Croatia expecting 1.5 billion-euro tourism project


Work is expected to begin this year in the southern town of Sibenik. In other business news: the Eurozone approves aid for Cyprus and Greece; Bulgaria avoids a financial crisis.

A new project in Sibenik will include hotels, villas, a marina and more. [kroatien-online]

Swiss company TFI Holding will invest 1.5 billion euros in a major tourism project in the town of Sibenik in southern Croatia. Construction on the project will include hotels, villas, marina, medical services and kindergartens and is expected to begin by the end of this year.


Eurozone officials agreed to release the next 1-billion-euro aid tranche to Greece. The agreement came after the government in Athens met six conditions set by international creditors. The Eurozone also approved the disbursement of 600 million euros for Cyprus.


Bechtel and its joint-venture partner Enka will build a 60-kilometre highway that will link Kosovo and Macedonia. This will be Kosovo's second motorway. The first one links Morina on the Albanian border with Pristina.


Bulgaria averted a banking crisis after false reports of irregular activities caused a run in two of the biggest banks in the country. The central bank and experts said the banking sector was "functioning normally" and risks to Bulgaria's macroeconomic stability remained limited.


The economy of Cyprus will contract less than expected this year and will return to growth in 2015, the European Commission said in a report. According to the forecast, this year the island's GDP will shrink by 4.2 percent compared to the previous forecast of 4.8 percent.


Macedonia launched a 1.3-million-euro project to set up a legal framework to protect consumer rights. About 700,000 euros will be set aside to complete the harmonisation of local legislation with the EU's, while the remaining funds will go to fund the non-governmental sector's efforts to support the protection of consumer rights.


The Chambers of Commerce and Industry of Serbia, Hungary and Bulgaria signed an agreement to improve co-operation in the field of economic development and energy security. The three countries agreed to set up a forum, the Danube Energy Initiative, to co-ordinate their energy policies.


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Turkey's biggest hazelnut producer Oltan Gida was acquired by Italian giant Ferrero, which produces the famous Nutella chocolate spread, local media reported. Oltan Gida accounts for one third of Turkey's total hazelnut output and is the country's 55th biggest industrial company.


Dutch bed maker Napco Beds opened Europe's biggest box-spring bed factory in the town of Petrovo in Bosnia and Herzegovina. The plant employs 300 workers and is expected to expand in the future.

(Various sources -- 03/07/14-09/07/14)

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