Business

07 Aug 2019, 18:54 PM

07 August 2019 - The total assets of the Montenegrin banking system, which currently has 13 banks active at the end of June, amounted to 4,3 billion EUR, which is a growth by 317 million or almost 8 per cent from the same period last year.

According to the information available to the Investitor portal, all banks have recorded an increase in assets over the past 12 months, except Prva Banka and Addiko Bank.

The largest bank by assets remained CKB, with assets worth 760 million EUR. That's 98 million euros more than a year ago, or growth of 14,9 per cent. CKB operates within the Hungarian OTP Group, as well as Podgorička Bank. The two banks have assets worth a total of 1,3 billion EUR and cover almost a third of the total sector by this parameter.

The assets of Podgorička Bank stood at 548 million EUR at the end of the first half of the year, which is a growth of 6,1 per cent compared to the previous year. By that criterion, Podgorička Bank ranks third, and is placed just behind Erste Bank, which between June 2 managed to increase its assets by 13,4 per cent to 569,3 million EUR.

The following is a ranking of banks by asset value at the end of H1 2019:

  1. CKB (760 million)
  2. Erste (569,3 million)
  3. Podgorička Bank (548,1 million)
  4. NLB (511,1 million)
  5. Hipotekarna Bank (503,7 million)
  6. Prva Bank (374,8 million)
  7. Universal Capital Bank (294 million)
  8. Addiko Bank (232,3 million)
  9. Lovćen Bank (180,2 million)
  10. Komercijalna Bank (141,4 million)
  11. Zapad Bank (90,1 million)
  12. Ziraat Bank (79,8 million)
  13. Nova Bank (23 million)

Banks' assets include funds placed on the equity market. The assets of the bank are represented by loans offered by the bank, as well as the required reserves that guarantee the repayment of deposits from the bank's clients.

Read more about the business environment in Montenegro at TMN's dedicated page.

06 Aug 2019, 16:27 PM

06 August 2019 - Due to incredible interest, Air Serbia will increase the number of flights between Belgrade and Tivat. By the end of August, there will be 26 flights per week. Passengers will have almost 2.000 seats at their disposal in the Airbus and ATR aircraft. The Serbian national carrier introduced direct flights between Niš and Tivat on 16 July. From today until the beginning of winter season, flights will be operating three times per week.

Representatives of the Air Serbia stated that their company is committed to developing air traffic with Montenegro, as CdM reports.

“Tivat and Podgorica are out most frequent destinations, with 216 return flights in August. Increased flight intensity comes as no surprise considering that Tivat is a very popular tourist destination. We firmly believe that we will make trips so much easier for our passengers,” said CEO of Air Serbia Duncan Naysmith.

Danilo Orlandić, CEO of the Airports of Montenegro, said that Air Serbia was a very important partner for Montenegro. Last year they transported over 245.000 passengers to and from Montenegro.

“That number is going to be higher this year, especially thanks to the new Niš-Tivat line. That will contribute to the improvement of our economy. We expect that the Airports of Montenegro will serve 2,6 million passengers,” pointed out Orlandić.

Serbian national air carrier and Airports of Montenegro have been cherishing successful partnership for decades.

Recently, the latest annual report of Airport Council International was published, which states that the Airports of Montenegro significantly boosted air accessibility. The report suggests that Tivat Airport is among the leading growing destinations with 352 per cent growth rate, Executive Director of the Airports of Montenegro Danilo Orlandić stated.

Read more about business in Montenegro at TMN's dedicated page.

05 Aug 2019, 20:07 PM

Revenues thanks to the tourist tax in Montenegro amount to 4, 4 million euros. There are currently 204,000 registered tourists in the country. The record data from last year was recorded on August 10 and at that time just over 196 thousand guests were registered. The best thing about the success of the season, however, is the fact that, as of August 1, Montenegro recorded over 4.4 million euros in tourist tax revenues, while last year about 3.6 million euros were earned on that basis, said the director of the National Tourism Organization (NTO) Željka Radak-Kukavičić.

She pointed out that as of August 1, Montenegro recorded this amount of income from the sojourn tax, while last year, by the same date, around EUR 3.6 million was received on that basis.

"I think this is the information that speaks best about the success of the tourist season and its course," said Radak Kukavicic, who, considering the arrangements, expects good occupancy this month. Željka Radak Kukavičić has been the executive director of the National Tourism Organization since 2014 and was re-elected to the post in 2018.

The NTO director recalled the latest Monstat data on hotel accommodation and similar types of accommodation for six months. These data show that in Montenegro there were more than 500 thousand guests in hotels alone, which generated about 1.5 million nights, and emphasized that about 73 percent of those guests stayed in 4 and 5-star hotels.

"The structure of guests coming to Montenegro is changing. In six months, most were guests from Germany, followed by Serbia, Russia, France, the United Kingdom," Radak-Kukavicic emphasized. 

 
05 Aug 2019, 17:10 PM

05 August 2019 - Prime Minister Duško Marković congratulated President of the Municipality Anela Čekić, President of the Municipal Assembly Dženan Radončić, members of the Municipal Assembly and citizens on the Municipality Day of Gusinje - 5 August.

"Montenegro has never been more respected in the international community, nor has it had dynamic economic growth like in the last two years. The effects of such achievements and Government policies are also felt in the north of Montenegro, and they are especially reflected in the fact that by the end of the year, and since the beginning of this Government's mandate, investments in the northern region have exceeded 1 billion euros," the Prime Minister's congratulatory message reads.

Aware that the strengthening of transport infrastructure is a prerequisite for overall economic development, more than 11 million EUR is being invested in the reconstruction of the Dinoša - Cijevna Zatrijebačka road, which will be part of the modern Podgorica - Gusinje road through Albania after its completion. The Prime Minister is convinced that our relation towards the Municipality of Gusinje is confirmed by the implemented investments from the capital budget, as well as investments in construction and modernisation of local infrastructure which create preconditions for the development of tourism and production capacities in agriculture.

"The municipal holiday is an opportunity to tell the citizens that we highly value the patriotic attitude of our Diaspora. We also appreciate the contribution of all Gusinje citizens to the preservation of the multi-ethnic and multi-religious society of Montenegro, which we are proud of," Prime Minister Duško Marković noted, as stated in the official report by his Office.

Read more news about business in Montenegro at TMN's dedicated page.

04 Aug 2019, 18:02 PM

Danilo Orlandic, Airports of Montenegro Executive Director, said in a comment on ACI's air availability report:

“The latest annual report of ACI (International Airport Council) shows how much Montenegro Airports have done in the past to improve air accessibility. As stated in the report, Tivat Airport is among the leading growing destinations with a recorded growth of 352%. Also, Podgorica Airport has grown by as much as 284% and is the fastest-growing destination in the last decade in the capital cities of the region.”

Danilo Orlandic pointed out the importance of Montenegro’s position in the region:

"What is very important, and stated in ACI's report, is the fact that among the countries of the region, Montenegro is in third place of the aviation accessibility chart, just behind Serbia and Croatia.

In the last 2 years alone, we were able to open 36 new direct flights, so our country is connected with over 70 destinations via Podgorica Airport and Tivat Airport. As of this year, we also have a Podgorica-Barcelona line, realized by Ryanair. We will be the only airport in the region to have a direct line to the capital of Catalonia throughout the year, twice a week. Also, I find the arrival of Luftansa a great success, whose flights from Frankfurt and Munich to Tivat, are almost always full. All this is proof that Montenegrin Airports are constantly following the needs of the tourist industry of Montenegro and our citizens, who can now reach many destinations directly through our airports. Our work will continue to focus on these directions in the coming period," said Orlandic.

Airports Council International (ACI) is the only global trade representative of the world’s airports. Established in 1991, ACI represents airports interests with Governments and international organizations such as ICAO, develops standards, policies and recommended practices for airports, and provides information and training opportunities to raise standards around the world. The head office is in Montreal, Canada, with five regional offices in five continents.

 

04 Aug 2019, 14:19 PM

04 August 2019 - Deputy Prime Minister for Regional Development of Montenegro Rafet Husović hosted US Ambassador Judy Rising Reinke. The two officials discussed current political situation in Montenegro, foreign policy priorities and priorities in the field of economy and regional development.

The Government has been increasing investments in less developed areas and municipalities over the last 10 years, and they are now a major part of the capital budget - proof of this is the construction of motorway and four ski centers, with the implementation of a number of major social and health infrastructure projects.

"We support municipalities to increase capacity to accept additional investment from the State, European funds and private investors. Additional business support needs to be provided - especially for small and medium enterprises in the North Montenegro," said Husović in the Government's report.

He also added that the Government of Montenegro is committed to achieving the stability of the country and the security of all citizens, especially through NATO membership.

"We are making efforts to achieve better economic indicators that will encourage young people, especially in the Northern Region, to build their future in Montenegro. We do all this in partnership and with the support of the United States of America and their Embassy in Montenegro, for which we are grateful," DPM Husović stressed.

Ambassador Reinke emphasised that during her mandate, the United States of America will continue to support Montenegro's full integration into Euro-Atlantic institutions and the strengthening of alliance and partnership between the two countries.

"We will also support Montenegro in its accession to the European Union, its institutional and economic development, improvement of its business environment and development of entrepreneurship and business," Reinke stressed out.

"In particular, we will work on deepening the relations between citizens of Montenegro and the United States, in order to increase the number of US investors in Montenegro, who, according to their experience so far, are welcome," concluded Ambassador Reinke.

Read more news about business in Montenegro at TMN's dedicated page.

03 Aug 2019, 23:32 PM

03 August 2019 - Prime Minister Duško Marković congratulated President of the Municipality Mijuško Bajagić, President of the Municipal Assembly Petar Mitić, members of the Municipal Assembly and citizens on the Municipality Day of Plužine - 4 August.

"The strong development of the North through last year's investments of 340 million EUR and even more ambitious plans for this year will mean raising the quality of life of citizens, creating new jobs and creating perspectives for young people," the Prime Minister's congratulatory message reads.

The opportunities for valorisation of development potentials, he added, are also based on a vision of municipal leadership that recognises the needs of the population and its prosperity. In this respect, the door of the Government is also wide open to all initiatives aimed at improving the standard of living of our citizens.

"I am convinced that cooperation and communication can give impetus to the accelerated development of the municipality of Plužine and the entire Durmitor area," Prime Minister Duško Marković noted.

Total Montenegro News wrote many times about Northern Montenegro, a location that offers many different experiences and unique moments, with each varying from one other. In this part of Montenegro, there are lots of mountains one can visit, hike, and try to conquer their peaks. This region features untouched nature and wild beauty that reflects through amazing landscapes and breath-taking sceneries. The Hiking Break Tour discuses all the possibilities that Plužine municipality has to offer.

Plužine Continues Strong Development for Better North Montenegro1

Similarly, Plužine and Piva Lake can perfectly serve as weekend getaway locations, since this mountain region, intersected with the canyons of Piva, Tara and Komarnica never failed to attract nature lovers from all over the world 

Read more news about business in Montenegro at TMN's dedicated page.

03 Aug 2019, 13:51 PM

03 August 2019 - The Montenegrin Government has earmarked over 825.000 EUR for the construction of roads within the Business zone in Mojkovac. The Public Works Management signed the building contract with the “Fidija” company from Podgorica. The contractor obliged to complete the works within 120 days from the day the works start, said the representatives of the Government.

This is an important investment which will be incentive to entrepreneurship in Mojkovac and the creation of new jobs, as CdM reported.

“Detailed town planning envisages construction of around 850 meters of roads within the Business zone with sidewalks and revetments, laying plumbing fixtures, foul water system and atmospheric sewerage system, setting up vertical and horizontal signaling, as well as works on the electric and telecommunication installations,” said the representatives of the Government.

Back in March 2019, the Government of Montenegro signed a contract with the private company Novi Volvox on the completion of the conceptual design, main project and the construction of a six-seater ski lift “Z4” at the ski resort Žarski in Mojkovac, according to the principle "Project and build".

"The main designer and manufacturer of equipment which will be installed at the Žarski site is the Italian company Leitner, one of the largest manufacturers of ski lifts in the world. The quality and standard that Leitner applies in their projects are recognized in all countries, so that its lifts are now present at the most attractive ski resorts in the world," the Government representatives explained on this occasion.

Read more news about business in Montenegro at TMN's dedicated page.

02 Aug 2019, 15:33 PM

02 August 2019 - Energy Regulatory Agency acquired the status of a closed distribution electricity system for the Uniprom company and Luštica Development.

These companies thus gained the right to deliver electricity independently in the zone of the Aluminum Plant, that is, in the area of Luštica Development tourist complex.

The purpose of the closed distribution system is the delivery of the electricity in the geographically limited area for the complexes which have integration of work or production process, trade or service activities, such as Aluminum Plant and processing factories built by Uniprom within the Plant and Luštica Bay, as CdM reports.

“Uniprom Nikšić and Luštica Development Utilities Company are obliged to pay a fee for the use of the closed distribution system, following the law. Uniprom is obliged to provide special measuring sites for the users, before the contract is concluded,” read the decisions adopted by ERA in yesterday’s session.

The closed distribution system of Uniprom, which own Aluminum Plant, is connected to the transmission system through three connecting transmission lines. The closed distribution system of Luštica is connected to the distribution system managed by CEDIS Pržno substation. This institute was introduced three years ago.

Uniprom Group planned on the opening of the Uniprom KAP factory of aluminum billets/logs for December 2019. The planned value of this investment is approximately 15 million EUR. It is expected that these two factories will create 80 new jobs.

"In addition to the already installed silumin factory, which will produce 30,000 tons of special alloys of an outstanding foreign market value of 75 million USD, which will be opened soon, we are starting to implement the next project, which is the construction of a new factory of aluminum billets/logs," said owner of the company Veselin Pejović on this occasion.

Read more news about business in Montenegro at TMN's dedicated page.

02 Aug 2019, 15:24 PM

02 August 2019 - During the latest session, the Government of Montenegro adopted the Annex to the Contract on the Registration of domain names with the Procedure for the Assignment of domain names from the premium and reserved domain list.

The Annex defines the new manner of the assignment of domain names recognized as “domain of direct offer”. List of reserved domains now contains the following domain names: ocisti.me, s3.me, tuzi.org.me, komunaeulqinit.me, opstinaulcinj.me and golubovci.me, while the premium list consists of domains such as:  original.me, bike-with.me, enjoy.me, example.me, experience-with.me, golf-with.me, raft-with.me, surf-with.me… . The Government determined that a minimum price at which a domain can be sold shall be formed on the basis of expertise.

The Government also adopted amendments to the List of reserved domain names with international names with amended List. Following that, domains: ocisti.me, s3.me, tuzi.org.me, komunaeulqinit.me, opstinaulcinj.me and golubovci.me, were included on the list, whereas several domain names were relocated to the list of premium domains.

Since 2008, when the registration started, .me domain has been attracting attention thanks to its interesting meaning, diversity and, above all, possibility for personalization in accordance with the users’ needs.

“Before commercial registration of domains, the Government defined a list of premium and reserved domain names in cooperation with Domen LLC. The objective was to create active and relevant contents in the best .me premium and reserved domains which would establish total value of .me community and make domain globally recognizable. Names that attract attention and generate demand contribute to the transformation of total .me cyber space into a successful cyber community which becomes more attractive for new members,” stated the representatives of the Government.

In 2012, a Development program which envisages assignment of domains on the basis of project planned for the development in that particular domain was introduced. By the end of 2018, around 700 premium domain names have been allocated via auctions and over 200 premium domain names through Development program.

Quality of the domain name is determined in accordance with the number of visits to the so called pages specially created for every domain from premium and reserved list. Another important indicator of demand for a domain is the number of applications for the Development Program.

However, 2018 saw the evident decline in number and quality development program applications as a consequence of accessibility of premium names of other extensions after the decision of ICANN on opening market for new generic domains.

“Due to great competition, registers developed a new functionality of premium registrations and renewals, which enables registrars to be part of the premium registration chain. Registration chain has expanded significantly,” said the representatives of the Government.

Application of the new allocation approach entails defining the money value of the domain. A user who is ready to pay the amount following the principle “first come, first served” gets the right to use the domain.

Such an approach is very similar to the allocation of names in the secondary market. Premium and reserved domain names assignment procedure via direct offer

Direct offer is divided into two phases. The first phase involves getting in contact will all potential registrants who have expressed their interest in .me premium domains. This phase of the registration is going to be carried out via “Afternic” platform.

“Registration agent determines the proposal for minimum allocation prices, which is formed on the basis of expertise. After that, domains are segmented into a specific number of price groups,” reads the document, as CdM reports.

After independent expert had estimated the value of all premium .me domains, ten price groups are formed.

Every domain will be initially offered on the “Afternic” platform at maximum price in its belonging group, whereas minimum price at which domain can be sold is the price proposed by independent expert.

The difference between the published and minimum price will create room for negotiations with registrant, since the registrant can offer his own amount on the platform.

The second phase is expected to begin on 31 January 2020. In this phase, after prices had been formed on the basis of minimum registration prices, registrant will not be able to impact it anymore.

The second phase also entails testing two registration options: premium registration plus regular renewal and premium registration plus premium renewal.

Read more news about business in Montenegro at TMN's dedicated page.

02 Aug 2019, 12:23 PM
Regent Porto Montenegro has prepared an eclectic calendar of events for August - the month in which it marks its fifth anniversary of successful business in Tivat and Montenegro. Two exceptional themed dinners will mark the eighth month of the year. The Full Moon Dinner will be held on August 15th. It will be an evening under masks, enriched with the art of dancers with fire. The other will be organized on August 24th and created by Juan Amador, a chef crowned with 3 Michelin stars.
 

“It is an honour for our guests and visitors to refine their summer holidays in Tivat and Montenegro this August through these two glamorous occasions. The Full Moon Dinner is already a tradition, but this month's crown is nevertheless the gala dinner created by Juan Amador - a proud owner of 3 Michelin stars. These nights will push the border of gastronomic events at the Regent Hotel this summer, and the fifth anniversary of our work deserves that. It was preceded by a party honouring the completion of the Baia Wing,” Kai Dieckmann, general manager of the Regent Hotel said.

The third outdoor party will follow on August 22nd and will be hosted by Maso Cekic - an experienced gastronomic journalist from Tivat, who will reflect the cuisine of Tivat and Boka Kotorska on the terrace of Gourmet Corner through several types of pasta and risotto.

Gramophone and shisha lovers will have the opportunity to enjoy vinyl records with a special bar on the 9th and 23rd of August at the Regent Hotel's Italian Garden. The depths of the Adriatic are the inspiration for the grill party, which will take place on August 2nd and 16th and will feature mainly fish specialties on the menu.

Outdoor dinners will be held every Thursday at the Gourmet Corner, where live pastas and risotto will be prepared on the terrace - an ideal option for a light dinner after the beach and before sunrise. Gin lovers will have the chance to try their favourite combination at the gin bar, available daily from 6:00 pm. The innovative selection of cocktails this year is led by the Cocktail "Sunshine", which has been inspired by the sunrise in Boka Kotorska.

 
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