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CCP Games Bought Out, Shifts Focus to Mobile and Hollywood
Pearl Abyss, the company behind the massively multiplayer online role-playing game ‘Black Desert Online,’ has bought the Icelandic gaming company CCP for almost half a billion U.S. dollars. Fans of the company’s popular and long-running ‘EVE Online’ game need not worry; according…
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Icelandic Bank Loses Millions in Airline Bankruptcy
Primera Air, a Denmark-based airline owned by Icelandic businessman Andri Már Ingólfsson, has filed for bankruptcy and ceased operating, RÚV reports. Arion Banki has lost the equivalent of millions of US dollars in the venture. The sudden collapse on Monday left passengers…
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Former Icelandic President Protests Graveyard Hotel
In another set-back for the hotel industry, three prominent “Honorary Citizens of Reykjavík” delivered a statement asking city officials to cancel construction of a hotel on the site of an ancient graveyard. The statement was signed by beloved former Icelandic president Vigdís…
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Negotiations Begin On New Public Transport System For Reykjavik
Minister of Transport Sigurður Ingi Jóhannesson, signed an agreement last week with capital region municipalities to begin negotiations on a large-scale transport plan, RÚV reports. The talks will centre on significant investments in public transportation and eliminating traffic bottlenecks in the region.…
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Fishy 14 Million ISK Lawsuit Dismissed
Reykjavík District Court dismissed last week the most stereotypically Icelandic of lawsuits: it involved fish and poor business decisions. Fish processing company Tor sought 14 million ISK in a lawsuit it brought against its one-time chemical supplier, Katla, Vísir reports. In 2014,…
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Fired Employee Sues Icelandic Energy Company That Ignored Her Harassment Claims
Áslaug Thelma Einarsdóttir announced on her Facebook page this week that she is planning to file a lawsuit after being fired for her repeated claims of sexual harassment against former Orku Náttúrunnar (ON) CEO Bjarni Már Júlísson, Stundin reports. The company is…
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Króna Drops As Banking Crisis Anniversary Nears
The Icelandic Króna (ISK) has dropped by six percent against the euro since the beginning of September, RÚV reports. In a matter of hours on Tuesday morning it fell two percent. The Central Bank used its foreign reserves to prevent an even…
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New Hospital, Helicopters, and Highland Cops: Iceland’s 2019 Budget
Yesterday the government released its proposed budget for next year. It includes spending increases and tax cuts. The treasury expects a budget surplus next year of 1% despite a 7% increase in public spending. It includes spending on health care, social services,…
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Silicon Folly: The Failure Of The Latest Industrial Trend
Tourism is not the only troubled industry In Iceland. The sharp increase in demand for solar panels has necessitated growth in silicon production. The country’s abundant, cheap and sustainable energy has made Iceland an attractive base. United Silicon was the first manufacturer…
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Action Needed to Protect Whistleblowers and Increase Transparency
A report on increasing confidence in the political system that was commissioned at the beginning of the year by Prime Minister Katrín Jakobsdóttir was released yesterday. According to RÚV, the report showed the need for swift legislative action to protect whistleblowers in…
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Trust Lacking in Looming Labour Talks In Iceland
According to an article published by RÚV, experts perceive a stark lack of trust between management and workers. The recent report commissioned by the office of Left-Green Prime Minister Katrín Jakobsdóttir stated that the maximum pay increase is only four percent. The…
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More Turbulence: Icelandair CEO Dropped Like Its Stock Price
The saga of Icelandic airlines is far from over. Attention is back on the country’s legacy airline, Icelandair. The company announced earlier this week that its earnings would be lower than previously stated, with the latest estimate being about half of that…
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Ready for a Fight: Unions Prepare for Tough Wage Negotiations
The Office of Prime Minister Katrín Jakobsdóttir commissioned economics professor Gylfi Zoega to write a report about potential wage increases ahead of a series of tough negotiations, RÚV reports. Gylfi estimates that the maximum pay increase is 4%. He believes inflation would…
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The Woes of WOW: Financial Losses Follow Impressive Growth
WOW Air is a young, innovative Icelandic airline with an impressive growth record over its short life. Though it was only founded in 2011, WOWnow challenges the well-established Icelandair for the distinction of Iceland’s largest airline. Last month the carrier announced losses…
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The Nosedive: Two Icelandic Airlines Report Losses
After years of strong growth and profitability, the slowdown in the growth of the tourist industry appears to be hitting the airline industry hardest of all. In recent weeks Icelandair and WOW Air have both announced losses and subsequent restructuring efforts. They…
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Setting An Affirmative Agenda: Iceland To Host 14th Weapons Of Mass Destruction Conference In October
Following the predictably contentious NATO summit in Brussels July 11th-12th, the office of Prime Minister Katrín Jakobsdóttir announced that Iceland would host the organisation’s fourteenth annual Weapons of Mass Destruction (WMD) Conference on October 29th & 30th in Reykjavík. The purpose of…
