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Business

Skólavörðustígur

Loved Shop Forced Out of City Center

The shelves at Verslun Þorsteins Bergmann have been full of beautiful items for the home (especially the kitchen) since 1970, but the popular shop is now leaving its Skólavörðustígur home.

Supreme Court of Iceland

Granddad Beats Bank, Guarantors Gleeful

People who have registered as guarantor on loans to people or businesses that later go bankrupt, can only be chased for the debt within two years, thanks to a Supreme Court judgement last week.

gavel as used in courts

Large Tax Fraud Conviction Handed Down

Friðjón Björgvin Gunnarsson, CEO of several Icelandic companies, has been sentenced to two-and-a-half years’ imprisonment for breaking tax law, bookkeeping law, and for money laundering.

Snow in Reykjavík.

Fear Drives Housing Prices Up

The price of real estate in Iceland is no longer driven by increased purchasing power, but rather by a lack of housing and the fear that the housing supply will continue to diminish.

Money

Foreign Investors Buy 30 Percent in Arion Bank

Foreign funds and investment bank Goldman Sachs have acquired almost 30 percent of shares in Icelandic bank Arion Bank for ISK 48.8 billion (USD 452 million, EUR 420 million), as announced by Arion Bank and Kaupþing ehf. (the administrator of the defunct Kaupþing’s assets) yesterday evening.

WOW Air’s Profits Soar

Last year’s turnover at WOW Air amounted to ISK 36.7 billion, representing a 111 percent increase from the previous year.

Costco.

Fearing the Giant

The arrival of the US wholesale giant Costco in Iceland this spring will have a large impact on wholesalers and domestic producers.

Money

Glitnir Directors Receive Major Bonuses

Three board members of Glitnir Holdco ehf., along with a few Icelandic key employees of the company in Iceland, have already secured a total of ISK 875-1,525 million (USD 7.6 million, EUR 7 million) in bonuses.

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