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.
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).
Twenty-one year old entrepreneur Aðalsteinn Lárus Skúlason recently set up Iceland’s first electric car rental service, Electric Carrental.
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....
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...
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.
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.
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...
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.
Governor of the Central Bank Már Guðmundsson announced that the key interest rate would decrease by 0.5 percent to 5.25 percent this morning while wearing a Christmas sweater as part of a fundraising initiative for Barnaheill – Save the Children Iceland.
LBI hf., the bankrupt estate company of the old Landsbanki, has received permission to pay ISK 400 billion in priority claims from the estate.
Icelandic insurance companies are permitted to compile personal information on people when investigating cases of suspected insurance fraud.
Only two passengers traveled on the bus connecting Ísafjörður with Hólmavík in the West Fjords in the first 27 days of November.
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.
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.
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.’
The Supreme Court of Iceland acquitted the City of Reykjavík from a more than ISK 1.8 billion (USD 14.5 million, EUR 11.7 million) claim made by Kaupþing Bank in November 2008 with a ruling announced on November 6.
The turnover of the Icelandic film industry so far this year has totaled ISK 7 billion (USD 56 million, EUR 45 million), mostly from foreign movie projects filmed in Iceland.
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.
The Central Bank of Iceland cut its benchmark interest rate by 0.25 percentage points from 6 percent to 5.75 percent in the first cut since 2011 this morning.
Salt-making assignment Norður Salt in Reykhólar, the southern West Fjords, earned the respected 2014 Red Dot award last month for the design of their packaging, featuring a mermaid on a blue background.
Dairy company Kú has filed charges against Mjólkursamsalan (MS), the dominant company on the dairy market, to the Icelandic Competition Authority for violating the competition law. MS denies being in breach of the law.
GáF, a company founded by municipalities in North Iceland to buy a piece of land at Grímsstaðir á Fjöllum and lease it to Chinese tycoon Huang Nubo, is ISK 10 million (USD 83,000, EUR 66,000) in debt.
The Icelandic Ministry of Industries and Innovation has made an agreement with the Icelandic Genetic Resource Council to boost goat farming in Iceland. ISK 7 million (USD 57,000, EUR 46,000) will be invested in the project over the next three years.