The Supreme Court of Iceland acquitted the City of Reykjavík from a more than ISK 1.8 billion (USD 14.5 million, EUR 11.7 million) claim made by Kaupþing Bank in November 2008 with a ruling announced on November 6.
The turnover of the Icelandic film industry so far this year has totaled ISK 7 billion (USD 56 million, EUR 45 million), mostly from foreign movie projects filmed in Iceland.
The average write-off under the government’s debt cancelation plan, which aims to correct indexed mortgages for the effects of inflation in 2008 and 2009, will be ISK 1.35 million (USD 11,000, EUR 8,800) per household, as announced in a press conference this afternoon.
The Central Bank of Iceland cut its benchmark interest rate by 0.25 percentage points from 6 percent to 5.75 percent in the first cut since 2011 this morning.
Salt-making assignment Norður Salt in Reykhólar, the southern West Fjords, earned the respected 2014 Red Dot award last month for the design of their packaging, featuring a mermaid on a blue background.
Dairy company Kú has filed charges against Mjólkursamsalan (MS), the dominant company on the dairy market, to the Icelandic Competition Authority for violating the competition law. MS denies being in breach of the law.
GáF, a company founded by municipalities in North Iceland to buy a piece of land at Grímsstaðir á Fjöllum and lease it to Chinese tycoon Huang Nubo, is ISK 10 million (USD 83,000, EUR 66,000) in debt.
The Icelandic Ministry of Industries and Innovation has made an agreement with the Icelandic Genetic Resource Council to boost goat farming in Iceland. ISK 7 million (USD 57,000, EUR 46,000) will be invested in the project over the next three years.
The Icelandic Competition Authority (ICA) has referred the cases of 11 employees of transport companies Eimskip and Samskip, including the CEOs of both companies, to the Office of the Special Prosecutor for alleged illegal cooperation.