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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.

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...

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