People who work fewer hours per week are not only happier, but also more productive at their jobs according to a large-scale pilot program in Iceland.
Between 2015 and 2019, the Reykjavík City Council and Icelandic federal government teamed up with trade unions to test the pros and cons of a four-day workweek.
About 2,500 workers — more than one per cent of the country's workforce — worked between 35 and 36 hours a week, as opposed to the standard 40, with no reduction in pay.
Read more at:
Why Iceland's 4-day workweek pilot was an 'overwhelming success' | CBC Radio
Showing posts with label Iceland. Show all posts
Showing posts with label Iceland. Show all posts
7/7/21
3/29/19
Iceland: Icelandic budget airline WOW AIR goes bust
Passengers stranded as Icelandic budget airline WOW Air goes bust
Read more at:
9/22/18
Iceland has made it illegal to pay women less than men
A new law in Iceland has made it illegal to pay women less than men.
Read more: The European Banking News Network - Iceland has made it illegal to pay women less than men
Read more: The European Banking News Network - Iceland has made it illegal to pay women less than men
11/30/17
Iceland gets first Green prime minister - by Lisbeth Kirk
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| Katrin Jakobsdottir, Iceland's new PM |
Together the three parties hold 35 seats out of 63 in the Althingi, Iceland's parliament.
Two members of the Leftist-Green Movement are set to vote against the coalition in Thursday's parliamentary approval, technically giving the new government only a single-seat majority.
Katrin Jakobsdottir will become the country's first Green prime minister and the only ruling Green PM in the world, following in the footsteps of former Iceland president Vigdis Finnbogadottir, who became the world's first elected woman president in 1980.
Iceland is ranked top by the World Economic Forum as having the smallest gender gap among 144 countries in the world indexed.
The news will come as a welcome message to over 300 women political leaders from around the world meeting in Iceland this week for an annual summit aimed at promoting gender equality inside and outside of the political sphere.
Jakobsdottir, 41, is a former journalist and served as education minister in Iceland's first left-leaning government which took power after the country's 2008 economic collapse.
In a recent poll 49.5 percent said that they preferred her to become the next prime minister.
Bjarni Benediktsson, chairman of the Independence Party and outgoing prime minister, will become finance and economy minister in the new Icelandic government, a position he held between 2013-2016, before becoming prime minister.
The deal comes four weeks after snap elections were called in October, when a scandal involving PM Benediktsson's father prompted a government ally to drop out of his ruling coalition - after less than a year in government.
Increased taxes on capital gains, maternity and paternity leave, and infrastructure development are among the key issues for the new government.
The Left-Greens want to finance spending by raising taxes on the wealthy, real estate and the powerful fishing industry, while the Independence Party has said it wants to fund new infrastructure by selling state-owned shares in the country's banks.
Iceland was hard hit during the financial crisis when all three of the country's major privately owned commercial banks defaulted in 2008.
Now the Nordic country is experiencing an economic boom driven by record tourist arrivals, leading to shortage of labour and Icelandic workers demanding pay rises.
Note EU-Digest: Iceland is on the right track and can be an example to many other countries,specially when it comes to closing the gender gap around the world.
Read more: Iceland gets first Green prime minister
11/27/17
Iceland: Öræfajökull – Iceland’s tallest volcano is waking up - by Gunnar Jónsson
Öræfajökull, which name translates to “Wasteland glacier” due to its
destructive past, has begun to stir after 290 years of slumber. The
glacier is located in southeast Iceland and is part of the great
Vatnajökull glacier.
It’s not only dangerous because it had the most massive explosive eruption since Iceland was settled, but because of the immense flooding that occurs when it melts the ice on top of it.
The flood can reach the coastline in just 20 minutes, possibly not enough time for people in the area to evacuate. A few farmers live in the area, around 200 people, but it’s estimated that up to 2-3.000 tourists can be in the area, depending on the season. In the past,
Öræfajökull eruptions, and the floods that followed have wiped out human habitation in the area, hence the name.
Read more: Öræfajökull – Iceland’s tallest volcano is waking up | IceNews - Daily New
It’s not only dangerous because it had the most massive explosive eruption since Iceland was settled, but because of the immense flooding that occurs when it melts the ice on top of it.
The flood can reach the coastline in just 20 minutes, possibly not enough time for people in the area to evacuate. A few farmers live in the area, around 200 people, but it’s estimated that up to 2-3.000 tourists can be in the area, depending on the season. In the past,
Öræfajökull eruptions, and the floods that followed have wiped out human habitation in the area, hence the name.
Read more: Öræfajökull – Iceland’s tallest volcano is waking up | IceNews - Daily New
8/9/17
Tax Systems - money is not determinating factor: The happiest countries in the world also pay a lot in taxes
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| The US Tax System needs an overhaul |
Their populations are, in many cases, largely homogeneous. And they also have something else in common: They each pay a lot in taxes.
According to the United Nations' latest World Happiness Report, as covered by CBS News, the top 10 happiest countries are:
1. Norway
2. Denmark
3. Iceland
4. Switzerland
5. Finland
6. Netherlands
7. Canada
8. New Zealand
9. Australia
10. Sweden
Report co-author Jeffrey Sachs, who is also the director of the Sustainable Development Solutions Network, tells CBS that "happiness is a result of creating strong social foundations," and that if other nations prioritized "social trust" and "healthy lives," they could also find that their citizens become more content.
The top three happiest countries, Norway, Denmark and Iceland, are all among the highest taxed countries in the Organization for Economic Cooperation and Development (OECD), in terms of total tax revenue as a percentage of GDP. The widely enjoyed social benefits residents get in exchange for their taxes, such as universal health care, access to education and subsidized parental leave, could have something to do with the "strong social foundations" touted by Sachs.
Note EU-Digest: These countries are happy, mainly for all the services they are getting in exchange for paying high taxes. Specially in the area of healthcare and low pharmaceutical costs, obviously also by enjoying great infrastructural advantages and obviously modern public transportation systems. In America right-wing politicians (mainly Republicans) have figured out that by telling the taxpayers they pay the lowest taxes in the world, it will make corrupt practices by them easier. Unfortunately over time this made the US taxpayer the big loser.
Read more: The happiest countries in the world also pay a lot in taxes
4/27/17
US Aluminum Industry:President Trump Signs Order to Launch Aluminum Imports Investigation
President Donald Trump officially signed an executive order on Thursday (April 27) afternoon to initiate a Section 232(b) investigation into aluminum imports. Overseen by the Commerce Department, the investigation will determine whether foreign imports of aluminum threaten national security - and if so, Trump will have the power to act to restrict imports, including through tariffs.
The Commerce Department has 270 days to conduct the investigation. Once it gives its recommendation to Trump, he will have 90 days to respond.
There's little doubt that American aluminum makers are threatened because of China's aluminum overcapacity. Chinese state-owned enterprises produce far more aluminum than China can use for its own needs. Instead of curbing production, China dumps its excess aluminum (which, we note, is heavily subsidized) into the U.S. market priced far below market cost.
It's part of a strategy to capture market share and put American aluminum makers out of business. Over the past 15 years, China's aluminum production quintupled, from 11 percent of the world's production in 2002 to 53 percent in 2016; imports took 55 percent of the market in 2016.
Meanwhile, eight American smelters have closed or curbed production since 2015. Only two are fully operational today. There is only one remaining American smelter capable of producing the high-purity aluminum needed by the aerospace industry for F-35, F-18 and C-17 aircraft, Commerce Secretary Wilbur Ross told reporters during a Wednesday briefing.
Alliance for American Manufacturing President Scott Paul said that the investigation could be a step toward recovery for the blue-collar aluminum industry workers impacted by China's unfair trade practices.
'If we're to see real change, this investigation must be followed by appropriate trade enforcement,' he said. 'For years, China has promised to cut its massive industrial overcapacity, all while increasing production… If China is unwilling to keep its promises, there should be clear and enforceable penalties to force actions.'
Trump's executive order earned bipartisan support, including from Ohio Sen. Sherrod Brown (D), who noted in a statement that 15,000 American aluminum workers have lost their jobs in the last decade. But Brown also cautioned that the investigation must lead to action.
'It's good that the Administration is using this tool, but what matters to Ohio workers and the aluminum supply chain is whether it leads to real relief and action against China's market-distorting policies,' Brown said.
Heidi Brock, president and CEO of the Aluminum Association, said in a statement that Trump's executive action 'recognizes the value of U.S. aluminum industry.' United Steelworkers President Leo Gerard, whose union represents thousands of aluminum industry workers, said any action stemming from the investigation should focus 'on those countries that are actually breaking the rules.'
He named names. 'China's overcapacity is swamping world markets, driving down prices and making some operations unprofitable,' he said.
While Section 232 investigations are rare, this is now the second time that Trump has opted to initiate one; he announced a Section 232 investigation into steel imports on April 20.
But as our Scott Paul noted last week, China's industrial overcapacity and persistent unfair practices - coupled with the need to maintain a strong industrial supply chain for our national security needs - mean such action is appropriate.
'America's steelmakers are vital to our national security, providing essentials ranging from the armor plate on our tanks and specialty metals in our high-tech aircraft, to the hulls of our battleships and everything in between,' Paul said. 'China's massively subsidized and grossly over-scaled steel industry is an existential threat to our own domestic makers.'
Note EU-Digest: Once again this Trump executive order is probably not only worth the paper it is written on but also in conflict with established rules of the World Trade organization. But also contradictory as to the actual situation of the US Aluminum Industry .
How would this order be applied to US Aluminum giant Alcoa, which has operations in Australia, Brasil, Canada, Guinea, Iceland, Norway, Saudi Arabia Spain and Suriname (Alcoa is presently in a negotiation phase with the government, as Alcoa winds down its operations there)? Nevertheless,would these subsidiary, or partner companies of Alcoa, also be seen as "foreign competition", which in a geographical sense they are.
Once again. it looks like the Trump administration only used this "Executive Order" signing ceremony today, April 27, surrounded by CEO's of the US aluminum industry, "to investigate Aluminum Imports", as a PR photo opportunity.
EU-Digest
9/1/15
Iceland: 'Refugees Are Our Best Friends': In Iceland, Communities Campaign To House Syrians, Ease Europe's Migrant Crisis - by Erin Banco
Vala Magnusdottir sits in the small apartment she shares with her
boyfriend, keeping close watch on her year-old son as he plays with his
toys. She scrolls through her newsfeed on Facebook, looking for updates
on an event she is attending.
The number of people joining this particular virtual event has grown by 3,000 overnight. All 13,000 attendees are committed to helping Syrian refugees find homes, clothes, shelter, food and work. This outpouring of support is all the more extraordinary because it comes from Iceland -- a sparsely populated, isolated island at the juncture of the North Atlantic and Arctic oceans.
"Icelanders grow up staying away from strangers. It is just the culture," Bryndis Bjorgvinsdottir, an Icelandic author and professor, told International Business Times. The movement to help refugees, and allow more into the country, is unprecedented.
Bjorgvinsdottir was inspired to create the Facebook group “Syria Calling” after one of her friends wrote a Facebook post outlining his desire to help Syrian refugees. Bjorgvinsdottir put out a call on Facebook Sunday asking for Icelanders to speak out if they wanted the government to do more to help those fleeing
Syria's bloody civil war. More than 12,000 people have offered to take Syrians into their homes, and signed a petition to put pressure on the government after it said only 50 migrants would be accepted this year.
"There was an explosion overnight with this group. Thousands of people wanted to be a part of it," Bjorgvinsdottir said.
Magnusdottir is one of them. The young mother from Keflavik, a small town on the southwestern tip of Iceland, said she doesn't have much, but that won't deter her from sharing what she has.
“It breaks my heart to see what's happening and I know I can help, and I will in any way possible,” Magnusdottir said in an interview with IBTimes. “We don't have a lot of money but we have food on our table and water, we have clothes on our backs and a roof over our heads, and we have each other. Some of these people are watching their children and parents die or suffer. I've started to save money as much as we can afford so I can maybe help someone.”
The campaign is part of a concerted effort to see refugees as people -- as individuals with skills to offer their host countries. In an open letter to Iceland's minister of welfare, Bjorgvinsdottir wrote, "Refugees are our future spouses, best friends, our next soul mate, the drummer in our children’s band, our next colleague, Miss Iceland 2022."
Note EU-Digest: This act by Iceland is worthy of many kudos - contrary to the lackluster reaction by many EU states, who can't, or don't want to get their act together to assist in this human tragedy. Most of us in Europe call ourselves Christians but we seem to have forgotten a basic biblical principle found in 1. John 3:17-18 - "But if anyone has the world's goods and sees his brother in need, yet closes his heart against him, how does God's love abide in him? Little children, let us not love in word or talk but in deed and in truth."
Read more: 'Refugees Are Our Best Friends': In Iceland, Communities Campaign To House Syrians, Ease Europe's Migrant Crisis
The number of people joining this particular virtual event has grown by 3,000 overnight. All 13,000 attendees are committed to helping Syrian refugees find homes, clothes, shelter, food and work. This outpouring of support is all the more extraordinary because it comes from Iceland -- a sparsely populated, isolated island at the juncture of the North Atlantic and Arctic oceans.
"Icelanders grow up staying away from strangers. It is just the culture," Bryndis Bjorgvinsdottir, an Icelandic author and professor, told International Business Times. The movement to help refugees, and allow more into the country, is unprecedented.
Bjorgvinsdottir was inspired to create the Facebook group “Syria Calling” after one of her friends wrote a Facebook post outlining his desire to help Syrian refugees. Bjorgvinsdottir put out a call on Facebook Sunday asking for Icelanders to speak out if they wanted the government to do more to help those fleeing
Syria's bloody civil war. More than 12,000 people have offered to take Syrians into their homes, and signed a petition to put pressure on the government after it said only 50 migrants would be accepted this year.
"There was an explosion overnight with this group. Thousands of people wanted to be a part of it," Bjorgvinsdottir said.
Magnusdottir is one of them. The young mother from Keflavik, a small town on the southwestern tip of Iceland, said she doesn't have much, but that won't deter her from sharing what she has.
“It breaks my heart to see what's happening and I know I can help, and I will in any way possible,” Magnusdottir said in an interview with IBTimes. “We don't have a lot of money but we have food on our table and water, we have clothes on our backs and a roof over our heads, and we have each other. Some of these people are watching their children and parents die or suffer. I've started to save money as much as we can afford so I can maybe help someone.”
The campaign is part of a concerted effort to see refugees as people -- as individuals with skills to offer their host countries. In an open letter to Iceland's minister of welfare, Bjorgvinsdottir wrote, "Refugees are our future spouses, best friends, our next soul mate, the drummer in our children’s band, our next colleague, Miss Iceland 2022."
Note EU-Digest: This act by Iceland is worthy of many kudos - contrary to the lackluster reaction by many EU states, who can't, or don't want to get their act together to assist in this human tragedy. Most of us in Europe call ourselves Christians but we seem to have forgotten a basic biblical principle found in 1. John 3:17-18 - "But if anyone has the world's goods and sees his brother in need, yet closes his heart against him, how does God's love abide in him? Little children, let us not love in word or talk but in deed and in truth."
Read more: 'Refugees Are Our Best Friends': In Iceland, Communities Campaign To House Syrians, Ease Europe's Migrant Crisis
6/8/15
Iceland Economy: Iceland slaps 39% tax on withdrawing money outside the country
Iceland is to introduce a hefty 39 per cent exit tax on assets from
its failed banks starting next April as part of moves to lift capital
controls imposed after the tiny island nation's economy collapsed seven
years ago.
Following a vote in Parliament, the government said Monday it will impose the tax as part of the lifting of the capital controls. The hope is that the end of the controls won't prompt a mass exodus of money from the country if the cost of doing so is prohibitive.
The moves announced Monday are designed to free up about 1,200 billion kronur ($9 billion) in assets have faced restrictions since the 2008 financial crisis, when Iceland went from economic powerhouse to financial disaster almost overnight.
The government said the so-called "stability tax" could raise as much as 850 billion kronur.
Prime Minister Sigmundur David Gunnlaugsson said the government was taking "unprecedented measures ... to address unprecedented circumstances."
In 2008, the small North Atlantic nation with a population of 330,000, became one of the biggest casualties of the global financial crisis when its debt-burdened commercial banks collapsed under the strain of the worldwide credit squeeze. The value of the krona currency plummeted and Iceland was forced to seek a bailout from Europe and the International Monetary Fund.
Read more: Iceland slaps 39% tax on withdrawing money outside the country - Business - CBC News
Following a vote in Parliament, the government said Monday it will impose the tax as part of the lifting of the capital controls. The hope is that the end of the controls won't prompt a mass exodus of money from the country if the cost of doing so is prohibitive.
The moves announced Monday are designed to free up about 1,200 billion kronur ($9 billion) in assets have faced restrictions since the 2008 financial crisis, when Iceland went from economic powerhouse to financial disaster almost overnight.
The government said the so-called "stability tax" could raise as much as 850 billion kronur.
Prime Minister Sigmundur David Gunnlaugsson said the government was taking "unprecedented measures ... to address unprecedented circumstances."
In 2008, the small North Atlantic nation with a population of 330,000, became one of the biggest casualties of the global financial crisis when its debt-burdened commercial banks collapsed under the strain of the worldwide credit squeeze. The value of the krona currency plummeted and Iceland was forced to seek a bailout from Europe and the International Monetary Fund.
Read more: Iceland slaps 39% tax on withdrawing money outside the country - Business - CBC News
9/26/14
Soccer UEFA: Iceland v Netherlands background
Iceland will try to follow up the 3-0 win over Turkey in their
qualifying Group A opener with another famous victory when the
Netherlands visit Reykjavik on 13 October
Read more: Iceland v Netherlands background - UEFA EURO - News - UEFA.com
Read more: Iceland v Netherlands background - UEFA EURO - News - UEFA.com
8/20/14
Iceland's Bardarbunga volcano rumblings prompt orange alert
Three days of earthquake activity at Iceland's Bardarbunga volcano prompted the country's meteorological office to issue an orange alert Monday for a heightened risk of eruption.
The volcano sits underneath Europe's largest glacier, raising concerns that an eruption would loft large amounts of steam and ash into the air as magma meets meltwater, disrupting air travel.
Recent eruptions in Iceland have had a long reach.
In May 2011, the most active volcano on the island, Grimsvötn, erupted, forcing airlines to cancel some 900 flights to and from Iceland, Britain, Greenland, Germany, Ireland, and Norway over a three-day period. The volcano sent plumes of ash up to seven miles high, overspreading air routes. Bardarbunga shares the same glacial skull cap sitting atop Grimsvötn.
Read more: Iceland's Bardarbunga volcano rumblings prompt orange alert (+video) - CSMonitor.com
The volcano sits underneath Europe's largest glacier, raising concerns that an eruption would loft large amounts of steam and ash into the air as magma meets meltwater, disrupting air travel.
Recent eruptions in Iceland have had a long reach.
In May 2011, the most active volcano on the island, Grimsvötn, erupted, forcing airlines to cancel some 900 flights to and from Iceland, Britain, Greenland, Germany, Ireland, and Norway over a three-day period. The volcano sent plumes of ash up to seven miles high, overspreading air routes. Bardarbunga shares the same glacial skull cap sitting atop Grimsvötn.
Read more: Iceland's Bardarbunga volcano rumblings prompt orange alert (+video) - CSMonitor.com
12/8/13
Iceland PM tells failed banks to pay up
Following his controversial announcement on November 30th to wipe 150 billion króna off household mortgage debt, the Icelandic prime minister now intends to pass the bill on to the failed banks.
Sigmundur Davíð Gunnlaugsson has said it’s time to speed up the exit strategy of recovery programs for Glitnir Bank hf and Landsbanki, under supervision of committees comprising of foreign creditors. This will help the country ease capital controls that are hampering the country’s progress.
He also intends to start taxing these banks as a ‘natural next step’ towards raising money to offer relief to ordinary Icelanders who have suffered financial pressure since their collapse in 2008. This proposal will see banks paying 0.366 per cent on debt instead of the present 0.041, affecting their creditor’s pockets as well. Previously he hinted that these creditors would have to take a write-off hit as well.
“When the failed banks collapsed in 2008 it was at a tremendous cost for the society as a whole,” Finance Minister Bjarni Benediktsson said in an interview. “Similar companies in other countries, which have been either resurrected or saved by the government, have had to pay much increased taxes and, in some countries, fines.”
But the banks, not all of whom had to be saved, have hit back, complaining in a letter to parliament that it violates the constitution. The Financial Services Association in Reykjavik says banks have forgiven $2 billion in debt since 2008, which is extremely generous relative to the nation’s GDP.
Read more: Iceland PM tells failed banks to pay up | IceNews - Daily News
Sigmundur Davíð Gunnlaugsson has said it’s time to speed up the exit strategy of recovery programs for Glitnir Bank hf and Landsbanki, under supervision of committees comprising of foreign creditors. This will help the country ease capital controls that are hampering the country’s progress.
He also intends to start taxing these banks as a ‘natural next step’ towards raising money to offer relief to ordinary Icelanders who have suffered financial pressure since their collapse in 2008. This proposal will see banks paying 0.366 per cent on debt instead of the present 0.041, affecting their creditor’s pockets as well. Previously he hinted that these creditors would have to take a write-off hit as well.
But the banks, not all of whom had to be saved, have hit back, complaining in a letter to parliament that it violates the constitution. The Financial Services Association in Reykjavik says banks have forgiven $2 billion in debt since 2008, which is extremely generous relative to the nation’s GDP.
Read more: Iceland PM tells failed banks to pay up | IceNews - Daily News
5/9/13
Iceland's President to visit Portland Maine for MITC shipping event
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| Iceland's President Olafur Ragnar Grimsson |
The Portland Press Herald reported Iceland President Ólafur Ragnar Grímsson will speak during the May 31 event about business opportunities that might be created as global warming shrinks the polar ice cap.
Grímsson is expected to talk about how that melting will open access to iron ore, gas and oil and open transpolar shipping routes that could drastically reduce shipping time between Europe and Asia.
EU-Digest
4/29/13
Iceland: Crisis-battered Iceland seen halting EU talks
The European Union's economic woes most likely helped Iceland's eurosceptic centre-right opposition oust the leftist government as voters in the crisis-battered nation failed to see the value in joining the bloc.
The Icelandic electorate on Saturday shunned the Social Democratic Alliance Party, which submitted an EU membership application in 2009 and campaigned on the issue, claiming it would tame the North Atlantic country's persistently high inflation.
The election's winning duo -- the conservative Independence Party and the centrist-agrarian Progressive Party -- have long wanted to end the bid.
Although Icelanders are still feeling the aftershocks of the 2008 financial crisis in the form of sliding living standards and ballooning mortgages, the benefits that come from losing some of their sovereignty to Brussels are hard to see for many.
The country already has a free trade agreement with the EU, and is part of the European Free Trade Association (EFTA) and Europe's visa-free Schengen zone.
Moreover, the Icelandic economy has largely recovered from the banking system's spectacular collapse, while Europe has continued to grapple with its debt woes.
The Independence Party, with 19 seats in the 63-seat parliament after garnering 26.7 percent of the vote, has pledged to hold a referendum on whether to continue accession talks with Brussels.
Read more: Crisis-battered Iceland seen halting EU talks - FRANCE 24
The Icelandic electorate on Saturday shunned the Social Democratic Alliance Party, which submitted an EU membership application in 2009 and campaigned on the issue, claiming it would tame the North Atlantic country's persistently high inflation.
The election's winning duo -- the conservative Independence Party and the centrist-agrarian Progressive Party -- have long wanted to end the bid.
Although Icelanders are still feeling the aftershocks of the 2008 financial crisis in the form of sliding living standards and ballooning mortgages, the benefits that come from losing some of their sovereignty to Brussels are hard to see for many.
The country already has a free trade agreement with the EU, and is part of the European Free Trade Association (EFTA) and Europe's visa-free Schengen zone.
Moreover, the Icelandic economy has largely recovered from the banking system's spectacular collapse, while Europe has continued to grapple with its debt woes.
The Independence Party, with 19 seats in the 63-seat parliament after garnering 26.7 percent of the vote, has pledged to hold a referendum on whether to continue accession talks with Brussels.
Read more: Crisis-battered Iceland seen halting EU talks - FRANCE 24
3/7/13
Iceland: Shipping and Transportation Industry: Portland, Maine to Europe container services
The Icelandic Steamship Company - Eimskip - has signed a 10-year deal with the Maine Port Authority and in late March will begin operating containerized freight service every other week out of Portland's International Marine Terminal with direct access to Northern Europe, Scandinavia, the United Kingdom, Iceland, Newfoundland and Nova Scotia in Canada.
Having direct access to European markets Maine shippers will now have the ability to get directly to European markets previously not cost effective to access. The opening of new markets presents a myriad of new international economic opportunities for Maine business. Eimskip will also be locally operating a "less-than-containerload" (LCL) transloading facility to allow for smaller businesses to send smaller shipments overseas.
The company said its main reason for choosing Portland as a port of call is it is well situated for Eimskip’s liner system in the North Atlantic and suitable for its customers’ needs.
Portland’s newly renovated International Marine Terminal, which is managed by the Maine Port Authority, “is well-equipped to handled the operation,” a statement from Eimskip said.
Locally Eimskip will partner with Pan Am Railways to offer cost-competitive access to North American markets.
Eimskip, established in 1915, has 49 offices in 17 countries, and operates 17 vessels. It has been sailing to the United States since 1917.
EU-Digest
2/21/13
Icelanders question their lauded economic recovery - by Alistrair Scrutton
Iceland’s biggest IT company CCP is what the island needs to leave its economic crisis behind. It is global, growing and employs hundreds but its tale is also one of frustration that echoes concerns about the country’s future.
For CEO Hilmar Petursson, Iceland’s lauded recovery model that included a sharp currency fall coupled with capital controls may have pulled a $13-billion (U.S.) economy back from the brink after a 2008 bank crash. But it is now a drag on firms like his.
“The economic remedy has now become part of the problem ... We are not building the company as fast as we could from a global perspective,” said Petursson, seated at his office in a former fishing processing plant littered with vampire books and a huge games console.
Iceland is growing at 2 per cent, faster than much of Europe. But Petursson’s comments underscore worries about the recovery’s sustainability in a straightjacket of capital controls – coupled with questions over having a currency that one politician compared to the Disneyland dollar.
Growth has been downgraded this year from 3 per cent to 2 per cent. Inflation is stubbornly high and the central bank has been forced to step up intervention in the currency market to prop up a weakening crown.
Many expected Iceland’s recovery to be stronger given the way smaller economies can bounce from deep recessions. The International Monetary Fund had originally forecast annual growth of around 4.5 per cent from 2011-2013. It now is under half that.
“Recovery? We’re on the road to nowhere,” said Vilhjalmur Egilsson, head of the Confederation of Icelandic Employers.
Read more: Icelanders question their lauded economic recovery - The Globe and Mail
For CEO Hilmar Petursson, Iceland’s lauded recovery model that included a sharp currency fall coupled with capital controls may have pulled a $13-billion (U.S.) economy back from the brink after a 2008 bank crash. But it is now a drag on firms like his.
“The economic remedy has now become part of the problem ... We are not building the company as fast as we could from a global perspective,” said Petursson, seated at his office in a former fishing processing plant littered with vampire books and a huge games console.
Iceland is growing at 2 per cent, faster than much of Europe. But Petursson’s comments underscore worries about the recovery’s sustainability in a straightjacket of capital controls – coupled with questions over having a currency that one politician compared to the Disneyland dollar.
Growth has been downgraded this year from 3 per cent to 2 per cent. Inflation is stubbornly high and the central bank has been forced to step up intervention in the currency market to prop up a weakening crown.
Many expected Iceland’s recovery to be stronger given the way smaller economies can bounce from deep recessions. The International Monetary Fund had originally forecast annual growth of around 4.5 per cent from 2011-2013. It now is under half that.
“Recovery? We’re on the road to nowhere,” said Vilhjalmur Egilsson, head of the Confederation of Icelandic Employers.
Read more: Icelanders question their lauded economic recovery - The Globe and Mail
2/15/13
Iceland shows no bank is too big to fail and rises further into investment grade status - by Philip Inman
Iceland's rehabilitation after several years as a pariah in the global financial markets gathered pace last night after ratings agency Fitch said the island nation's debts had moved further into investment grade status.
Fitch said Iceland's debts had been upgraded to BBB – from the lowest rung of the investment grade category, BBB- – after a strong recovery from the financial crisis.
Reykjavik's meteoric recovery comes after its 300,000 residents were told they would be locked out of the world's financial markets for decades after they refused to rescue a group of bankrupt banks in 2008.
Unlike Ireland, Portugal and Spain, the Icelandic government let the country's banks become insolvent rather than spend tens of billions of pounds on bailout funds.
Read More: Iceland rises further into investment grade status
Fitch said Iceland's debts had been upgraded to BBB – from the lowest rung of the investment grade category, BBB- – after a strong recovery from the financial crisis.
Reykjavik's meteoric recovery comes after its 300,000 residents were told they would be locked out of the world's financial markets for decades after they refused to rescue a group of bankrupt banks in 2008.
Unlike Ireland, Portugal and Spain, the Icelandic government let the country's banks become insolvent rather than spend tens of billions of pounds on bailout funds.
Read More: Iceland rises further into investment grade status
12/20/12
Iceland : Baugur Investment chief indicted in Iceland - by Richard Milne
The most prominent of Iceland’s one-time corporate raiders has been indicted by the country’s special prosecutor in the latest attempt by the Nordic island uncover alleged wrongdoing from its dramatic financial crisis.
The entrepreneur became the epitome of both Iceland’s boom and also its painful bust after a group of oligarchs used cheap credit to build global empires that crumbled as Iceland’s overleveraged banks collapsed. At one stage, Baugur owned UK retail chains such as Hamley’s, House of Fraser and Oasis.
Read more: Baugur chief indicted in Iceland - FT.com
The entrepreneur became the epitome of both Iceland’s boom and also its painful bust after a group of oligarchs used cheap credit to build global empires that crumbled as Iceland’s overleveraged banks collapsed. At one stage, Baugur owned UK retail chains such as Hamley’s, House of Fraser and Oasis.
Read more: Baugur chief indicted in Iceland - FT.com
11/17/12
European Nordic nations to share warplanes
The five major Nordic nations have signed an agreement to share warplanes. State officials from Norway, Iceland, Sweden, Finland and Denmark said on Thursday (November 8) that an additional plan is also under consideration that would see the five nations share military-related costs, ground equipment and some operational tasks, including surveillance and tugboat operations.
Aircraft in the agreement include a dozen C-130 Hercules cargo planes, provided by Denmark and Sweden, as well as three Norwegian EADS CASA C-295 planes. However, the deal will not include fighter jets, according to reports.
Denmark’s defence minister Nick Hækkeru told the Jyllands-Posten newspaper, “The best solution would be to pool our resources so that we can access each other’s planes. Some planes are always unavailable, either due to servicing or repairs. This is an opportunity for a Nordic co-operation for the operative use of planes, maintenance, education and training exercises.”
Experts say the move highlights growing cuts to military spending in the European region, although some say cost savings through sharing programmes could also entail conflict.
Read more: Nordic nations to share warplanes | IceNews - Daily News
Aircraft in the agreement include a dozen C-130 Hercules cargo planes, provided by Denmark and Sweden, as well as three Norwegian EADS CASA C-295 planes. However, the deal will not include fighter jets, according to reports.
Denmark’s defence minister Nick Hækkeru told the Jyllands-Posten newspaper, “The best solution would be to pool our resources so that we can access each other’s planes. Some planes are always unavailable, either due to servicing or repairs. This is an opportunity for a Nordic co-operation for the operative use of planes, maintenance, education and training exercises.”
Experts say the move highlights growing cuts to military spending in the European region, although some say cost savings through sharing programmes could also entail conflict.
Read more: Nordic nations to share warplanes | IceNews - Daily News
11/15/11
Lessons from Iceland: the people can have the power - Birgitta Jónsdóttir
The Dutch minister of internal affairs said at a speech during free press day this year: "Law-making is like a sausage, no one really wants to know what is put in it." He was referring to how expensive the Freedom of Information Act is, and was suggesting that journalists shouldn't really be asking for so much governmental information. His words exposed one of the core problems in our democracies: too many people don't care what goes into the sausage, not even the so-called law-makers, the parliamentarians.
If the 99% want to reclaim our power, our societies, we have to start somewhere. An important first step is to sever the ties between the corporations and the state by making the process of lawmaking more transparent and accessible for everyone who cares to know or contribute. We have to know what is in that law sausage; the monopoly of the corporate lobbyist has to end – especially when it comes to laws regulating banking and the internet.
The Icelandic nation only consists 311,000 souls, so we have a relatively small bureaucratic body and can move quicker then in most countries. Many have seen Iceland as the ideal country for experimentation for new solutions in an era of transformation.
It is obvious we are all thinking along the same lines. All systems are down: banking, education, health, social, political – the most logical thing would be to start a fresh system based on values other than consumerism, which maximises profit and self-destruction. We are strong, the power is ours: we are many, they are few. We are living in times of crisis. Let's embrace this time for it is the only time real changes are possible by the masses.
For more: Lessons from Iceland: the people can have the power | Birgitta Jónsdóttir | Comment is free | guardian.co.uk
If the 99% want to reclaim our power, our societies, we have to start somewhere. An important first step is to sever the ties between the corporations and the state by making the process of lawmaking more transparent and accessible for everyone who cares to know or contribute. We have to know what is in that law sausage; the monopoly of the corporate lobbyist has to end – especially when it comes to laws regulating banking and the internet.
The Icelandic nation only consists 311,000 souls, so we have a relatively small bureaucratic body and can move quicker then in most countries. Many have seen Iceland as the ideal country for experimentation for new solutions in an era of transformation.
It is obvious we are all thinking along the same lines. All systems are down: banking, education, health, social, political – the most logical thing would be to start a fresh system based on values other than consumerism, which maximises profit and self-destruction. We are strong, the power is ours: we are many, they are few. We are living in times of crisis. Let's embrace this time for it is the only time real changes are possible by the masses.
For more: Lessons from Iceland: the people can have the power | Birgitta Jónsdóttir | Comment is free | guardian.co.uk
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