Business

Britain Recovers 85 Percent of Icesave Claims

The Economic Secretary to the Treasury, Andrea Leadsom, confirmed yesterday that the British government has recovered a further GBP 1.36 billion (ISK 264 billion, USD 2.14 billion, EUR 1.71 billion) from the Landsbanki estate in Iceland, which operated as Icesave in the UK, following its collapse...

Costco to Open Giant Store in Iceland

U.S. Costco Wholesale, the third-largest retailer in the world, is planning to open a 14,000-square-meter (16,743-square-yard) store at Kauptún in Garðabær outside Reykjavík (where IKEA is based) within a year. The company has already bought the facilities.

EFTA Court Finds Icelandic Loans to Be Illegal

The EFTA Court ruled on Monday that it is not in compliance with the EU directive to base agreements for indexed consumer loans on zero percent inflation. Icelandic courts are to evaluate what effect the false information has had and what measures can be taken in response.

Seven Icelandic Design Projects Receive Grants

Seven diverse projects by Icelandic designers received grants from the Aurora Design Fund at its 12th annual distribution ceremony on Tuesday, three of which were in fashion design. Fifty entries were made. The jury seeks to select projects which are thought to be constructive for society.

Fewer Book Titles Published in Iceland

Last year, 704 books were published in Iceland but this year the titles will be 10 percent fewer, or 638. That makes 501 persons per book. The most important time for Icelandic book publishers is coming up, the jólabókaflóð, or ‘Christmas book flood.’

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