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Supermarket

Price of Food in Iceland Increases

Changes to the value added tax (VAT) took effect yesterday, resulting in a higher price of food products, while the price of clothing, beauty products, medicine, alcohol, tobacco, furniture, phones, computers, cars and jewelries, among other products, will drop.

Grímsstaðir

Grímsstaðir Still for Sale in EEA

Jóhannes Haukur Hauksson, one of the owners of the remote farm Grímsstaðir á Fjöllum, Northeast Iceland, says the land is still on the market after it was put up for sale in the European Economic Area (EEA).

At the Holuhraun eruption site

Holuhraun Eruption Repels Tourists from North Iceland

The volcanic eruption in Holuhraun has had a harmful effect on tourism in North Iceland; the number of foreign tourists in the region has dropped significantly in the past months. Managing director of the North Iceland Marketing Office Arnheiður Jóhannsdóttir calls for a marketing initiative....

Cover of Frjáls verslun, Man of the Year 2014

Róbert Guðfinnsson - Businessperson of the Year

Róbert Guðfinnsson was named Business of the Year by Frjáls verslun (‘Free Enterprise’), Iceland Review’s sister publication. The choice is a bit unusual. Róbert’s investments in Siglufjörður have the flair of the shared value policy presented at Harvard University several...

Reykjavík zoo

Inflation below 1 Percent in Iceland

The average 12-month inflation in Iceland measures 0.8 percent. It’s the first time since 1998 that inflation drops below 1 percent. In the past three months, Iceland has seen a deflation by 0.3 percent, according to the latest update from Statistics Iceland.

Keflavík International Airport

Delta Cancels Iceland-Minneapolis Flights

U.S. airline Delta has canceled plans for scheduled flights between Keflavík International Airport and Minneapolis next summer as the company was unable to obtain service slots at the airport. In summer 2014, Delta offered daily flights between Iceland and New York.

Money - Icelandic Króna

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...

Supermarket

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.

Money - Icelandic Króna

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.

The recipients of the 2014 Aurora Fund design grants.

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.

Flateyri bookstore

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.’

Reykjavík with Hallgrímskirkja in the background

Loans to be Corrected by ISK 1.35 Million on Average

The average write-off under the government’s debt cancelation plan, which aims to correct indexed mortgages for the effects of inflation in 2008 and 2009, will be ISK 1.35 million (USD 11,000, EUR 8,800) per household, as announced in a press conference this afternoon.

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