Business

Increase to Airport Shuttle Fares May Be On the Horizon

Bus fares between Reykjavík and the Keflavík airport could increase by as much as 25% in the coming months.

Police Close “Viking” Shop Chain

Police closed three shops belonging to “The Viking” chain yesterday.

Reykjavík Housing Market Stabilizing

The time of sharp real estate market growth in Reykjavík is over, according to a report released yesterday by Landsbankinn bank.

Icelandair Flies to San Francisco This Spring

Icelandair will begin flying to San Francisco this spring, bring the total number of North American destinations served by the airline to 23.

1,000 Individuals Hold 98 Percent of Capital in Iceland

Only 1,000 people hold almost all the individually owned equity in Icelandic companies.

Reykjavík Real Estate Prices Drop

Real estate prices in the Reykjavík capital area fell around 0.7 percent between months at the end of last year.

Siggi’s Skyr Company Sold

French dairy giant Lactalis has bought The Icelandic Milk and Skyr Corporation, producer of Siggi’s Skyr.

Sale of Electric Cars Nearly Doubled in 2017

Sales of electric cars in Iceland nearly doubled in the past year.

Larger Fish Farms Licensed in West Fjords

The Icelandic Food and Veterinary Authority (MAST) has authorized a large-scale increase in fish farming in the West Fjords.

Iceland Ranks 5th in Europe in GDP and Consumption per Capita

Preliminary figures for 2016 indicate Iceland’s GDP per capita was 28 percent above the EU28 average.

Downsizing of Icelandic Banks Disproportionately Affects Women

Icelandic banks have reduced staff by nearly 1,500 and closed more than 60 branches over the last ten years.

End of an Era for Akranes Cement Plant

The cement plant in Akranes, West Iceland, which began operating in 1958, is now being torn down.

Hallgrímskirkja's shadow on an aerial photo of Reykjavík.

Reykjavík Almost Fully Booked in December

Only 1% of Airbnb apartments are available in Reykjavík during the end of December, and very few hotel rooms are left.

Web Host Breakdown Impacts Icelandic Businesses

Web hosting company 1984 Ltd. experienced a system breakdown yesterday, affecting thousands of individual Icelanders and many businesses who rely on their services.

“It Was Wrong” to Lend to United Silicon, Says Bank CEO

Höskuldur H. Ólafsson, CEO of Arionbanki bank, stated it is not out of the question for United Silicon to declare bankruptcy at the beginning of next month.

Excess Dairy Sold Abroad For Less

Excess butter and milk from MS Iceland Dairies was sold to foreign buyers at only a fraction of the prices found in Icelandic stores.

E-book Sales Increase by 60 Percent in Iceland

The supply and sale of e-books has increased greatly in Iceland over the past year.

Majority of Reykjavík Apartments Sell Below Asking Price

The Housing Financing Fund (HFF) released a monthly report today stating 72 percent of apartments in the Reykjavík capital area sold for less than the asking price.

Rapid Economic Growth In 2017 – To Start Slowing Down 2018

Statistics Iceland has published its latest issue of Statistical Series, which presents the economic forecast for 2017-2023.

CCP Puts VR On Hold And Lays Off Employees

Icelandic video game developer CCP Games will be putting virtual reality game development on hold for the next 2-3 years, as well as shutting down its Atlanta office and selling the Newcastle office.