over dropped by 0.6% to 165,000, the number of dairy cows by 7.3% to 102,000 and…

ZAGREB, 16 Feb 2022 - Financial stability risks remain increased compared to the period before the crisis due to uncertainties surrounding the end of the pandemic, rising inflation, residential real estate price hikes, and geopolitical risks, the Croatian National Bank (HNB) Council concluded on Wednesday. The economy continued to grow in the last quarter of 2021, albeit at lesser intensity than previously in the year, with industrial production increasing, while the real retail turnover and construction stayed at Q3 levels, the HNB said in a press release. In Q4 2021, employment continued to increase while the unemployment rate dropped, making their levels better…

February the 16th, 2022 - The Zagreb company Altpro has spent time ''conquering'' India over recent years, and now it has entered the Egyptian market with its work on an extremely important motorail transport connection. As Poslovni Dnevnik/Darko Bicak writes, the Zagreb company Altpro is currently working on a monorail transport connection between Cairo and two new satellite cities, one of which will become the country's new capital. Namely, as Tin Viduka, a member of the Management Board of Altpro in charge of sales and marketing, explained, this is one of this company's biggest projects, which they entered into with…

February the 16th, 2022 - RTL Croatia, which has been present in the Republic of Croatia since the year 2004, has now been taken over by CME in an estimated 50 million euro transaction. As Poslovni Dnevnik/Sergej Novosel Vuckovic writes, RTL Croatia/Hrvatska is set to get a brand new owner in a transaction that is expected to be successfully completed in the coming months. RTL Croatia's ''parent'', the Luxembourg-German RTL Group, sold it to CME Media Enterprises (CME), part of the PPF Group from the Czech Republic, for an estimated 50 million euros. The current expectations are for the above…

February 15th, 2022 - Hotel Adriatic in Dubrovnik is to be transformed from a two-star facility into an elegant four-star hotel The Maestral hotel group from Dubrovnik has announced a major investment cycle. Over the next few years, the group is planning to make significant investments in its hotels in order to become a luxury hotel chain of the highest category, reports Morski.hr. Hotel Adriatic is the first announced investment of the Maestral group. It’s to be transformed from a two-star facility into an elegant four-star hotel, retaining the same capacity of 140 luxury accommodation units that offer a beautiful…

ZAGREB, 15 Feb 2022 - The main Zagreb Stock Exchange (ZSE) indices rose mildly on Tuesday, compensating for yesterday's sharp declines, owing to the recovery of prices on European stock markets following the easing of geopolitical tensions regarding Ukraine, however, the turnover was half the turnover on Monday. The Crobex rose by 0.47% to 2,132 points while the Crobex10 gained 0.31% to 1,298 points, making up for yesterday's loss of close to 2%. Regular turnover was HRK 5.3 million, around 5 million less than on Monday. The highest turnover, of HRK 970,000, was generated by the Atlantic Group, whose stock price…

ZAGREB, 15 Feb 2022 - Croatian Police Trade Union president Dubravko Jagić said on Tuesday, after negotiations with government representatives, that government employee unions demanded an 8% base pay rise as public employee unions, rejecting the government's offer of a 2% rise. We demand the same as the public services, a base pay rise in three instalments: by 4% as of 1 March, by 2% as of 1 July and by 2% as of 1 November, Jagić told the press after the ninth round of negotiations at the Labour Ministry. "I think we will arrive very soon at a joint solution to the…