Latest business news and updates from Iceland in English.
Iceland's new cruise ship infrastructure fee charges couples six times more than hotel overnight taxes. The policy aims to balance competition but risks harming rural economies and national tourism revenue. Parliament must now address unintended consequences while supporting cruise tourism growth.
Icelandic companies are setting ambitious sustainability targets and tracking their environmental impact through detailed reporting. Two leading firms share how they integrate green practices into daily operations while creating long-term value for their communities.
Iceland's housing market stalls as banks halt inflation-linked mortgage approvals following a Supreme Court ruling. Qualified buyers face rejections while real estate activity drops sharply. The legal uncertainty highlights vulnerabilities in Iceland's unique mortgage system.
An Icelandic businessman's bankruptcy case has reopened 16 years after his initial collapse. Magnús Þorsteinsson was part of the group that bought Landsbankinn before Iceland's financial crisis. The trustee will discuss distributing newly discovered assets on November 3.
Arion Bank temporarily stops issuing indexed mortgages following Iceland's Supreme Court ruling on loan terms. The bank seeks solutions during legal uncertainty while non-indexed loans remain available. This affects Iceland's housing market during ongoing inflation concerns.
Icelandic prosecutors charge Remax franchise owner Þórarinn Arnar Sævarsson with manipulating Kviku bank shares in 2020. The case involves 71 suspicious trades allegedly designed to create false market impressions. Authorities seek criminal penalties and full legal cost coverage.
Iceland's housing market faces paralysis as lenders halt inflation-linked mortgages following a Supreme Court ruling. Real estate agents warn wealthier buyers now dominate the market, leaving many potential homeowners unable to purchase property.
Icelandic banks suspend inflation-linked mortgages after Supreme Court ruling deems lending terms unlawful. The decision creates uncertainty in Iceland's housing market as officials work on new guidelines.
Íslandsbanki cuts core mortgage limits from 70% to just 50% of property values. The changes respond to new European banking regulations and affect both purchases and refinancing. First-time buyers retain access to higher financing limits for apartments.
Iceland's new retail giant Drangar could reach a 40 billion krónur valuation if integration succeeds. The conglomerate combines energy, retail and pharmaceutical operations. This consolidation reshapes Iceland's business landscape.
Iceland plans major state asset sales that could cut national debt by one trillion krónur and slash interest costs. The proposal includes selling all government shares in Landsbankinn bank and nearly half of Landsvirkjun power company. This continues Iceland's push to privatize state-owned enterprises and reduce financial burdens.
An Icelandic company turned personal mobility challenges into a thriving business. Mobility imports and adapts assistive devices unavailable locally. Their success highlights market gaps in specialized healthcare equipment.
Iceland eliminates import taxes on clean energy vehicles while raising fossil fuel vehicle taxes. Industry leaders warn electric work vehicles face new carbon assessments that may offset benefits. Kilometer charges will increase 16% for all vehicles in January.
East Iceland faces economic crisis as cruise ships abandon ports due to new passenger fees. Municipalities project billion-króna losses as ship visits plummet. Remote coastal towns struggle to replace disappearing tourism revenue.
Icelandic IT company Origo has acquired Microsoft specialist Kappa to strengthen its business solutions portfolio. The purchase adds experienced Microsoft consultants to Origo's team as the company focuses entirely on Microsoft products. This consolidation reflects broader trends in Iceland's competitive technology sector.
Three East Iceland stores have expanded to Akureyri, bringing design goods and sportswear to northern markets. The businesses are testing urban demand while maintaining their regional roots. This retail expansion highlights growing confidence in Iceland's northern economy.
Iceland's Outstanding Companies award program reveals business resilience sixteen years after the financial crisis. Only 2% of Icelandic companies meet the demanding criteria each year. The consistent qualification rate shows strength despite economic challenges.
Iceland's Competition Authority investigates bank employees for potential competition law breaches after Supreme Court interest rate ruling. Officials warn against sharing information about future rate changes with competitors. The case highlights how public comments can undermine market competition.
Iceland's Hagar Group posted 3.7 billion krónur ($27M) profit in H1 2025, boosted by Bonus supermarkets and Olís stations. The retail giant saw profit margins expand to 24.5% as it integrates Faroese acquisition SMS.
Icelandic media company Sýn has issued a profit warning, slashing its 2025 operating profit forecast to 280 million króna. The company cited lower-than-expected subscription and advertising revenues. Sýn also reported one-time costs from transitioning customers to simplified billing systems.
Iceland's Fjarðabyggð municipality will analyze infrastructure needs for Mjóeyrarhöfn port amid growing interest in 80,000 square meters of vacant land. The port is Iceland's second-largest commercial harbor to Europe. Development plans include land reclamation and harbor expansions.