Iceland is the World´s second most successful economy in exploiting developments in information and communications technology according to the World Economic Forum. Topping the list is Singapore. Finland is third, followed by Denmark and the US which drops to number 5, following a three-year reign at the top.

Iceland ranks among the top 10 “free” nations of the world, according to the 2005 Index of Economic Freedom, published by the Wall Street Journal and The Heritage Foundation.

Century Aluminum Company (NASDAQ:CENX) has announced that Norðurál ehf., a wholly owned subsidiary, has signed an agreement to purchase approximately 70 MW of additional electric power for its primary aluminum reduction plant at Grundartangi, Iceland. The additional power would permit Norðurál to expand the plant’s capacity to 260,000  metric tons per year (mtpy). 

Mosaic Fashions, created by the merger of Oasis Stores and Karen Miller in 2004, is preparing for listing on the Iceland Stock Exchange as the first non-Icelandic business to be listed there. Mosaic Fashions, the owner of some of the UK´s leading women´s fashions brands, will also be one of the largest and most profitable companies on the Stock Exchange. The intention is to raise £40 million.

Research and development intensity in Iceland ranks number 3 along with Japan´s according to Eurostat. Total R&D expenditure in Iceland was 3.1% of GDP in 2002 and R&D expenditure in the business enterprise sector was 1.8% placing Iceland among the top 5 European countries.

Iceland increases its global competitiveness according to the IMD World Competitiveness Yearbook 2005 and now ranks number 4 globally, following US, Hong Kong and Singapore. Last year Iceland ranked fifth. This result again puts Iceland at first place in Europe for competitiveness, outperforming the continent´s – and some of the world´s – biggest industrial nations. Finland, in sixth place overall, ranks second in Europe, followed by Denmark, Switzerland and Luxembourg.