Dalić Visiting Iran
Deputy Prime Minister and Minister of Economy, Martina Dalić, is visiting Iran from 05-08 May. She met with VP Nobakhto, Minister of Economy and Finance Karbasiyan and the Central Bank Governor Saif. Meetings were mostly about how to strengthen bilateral cooperation, with emphasis on establishing the payments system. […]
08.05.2018 Read More
New Dispute With Slovenia
Croatia and Slovenia seem to disagree on a number of points lately. The newest issue is the Croatian member of the two-member management of the Krško Nuclear Power Plant (NEK). Gen.Energija, the Slovenian co-owner of the NEK, recently extended ad interim the mandate of Stane Rožman, the long-term CEO of the power plant. This was done without the agreement of the Croatian partner, HEP, which is conditioning its consent to this extension by removal of the current Croatian member of the Board, Mr Hrvoje Peharić. […]
26.04.2018 Read More
Ministers Discuss Reconstruction of the Zagreb – Belgrade Track
Croatian Minister of Transport Oleg Butković, and his Serbian counterpart DPM Zorana Mihajlović are meeting today in Belgrade, and are expected to sign a memorandum on promotion of railroad transport. This should allow for the reconstruction of the Zagreb – Belgrade line, stretching for 412 kilometers mostly through Croatia. […]
09.03.2018 Read More
European Commission Supports Western Balkans Single Market
European Commissioner for Enlargement and Neighborhood Policy, Johannes Hahn, supported the idea floated by the new Serbian President Aleksandar Vučić, about creating a single market in the region. Mr Hahn believes this would improve economic efficiency of the region with 20 million inhabitants.
Hahn stressed that this initiative cannot derail European integration of countries in the region. Au contraire, “this is about preparing the region for accession to the Union and the single market, so the idea makes a lot of sense”. “The fragmented region is not particularly attractive to foreign investors, but creation of a common market would only increase this attractiveness. This means new jobs, new opportunities.” Hahn estimated that there are unused potentials in the region and that the rate of growth exceeds that of the EU, so it is “important to remain focused on that”.
He also noted that the Berlin Plus, a new German plan for Western Balkans, is not a substitute for EU membership, but that it “demonstrates firm commitment of the EU, and Germany in particular, to further investment and engagement in the region.”
Vučić offered Serbia’s gratitude for any and all assistance granted by the EU, and reminded that the EU is Serbia’s largest trading partner accounting for 67% of all Serbian exports. He raised the idea of a single economic area because “we are all small”.
The EC is expected to open two more chapters in Serbia’s accession negotiations next week when the negotiators meet in Bruxelles.
08.06.2017 Read More
Cimos Debt To RiBa Resolved
Minister of State Property, Goran Marić, and CEO of the Slovenian company for bank claims management, Imre Balogh, signed an agreement on sale of claims against Cimos. The agreement regulates the Cimos old debt towards Riječka Bank, which was now taken over by the Croatian Agency for Deposit Insurance and Bank Rehabilitation (DAB), for which Slovenia will pay EUR 7 million.
The Slovenian Cimos was recently sold to an Italian investment fund, Palladio Finanziaria, for a symbolic amount of EUR 110,000 but with strings attached, including payment of Cimos debt exceeding EUR 110 million and fresh capital for the troubled company. […]
24.05.2017 Read More
Ramljak Apparently Unscathed In Belgrade
Ante Ramljak, the Government Administrator for Agrokor, visited Belgrade today to speak to DPM and Minister of Trade Rasim Ljajić, President of the Chamber of Commerce Marko Čadež, and directors of Agrokor companies in Serbia. According to Jutarnji List, Ramljak informed his interlocutors that restructuring of the company should be finished within 12 to 15 months. He also apparently excluded the possibility of Agrokor bankruptcy, and stated that the holding is “proceeding towards normalization of operations of Agrokor companies in the region”. Ramljak stated that Dijamant and Frikom are “fully prepared for the upcoming harvest season”. He also informed his hosts with plans and timelines for Agrokor restructuring, and in particular about plans for Agrokor companies operating in Serbia. Those companies employ some 11,000 workers, making them a major concern for the Serbian government. In turn, Ljajić’s office issued a press statement saying that “Ramljak and his associates were informed about actions of the Serbian Government aimed at preserving stability of operations of Agrokor companies in Serbia, preservation of jobs and protection of suppliers”. Heads of Merkator S, Aleksandar Seratlić; Dijamant, Vladimir Milović; and Frikom, Gojko Đošić, were also present in the meeting.
17.05.2017 Read More
Foreign Funds Worried About Agrokor Situation
Fidelity International and Axa Investment Managers are worried they might lose their money after the collapse of Agrokor, warned Bloomberg on Wednesday. The value of Agrokor’s loans, € 520 million, has now been reduced to 4 cents per €. Because of this, Axa IM has formed a group with American hedge funds, Knighthead Capital Management and T. Rowe Price Group, which have acquired discounted bonds in the last three months and are working with PJT Partners in the hopes that they would recoup at least some of their money. At the same time, Invesco and Canadian Pension Plan Investment Board, facing the same predicament, have turned to Moelis to help them in negotiations with Agrokor.
10.05.2017 Read More
Handball Director to Deal with Agrokor
On Monday, Slovenian government announced that the extraordinary member of Mercator board, responsible for all deals and transactions with Agrokor, will Gregor Planteu, former director of Celje handball club. According to Slovenian Minister of Economy, Mr. Zdravko Počivalšek, the decision is “professionally sound”. However, Slovenian media report on surprise behind the scenes, since Mr. Planteu is a relatively unknown name, and has never been at the helm of a larger company.
Slovenian Parliament has recently adopted an act protecting public interest in Mercator, connected to the Agrokor upheavals. Political analysts believe that the act is mostly an attempt to insure negotiations directly with Croatian government, and a sort of a tactical response to Croatian ‘lex Agrokcor’.
10.05.2017 Read More