Business and economics
In Q1 2013, Landsbankinn's after-tax operating profit was ISK 8.0bn compared to ISK 7.7bn in Q1 2012. After-tax return on equity (ROE) in Q1 was 14.0% as compared with a ROE of 15.2% for 2012 as a whole.
The wage index in April 2013 is 456.4 points, 0.2% higher than in the previous month. In the last twelve months the monthly wage index has risen by 5.8%.
Research report from Islandsbanki bank: Domestic petrol prices have risen by over 3% since mid-April, due to rising global oil prices and the depreciation of the króna in the first half of May. The increase could raise the CPI by approximately 0.1% in June, in the absence of other changes.
An agreement on Cooperation on Marine Oil Pollution Preparedness and Response was signed, Wednesday 15 May, at the Arctic Council Ministerial Meeting in Kiruna, Sweden.
A financial report from Islandsbanki bank. We forecast a month-on-month drop of 0.1% in the Consumer Price Index (CPI) in May. If our forecast proves correct, the 12-month inflation rate will remain unchanged at 3.3%, which is the lowest level of inflation in two years.
The Progressive Party and the Independence Party formed a coalition government today. In their manifesto, that was announced today, it is stated that the government will work towards starting oil and gas processing as soon as possible, if the resources are found in processable quantities.
The number of persons in the labour force in April 2013 was 186,800 which correspond to an activity rate of 82.3%. The number of employed persons was 174,400 and unemployed persons were 12,300. The employment rate was 76.9% and the unemployment rate was 6.6%.
The Progressive Party and the Independence Party have formed a government in Iceland. Details regarding the government agreement are expected today. Bjarni Benediktsson, chairman of the Independence Party, said that the EU membership negotiations will be stopped right away.
Good results of Reykjavik Energy’s (RE – Orkuveita Reykjavikur) operations are becoming entrenched. EBIT for Q1 2013 amounted to ISK 5.1 billion, but were ISK 4.9 billion for Q1 2012. Salaries and other operating expenses for Q1 decreased by 8.4% compared to Q1 2012. Cut-backs in RE´s operations and steady income explain this stability in RE´s performance.
Rio Tinto Alcan in Iceland has informed Landsvirkjun of a change to the scope of the ISAL Production Upgrade project for the company‘s aluminium plant in Straumsvik, Iceland. The initial plan anticipated that the annual production capacity of the aluminium plant would increase by 20% from 190 thousand tonnes of aluminium to 230 thousand tonnes.
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