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.
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.
Landsbanki bank has taken over all assets and liabilities of Sparisjóður Vestmannaeyja, the local savings bank in Vestmannaeyjar. The Icelandic Financial Supervisory Authority authorized the merger yesterday.
Six hundred new hotel rooms need to be built in Reykjavík each year for the next six years, doubling the capacity from 4,000 hotel rooms to 8,100, to meet the forecasted demand.
Inflation in Iceland has run at an average of nearly 16 percent per year since it first started being measured.
California police are trying to get hold of an Icelander accused of multi-million dollar fraud against ordinary citizens.
Germany-based company EAB New Energy Europe has expressed interest in cooperating with Norðurþing municipality in Northeast Iceland on establishing a wind farm in the vicinity of Húsavík, as discussed in a meeting last week.
Pharmaceutical company Actavis, which is headquartered in Iceland, has acquired U.S. pharmaceutical company Allergan for USD 70.5 billion (ISK 10,000 billion, EUR 66.4 billion). The acquisition was announced in November but formally went through yesterday.
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.
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.
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...
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.
With still six weeks to go before Easter, the first chocolate Easter eggs will appear on shelves in stores around Iceland today.
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.
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...
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...
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.
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....
The first Senegal soles were slaughtered and packed at Stolt Sea Farm at Hafnir, a new fish farm in Southwest Iceland, on Wednesday. The first batch were 1,000 fish or about 500 kg (1,100 lb).
The alternative fuel plant Carbon Recycling at Svartsengi in Southwest Iceland will triple its production in a few weeks. The Icelandic National Planning Agency has approved the plant’s enlargement.
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...
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.
The rental prices for apartments in Reykjavík and neighboring towns has increased significantly in the past years. While rental prices have increased by 40 percent since 2011, the consumer price index has only increased by 16 percent in the same period.