Reykjavík
-2°C
E

Business

Money - Icelandic Króna

PM Calls for Reform of Iceland’s Monetary System

A report, commissioned by Prime Minister Sigmundur Davíð Gunnlaugsson, outlining the need for a fundamental reform of Iceland’s monetary system, was published today by Progressive Party MP and chair of the Alþingi parliament’s Committee for Economic Affairs and Trade Frosti Sigurjónsson.

Tourists in Reykjavík

Overnight Stays in Iceland Up 21 Percent

The number of overnight stays in Iceland totaled 5.5 million last year, up 21 percent from the previous year. Stays by foreign visitors made up 80 percent of the total, up 25 percent from 2013. Overnight stays among Icelanders increased six percent from 2013, according to Statistics Iceland.

IMF Mostly Happy With Iceland

The International Monetary Fund says Iceland needs to work to maintain financial stability during the removal of capital controls and to ensure inflation remains stable.

Money - Icelandic Króna

Icelandic Króna Featured in New Documentary

A new Icelandic documentary Íslenska krónan, features the Icelandic currency, its history current position and future prospects. Directed by Garðar Stefánsson and produced by Atli Bollason, it will be screened at Bíó Paradís cinema in Reykjavík starting this Sunday.

Glitnir

Icelandic Banks Profit ISK 370 Billion since Collapse

The combined profits of the three large commercial banks in Iceland, Landsbanki, Arion Banki (earlier Kaupþing) and Íslandsbanki (earlier Glitnir), was ISK 80 billion (USD 600 million, EUR 530 million) last year. Since the banking collapse in 2008, they’ve earned ISK 370 billion (USD 2.8 billion...

Fishing ship in Neskaupstaður, East Iceland.

Capelin Now Caught off Southeast Iceland

The behavior of capelin is still considered to be strange, even though parts of the fish stock has now migrated to its usual grounds off Southeast Iceland. The fish can also be found in large quantities off North Iceland. It lingered there for a longer time than usual this season.

Money - Icelandic Króna

Former FL Group CEO Acquitted in District Court

Former CEO and of investment company FL Group Hannes Smárason was this morning acquitted of charges of embezzlement from the company’s funds in Reykjavík District Court. The prosecution is to cover all costs, including ISK 10 million (USD 76,000, EUR 66,000) in defensive fees.

gavel as used in courts

Prosecutor on Al-Thani Case: Clear Message to Bankers

Special Prosecutor Ólafur Þór Hauksson, who filed the charge against the Kaupþing four, who were convicted in the Al-Thani case on Thursday, believes that the verdict along with other recent convictions in economic violations reduce the likelihood of similar violations being committed in the...

Supreme Court of Iceland

Iceland Supreme Court: Al-Thani Deal ‘Deception’

The Supreme Court of Iceland concluded in its verdict yesterday when sentencing four former key executives of Kaupþing Bank to prison that Sheik Mohammed Bin Khalifa Al-Thani of Qatar’s acquisition of a five percent share in the bank two weeks before the banking collapse in 2008 was a deception...

Former chair of Kaupþing Sigurður Einarsson.

Icelandic Bankers Sentenced to Prison

The Supreme Court of Iceland today upheld prison sentences on four former key executives and majority owners of Kaupþing Bank in the so-called Al-Thani case in what is the heaviest sentence ever given in Iceland for economic fraud.

Money - Icelandic Króna

Wants ISK 150 Million for Tax Evader Info

A whistleblower who offered the Icelandic Directorate of Tax Investigations data documenting tax evasion by individuals with links to Iceland several months ago is asking ISK 150 million (USD 1.1 million, EUR 1 million) for the information, according to a statement from the Ministry of Finance....

DeCode lab

Funding for Codland’s Icelandic Fish Skin Products

Startup company Codland in Grindavík, Southwest Iceland, has received ISK 75 million (USD 563,000, EUR 496,000) in funding from Nordic Innovation for developing products from fish skin. Once a three-year research project has been completed, the plan is to build a plant in Grindavík and process 3...

Capelin

Capelin Fishing Quota in Iceland to Increase

The Icelandic Marine Research Institute has suggested an increase in the capelin fishing quota by 320,000 tons since the last season, totaling 580,000 tons. Minister of Fisheries and Agriculture Sigurður Ingi Jóhannson celebrates the suggestion and will increase the quota accordingly.

Looking over Jökulsárgljúfur through a cave.

Three Iceland Power Plant Options off the Table

The National Energy Authority has decided to withdraw three of the power plant options submitted to the task force working on the third stage of the framework program for energy harnessing and nature protection as they were located within Vatnajökull National Park.

Pages