Croatia's Brodosplit wins Venice contract

Croatia's Brodosplit wins Venice contract

The shipyard won the 26.5 million euro contract to produce floodgates. Also in business news: Turkey ranks highest among its Southeast Europe peers included in this year's World Competitiveness Index.

Croatia's biggest shipyard, Brodosplit, has signed a 26.5 million euro contract to protect Venice from floods. The company will produce 21 steel floodgates and deliver them within two months. The deal was won in an international tender.

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Turkey ranks highest among its Southeast Europe peers included in this year's World Competitiveness Index compiled by the IMD, though it has slipped to 40th from 37th position last year. The next representative of the region in the list of 60 countries is Romania at 47th, up from 55th in 2013; followed by Bulgaria at 56th up one position; Greece down to 57th from 54th; and Croatia down from 58th to 59th.

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The Turkish and Cypriot Chambers of Commerce have agreed on a new initiative to establish a co-operation mechanism, hoping it will speed up the island's reunification process through joint projects. The first meeting will take place on June 2nd in Nicosia.

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Cypriot bank depositors filed four lawsuits against the European Central Bank and the European Commission, demanding compensation after they were forced to suffer losses on deposits at Bank of Cyprus and Cyprus Popular Bank. As part of last year's rescue package for the crisis on the island, restrictions were imposed on bank bondholders and deposits of more than 100,000 euros.

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Greece approved a request by Italian energy company Enel to search for oil and natural gas in three onshore areas in the country's west. Earlier this month, the...