Unreported economic activity seems to be on the rise in Iceland’s tourism industry, according to the Confederation of Icelandic Employers (SA). SA found that tax revenue from the tourism industry is not in line with the increase in tourists to Iceland.
“We all know that the Icelandic króna is not to the benefit of the Icelandic population. It actually benefits politicians and public officials. They can maintain central control of the system,” said Heiðar Már Guðjónsson, economist and head of the board of directors of Vodafone, in an interview...
The introduction of the quota system in Icelandic fisheries in the 1980s has resulted in consolidation in the fishing industry. Today the ten largest companies hold over 50 percent of the quota.
Google, the third most valuable company in the U.S., is heading to Iceland. The company’s CEO met with President of Iceland Ólafur Ragnar Grímsson a short time ago to sign an agreement for the relocation of the company’s headquarters to Northeast Iceland.
Russian tourists to Iceland spend more money than tourists from any other country. The average Russian tourist visiting Iceland spends 250 percent more than the second-placed Norwegian tourist, according to a new report from Landsbanki. The report was prepared for the bank’s conference about the...
The government announced that it hopes that it will be able to open a web portal for applications for debt cancelation as of May 15. Finance Minister Bjarni Benediktsson announced the news on RÚV yesterday.
Over 10 million auroracoins—Iceland’s new national e-currency—will be made available to citizens of Iceland in a so-called Airdrop at midnight tonight. Each citizen’s share of auroracoin is currently worth around USD 380.
North American seafood company High Liner Foods announced last week that it would not purchase products sourced from Icelandic companies linked to whaling.
Revenue from Iceland’s tourism industry totaled close to ISK 275 billion (USD 2.4 billion, EUR 1.7 billion) in 2013, making it the country’s largest export product for the first time.
Icelandic prosthetics company Össur has decided not to renew its advertising contract with 27-year-old South African sprinter Oscar Pistorius, who uses blades manufactured by the company, in light of the charges he faces for the murder of his girlfriend Reeva Steenkamp.
Lýður Guðmundsson, former chair of investment company Exista, was yesterday sentenced to eight months in prison by Iceland’s Supreme Court. Five months of the sentence are suspended.
There is a large difference between the salaries of the directors at three of Iceland’s banks, Morgunblaðið reports.
IKEA raised the price of saltkjöt og baunir (salted meat and bean stew), traditionally eaten on Shrove Tuesday in Iceland, by 500 percent this year. The day is known as Sprengidagur (‘Bursting Day’).
Statistics Iceland has published new data related to the Icelandic fishing fleet compiled at the end of 2013.
Grocery prices in Iceland increased by up to 6.8 percent in 2013, according to the latest price survey carried out by the Icelandic Confederation of Labor.
One in four Icelanders aged 18 to 29 have a Netflix account, the American provider or on-demand internet streaming media, despite it being illegal in the country.
Icelander Rut Hermannsdóttir is one of three owners of the new boutique and coffee bar Búðin in Brooklyn, New York City.
According to the preliminary results from Statistics Iceland for 2013, the total production value of Iceland’s agricultural sector increased by 4.3 percent and was ISK 61.5 billion (USD 535 million, EUR 393 million).
Last year a total of 781,000 foreign tourists went through Keflavík International Airport, an increase of 20 percent, or 135,000 people.
Five fishing boats from Bolungarvík, in the West Fjords, were among the top six smaller fishing boats in Iceland with the biggest catches in 2013.
Three thousand five hundred liters, or two thirds, of the Hvalur beer produced by whaling company Hvalur ehf. and Steðji brewery has sold. The beer has caused controversy as it contains ground whale bones.
The television stars and hamburger restaurant owners Sigmar Vilhjálmsson and Jóhannes Ásbjörnsson will in the coming weeks launch two new television stations.