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Business

fishing boat

Icelandic Nets Big in Australia

Hampiðjan, a major Icelandic supplier of ropes, rigging and fishing gear, has struck a deal with one of Australia’s biggest fishing companies for the purchase of 120 prawn fishing nets. The deal has helped push Hampiðjan to the number one slot as the biggest company of its type in Australia, its...

United Silicon, Helguvík.

Embattled Silicon Plant Under More Heat

It has emerged that the Environment Agency of Iceland gave the United Silicon factory in Helguvík official written warning that it was likely to be shut down in a letter dated April 12 this year. The reason for the letter was the release of substances into the environment which could have long-...

Björt Ólafsdóttir

Silicon Plant Must Close: Environment Minister

Björt Ólafsdóttir, Iceland’s environment minister, says she has had more than enough of the developing situation at the United Silicon factory at Helguvík. Her comments come following a fire at the plant last night.

Skólavörðustígur

Loved Shop Forced Out of City Center

The shelves at Verslun Þorsteins Bergmann have been full of beautiful items for the home (especially the kitchen) since 1970, but the popular shop is now leaving its Skólavörðustígur home.

Supreme Court of Iceland

Granddad Beats Bank, Guarantors Gleeful

People who have registered as guarantor on loans to people or businesses that later go bankrupt, can only be chased for the debt within two years, thanks to a Supreme Court judgement last week.

gavel as used in courts

Large Tax Fraud Conviction Handed Down

Friðjón Björgvin Gunnarsson, CEO of several Icelandic companies, has been sentenced to two-and-a-half years’ imprisonment for breaking tax law, bookkeeping law, and for money laundering.

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.

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