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Business

Snow in Reykjavík.

Fear Drives Housing Prices Up

The price of real estate in Iceland is no longer driven by increased purchasing power, but rather by a lack of housing and the fear that the housing supply will continue to diminish.

Money

Foreign Investors Buy 30 Percent in Arion Bank

Foreign funds and investment bank Goldman Sachs have acquired almost 30 percent of shares in Icelandic bank Arion Bank for ISK 48.8 billion (USD 452 million, EUR 420 million), as announced by Arion Bank and Kaupþing ehf. (the administrator of the defunct Kaupþing’s assets) yesterday evening.

WOW Air’s Profits Soar

Last year’s turnover at WOW Air amounted to ISK 36.7 billion, representing a 111 percent increase from the previous year.

Costco.

Fearing the Giant

The arrival of the US wholesale giant Costco in Iceland this spring will have a large impact on wholesalers and domestic producers.

Money

Glitnir Directors Receive Major Bonuses

Three board members of Glitnir Holdco ehf., along with a few Icelandic key employees of the company in Iceland, have already secured a total of ISK 875-1,525 million (USD 7.6 million, EUR 7 million) in bonuses.

Urriðavatn Geo Spa.

Geo Spa to Open in East Iceland

A thermal beach and geo spa is set to open by Urriðavatn lake near Egilsstaðir in East Iceland in 2019. Warm water from geothermal boreholes in the vicinity will be used to create bathing facilities by the lake. The project will be launched with the signing of a collaboration agreement today....

Jökulsárlón

Iceland May Lose Out on Glacial Lagoon

The Icelandic state announced on Monday its intention to acquire the private land Fell in Suðursveit, to which part of the famous glacial lagoon Jökulsárlón in Southeast Iceland belongs. However, the acquisition may be up in the air because it appears that the deadline for the state to use its...

Flying High

Last year, WOW Air, flew close to 1.7 million passengers, up 130 percent from previous year.

Þorsteinn B. Friðriksson, CEO of Plain Vanilla.

QuizUp Sold to Glu Mobile for USD 7.5 Million

Icelandic gaming company Plain Vanilla, which shut down its operations in August, has sold its hit game QuizUp to US gaming company Glu Mobile for ISK 7.5 million (ISK 850 million, EUR 7.2 million). The game will henceforth be operated from San Francisco.

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