Business

Greece's creditors want sweeping reforms before next bailout payment

Greece must make sweeping reforms to its labour market, pension system and collective bargaining agreements in order to receive its next vital bailout payment, the country's European creditors said Monday.

Petrokemija posts HRK 87.3m loss in 2016

The Petrokemija artificial fertiliser manufacturer made HRK 1.93 billion in revenues in 2016, expenditures were HRK 2.02 billion and the loss was HRK 87.3 million, down 5.6% on the year, the Kutina-based plant said on Monday.

Trump's sons in Dubai to launch golf course

The two eldest sons of US President Donald Trump were in Dubai on Saturday to open the 18-hole Trump International Golf Club, the first Trump-branded golf course in the Middle East.

Croatian food company Podravka opens EUR 4 mn factory in Tanzania

The Croatian food company Podravka on Wednesday opened a food seasonings factory in Tanzania worth four million euros, the Koprivnica-based company said.

Lufthansa reaches settlement with pilots' union in salary dispute

German airline Lufthansa and pilots' union Vereinigung Cockpit have agreed to a settlement proposed in mediation, ending a long-running and bitter dispute over salaries.

OPEC members produced less oil than production limit in January

OPEC members have more than fulfilled their plan to lower its oil output in January, according to a report that the group of major producers published Monday.

Ford set to invest in artificial intelligence company Argo AI

Motor company Ford announced Friday it would invest 1 billion dollars in new artificial intelligence company Argo AI over the next five years, as it seeks to get ahead in the autonomous vehicles market.

Germany presents "Marshall plan" for Africa at business summit

Hundreds of business and political personalities on Thursday attended a German-African economic summit in the Kenyan capital Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his "Marshall Plan" for Africa.

Nissan profit falls 15 per cent due to strong yen

Nissan Motor's operating profit for the last quarter of 2016 dropped 15.1 per cent year-on-year to 163.5 billion yen (1.46 billion dollars) due to a stronger yen, the company said Thursday.

Italy denies German charge Fiat Chrysler cheated on emissions tests

German allegations that Fiat Chrysler Automobiles (FCA) cheated on emissions tests are unfounded, said Italian Transportation Minister Graziano Delrio on Wednesday.

Podravka reports record sales on Russian market in 2016

Podravka generated record sales in Russia in 2016 and regards the country as its main market over the next five years, expecting two-digit growth rates, the Croatian food company said on Wednesday marking 50 years of its presence on the Russian market.

Record sales drive rise in China-owned Volvo Cars' full-year profit

China-owned Volvo Cars on Wednesday reported a 66-per-cent rise in net profit for full-year 2016, driven by strong sales in China and the United States.

Danish shipping and oil conglomerate Moller-Maersk sinks into red

Danish shipping and energy group AP Moller-Maersk posted a full-year 2016 net loss of 1.89 billion dollars, citing writedowns in its oil business and lower freight rates.

JANAF earns HRK 290.5 mn in profit in 2016

The Adriatic Oil Pipeline (JANAF) company earned a net profit of HRK 290.5 million in 2016, 24.4% more than in 2015 and 74.1% more than planned, the company said on Tuesday.

Airbnb up in arms as Singapore enforces ban on short-term rentals

Airbnb believes new laws by the Singapore government to clamp down on short-term homestay rentals including forced entry into listed homes hurts the country's progress, it said in a statement Tuesday.

Turkey transfers shares in top companies to wealth fund

Turkey's government has begun to transfer its shares in top companies, including Turkish Airlines and Halkbank, to a sovereign wealth fund.

Deutsche Bank apologizes to Germans with full-page newspaper ads

Deutsche Bank apologized to Germans for its costly mistakes in the past with full-page ads in several German newspapers on Saturday.

Nokia net profit halved in fourth quarter

Finnish telecommunications equipment maker Nokia on Thursday said its fourth-quarter net profits halved amid its ongoing integration of Alcatel-Lucent of France that it bought last year.

Deutsche Bank records loss of 1.4 billion euros in 2016

Deutsche Bank recorded a loss of 1.4 billion euros (1.5 billion dollars) in 2016, the lender announced on Thursday citing restructuring and legal costs.

Sony more than halves profit outlook due to film division writedown

Sony slashed its net profit forecast by 56 per cent to 26 billion yen (231 million dollars) for the current financial year due to a writedown in its movie business, the company said on Thursday.

Siemens shares surge after it raises business outlook

Siemens' shares surged on Wednesday after the German engineering giant raised its full-year business outlook following a 25-per-cent rise in quarterly profit.

Bosch to pay 375.5 million dollars to settle US emissions claims

German auto parts maker Bosch said on Wednesday it is to pay more than 327.5 million dollars to compensate US owners of Volkswagen cars fitted with equipment aimed at cheating on emissions tests.

Boom in sales of iPhone 7 help Apple to record quarterly revenue

Strong sales of Apple's iPhone 7 have helped the California-based company post record quarterly revenue in the fiscal first quarter ending in December, the company said Tuesday.

EU commissioner: Ireland should collect tax benefits from Apple

The EU commissioner for competition called on Ireland on Tuesday to recover 13 billion euros (14 billion dollars) in tax benefits from US tech giant Apple after the company missed the payment deadline set by the EU.

Indian IT stocks slump over US visa reform bill

Shares in India's major IT companies fell Tuesday after local media reported on a US bill that would make it more expensive for firms to replace American employees with workers from foreign countries.

Turkey tourism revenue down 27 per cent in fourth quarter

Turkey tourism revenues were down 27.2 per cent in the fourth quarter of 2016, state-run agency Turkstat said Tuesday, noting income was recorded at 4.7 billion dollars.

Agrokor ranks 159th among world's 250 largest retailers

The retail unit of Croatia's Agrokor agricultural and food group ranks 159th among the world's 250 largest retail chains, moving up 33 spots in the ranking, the Deloitte consulting firm said on Monday.

Volkswagen beats Toyota in 2016 global car sales

German carmaker Volkswagen sold more vehicles globally than Japanese rival Toyota Motor in 2016, taking the crown as the world's largest carmaker for the first time, results showed on Monday.

VW recalls almost 600,000 cars in US; mostly Audis affected

German carmaker Volkswagen is recalling almost 600,000 cars in the United States, with the action mainly affecting Audi models, a spokesman for the subsidiary told dpa on Sunday.

Prosecutors widen VW probe into ex-chief Winterkorn

German prosecutors widened their probe into the Volkswagen emissions scandal on Friday, alleging that former VW chief Martin Winterkorn may have known more about the company cheating on pollution tests than he has previously admitted.

Toshiba to spin off chip business, braces for US nuclear power losses

Japanese industrial conglomerate Toshiba said Friday it would spin off its core flash memory business and sell a stake in the sector to raise funds as it braces for huge writedowns in its nuclear power business in the United States.

BAT taking over Sarajevo tobacco factory

British American Tobacco (BAT) will take over Bosnia and Herzegovina's Fabrika Duhana Sarajevo (FDS) and will continue producing local and regional cigarette brands, representatives of BAT and Austria's CID Adriatic Investments fund announced in Sarajevo on Thursday. 

Johnson and Johnson gulps Swiss biotech firm for 30 billion dollars

US pharmaceutical and health product giant Johnson and Johnson will take over Swiss lung medicine maker Actelion for 30 billion dollars, both companies announced Thursday.

German business confidence sinks as minister warns of Trump threat

The German economy entered the new year on a downbeat note with business confidence posting a surprise fall in January as concerns set in about US President Donald Trump's economic plans.

Trump meets with US carmakers to push for jobs

US President Donald Trump met with US carmakers Tuesday, part of his effort to pressure the manufacturers to build their products for the US market inside that country.

Samsung's quarterly profits more than double despite Note 7 debacle

Samsung's profits for the final quarter of 2016 were more than double the same period in the previous year, the South Korean smartphone manufacturer said Tuesday in a stock market filing.

Croatia presents investment opportunities to Alibaba

Representatives of the Chinese online company Alibaba are considering the Zadar area in Croatia as a location for the construction of a large distribution centre that would cover entire Europe, and recently they have met with officials from the Croatian Ministry of Economy, Entrepreneurship and Crafts.

Financial leaders in Davos optimistic about US, but see trade risk

The US economy will likely profit from the planned policies of its new president, as long as Donald Trump does not turn his protectionist plans into reality, Western financial leaders said Friday at the World Economic Forum.

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European data centre that would be powered by clean and renewable energy.

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across two continents to deliver containers of clothing and household goods from the eastern Chinese trading hub of Yiwu.

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that the German-based financial institution misled investors who bought mortgage-backed securities in 2006-07.

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company announced on Tuesday, days before the inauguration of president-elect Donald Trump.

Tobacco giant BAT agrees to 49-billion-dollar takeover of US rival

British American Tobacco Plc on Tuesday said it has finalized a deal to acquire 57.8 per cent of shares of US rival Reynolds American Inc for 49.4 billion dollars.

IMF raises China growth forecast, but warns of sharper slowdown

China's economy will expand by 6.5 per cent this year, the International Monetary Fund said on Monday, as it warned that the growth, driven by government spending, will not be sustainable. 

Trump's warning to German carmakers hits shares

Shares in German carmakers tumbled on Monday after incoming US president Donald Trump threatened the industry with hefty penalties for selling cars in the US market that were produced elsewhere.

Report: Ex-Volkswagen head knew about scandal two months before

Former Volkswagen chief executive Martin Winterkorn knew about the company's emissions scandal two months earlier than previously stated, the Bild am Sonntag newspaper reported on Sunday.

Takata to pay 1-billion-dollar criminal fine over defective airbags

Beleaguered Japanese car-parts supplier Takata has agreed to pay a criminal penalty of 1 billion dollars, and three of its executives have been indicted, in connection to its sales of faulty airbag inflators, US authorities announced Friday.

India's SpiceJet to buy 205 Boeing jets in 22-billion-dollar deal

Indian budget airline SpiceJet will purchase 205 planes worth 22 billion dollars from US manufacturer Boeing, one of the biggest orders ever made by an Indian airline, according to an agreement announced Friday.

Amazon plans to create more than 100,000 new jobs in the US

The world's largest online retailer Amazon plans to create 100,000 new jobs in the US over the next 18 months.

German economy sizzles at 1.9 per cent in 2016, strongest since 2011

The German economy grew by 1.9 per cent in 2016, the Federal Statistics Office announced Thursday, posting the strongest growth in five years for Europe's largest economy.

VW admits guilt in emissions scandal as US indicts six

Volkswagen will admit guilt and pay 4.3 billion dollars in criminal and civil settlements to the US government over the German carmaker's cheating on diesel emissions, US Attorney General Loretta Lynch said Wednesday.

Britain's Heathrow sets new record with 76 million passengers in 2016

Britain's Heathrow Airport, Europe's busiest air travel hub, on Wednesday reported a new record of 76 million passengers last year, up 1 per cent from 2015.

Airbus sets record with 2016 commercial aircraft deliveries

Airbus delivered a record 688 commercial aircraft in 2016 on the back of strong operational performance and a robust market, the airline manufacturer said Wednesday.

VW near 4.3-billion-dollar US settlement over emissions cheating

Volkswagen said Tuesday it was close to reaching a settlement of about 4.3 billion dollars with the US Department of Justice in the German carmaker's diesel emissions cheating case.

Volkswagen likely topped Toyota as world's leading carmaker in 2016

Volkswagen AG appears to have become the world's biggest carmaker last year with global sales of more than 10.3 million vehicles, up 3.8 per cent from 2015, according to data issued Tuesday by the German company.

Croatia's HT buys majority stake in Montenegrin Telecom

The Croatian telecommunications company Hrvatski Telekom (HT) signed an agreement on Tuesday to buy 76.53 percent of shares in Montenegro's Crnogorski Telekom from Hungary's Magyar Telekom for EUR 123.5 million, which is HT's first major regional acquisition.

Trump hails auto industry "finally" bringing jobs to US

US president-elect Donald Trump kept up the pressure Monday on the auto industry, as global carmakers were gathered in Detroit for the North American International Auto Show.

McDonald's to sell 80 per cent of its China business

McDonald's plans to give up direct control of 80 per cent of its business in China and Hong Kong as part of a drive to franchise more restaurants worldwide, the company said in a statement Monday. 

VW executive arrested in US over emissions scandal

A Volkswagen executive was due Monday in federal court to face conspiracy charges over the German carmaker's emissions-cheating scandal.

Trump trade policy hangs over US automotive sector, Detroit car show

US president-elect Donald Trump's populist approach to trade has the world's carmakers on the edge of their seats, with the industry gathering in Detroit for the North American International Auto Show.

South Sudan renews oil contracts with China, Malaysia companies

South Sudan has renewed oil mining contracts with China’s National Petroleum Corporation and Malaysia’s Petronas for five more years, Petroleum Minister Ezekiel Lul Gatkuoth said Friday.

"NO WAY!" Trump says of Toyota plans to build plant in Mexico

US president-elect Donald Trump on Thursday denounced Japanese carmaker Toyota's plans to build a new factory in Mexico and export cars built there to the United States.

EU probe: Luxembourg may have given Engie millions in tax benefits

An investigation by the European Commission has shown that Luxembourg may have given French energy giant Engie tax breaks in a scheme that gave the company an illegal competitive advantage.

Deutsche Bank pays 95 million euros to settle tax avoidance suit

Embattled German lender Deutsche Bank has settled another of its US lawsuits after agreeing a 95-million-dollar payment, state prosecutors said.

Eurozone inflation hits three-year high in December

Consumer prices in the eurozone surged to a three- year annual high thanks to a jump in energy costs.

Tesla misses sales targets for 2016

Electric car manufacturer Telsa missed its ambitious sales target for the year, the company said Tuesday after markets closed.

Ford to cancel 1.6-billion-dollar plant in Mexico, expand US plant

Ford Motor Company on Tuesday cancelled plans to build a 1.6-billion-dollar plant in Mexico and said instead it would invest 700 million dollars into a plant in Michigan.

Trump threatens General Motors over imports from Mexico

US president-elect Donald Trump criticized the country's largest car manufacturer General Motors via Twitter on Tuesday over the company's imports from Mexico.

Mueller to takeover Konzum drug stores

Mueller Stores Zagreb and Konzum have signed an agreement according to which Mueller is to take over Konzum's Kozmo chain of drug stores, Konzum reported on Tuesday.

BMW, Porsche, Nissan hit with South Korea fines, sales bans

South Korea handed out fines to two German and one Japanese carmaker Monday as it announced bans on a series of 10 import models because of faulty documentation, as part of a probe into vehicle emissions standards.

China to ban all ivory trade by end of 2017

China plans to phase out all ivory processing and trade by the end of 2017, state media reported on Saturday.

Crobex value up 18% since start of 2016

Friday, 30 December, which was the last trading day on the Zagreb Stock Exchange (ZSE) this year, was marked by a regular turnover of 13 million kuna, and a rise of 0.18% and 0.19% respectively of the Crobex index to 1.994,84 points and of the Crobex10 to 1.158,18 points.

EU commission approves support measures for Italy's Monte Paschi bank

The Italian government has received the green light from European Union authorities to provide liquidity measures for its ailing lender Monte dei Paschi di Siena (MPS).

Atlantic Grupa eyes possible acquisition in west Europe

The Zagreb-headquartered Atlantic Grupa is working on an acquisition in western Europe as its room for growth in the former Yugoslavia becomes limited, founder and Chief Executive Emil Tedeschi told Reuters in an interview published on Wednesday.

South Korea fines US chipmaker Qualcomm 1 trillion won

South Korea's competition authorities have fined US chipmaker Qualcomm 1 trillion won (850 million dollars) for unfair business practices, they announced Wednesday.

Toshiba tumbles 20 per cent on huge loss concern

Shares in Japan's industrial conglomerate Toshiba plunged 20.43 per cent Wednesday, a day after the company said it could lose billions of dollars on its nuclear power business in the United States.

Toshiba may lose billions of dollars from US nuclear acquisition

Japanese electronics and nuclear giant Toshiba said on Tuesday that it might lose billions of dollars on its nuclear power business in the United States.

Deutsche Bank, Credit Suisse agree to huge fines in US mortgage probe

Deutsche Bank and Credit Suisse have agreed to settle investigations into the fraudulent sale of mortgage-backed securities by paying 7.2 billion dollars and 5.3 billion respectively in the United States, the major German and Swiss banks said Friday.

Italy MPS bank's recapitalization has failed, state rescue looms

Italy's Monte dei Paschi di Siena (MPS), the eurozone's most troubled lender, announced Thursday the failure of a critical recapitalization bid, paving the way for a state rescue and de-facto nationalization.

Ikea reaches settlement with bereaved families in furniture lawsuit

Ikea has agreed to pay 50 million dollars to the families of three toddlers who were killed in the United States when dressers sold by the Swedish furniture giant tipped over, the families' law firm said Wednesday.

Goldman Sachs fined 120 million dollars for rate manipulation

The US investment bank Goldman Sachs has been fined 120 million dollars for manipulating information that affected interest rate products globally, US regulators said Wednesday.

Volkswagen reaches deal over emissions cheating in larger engines

Volkswagen has reached a settlement with US government authorities after months of negotiations over larger diesel engines involved in the company's emissions cheating scandal, the California judge overseeing the case said Tuesday.

EU levels 130-page accusation at Ireland over Apple tax case

The European Commission published 130 pages of legal reasoning Monday for its demand that Ireland recover 13 billion euros (13.6 billion dollars) in tax benefits from US tech giant Apple.

Austria's Spar retail chain takes over 62 Billa stores in Croatia

The Spar Austria retail chain is continuing its expansion in Croatia and has taken over 62 Billa stores in Croatia from the Rewe Group, including Billa's 1,900 workers, Spar's Croatian branch, Spar Hrvatska, said on Friday.

Koncar reports HRK 173 million in profits

By the end of this year the Koncar concern will have earned consolidated revenues from the sale of products and services in the amount of HRK 2.8 billion as well as a consolidated pre-tax profit of HRK 173 million, CEO Darinko Bago said.

Sky accepts 11.7-billion-pound buyout by 21st Century Fox

British broadcaster Sky has agreed the terms of a buyout valuing the company at some 18 billion pounds (23 billion dollars) from media tycoon Rupert Murdoch's US-based 21st Century Fox, the company said on Friday.

Court: Nestle could lose KitKat trademark pending new review

Nestle is at risk of losing its EU trademark for the shape of the KitKat bar after an EU court ruled Thursday the bloc's trademark office had not proved that the confection's four-section shape had a "distinctive character." 

Norway's Statoil sells remaining Canadian oil sands project

Norwegian energy group Statoil said it is selling its remaining oil sands project in Canada, a decision welcomed  Thursday by environmental groups.

Monsanto shareholders approve 66-billion-dollar Bayer merger

German pharmaceutical giant Bayer on Tuesday cleared a major hurdle in its quest to swallow up US titan Monsanto, as the controversial agriculture giant's shareholders voted in favour of a merger worth 66 billion dollars.

Reports: Chinese investors make delayed payment in AC Milan purchase

Chinese group Sino-Europe Sports have completed an advance payment of 100 million euros (106.5 million dollars) towards the purchase of Serie A club AC Milan, the ANSA news agency reported Tuesday.

Italy's UniCredit announces recapitalization, bad loan sale, job cuts

Italy's biggest bank by assets, UniCredit, unveiled Tuesday a major restructuring plan hinging on a 13-billion-euro (13.8-billion-dollar) recapitalization, the sale of 17.7 billion euros' worth of bad loans, and more aggressive job cuts.

Currency chaos in Venezuela as bills pulled over "attack"

Venezuelans rushed to trade in their 100-bolivar bills ahead of a Wednesday deadline after President Nicolas Maduro said he was eliminating the nation's highest currency denomination in an attempt to fight speculation and currency hoarding.

Institut IGH inks 12.5 mln euro deal in Georgia

The IGH notes that the contract was signed on Friday with the Department of Roads in the Georgian ministry and refers to regular and periodic repairs, reconstruction, modernisation and construction of roads as well as clean-up following the October disaster.

Janaf signs long-term agreements with three companies

Croatian oil pipeline operator Jadranski Naftovod (Janaf) said on Monday it had signed long-term agreements with Britain's Vitol, the Czech Republic's Unipetrol and Croatia's Crodux Derivati Dva.

Singapore Airlines and Lufthansa cleared for joint venture

Singapore's competition watchdog cleared a proposed joint venture by Singapore Airlines and Germany's Lufthansa on Monday.

Italy's UniCredit raises 3.9 billion euros with Pioneer asset sale

Italy's biggest bank by holdings, UniCredit, said Monday it was going to cash in 3.86 billion euros (4.1 billion dollars) from the sale of its asset management firm, Pioneer, to France' Amundi, in a deal announced on the eve of a major restructuring plan.

Oxfam names world's worst tax havens

Multinational corporations rob developing countries of 100 billion dollars every year by using tax avoidance schemes, global charity Oxfam said in a report released Monday.

Iran and US firm Boeing sign massive deal

Iran's state airline Iran Air and US aeroplane producer Boeing on Sunday signed a deal for the purchase of 80 aircraft valued at 16.6 billion dollars.

Other countries join OPEC to cut oil output by 1.76 million barrels

The Organization of the Petroleum Exporting Countries (OPEC) managed to broaden its efforts to cut oil output on Saturday, when 11 countries outside this group joined a plan that is aimed at raising prices.

Greek ferry strike ends after eight days

A nationwide strike by Greek ferry workers that led to supply shortages on a several islands ended Saturday after eight days, a union leader said.
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