Croatia's Fortenova seals a 550 mln euro refinancing deal with Unicredit, Zagrebacka bank
"With this arrangement, which represents the largest private corporate financing in Republic of Croatia arranged by one banking group, Fortenova Group makes an important step in further stabilisation and strengthening of its financial position," the company said.
Formerly known as Agrokor, Fortenova is one of the biggest companies in southeastern Europe. It was saved from bankruptcy in a restructuring deal with local and foreign creditors in mid-2018.
The company said this was its first banking financing since it was founded in 2019.
"Since ... 2019 we have cut gross debt from 2 billion euros to 650 million euros and at the same time more than doubled the Group's EBIDTA," said CEO Fabris Perusko.
The effective date for the debt refinancing is October 1.
($1 = 0.8526 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
31 minutes ago
- The Independent
Spotify set to increase prices for millions worldwide
Spotify is increasing the price of its paid-for, premium subscription tier globally. The price hikes will affect users in Europe, South Asia, and other regions, with affected customers to be notified by email. Some European countries, including Portugal, Italy, and France, have already seen prices rise by €1 for new subscribers. Spotify stated the price increase is to enable continued innovation in product offerings and features. Following the announcement, Spotify's share price rose by around 8 per cent, despite recent reports of lower-than-expected subscriber growth.
Reuters
32 minutes ago
- Reuters
Wall Street falls after US data, oil drops for fourth straight session
NEW YORK/LONDON, Aug 5 (Reuters) - Wall Street stock indexes were lower on Tuesday following weaker than expected U.S. economic data, as equities in Europe and Asia gained ground. U.S. services sector activity unexpectedly flatlined in July with little change in orders and a further weakening in employment even as input costs climbed by the most in nearly three years, highlighting the uncertainty over the impact of Trump's tariff policy on businesses. The Dow Jones Industrial Average (.DJI), opens new tab fell 40.08 points, or 0.09%, to 44,133.14, the S&P 500 (.SPX), opens new tab fell 0.71 points, or 0.01%, to 6,329.23 and the Nasdaq Composite (.IXIC), opens new tab rose 39.72 points, or 0.19%, to 21,093.99. The U.S. dollar steadied as investors raised bets the Federal Reserve would act to prop up the world's largest economy. Gold prices fell from two-week highs, and oil retreated on rising OPEC+ supply and worries of weaker global demand. On Monday, U.S. shares had rallied on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday. The pan-European STOXX 600 (.STOXX), opens new tab index rose 0.35%, echoing the strength across Asia markets, where MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab closed up 0.77%. European earnings season was in full swing, with Diageo (DGE.L), opens new tab jumping 4.55%. "The removal of the uncertainty is one factor that is helping European markets, even if the tariff rate is probably a bit higher than what market participants or European politicians would have expected or hoped to see," said Amelie Derambure, senior multi-asset portfolio manager at Amundi. "The question is whether bad news is bad news (economy slowing down) or it's good news (Fed moving towards rate cuts). Our view is that it depends on how bad is the data and what's priced in," Jefferies strategist Mohit Kumar said. "A modest weakening of the economy would be good news as it should be more easing from the Fed. However, a sustained and sharp rise in unemployment rates would be a negative as it would raise concerns over growth and earnings," he said. The dollar index , which measures the U.S. dollar against a basket of currencies, including the yen and the euro, rose 0.36% to 98.99. The euro was 0.29% at $1.1536. Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year. News that Trump could fill a governorship position at the Fed early added to worries about politicization of interest rate policy. Trump again threatened to raise tariffs on goods from India from the 25% level announced last month due to its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests. "Whether the threat of secondary sanctions on India's financing of Russia is the core goal remains to be seen," strategists at ING said. "Or indeed, this move may be increased U.S. leverage on India to open up its domestic economy to agricultural imports or commitments to buy U.S. energy instead." Oil prices dropped for a fourth day, with concern mounting about economic growth and the potential for oversupply. Brent crude futures were down 1.21% at $67.93 per barrel and U.S. crude down 1.33% to $65.41. The second-quarter U.S. earnings season is winding down, but investors are still awaiting results this week from companies including Walt Disney (DIS.N), opens new tab and Caterpillar (CAT.N), opens new tab. Data on Tuesday showed business activity in the euro zone grew at a slightly faster pace in July than in June, but remained sluggish. A separate UK survey showed British businesses recorded their largest drop in new orders in almost three years in July and cutting staff by the most in six months. Data from Asia's two biggest economies showed resilience in their service sectors. In Japan, the S&P Global final services purchasing managers' index (PMI) to 53.6 in July from 51.7 in June for the strongest expansion since February. China's services activity last month at its fastest pace in more than a year. Spot gold prices were last down 0.04% to $3,371.59 an ounce, and spot palladium fell as much as 3% to $1,169.50 before paring losses.
Auto Express
an hour ago
- Auto Express
Car finance compensation: am I eligible?
You can't go on social media or switch on the television these days and fail to hear about the ongoing car finance scandal. Lenders have put aside billions of pounds in potential compensation for consumers, but court rulings have shaken things up a bit, meaning fewer people are now eligible. Advertisement - Article continues below The Supreme Court recently overturned a decision made by the Court of Appeal last October that declared that any type of hidden commission involved within a car finance deal was unlawful. Such a decision originally led to thousands signing up with claims firms in the hope of securing a slice of the billions set aside by lenders in case the Supreme Court ruled against them. Now, however, it looks as if only those who had previously signed up to a finance deal involving a Discretionary Commission Arrangement (DCA), or potentially those whose finance deals involved 'excessive' levels of commission, will be able to claim. Already lost? We don't blame you, so let us answer all of your most burning questions. The ongoing car finance scandal started at the beginning of 2024 when the UK regulator, the Financial Conduct Authority, announced that it was launching an investigation into what's known as Discretionary Commission Arrangements (DCAs). Skip advert Advertisement - Article continues below Outlawed in 2021, DCAs essentially mean lenders artificially inflating interest rates in order to provide the dealer with additional commission, thus pushing up the cost of finance for the customer. This, according to experts, was the case in roughly 40 per cent of finance deals between 2017 and 2021, costing consumers as much as £500 million per year as opposed to flat commission rates. Advertisement - Article continues below This came to a head after a Court of Appeal case between customers and some of the UK's largest lending firms ruled that any part of a finance deal involving commission that's not overtly outlined and agreed to by the consumer is unlawful. Such a decision sent shockwaves through the industry because this meant almost all car finance deals from 2007 could be eligible, with experts originally estimating as much as £40 billion being up for grabs in compensation. In early August, the UK's highest court, the Supreme Court, overturned the Court of Appeal's judgement, claiming that dealers do not have a fiduciary duty to act in their customer's interest, rather than their own. Lord Reed, the President of the Supreme Court, delivered the judgement, saying that 'At no point did the dealer give any kind of express undertaking or assurance to the customer that in finding a suitable credit deal it was putting aside its own commercial interest as seller'. However, the Court did uphold a ruling in which the amount of commission paid to a dealer was deemed excessive, accounting for as much as 55 per cent of what the customer had paid. Skip advert Advertisement - Article continues below After originally trying to push its own influence over the Court's verdict, the Treasury said in a statement that it 'respect[s] this judgment from the Supreme Court and will now work with regulators and industry to understand the impact for both firms and consumers.' Following the Supreme Court's judgement, the FCA said it would launch a consultation into a potential redress scheme for those having signed up to finance deals involving DCAs, as well as those including 'non-disclosure of other facts relating to the commission that [made] the relationship unfair.' Advertisement - Article continues below What does this mean? Well, it appears those with DCA finance agreements, as well as those who will be able to claim that their finance deal was misleading in any way, will be entitled to compensation. In some sense, this is bad news for consumers because it means that far fewer people will be eligible to receive redress. However, it's a slightly less severe blow to the industry, given that the issue is expected to cost around £18 billion, rather than the £40-50 billion originally expected. Nevertheless, the Finance and Leasing Association – the trade body that represents lenders – called the idea of an official redress scheme 'impractical', saying that it has 'concerns about whether it is possible to have a fair redress scheme that goes back to 2007 when firms have not been required to hold such dated information, and the evidence base will be patchy at best.' Unfortunately, the payout for those affected looks to be a lot less than what was originally expected; while estimates suggested that most claimants would be able to walk away with four-figure sums, the FCA suggested that the majority will likely get less than £950 per finance deal. This will come as a disappointment to some, however the FCA insists this is in an attempt to balance the impact on both businesses and consumers. But with such a low figure and many paying tens of thousands of pounds out on the average finance deal – several thousands being that of the inflated DCA interest rates – many might not get back all of what they are technically owed. For the time being we recommend simply filing a complaint with your lender; there are several free tools available online, such as the one from Martin Lewis' MoneySavingExpert, which can help you find old finance agreements and draft such a letter. There is also the option of sitting tight for now; the chances are that the FCA will announce what's known as an 'opt-out' redress scheme, which means lenders will be forced to get in contact with you in order to arrange compensation. However, there is still no harm in filing a complaint because this will cover all bases, on the basis that the FCA might make the redress scheme 'opt-in', forcing consumers to do the contacting legwork themselves. Most important, however, is that Auto Express' advice is not to sign up for any of the dozens of car-finance claims-management firms you've undoubtedly seen being advertised online. Not only is doing so unnecessary, but they can also take up to 30 per cent of your winnings – even if the FCA sets up an 'opt-out' scheme in which the claims firms would have to do nothing. Thinking about buying a new car? Click here for our guide on how to buy a car online ... Find a car with the experts Volkswagen, Skoda and Cupra slash electric car prices Volkswagen, Skoda and Cupra slash electric car prices Volkswagen, Skoda and Cupra aren't waiting around for the government grant by cutting £1,500 from their EV prices Electric cars driven until they die: the truth about EV range Electric cars driven until they die: the truth about EV range Five EVs under £24k have joined Dacia's Spring on the UK market. How far can you go on a budget? We find out Car Deal of the Day: MGS5 EV for under £200 a month is a true bargain Car Deal of the Day: MGS5 EV for under £200 a month is a true bargain The ZS EV's replacement is an excellent small electric SUV, and our Deal of the Day for August 4
