Business

13 Mar 2019, 11:40 AM

Last year the country received an income of €2, 62 million from concessions for the use of ports and marinas, reads the information on the activities in the domain of concessions.

 According to the fees overview charges on “Port Adria” and “Ocean Montenegro”, companies from Bar amounted to €798.862 and €52.128 respectively.

Port Management granted its first concession nine years ago to “Ocean Montenegro”, a company which last year paid a fixed part of the €31.163 concession fee.

“The concessionaire is doing a good job. Current tasks are being performed duly. The company has improved the fleet by purchasing “Aran” towboat, which can be used outside the aquatorium of Montenegro”, reads the report.

 In 2013, the management granted its next concession to the “Port Adria” company for the use of the port and performing port activities, repair, financing, maintenance of container terminals and overall burden.

“Fixed concession fee of the “Port of Adria” amounted to €512.000 whereas the variable fee amounted to €286. 862″.

As far as the works are concerned, construction-reconstruction of GATA 1 coastal wall remains to be completed. The total amount of investments will be around €14 million.

In May of 2015, operations on the coast, land area and water space with accompanying anchorages were to given to the port of Kotor for 120 days. For that period, the port in Kotor didn’t pay the concession fee. At the end of last year, the Government adopted the decision on the commercial use of the port of Kotor. The contract is expected to be signed this year, and it will be a basis for creating investment conditions.

Text written by CDM on March 13, 2019, read more on CDM

12 Mar 2019, 19:52 PM

11 March 2019 - Last year, the state generated revenues of 163.7 million EUR from fuel excise taxes, which is by 4% higher when compared to 2017 when revenues amounted to 157.3 million EUR, the Ministry of Finance of Montenegro reported.

The diesel excise tax is 0.44 per liter EUR, while the excise tax on gasoline Euro super 98 and 95 amounts to 0.54 EUR per liter, the Ministry of Finance of Montenegro explained, adding that revenues generated from mineral oils make 66.9% of the total revenues from taxes.

The excise duty last time was changed two years ago when it went up by 0.09 EUR. On the question whether the state plans to decrease the fuel excise duty in this year, the Ministry of Finance of Montenegro emphasized such a decision required the drafting of an in-depth analysis, primarily due to its impact on the budget.

Similarly, 23 concessionaires were able to use considerable water resources of Montenegro in 2018, and at least 2.16 million EUR of revenue will be generated from water tariffs.

There have been 23 concessions – 14 agreements on the use of water for bottling, two agreements for water supply, one agreement for fish-farming and propulsion and technological needs respectively, and five agreements for water bottling which are now in the termination procedure.

As far as water tariffs are concerned, Water Management calculates them for one calendar year. According to the final statement, water tariffs for 2017 amount to 2.28 million EUR in total. Around 1.69 million EUR goes on the use of water. Concessions for water bottling amount 103,526 EUR and 18,636 EUR for water supply and bottling of water for the concessionaires who failed to build factories.

 

The final statement will be finished this month.

Funds paid this way are divided in such a way that 30% belongs to the state budget, and the remaining 70% is divided among municipalities where the managed water is being used.

12 Mar 2019, 00:22 AM

11 March 2019 - Interim Administrator of Atlas Bank, Tanja Terić, has adopted a decision to issue 22 million EUR worth of shares for the sale of this financial institution.

In a press release published on the bank’s website, Terić explained that the decision on the issue of shares was adopted on Thursday in line with the Law on Banks. “A total of 88,710 shares with the nominal value of 248 EUR per share have been issued,” the press release says.

The call says that the issue will be considered successful if all issued shares have been registered and paid for within the defined deadline. Terić informed the interested buyers that the shares might be bought within 20 days, starting from the first weekday after the publication of the call.

As specified in the advertisement, interested parties have the right to inspect the public call on the website of Atlas Bank, www.atlasbanka.com. The sale of shares will be done through an investment firm in a regulated market.

Previously, the private placing for recapitalisation of Atlas Bank in the value of 22 million EUR for existing shareholders was not successful. The decision for private placing, which only applied to existing shareholders, was adopted on January 16, and the process itself began three days later.

These shareholders could, based on the legal right of pre-acquisition, purchase a part of 88.71 thousand shares with an individual nominal value of EUR 248, which covered a capital increase of 22 million euros.

On December 7, the Central Bank introduced the provisional administration to Atlas and Invest Bank Montenegro (IBM), which later ended with the bankruptcy of IBM. In the meantime, both banks deal with the prosecution for suspicion of money laundering.

10 Mar 2019, 22:49 PM

09 March 2019 - Excluding Turkey from the Balkans represents a non-objective approach with bad intentions, as Turkey’s approach to the regional problems does not differ from the one the European Union has towards the Balkans, Ambassador of Turkey Ms Songül Ozan said for Pobjeda daily.

“Our relations have been continuously improving in all areas. One can notice the existence of high level of political dialogue and cooperation between the two states,” Ambassador of Turkey Ozan stressed.

When it comes to direct foreign investments in Montenegro, she added that Turkey holds the 5th position.

“We have the same approach in solving the international and regional issues. Thanks to Turkish Airlines, our global brand, the citizens of Montenegro can visit the most beautiful landmarks in Turkey or worldwide. Also, Ziraat Bank in Montenegro has been providing the most favorable banking services to Montenegrin citizens as well as to Turks working in Montenegro. These are the facts proving that relations between the two states are excellent,” Ozan pointed out.

There is a potential for improving cooperation, according to her.

“During my term of office, I will be committed to improving our cooperation in all areas. Montenegro is a young and dynamic state, with an economy continuously developing and there are so many untouched places good for investments,” Ozan said adding that Montenegro benefited a lot from NATO membership.

“Montenegro has become a very attractive country thanks to the fact it has foreseeable future, and it is a NATO member state and future EU member state. Keeping in mind our joint history and culture, as well as the fact that Montenegro citizens are always so hospitable just as we are, there is no doubt it all positively affects our citizens,” Ozan concluded, adding that Montenegro represents one of the most popular countries for Turks.

10 Mar 2019, 15:27 PM

March 10, 2019 - Portonovi resort, whose principal investor is Azmont Investments, is one of the most significant European tourist projects of this type. The countdown to the opening of Portonovi in the summer of 2019 has begun as they participate in the International Boat Show in Moscow, said the company.

The nautical fair in Moscow belongs to the most significant global events in the field of yachting and maritime, and it is especially attentive to recreational and water sports enthusiasts.

Portonovi marina has one of the most prominent stands at this prestigious fair, given that the opening of this marina is awaited with impatience in the world of the international nautical industry.

"With the world's highest standard of service, the D-Marin Portonovi Marina will provide the owners of superyachts and seafarers with the opportunity to visit the ports in the Adriatic and across the Mediterranean with privileged access to our marine members. Designed to receive ships up to 120m in length, with a capacity of 238 berths, D Marin Marina is equipped with the most advanced technology, providing the highest level service," the company said.

As they say, D Marin Marina will welcome the boats and super yachts that want to explore the Mediterranean, Adriatic and Dalmatian coasts, at the same time serving as a border crossing. D Marin Marina Montenegro will also have additional amenities such as water supply, electricity, use of shower, clothes and gas station service, helipad, shopping, and sophisticated restaurant offerings on the seaside are only part of the rivers program that will have different activities throughout the year.

"In addition to the variety of customer service available, the Marine Management will pay special attention to its relationship with customers as well as to the high level of direct service. A customer who becomes a member of the D-Marin Group and a member of the D-Marin Portonovi Marina will have a special set of privileges in other D-Marin marinas throughout the Mediterranean, such as a free-of-charge day," the company said.

Residents of Portonovi will be able to choose between 214 flats in the first phase of the construction of the coastal residential area of Portonovi Village and the Marina Residences that make single-story, penthouses and villas, which will include restaurants, boutiques, galleries and salons of the world's most prestigious offer and D Marin Marinas Marina along the 1.8km of shore.

The first One & Only in Europe, whose opening is planned for the summer season 2020, will offer 113 hotel rooms and ten branded villas on the private beach with private berths and beaches. Global recognition of Espace Chenot Heath Wellness Spa will provide its clients with the highest level of health care through their scientifically based wellness program in 17 clinics.

08 Mar 2019, 20:04 PM

07 March 2019 - Portonovi Resort developed by Azmont Investments, is one of Europe’s largest tourism development projects. The Company Azmont Investments has announced the opening of the first phase of the exclusive resort for 2019.

Final Preparations by Portonovi Resort for June 2019 Launch Date 2

As reported by the representatives of AI, Portonovi is set to become one of the most sought-after residential and leisure destinations in the Mediterranean, located in Montenegro’s stunning Bay of Kotor – one of the most unique spots of the Montenegrin coast loved by sailors and travellers alike. The Resort will offer a 26 hectares haven of exclusivity with over 1.8 kilometres of beachfront access, delivering Europe’s first-ever One and Only Hotel, along with 214 luxury residential properties in first phase, high-end boutiques, world-class restaurants, and a deep water D-Marin Portonovi Marina that is due to start operations from June 2019.

"People from all over the world are turning to undiscovered places that nurture a lavish, but also inspiring lifestyle, nature and its wealth, a relaxing and safe environment, as well as an inspiring cultural and artistic scene. In addition to all of the above, Montenegro has one of the most favourable legal framework for investments. The growing number of airlines that connect the country with global destinations is certainly an advantage, as well as an open visa policy for many countries of the world. All this gives us confidence in good cooperation on the international level "said Ahmet Erentok, Chairman of the Board of Directors of Azmont Investments for TVCG.

Final Preparations by Portonovi Resort for June 2019 Launch Date 3

Montenegro enjoys growing popularity, especially in the context of its natural beauty, Mediterranean climate, long tradition, and rich cultural heritage.

"The spirit of tradition, but also the specific elegance that will soon come to life in Portonovi, makes it one of the most interesting residential options in the Mediterranean, but also one of the most exclusive luxury property projects in this part of Europe," Erentok emphasizes.

The countdown to the opening of the Portonovi Resort in the summer of 2019 began with the participation at the Moscow Boat Show. The show is the leading event for representatives of yachting business, professionals of the branch and numerous fans of water sports and active outings.

"D-Marin Portonovi marina has one of the most prominent booths at this prestigious fair, since the opening of this marina is eagerly awaited in the world of international nautical industry," the company announced. “The marina, which is furnished with the latest features and technology, is equipped to cater for vessels of up to 120 meters and has a berthing capacity of 238. It will play host to yachts wishing to explore the Mediterranean, Adriatic and Dalmatian coasts and will serve as a customs entry and respond to needs such as water, electricity, shower, laundry and gas stations, ”explains the statement by the Azmont Investments.

Final Preparations by Portonovi Resort for June 2019 Launch Date

Project Portonovi was launched six years ago. The plan was to invest more than 600 million euros, but the representatives of the company confirmed that it is almost certain that this figure will be exceeded. The total investment, including the hotel itself, is expected to amount to 700 million euros, "said General Manager of the Portonovi Resort Stevan Milić.

The addition of Portonovi to the Mediterranean coast will continue to position Montenegro amongst the most attractive yachting destinations worldwide, guaranteeing a first-class tourist and lifestyle offering.

08 Mar 2019, 12:27 PM

March 8, 2019 - Before joining the European Union, it is necessary that Montenegro prepares a register of small coastal fishing. To protect the traditional way of fishing, we need to collect data as a base on negotiations with Europe. It is thus possible to seek the protection of the habits which are historically, geographically and culturally belonging to the people of the coastal area of Montenegro.

Fishing is one of the first man's crafts, and during history, the fish was caught with hands, nets, hooks, hooves, harps and trolls. Fishers in Boka Bay still use traditional tools.
 
And to preserve the centuries-old tradition of fishing and becoming a part of the European family, it is necessary that there is evidence that for decades this is the case in Montenegro.
 
"We asked for certain tools to be recognised, as we believe that their use carries a cultural and traditional dimension without which we must not stay," said Aleksandar Joksimovic from the Institute of Marine Biology.
 
Apart from the tools, it is essential that we have documented all the data: the volume of fishing, the boat, the net, all this should be protected in negotiations with the EU.
 
"It is the great opportunity not only for the development of fisheries but also for tourism, the preservation of local communities and the preservation of cultural heritage," said Slavica Pavlovic from the Ministry of Agriculture.
 
The Institute of Marine Biology obtained the task of being a link between the fishermen and the administration.
 
"Our task is to present, as a statistic, in cooperation with fishermen through the interviews of scientific research, catch measurement, and description of the methods of fishing," said Joksimovic.
In September last year, Montenegro signed a Declaration on Implementation of the Small Coastal Fishing Plan for the Mediterranean and the Black Sea. Eighteen States Parties exchange experiences, and yesterday in Podgorica, representatives of the Mediterranean Fisheries Commission discussed how fishers get involved in the decision-making process.
 
When we officially become part of Europe, every outing of fishers on the sea, as well as catching fish, will record the information system, which will further regulate this area. The aim is to give the small coastal fishing more significant importance because it makes more than 80 per cent of the total fishing fleet both in the Mediterranean and in Montenegro.
 
 
Source: RTCG, A. Jovancevic
 
07 Mar 2019, 22:35 PM

March 7, 2019 - Representatives of the Lufthansa Group visited the Tivat Airport, a month before their first flight to Montenegro. For the first time in history, the biggest European company is flying to Tivat from Munich, and a day later from Frankfurt. During talks with the Airport of Montenegro's Managing Director, Danilo Orlandić, representatives of Lufthansa informed that their airplane from Tivat would fly to Munich and Frankfurt once a week.

"With these flights, we offer new opportunities and new connections to destinations such as New York, London, Miami, and Los Angeles, and now all these destinations can be connected to Tivat, and this is a great improvement for all travelers from Montenegro. increasing demand from Germany so it is a pleasure to see the flights already booked," said Bernhard Wodl, general manager of the Lufthansa group for the region.
 
"This is very important for us, and I think it is an excellent thing for the whole country. Lufthansa is of importance as the world's seventh company and the first in Europe. It has over 700 aircraft, and enough to be in the Lufthansa magazine for the name of Montenegro and the name of Tivat municipality. That is a great thing for all of us," said Danilo Orlandic, director of the Airport of Montenegro.
 
Orlandic added that Lufthansa's operating teams had been controlling Tivat Airport earlier days.
 
"We have certain demands on their side that we will comply. This cooperation is another confirmation that both Tivat Airport and Montenegro Airport are at an extremely high level of service" Orlandić said.
 
The Director of Lufthansa Group in Serbia, Croatia, Bosnia, and Herzegovina, Montenegro and Slovenia, Bernhard Wodl previously stated that Lufthansa decided to launch connections between Tivat and both its hubs in Germany, as the Montenegrin market has a lot of potentials.  
07 Mar 2019, 22:05 PM

March 7, 2019 - Members of the Managing Board of the Union of Seafarers Montenegro based in Kotor are ready to assist in all projects that will improve the efficiency and fluency of the work of the Harbor Master Offices in Kotor and Bar.

In the Union, they claim that the Harbor Master Office in Kotor lacks the workers who serve seafarers, and are not satisfied with the technical equipment of this civil service.
 
"We hope that the current situation will be corrected and that the problem will be solved by the new systematization of jobs in the Kotor Harbor Master Office by the arrival of new desk workers, thereby shortening the waiting time and reducing the crowd in this significant institution," say Seafarers.
 
Harbor Master Offices Kotor and Bar stand as the most important administrative and bureaucratic centers for seafarers.
 
"As such, they should provide quality and organized service, and we witness that it is not so - especially in Kotor, which is one of the reasons why representatives of the Union of Seafarers had a meeting with Captain Bruno Brkanovic. We found the Harbor Master at the desk; he helped the colleague to reduce the number of waiting sailors." From the Union of Seafarers, they claim it is not a rare case.
 
According to the Union of Seafarers, it is strange and unacceptable the shortage of the interior of the building and equipment, since this service is one of the most liquid public institutions in the territory of the Kotor municipality. Harbor Master Office Kotor and Bar contribute vast sums of many to the state budget daily by providing various services to sailors, boat owners, yachts and cruise ships.
 
"We have received information that ten employees are currently in the Harbor Master Office in Kotor, of which the job of a desk worker is performed by only one person what is, according to the Union completely unacceptable. 
 
Harbor Master Bruno Brkanovic informed the representatives of the Union of Seafarers about overcoming this problem, and that new staffs will soon be engaged.
 
If there are no legal barriers, the Union of Seafarers is ready to provide a copy machine, which will be available to seafarers, to work more efficiently at the Harbors Offices in Bar and Kotor. "The unit would serve the sailor only in case he missed or forgot to copy a smaller number of items. It would avoid the situation that the seafarer after a long wait would be denied or returned from the counter under the pretext of incomplete documentation, "they said from the Union.
 
07 Mar 2019, 13:51 PM

The government will soon be able to propose a gradual increase in the minimum wage of social partners, trade unions and the Union of employers, in order to reach half of the average salary in three or four years, along with partial tax benefits for employers, Vijesti reports.


This analysis is in the final phase and it was done in parallel with the analysis of the proposals of the trade unions and SDP that the minimum wage is immediately increased to the amount of half of the average salary, which has been negotiated for two years. The Employers Union increases the minimum wage by introducing a non-taxable portion of earnings or decreasing taxes on earnings.

The Ministry of Finance is finalizing the analysis and the final proposal could be known in about ten days. The current minimum wage of 193 euros has not changed for six years and is the lowest in the region. Also, Montenegro has the highest tax burden on earnings.

The proposed model could be similar to that agreed in Croatia in 2017 when all social partners decided that the amount of minimum wage will gradually increase to an amount of 50 percent of the average by the end of 2020. At that time, the minimum wage in Croatia was 40 percent of the average, and with the increase from December last year, now it is 46 percent of the average. At the same time, tax incentives and subsidies are introduced to employers, such as the possibility that the state subsidizes a portion of taxes and contributions if the employer cannot pay salaries higher than the minimum due to unforeseen circumstances or market disturbances, as was the case in the textile industry in Croatia at the time.

According to the working version, which is still being analyzed, the minimum wage could be increased to 42 or 43 percent from the previous year by the end of this year, and then it would grow by two or three percentage points each year until it reaches 50 percent of the average with which, later on, it would be regularly adjusted on a regular basis. At the same time, employers would be exempted from an additional two percent tax on gross earnings above average and tax on reinvested profits, also some form of tax-free profit sharing would be introduced, but with some restrictions, so no misuse would occur.

Now in the Montenegrin law, it says that the minimum wage cannot be less than 30 percent of the average, but in 2013, the social partners agreed that at that time it would still be 40 percent of the then average, so it received the amount of 193 euros. Since there was no annual harmonization since then, the minimum wage now stands at 38 percent of the average.

Now, for every euro of net earnings, employers pay 67 cents of taxes and contributions, and if the salary is above average, the fees can amount to 75 cents for each euro net earnings.

The average net salary in 2018 was 511 euros. If, according to these analyzes, the new amount of minimum wage would be set at 42 percent of the average, this would be a growth from 193 to 214 euros. On this growth of 21 euros, the state would receive 14 euros of taxes and contributions.

For every increase in the minimum wage to affect average growth, it should be expected that in the four years the average salary will be around 550 euros and a minimum of 275 euros. This would also affect the state's higher costs of social benefits and pensions that are partially aligned with the increase in average earnings, as well as subsidies to employers that would be agreed to their consent to increase the minimum wage.

Analyzes, for now, show that the state budget would be at zero or a slight deficit with such a rise in the minimum wage, the increase in the costs of salaries and social benefits and tax incentives for employers. The government expects that in two or three years the results of economic growth and large investments in tourism and infrastructure will be visible, that there will be a significantly higher number of employees and therefore higher revenues for the state cash register and the possibility for the growth of standards.

The campaign for increasing the minimum wage has lasted for three years, and trade unions and SDP requested it. A year ago, SDP launched a petition to raise the minimum wage that was signed by 11,000 citizens. SDP ‘s delegate Rasko Konjevic has proposed several times amendments to the laws that would increase the minimum wage to 50 percent of the average, but the parliamentary majority rejected it.

Prime Minister Dusko Markovic said two days ago that he believes that there will be an increase in the minimum wage and that a step will be made in this direction, and that certain benefits will be provided to employers.

For more information please follow TMN's dedicated page

Text by Goran Kapor, on March 6th 2019, read more at Vijesti

07 Mar 2019, 00:31 AM

06 March 2019 - Parking Service Podgorica recently launched an Android and IOS application that allows users to park their vehicles at the parking lots managed by the Parking Service, to detect the specific zone in which they are located, to pay parking fees and simply control the time during which their vehicle is parked at a certain location (parking lot). The application can detect the zone in which the user is located using his current location, and it provides the possibility to purchase a ticket for that specific zone.

The application has many options that you can use, such as the list of all parking lots with the exact location and navigation to the specific parking lot, checking the parking zone, monthly subscription forms, and many others.

Parking Service Podgorica Launches Mobile Parking Application

Assuming the user’s vehicle was improperly parked, using the application, a person can check whether the car was taken away by the public towing service.

Using the application also saves time and money by locating the most convenient parking location without having to drive around.

The free parking service application makes it easy to find and pay for parking without running back to “feed the meter”. Whether the user is looking for a spot in the moment or he/she wants to reserve a space ahead of time, Parking Servis Podgorica is the right app for them.

"Users will also receive notification through the application on their phones at the expiry of the active card and when it's possible to buy a ticket," the representatives of Parking Service announced.

The application named "Parking Servis Podgorica" can be downloaded free of charge at official Android and IOS stores.

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