Public sector cuts hit waste management after city hall.
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The era of public sector expansion appears to have ended. After Reykjavik City Hall announced fifty layoffs and a hiring freeze, the waste management company SORPA followed by cutting 7 percent of its staff. City councilors are currently in an extraordinary meeting to discuss the majority coalition's proposals for further reductions, which come as unemployment rises year-on-year.
Iceland's corporate results show a widening gap between those profiting from inflation and those feeling its weight. The retail chain Kronan saw its profit climb by half a billion kronur after freezing prices on hundreds of products, and Islandsbanki cleared 7.3 billion kronur in three months. Conversely, the National Power Company's CEO broke a long silence to criticize the Competition Authority, and the fuel retailer N1 saw its performance decline.
In the courts, a person has been charged with attempted murder following a domestic assault in Reykjavik that left their girlfriend with a fractured skull. Separately, prosecutors have charged the son of a member of parliament in connection with a tragedy in the Salahverfi neighborhood.