Reykjavík
7°C
SE

Economy

Icelandic Bank Welcomes Refugees

The analysis department at Arion Bank has released a report saying that welcoming a large number of refugees to Iceland would be a very extensive and expensive project, but that the long-term economic effect would be a positive one—adding that there is little to suggest that the move would cause...

Computer

Iceland Most Expensive in Five out of Twelve Categories

Iceland ranked as most expensive in five of the 12 goods and services categories studied in 37 European countries, according to new figures from Eurostat. Clothes, shoes, household appliances, electronics and transportation services were all more expensive than elsewhere.

Sigmundur Davíð Gunnlaugsson

Iceland’s PM Meets EU Chiefs in Brussels

Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson is currently on an official visit to Brussels for the first time since Iceland terminated accession talks with the EU in March, where he met with President of the European Council Donald Tusk today and President of the European Commission...

Glitnir

Claimants of Collapsed Banks Accept Terms

The claimants of the collapsed Icelandic banks have agreed to the conditions introduced by the government of Iceland in order to guarantee economic stability when the capital controls—which have been in place since the banking collapse in 2008—will be lifted.

Bjarni Benediktsson and Sigmundur Davíð Gunnlaugsson

New Action Plan for Labor Market Presented

The government of Iceland presented an action plan in 11 parts at a press conference this morning, aimed at expediting the design of new wage contracts and calming the current unrest in the labor market. The measures concern taxation, welfare and housing.

Icelandic minke whale meat.

Icelandic Whale Watchers Protest Hunt

IceWhale, the whale watchers’ association of Iceland, strongly criticizes the fact that minke whale hunting has now begun again in Faxaflói bay, one of the most important whale watching areas in the country.

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.

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...

Minister for the Environment Sigrún Magnúsdóttir.

Progressive Party to Modify Wording of EEA Agreement

Minister for the Environment Sigrún Magnúsdóttir of the Progressive Party has stated that all the regulations Iceland must follow as part of the EEA Agreement have long been considered a hindrance by members of her party and suggests that the wording in the Icelandic translation of the EEA...

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.

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...

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.

Pages