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...warned that Iceland - where Land Rovers and private jets seem to outnumber the nation's 308,000 people - was growing too quickly, and that excessive consumption would cause the economy to overheat. Yet the nation's three largest commercial banks - Kaupthing, Landsbanki and Glitnir - continued to exploit their then strong currency and cheap credit to buy banks in Denmark, Norway and the U.K., as well as British retailers like House of Fraser and Moss Bros. They amassed foreign assets equivalent to 800% of the nation's GDP, the highest ratio of any country in the world. Meanwhile, their dependence...
...fish, are at record highs. "The Icelanders are richer than us," says British economist Portes. "They're not exactly going to starve." (Iceland's gross national income per capita is $39,400, compared to the U.K.'s $35,300.) What's more, the banks remain fundamentally sound: they have strong deposit ratios and are more profitable than their Nordic peers. First-quarter results suggest the financial climate has started to warm: the three largest banks all reported strong core earnings, with Landsbanki's rising by 27% compared to the same period last year. On May 16, in a show...
Despite these strong fundamentals, Iceland has undoubtedly lost some steam - and importers feel it the worst. Úlfar Steindórsson, CEO of Toyota Iceland, says that the depreciated krona raised the price of imported cars by 25% in just a matter of weeks, bringing his booming sales to a standstill. He now predicts year-on-year revenues will end 30% lower. But Steindórsson doesn't blame the government or Iceland's banks. "The crisis didn't start in Iceland - it started in the U.S.," he says. As he sees it, the international dimension of the credit crunch...
...infections occur in the sex trade, according to the World Bank, but 99% of the HIV funding goes to general-population programs like microcredit schemes. The same pattern of ignoring high-risk, low-status people is found in countries like Nigeria, Cambodia and Thailand, says Pisani: "It's very strong to say it's deliberate neglect, but we are deliberately choosing not to do things that we know work well in reducing the spread of an infectious disease - because we don't like doing nice things for junkies...
...group has strong ties to local media. Lee was The Crimson's business manager last year, and the company is building an advertising network on several local Web sites. Currently, PaperG's main product, Flyerboard, is featured on boston.com (the site of The Boston Globe), HarvardSquare.com, and the Web sites of Metro Boston, the Weekly Dig, The Crimson, and the New Haven Independent...