Business and economics

Reykjavik Energy: Good Operations Results Solidified

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.

Tuesday, 21 May 2013 18:30

Change to the scope of the production upgrade project of Rio Tinto Alcan in Iceland

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.

Monday, 20 May 2013 10:46

Construction to continue in Mosfellsbær: Uncertainty about Helgafell plot resolved

Mosfellsbær municipality and Landsbankinn have concluded an agreement on continued development of the Helgafell plot. Landsbankinn recently acquired building plots and land in the area through settlement with Helgafellsbyggingar hf. This agreement puts an end to inactivity and uncertainty surrounding construction in the area.

Monday, 20 May 2013 08:25

Significant rise in housing prices in April in Reykjavik

Housing prices in the greater Reykjavik area rose by 0.7% in April. This is the highest monthly rise in the index since October of last year, when housing prices rose by 0.9% between months.

Monday, 20 May 2013 06:07

Einar Bárðarson, Director of Höfuðborgarstofa, and Jensína K. Böðvarsdóttir, Managing Director of Corporate Development at Landsbankinn, sign the Reykjavík Culture Night co-operation agreement between Landsbankinn and Höfuðborgarstofa at Harpa.

Do you have a good idea for a Reykjavík Culture Night event?

Reykjavík Culture Night will be held for the 18th time on the coming 24 August. The city's plazas and streets, alleyways and gardens, galleries, shops, cultural institutions and homes will play host to multiple events. This year's theme is "Come On In", a reference to the old Icelandic tradition and phrase used to welcome guests into homes and offering them hospitality.

Sunday, 19 May 2013 20:10

Iceland: Total catch increased by 19.9% in April

Total catch of Icelandic vessels in April 2013 was 110,657 tonnes compared to 80,266 tonnes in April 2012. Demersal species accounted for 44 thousand tonnes, thereof cod 21 thousand tonnes, haddock nearly 4,300 tonnes, redfish 6,400 tonnes and saithe 7,200 tonnes. The pelagic catch was 59,546 tonnes, thereof blue whiting 59,475 tonnes.

Friday, 17 May 2013 05:01

Women 24% of chairmen in Iceland in 2012

In 2012 women accounted for 21% of managing directors and 24% of chairmen of boards of directors. The share of women is highest in small enterprises and decreases as the enterprises grow larger. The share of women is as well highest within the youngest category of managers and chairmen.

Thursday, 16 May 2013 19:03

Large Increase in Smart phones and Computers Sales

According to the Icelandic Center of Retail Studies, there was a large increase in sales of phones and computers, compared with last year. For the first 4 months of this year, the turnover in phone sales increased by 38% from the year before. Computer sales increase was 29% for the same period.

Thursday, 16 May 2013 11:02

Central Bank of Iceland: Monetary Bulletin

The objective of the Central Bank of Iceland’s monetary policy is to contribute to general economic well-being in Iceland. The Central Bank does so by promoting price stability, which is its main objective.

Thursday, 16 May 2013 08:58

Icelandic central government has low net debt

The Icelandic central government (not counting municipalities) owes 1489 bn ISK (~9.4 bn EUR), or around 81.5% of estimated 2013 GDP. But the government has many assets as well. The government took loans to strengthen its foreign currency reserves and the government has also lent money to other institutions.

Thursday, 16 May 2013 00:02