Iceland

Iceland Deploys Jumbo Cut to Lower Western Europe’s Top Rate

Iceland’s central bank accelerated its easing campaign with a half-point reduction in western Europe’s highest borrowing costs as price pressure is slowing, Bloomberg News reported. Policymakers at Sedlabanki in Reykjavik lowered the 7-day term deposit rate to 8.5% on Wednesday, the biggest cut in more than three years. The decision was in line with the expectations of the north Atlantic nation’s largest banks, Islandsbanki hf and Landsbankinn hf, as well as the central bank’s survey of market participants.
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128 Lose Their Jobs in Skaginn3X Bankruptcy

Skaginn3X, which specialized in the production of advanced equipment for fish processing and was one of the largest employers in the town of Akranes, has filed for bankruptcy, the Iceland Review reported. Some 128 employees will now lose their jobs, RÚV reports. Vilhjálmur Birgisson, director of the Akranes Trade Union, wrote the following message on his social media today, following meetings wtih the fish processing company. His message has been translated and excerpted below. “Skaginn3X has requested to be taken into bankruptcy proceedings.

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Iceland's Niceair to File for Bankruptcy

It may not pay to fly nice, or to be so trusting — at least, it appears so given the tragic case of Niceair’s bankruptcy due to losing access to its sole aircraft less than a year after its initial flight on May 30, 2022, Simple Flying reported. Niceair — a small virtual airline intended to directly connect European cities like Copenhagen and Tenerife to northern Iceland’s Akureyri — used a single Airbus A319-100 in 9H-XFW operated by Hi Fly Malta, and Hi Fly Malta operated the 150-seat A319 on Niceair’s behalf with aircrew wearing Niceair uniforms.

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