Business
Why Croatia’s capital wants to hold the best Christmas market
Guy Delauney Balkans correspondent
AFP via Getty ImagesChristmas markets are not just tradition across Europe, they are big businesses that give cities a huge economic boost every December. For Zagreb, the capital of Croatia, it is an effective way of attracting tourists outside of the country’s main summer season.
The words “tourism” and “Croatia” are likely to conjure visons of sparkling Adriatic vistas during the hottest months of the year.
Tourism accounts for more than a fifth of the economy of this Balkan country, and it is keen to encourage more visitors to arrive outside of the height of summer. Yuletide frolics are a key part of that strategy.
“We’re making a transformation,” says Croatia’s Tourism Minister, Tonci Glavina.
“We are developing as a year-round tourism destination – we are not a summer destination anymore. Croatia has really made a significant development. At some point way back it was just sun and sea, but now Croatia offers many tourism products all across the country.”
Zagreb Advent, as the capital’s Christmas markets and events are collectively known, is the poster child for this approach, with billboards in neighbouring countries urging people to attend. In fact, this year the campaign has spread as far as London’s tube stations and Milan’s buses.
There are even special trains to bring visitors from Slovenia and Hungary. All of it is part of Zagreb’s push, in a very crowded field, to become one of Europe’s most popular Christmas markets.
While some cities might limit their offering to a single location, Zagreb Advent is a multi-venue spectacular that takes over large chunks of the centre.
“The entire city has become a festive ground for celebrating Christmas throughout the whole of December,” says Slavica Olujic Klapcic, who manages one of the Christmas market areas.
“What’s really special around here is that each of the locations has its own theme, and it’s a little bit different in decoration, and in the content that it offers. So for a visitor, I think it’s a good deal, because by taking a walk through Zagreb, you can see many different spots.”
Like other Christmas markets across Europe there are no shortages of the usual seasonal staples, such as sausages and mulled wine. But there are also multiple music stages, craft stalls, vendors offering traditional Croatian food, art installations, and an enormous ice rink.
“It brings life to Zagreb,” reckons Zrinka Farina, who is involved with putting on Christmas market events outside the city’s historic Hotel Esplanade, as well as a food and music market at nearby Strossmayer Square called Fuliranje – which roughly translates as “fooling around”.
But she says that Croatians are deadly serious about trying to offer Europe’s best Christmas market. “We are such a sporty nation, we love to compete – and when we do something, we really want to be the best in the world in it.”
Such has been the effort that the city has put into Zagreb Advent since it was first held in 2014 that it was voted the best Christmas market in Europe for three years in a row, from 2015 to 2017.
The competition is organised by travel website European Best Destinations, and Zagreb’s success has helped to drive visitor numbers to the city every December.
Back in 2014, the city saw 100,198 people stay for at least one night during the last month of the year. By 2024 this had more than doubled to 245,352, which the tourist board says gave the city a €100m ($117m; £88m) economic boost.
However, Zagreb has a long way to go if it wishes to catch up with Europe’s Christmas market heavyweights.
The one held in the German city of Cologne is widely reported to be the most popular. It is expected to attract four million visitors this year, with an economic impact of €229m.
Meanwhile, Austria’s capital Vienna attracts around 2.8 million visitors to its Christmas market, and France’s Strasbourg gets two million people.
Zagreb’s event also has a limited history – it is only in its 11th year. By contrast, Dresden’s Christmas market, widely considered to be the world’s oldest, was first held in 1434. Strasbourg’s began in 1570, Vienna in 1764 and Cologne in 1820.
Despite its infancy, Zagreb Advent is said to be attracting visitors from across Europe. “They come here from Italy, Spain, Bosnia, Slovenia and even the UK,” says Lucija Vrkljan, who is working as a steward at the ice rink.
“It’s a great place to be,” says Dario Kozul, the founder of BioMania, a bistro with a stall offering vegan and gluten-free food at the Hotel Esplanade Christmas market. “We have a cross-marketing situation all the time,” he adds.
“People walk into this event and test our food – they’re really very pleased with it. Then we talk about our restaurant, and within the next couple of days, we see them there.”
AFP via Getty ImagesMarko Peric, dean of the Faculty of Tourism at Croatia’s University of Rijeka, agrees that Zagreb Advent brings “unusually high” numbers of arrivals and overnight stays in December.
But he cautions that the rest of Croatia’s heavy reliance on the summer season is a weakness that still needs to be addressed. “We need to work and develop our tourist offer in other parts of the year, including the winter,” he says.
“We don’t have snow, but we can offer a lot. We should rely on our gastronomy, which is well known, with many tourists arriving just because of that. And we could use other types of events like carnival in February, or sporting events.”
Tourism Minister Tonci Glavina insists that Croatia is making moves in the right direction. He points out that visitor numbers over July and August were actually slightly down on the same period in 2024.
But the country is still on course for a record-breaking year, thanks to significant growth either side of the summer peak, with around 5% more arrivals in June and September. This, says the minister, is “just perfect”, as is the 10% year-on-year rise over the first week of December.
“We are transforming Croatia to be a sustainable tourism destination, meaning about the same number of guests in peak season, developing the shoulder seasons, and of course developing other parts of the country to be main tourism destinations.”
Zagreb Advent has already shown the benefits. Although that may not be the first thing that springs to a visitor’s mind with all the traditional Croatian treats on offer.
After all, what could be better than a post-skate fritule doughnut, except perhaps a fritule with chocolate sauce.
Business
Gold, Silver ETFs Sink Up To 10% As Precious Metals Rout Deepens; What Should Investors Do Now?
Last Updated:
Silver and gold-linked commodity ETFs extended their slide, falling as much as 10%, tracking sharp drop in precious metal futures on the MCX
Silver ETFs
Silver and gold-linked commodity ETFs extended their slide on Friday, falling as much as 10%, tracking a sharp drop in precious metal futures on the MCX for the second straight session.
The decline came amid a global sell-off in technology stocks and a strengthening US dollar, which wiped out most of the gains from a brief rebound earlier in the week.
Silver ETFs lead losses
Kotak Silver ETF was the worst hit, tumbling 10%, while HDFC Silver ETF, SBI Silver ETF and Edelweiss Silver ETF declined about 9% each. Bandhan Silver ETF limited losses to around 6%.
Among gold-linked funds, Angel One Gold ETF slipped 8%, while Zerodha Gold ETF fell about 5%.
Volatility persists after steep correction
Hareesh V, Head of Commodity Research at Geojit Investments, said gold and silver continue to witness heightened volatility after last week’s sharp selloff. The correction was driven by hawkish US Federal Reserve expectations following Kevin Warsh’s nomination, a stronger dollar, and steep margin hikes by the CME that forced leveraged positions to unwind. Profit-taking after record highs further amplified price swings, keeping sentiment fragile.
He advised bullion investors to remain patient and avoid reacting to short-term volatility driven by margin hikes, profit booking and policy uncertainty.
“Gradual, staggered accumulation can help manage timing risks, as long-term fundamentals such as geopolitical tensions, central bank demand and currency pressures remain supportive. Closely tracking the US dollar and upcoming Federal Reserve signals is crucial in this phase of elevated volatility,” he said.
MCX futures slide sharply
In Friday’s session, MCX silver futures for March 5 delivery plunged 6%, or ₹14,628, to ₹2,29,187 per kg. Gold futures for April 2 delivery also weakened, slipping ₹2,675, or 2%, to ₹1,49,396 per 10 grams.
Globally, silver remained extremely volatile. Prices rebounded as much as 3% after plunging 10% to below the $65 level, a more than six-week low. Despite the bounce, silver was still down nearly 16% for the week. In the previous week, it had fallen 18%, marking its steepest weekly decline since 2011.
Margin hikes add pressure
The selloff spilled into domestic ETFs after sharp margin hikes in precious metal futures. On Thursday, commodity-based ETFs dropped as much as 21%, led by silver ETFs, while gold ETFs declined up to 7%.
Margins on silver futures were raised by 4.5% and on gold futures by 1% effective February 5, followed by an additional hike of 2.5% on silver and 2% on gold on Friday. As a result, total additional margins now stand at 7% for silver futures and 3% for gold futures from February 6.
“Markets often see sharp corrections after extended rallies. Broader risk sentiment and geopolitical cues can trigger profit booking in commodities, especially where positioning has been crowded,” said Nirpendra Yadav, Senior Commodity Research Analyst at Bonanza.
However, he added that industrial demand for silver remains strong, with a tight global supply environment and persistent deficits supporting prices over the medium to long term. Short-term intraday swings, he said, do not alter the long-term outlook.
Trade deal, macro cues in focus
Ross Maxwell, Global Strategy Operations Lead at VT Markets, said the India–US trade deal could improve risk appetite by easing supply-chain frictions and reducing tariff-linked inflation pressures.
“In this context, gold and silver will balance lower trade tensions against ongoing macro uncertainty. A clearer trade outlook can reduce risk aversion, limiting upside in precious metals,” he said.
Maxwell added that gold remains supported by concerns around inflation, currency stability and geopolitical risks, making it attractive as a strategic hedge rather than a short-term trade. Silver, he noted, also benefits from industrial demand, meaning improved global trade expectations could lend support through stronger manufacturing activity.
“While reduced tariffs may dampen fear-driven buying, both gold and silver are likely to remain structurally firm as long as economic and policy uncertainty persists,” he said.
Click here to add News18 as your preferred news source on Google.
February 06, 2026, 12:08 IST
Read More
New Delhi: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 5.25 PERCENT in its February 2026 monetary policy review, maintaining a neutral policy stance as inflation pressures remain under control and economic growth stays stable.
The decision was announced by RBI Governor Sanjay Malhotra after the three-day meeting of the Monetary Policy Committee (MPC), which began on February 4 and concluded on February 6.
Focus on Inflation and Growth
The MPC chose to pause after a series of rate cuts over the past year, preferring to evaluate how earlier policy changes are affecting borrowing costs, liquidity, and overall economic activity.
Inflation has remained within the RBI’s comfort range, giving policymakers room to maintain the current rate while monitoring global economic conditions and domestic demand.
The RBI’s monetary policy framework aims to keep inflation close to 4 PERCENT with a tolerance band of 2–6 PERCENT, which continues to guide interest-rate decisions.
Impact on Loans, EMIs, and Markets
Since the repo rate directly influences borrowing costs for banks, the decision to keep rates unchanged means loan EMIs are unlikely to change immediately. However, banks and financial markets will continue to watch RBI signals on liquidity and future rate moves.
The central bank has already reduced rates by about 125 basis points since early 2025, which helped support economic growth while inflation eased.
What Happens Next
Economists believe the RBI may now focus more on policy transmission and liquidity management rather than further rate cuts in the near term.
Governor Malhotra is expected to outline the RBI’s outlook on inflation, growth, and financial stability in the coming quarters during the post-policy press conference.
Business
$2 trillion wiped off crypto markets! Bitcoin halves since October; investor company shares sink to multiyear lows – The Times of India
Cryptogiant Bitcoin has suffered sharp losses since the beginning of 2026, tumbling over 20%. The digital currency has given up almost half of its value since October’s record peak of over $124,000, sliding to $67,000, now worth less than it was at the start of President Donald Trump’s second term. Bitcoin is often pitched as “digital gold” as its returns are just like gold, offering no dividends or profits and price driven by what investors are willing to pay. The world’s largest cryptocurrency was last trading 1.64% higher at $64,153.24 after a volatile session that saw prices swing between gains and losses, having earlier touched a low of $60,008.52. The global crypto market has lost $2 trillion in value since peaking at $4.379 trillion in early October, with $800 billion wiped out in the last month alone, Reuters reported. Bitcoin has declined 28% so far this year, while ether has lost nearly 38% over the same period.As the asset slid, shares of companies holding bitcoin and other digital assets also came under heavy pressure amid ongoing turbulence in the cryptocurrency market, fuelling concerns about stress across the sector. Publicly listed firms that piled into crypto last year, encouraged by US President Donald Trump’s supportive stance, are now grappling with intensifying market challenges.The decline comes as uncertainty over Federal Reserve rate cuts and concerns over AI company valuations weigh on risk assets, pushing bitcoin to its lowest level since November 2024.Strategy shares plunge to multi-year lowsMicroStrategy’s bitcoin-focused arm, Strategy, has seen shares tumble from $457 in July to $111.27 on Thursday, marking their lowest level since August 2024. The stock was last down more than 11%, according to Reuters.In December, Strategy cut its 2025 earnings forecast, citing weak bitcoin performance, and announced plans to create a reserve to support dividend payments. The company now expects full-year earnings between a $6.3 billion profit and a $5.5 billion loss, down from its earlier forecast of $24 billion.Other notable bitcoin buyers have also been hit. UK-based Smarter Web Company (SWC.L) fell nearly 18%, Nakamoto Inc (NAKA.O) lost almost 9%, and Japan’s Metaplanet (3350.T) dropped over 7%.Bitcoin wipes out gains since Trump’s electionBitcoin itself is down nearly 28% since the start of the year, with recent selling accelerating after Trump nominated Kevin Warsh as the next Federal Reserve chair. Analysts cited by Reuters say that Warsh’s appointment could lead to a smaller Fed balance sheet, a negative for speculative assets like crypto.Bitcoin has erased all gains made since Trump’s election, when he pledged to overhaul policies toward digital assets. The cryptocurrency last traded at $67,651.“As Bitcoin continues its slide below the psychological barrier of $70,000, it’s clear the crypto market is now in full capitulation mode,” said Nic Puckrin, investment analyst and co-founder of Coin Bureau. “If previous cycles are anything to go by, this is no longer a short-term correction, but rather a transition… and these typically take months, not weeks,” Reuters cited the expert.Broader digital asset holdings also hitCompanies holding other tokens have been affected as well. Alt5 Sigma, which stocks the Trump family’s WLFI token, fell 8.4%. SharpLink Gaming, holding ether, dropped 8%, while Forward Industries, which holds solana, fell nearly 6%.Bitcoin fell to a low of $63,295.74 on Thursday, its weakest since October 2024, before rebounding slightly to $63,525, marking its largest one-day drop since November 2022. Approximately $1 billion in bitcoin positions were liquidated over 24 hours, according to CoinGlass data.Fed concerns and investor outflowsTrump’s Fed pick, Kevin Warsh, has added to market fears. Analysts say investors worry that a smaller balance sheet will remove liquidity support for speculative assets.“The market fears a hawk with him,” Manuel Villegas Franceschi from Julius Baer told Reuters. “A smaller balance sheet is not going to provide any tailwinds for crypto.”Deutsche Bank analysts highlighted massive outflows from institutional ETFs as a key driver of the decline. US spot bitcoin ETFs saw over $3 billion withdrawn in January, following $2 billion and $7 billion outflows in December and November, respectively. “This steady selling in our view signals that traditional investors are losing interest, and overall pessimism about crypto is growing,” they said.Tech sector weakness piles pressure on crypto segmentThe slide in cryptocurrencies has been compounded by a broader downturn in tech stocks, particularly software companies linked to AI. Bitcoin and other tokens have historically tracked risk appetite in technology markets, and the current weakness has intensified losses.“Concerns are being raised around the crypto miners and whether we could be looking at forced liquidations if prices continue to fall, which could lead to a vicious cycle,” said Jefferies strategist Mohit Kumar, as cited by Reuters. The analyst further added that crypto “should never be more than a very small portion of a portfolio, but its heavy retail ownership adds to overall market risk.”
France’s LVMH to propose Ariane Gorin for board seat at April AGM
Gold, Silver ETFs Sink Up To 10% As Precious Metals Rout Deepens; What Should Investors Do Now?
Super Bowl LX betting buzz: Bettor places $1,000 MVP wagers on Super Bowl kickers
-
Business1 week agoPSX witnesses 6,000-point on Middle East tensions | The Express Tribune
-
Tech1 week agoThe Surface Laptop Is $400 Off
-
Tech1 week agoHere’s the Company That Sold DHS ICE’s Notorious Face Recognition App
-
Tech4 days agoHow to Watch the 2026 Winter Olympics
-
Tech6 days agoRight-Wing Gun Enthusiasts and Extremists Are Working Overtime to Justify Alex Pretti’s Killing
-
Entertainment1 week agoPeyton List talks new season of "School Spirits" and performing in off-Broadway hit musical
-
Business1 week agoBudget 2026: Defence, critical minerals and infra may get major boost
-
Sports1 week agoDarian Mensah, Duke settle; QB commits to Miami