Tag: Iceland

BAA reports 9.2% rise in May passenger numbers

BAA reports 9.2% rise in May passenger numbers

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 […]

June 13, 2011 More
UK passengers face delays due to ash cloud

UK passengers face delays due to ash cloud

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 […]

May 24, 2011 More
Ryanair profit up despite rising fuel costs

Ryanair profit up despite rising fuel costs

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 […]

May 23, 2011 More
Travel chaos looms as Iceland volcano erupts

Travel chaos looms as Iceland volcano erupts

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. […]

Iceland’s economy contracts in Q4

Iceland’s economy contracts in Q4

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 […]

March 8, 2011 More
Iceland finally emerges from recession

Iceland finally emerges from recession

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 […]

December 7, 2010 More
Iceland’s central bank cuts interest rates to 7%

Iceland’s central bank cuts interest rates to 7%

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 […]

August 18, 2010 More
BAA: April passenger numbers down due to volcanic ash cloud

BAA: April passenger numbers down due to volcanic ash cloud

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 […]

May 10, 2010 More
Iceland president vetoes repayment to UK

Iceland president vetoes repayment to UK

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 […]

January 5, 2010 More
Kaupthing under investigation for fraud

Kaupthing under investigation for fraud

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 […]

December 16, 2009 More
Iceland’s economy shrinks at record pace

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, […]

December 7, 2009 More
FSCS pays £21bn to protect UK savers

FSCS pays £21bn to protect UK savers

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 […]

August 3, 2009 More
Iceland announces €1.5bn plan to recapitalise banks

Iceland announces €1.5bn plan to recapitalise banks

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, […]

July 20, 2009 More
Councils set to withdraw funds from building societies

Councils set to withdraw funds from building societies

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 […]

May 5, 2009 More
British Councils may receive losses from failed Icelandic banks

British Councils may receive losses from failed Icelandic banks

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 […]

April 20, 2009 More
US Federal Reserve cut interest rates by 0.5%

US Federal Reserve cut interest rates by 0.5%

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 […]

October 29, 2008 More
Global shares recover driven by rate cut hopes

Global shares recover driven by rate cut hopes

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 […]

Iceland hikes interest rates from 12% to 18%

Iceland hikes interest rates from 12% to 18%

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 […]

October 28, 2008 More
Yorkshire Building Society merges with Barnsley Building Society

Yorkshire Building Society merges with Barnsley Building Society

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 […]

October 23, 2008 More
Iceland slashes interest rates by 3.5%

Iceland slashes interest rates by 3.5%

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 […]

October 15, 2008 More