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News Tag: Iceland

June 13, 2011

BAA reports 9.2% rise in May passenger numbers

by Kay Mitchell
Airports operator BAA has today reported a sharp rise in passenger numbers at its six British airports in May. BAA, which is majority owned by Spain’s Ferrovial, said 9.3 million passengers flew from its UK airports during the month, boosted by the late Easter holiday and the Royal Wedding, which led to an increase in the early part of the ...

May 24, 2011

UK passengers face delays due to ash cloud

by Kay Mitchell
As expected, ash cloud has drifted over Scotland from Iceland’s Grimsvotn volcano, resulting in flight cancellations. The volcano, which erupted over the weekend, is the second in just over a year after the volcano located under the Eyjafjallajokull glacier about 100 miles east of the capital Reykjavik, led to flight cancellations last year. It forced the closure of Europe’s airspace ...

May 23, 2011

Ryanair profit up despite rising fuel costs

by Kay Mitchell
Irish no-frills airline Ryanair has today reported a rise in annual profits despite higher jet fuel costs, which continue to rise due to the political unrest in the Middle East. The budget carrier said fuel costs grew by 37% during the 12-month period to the end of March. Meanwhile, passenger numbers were up 8% in the period. Chief executive Michael O’Leary said in ...

Travel chaos looms as Iceland volcano erupts

by Kay Mitchell
There are further fears for air travel today after Iceland’s Grimsvotn volcano erupted, which led to the shutdown of the country’s airports with 6,000 passengers affected by cancellations so far. According to forecasters, the plume from the volcano could drift to northern Scotland tomorrow and the rest of Britain by the end of the week. Last April, ash from the volcano ...

March 8, 2011

Iceland’s economy contracts in Q4

by Kay Mitchell
Official figures today from Statistics Iceland revealed the economy contracted 1.5% in the October the December period. The figures come after the economy grew for the first time in the third quarter after contracting for seven consecutive quarters. The small economy of Iceland only emerged from its deep recession in the third quarter of last year and should the economy see a further contraction ...

December 7, 2010

Iceland finally emerges from recession

by Kay Mitchell
Iceland has finally emerged from recession after its economy contracted for seven consecutive quarters. Official figures today from Statistics Iceland revealed the economy grew by 1.2% in the July to September period. However, on an annual basis, the economy shrank by 1.6%. The once-thriving financial sector collapsed in October 2008 which led to three of Iceland’s largest banks (Glitnir, Landsbanki and Kaupthing) having to ...

August 18, 2010

Iceland’s central bank cuts interest rates to 7%

by Kay Mitchell
Iceland’s Central Bank (Sedlabanki Islands) has slashed its key interest from 8% to 7%. While a cut was expected, it was not as much as economists had forecast after inflation eased and the country's currency, the krona, strengthened. The central bank has aggressively cut interest rates after they hit a record high of 18% in October 2008 - at the height ...

May 10, 2010

BAA: April passenger numbers down due to volcanic ash cloud

by Kay Mitchell
BAA has today reported a fall in passenger numbers at its six British airports, after the Icelandic volcanic ash cloud forced UK airspace to close. The volcano, located under the Eyjafjallajokull glacier about 100 miles east of the capital Reykjavik, erupted in the early hours of 14 April. The massive cloud of ash is a threat to safety ...

January 5, 2010

Iceland president vetoes repayment to UK

by Kay Mitchell
Icelandic President, Olafur Ragnar Grimsson, has vetoed the repayment of a £2.3 billion loan to the UK Government. The debt relates to the collapse of Landsbanki which collapsed at the height of the banking crisis in autumn 2008 and 300,000 British savers saw their accounts frozen with the bank’s online Icesave brand. The Treasury stepped in with a 100% guarantee for individual savers ...

December 16, 2009

Kaupthing under investigation for fraud

by Kay Mitchell
An investigation is underway at Kaupthing - the Icelandic bank which collapsed last autumn. Kaupthing, which was once Iceland's largest bank, collapsed along with Glitnir and Landsbanki at the height of the banking crisis last year and all three banks had to be nationalised. This led the Iceland Government to seek billions of dollars worth of aid from the International Monetary Fund, as well ...

December 7, 2009

Iceland’s economy shrinks at record pace

by Kay Mitchell
Iceland's economy shrinks at record pace
Iceland's economy plummeted at its fastest pace on record in the third quarter, falling by 5.7% compared to the previous quarter. However, on an annual basis the economy contracted by 7.2% - the biggest fall on record. The news comes as many economies throughout the world are now recovering as they emerge from recession. However, Iceland was severely hit by the financial crisis last ...

August 3, 2009

FSCS pays £21bn to protect UK savers

by Kay Mitchell
The Financial Services Compensation Scheme (FSCS) has revealed a staggering £21 billion has been paid out to UK savers in the six months after the onset of the credit crisis. This compares with £1 billion in the seven years prior to the credit crisis. The FSCS, which is the body established to compensate victims of banking failures, reimburses up to ...

July 20, 2009

Iceland announces €1.5bn plan to recapitalise banks

by Kay Mitchell
Iceland has unveiled a €1.5 billion (£1.3 billion) scheme to recapitalise its three major banks. The Government will issue bonds to the three new banks it is creating from the collapsed ones. It is hoped the plan will get the banking system on a stronger footing after its three largest banks, Glitnir, Landsbanki and Kaupthing, had to be nationalised last ...

May 5, 2009

Councils set to withdraw funds from building societies

by Kay Mitchell
The Sunday Telegraph has reported that local councils are planning to withdraw billions of pounds of deposits from building societies. The move follows the decision by Moody’s last month to downgrade the credit ratings of several building societies due to concerns they will be hit by losses due to the housing market slump. The downgrade by Moody’s was criticised by ...

April 20, 2009

British Councils may receive losses from failed Icelandic banks

by Kay Mitchell
A creditors’ report from the administrators of Heritable Bank, the UK arm of failed bank Landsbanki, has revealed that British councils may be able to recoup some of their losses. The Icelandic banking crisis emerged last autumn after Landsbanki, Glitnir and Kaupthing all collapsed and had to be rescued by the country’s Government. Hundreds of millions of pounds were invested ...

October 29, 2008

US Federal Reserve cut interest rates by 0.5%

by Kay Mitchell
The US Federal Reserve unanimously voted today to cut interest rates from 1.5% to 1% in a bid to stave off a recession. Wall Street had been expecting the half-point cut in interest rates and the Dow Jones lost 64 points to 9000 following the news. However, it recovered by 52 points to 9117 within half an hour of ...

Global shares recover driven by rate cut hopes

by Kay Mitchell
It is believed that the US Federal Reserve will cut interest rates this week, which has boosted shares worldwide following a severe decline earlier this week on fears of a global recession. The Fed is widely expected to cut rates by half a percentage point to 1%. This resulted in a sharp rise on Wall Street after the Dow Jones ...

October 28, 2008

Iceland hikes interest rates from 12% to 18%

by Kay Mitchell
Iceland's central bank has raised its key interest rate a whopping 6% just two weeks after it cut rates from 15.5%. According to the Central Bank’s governor, David Oddsson, the rise is intended to be only for the short-term to stabilise the currency, the krona. He added it is also in line with its agreement with the International Monetary ...

October 23, 2008

Yorkshire Building Society merges with Barnsley Building Society

by Kay Mitchell
Barnsley Building Society has been forced to merge with the Yorkshire Building Society after it revealed its high exposure to collapsed Iceland banks. Barnsley said the deal will safeguard it against the possible loss of up to £10 million deposited with banks in Iceland. In a joint statement, the two societies said the proposal follows swift, pre-emptive action from the ...

October 15, 2008

Iceland slashes interest rates by 3.5%

by Kay Mitchell
Iceland's central bank, Sedlabanki, slashed interest rates today, earlier than scheduled, from 15.5% to 12% following a disastrous couple of weeks for the country. The country faced a near-collapse of its banking system after the country’s three largest banks, Glitnir, Kaupthing and Landsbanki, were nationalised recently. Meanwhile, the stock exchange was closed following a three-day suspension in a bid to prevent further ...