By outsourcing production of major parts of car components, carmakers have also outsourced a substantial amount of their financing needs and associated risks to their suppliers. Still, despite rather slim margins, the prospect of a fairly stable cash flow over a number of years has made the automotive supplier business viable in the past. However, this viability is becoming questionable. This is visible in the number of struggling or even insolvent suppliers, the German group Eisenmann being a very recent example.
Ante Sucur has been the Head of Legal Affairs and Company Secretary at Mercury Processing Services International Ltd (formerly Intesa Sanpaolo Card Ltd) since 2009. Before joining Mercury, he worked for five and a half years at Privredna Banka Zagreb d.d. (which is also part of the Intesa Sanpaolo Group).
In December 2018, the Croatian Parliament adopted amendments to the Renewables Act and the Government adopted two implementing regulations, which jointly apply as of January 1, 2019 (the “2019 Amendments”). In this article we briefly outline the 2019 Amendments and then discuss how they affect the current Croatian incentives system for renewable energy sources (RES) and new investments in RES.
On the eve of a widely-expected global economic downturn, the Croatian economy finally emerged from “junk” investment status, and rating agencies now rank it as “investment” tier. Formal confirmation of this new status is expected to come in the course of spring 2019 – when the first signs of a slowdown in the local economy are already signalled. The country’s GDP is growing shyly but persistently and after five years of membership in the EU there is a visible uplift in the trade balance with export of goods and services (predominantly with other EU-member countries) as the main driver.
“These are really exciting times in Croatia,” says Kallay & Partners Managing Partner Ivna Medic. On January 1, 2019, she says, the rule book of electronic communications in commercial court procedures was changed to provide the conditions for communicating in electronic form. Medic explains that the regulation represents something completely new for the Croatian legal system. “For the very first time we have the opportunity to communicate with courts electronically, and most definitely this will speed up court proceedings and reduce costs for the proceedings,” she says.
Croatian employers have until the end of this year to partially comply with the recently enacted Act on the Protection of Whistleblowers (Zakon o zaštiti prijavitelja nepravilnosti; "Whistleblower Protection Act"), with which they must come into full compliance by March 2020. The Whistleblower Protection Act defines who will be deemed a whistleblower and enjoy protection for whistleblowing. In contrast, the current whistleblower provisions are scattered throughout a number of laws, such as the Criminal Code, the Trade Act, the Employment Act and others. Consequently, research conducted in 2017 has shown that around 60 % of Croatian examinees do not know how to report corruption.