© sabor.hr

29. 09. 09. - 09:00

• more Business news...
• RSS Feed Business

29. 09. 09. - 09:00

Zagreb´s Magma is 20 years old

Croatian Times

Magma, a Zagreb company founded in 1989 as a wholesaler of a number of top world brands of clothes and toys, celebrates its 20th birthday yesterday (Mon).

Magma, which includes the firms Turbo Limach, Turbo sport and Magma fashion, employs 1,250 workers in Croatia and abroad.

Last year, company income was one billion kunas or 137 million Euros. Despite world recession, Magma head Goranko Fizulic, who is also a former Croatian minister of economy, expects the same results this year. He said he had predicted the crisis in 2007.

Magma has already laid off 300 workers in 2009. Fizulic claims the reason for that is increased automatisation.

On the other hand, Fizulic said he didn’t expect the country to recover from the financial crisis before the second quarter of 2010.  He confirmed that sales had been lower during the summer months.

He said: "Croatian residents have no trust in a better tomorrow and, without that, there is no spending. I believe Croatian residents are spending much less than they can because they are afraid of what could happen next month. I see that as pernicious for the economy."

Fizulic said the company’s medium-term plan named Return to The Future included returning business to the levels of the years 2005 and 2006 but the long-term goal was to expand in other markets in countries in which they were already doing business.

He announced a new market concept, Lifestyle Market, that would feature clothes and home furnishings.

The first such shop will open in Rijeka at the end of the year.

Missing Austrian cyclist found by police this morning in Dabar
After an all-night search, police in Lika-Senj county found this morning (Thurs) the 65-year-old Austrian cyclist who had been reported missing by a friend, 41, last night.

Croatian diaspora in Australia wants to invest in homeland
Croatian President Ivo Josipovic met recently with a delegation of Croatian emigrant entrepreneurs from Australia interested in investing in their homeland.

Former president to take Croatian entrepreneurs to Libya
A group of Croatian entrepreneurs may go to Libya this autumn in a visit organized by former Croatian President Stjepan Mesic.

Gotovina´s trial ends after 2.5 years
The trial of three Croatian generals accused of crimes against humanity during the 1990s war in Croatia ended yesterday (Wed) at The Hague after two-and-a-half years.

Poacher caught at the border with 627 dead birds
An Italian was caught at the Jasenovac border crossing with a van containing 627 dead birds of different species on Tuesday.

Two-thirds of Croatians do not believe fair play occurs in football
Almost two-thirds of Croatians believe that some Croatian Football League (HNL) games have been rigged, the latest GfK research shows.

Prime minister wants better economic relations with Libya
Croatian Prime Minister Jadranka Kosor has expressed satisfaction with her meeting yesterday (Weds) with Libyan Prime Minister al-Baghdadi Ali al-Mahmudi at which the two leaders discussed bilateral economic/commercial cooperation.

Croatian athletes shine at AIFF World Challenge meet in Zagreb
Croatian star athletes Sandra Perkovic and Blanka Vlasic have once again wowed audiences with their remarkable performances at the AIFF World Challenge 2010 over the past two days in Zagreb.

Eighth annual World Theater Festival opens September 17 in Zagreb
The Peeping Tom Collective from Brussels will open the eighth annual World Theater Festival in Zagreb on September 17 with the play "32, Rue Vandenbranden".

Jana bottled water on shelves of second-largest American supermarket chain
Four years after its debut in the American market, Croatian bottled water from the firm Jana is appearing on shelves of the country’s second-largest supermarket chain, Kroger.