Offers on the British supermarket chain Iceland Foods are close to the value which the resolution committee of failed Icelandic bank Old Landsbanki had hoped for. The likely Republican presidential candidate in the USA is connected to one of the bidding investment funds. Continue Reading

Reykjavík police have completed their investigation into the biggest illegal drugs find of 2011 and the case has now been passed on to the state prosecutor. Two men, in their forties and fifties, remain in custody over the case. Continue Reading

[caption id="attachment_28796" align="alignleft" width="113" caption="Össur Skarphéðinsson"][/caption] The Icelandic foreign minister will take control of the country's Icesave defence preparations at the EFTA court; despite loud calls from the opposition to keep the case in the hands of the business and commerce minister. Continue Reading

The EFTA surveillance authority's decision to take Iceland to court over its unwillingness to accept a state guarantee for Icesave customers in the UK and the Netherlands was greeted in Reykjavík with little surprise. Continue Reading

ESA, the EFTA (European Free Trade Association) surveillance authority, has decided to take the Icelandic state to the EFTA court over its handling of the Icesave case. By discriminating against foreign depositors and not reimbursing the British and Dutch governments within one year, it is claimed Iceland broke European law. Continue Reading

The estate of Iceland's bankrupt Landsbanki bank this week paid the British and Dutch governments one third of the money they claim for having bailed out Landsbanki's Icesave customers in the two countries. An ESA spokesman said that there still has not been any decision made as to whether or not the Icelandic state will be taken to court over Icesave in a case to decide whether or not it was the government's duty to pay the money back. The ESA maintains that it was; but the Icelandic government disagrees. Continue Reading

Iceland-based generic pharmaceuticals company, Actavis has recently acquired 100% of the shares of the Dutch pharmaceutical packing manufacturer PharmaPack International B.V., a specialist in packaging pharmaceutical and biotechnological products. Continue Reading

Not wanting to be seen as Scrooges, the Norwegian capital Oslo has decided against scrapping its annual Christmas tree gifts to Rotterdam, Reykjavik and London, despite the the cost to the Norwegian taxpayer. Continue Reading

A man in his forties has been arrested at Iceland's Keflavik International Airport, accused of being the mastermind behind the year's biggest drug smuggling case. Continue Reading

The Supreme Court of Iceland yesterday ruled that the emergency law on prioritisation of bankruptcy claims will remain in force. In the specific case of Landsbanki, this means that British and Dutch claims to cover the Icesave debt can now be paid out. Continue Reading