In the Land of Cod, A Big Corporate Fish is Floundering a Bit

Wall Street Journal ^ | July 11, 2006 | Craig Karmin

[Truth29]

In the Land of Cod, A Big Corporate Fish Is Floundering a Bit

Iceland's Jón Jóhannesson Made a Grocery Fortune, Fights Criminal Charges

By CRAIG KARMIN July 11, 2006; Page A1

REYKJAVIK, Iceland -- Reclining on a black leather sofa at 101 Hotel in Reykjavik's nightlife district, Jón Ásgeir Jóhannesson didn't look the part of Iceland's top corporate raider. As patrons sipped cocktails and mingled in a Jacuzzi, he brushed aside his long blond hair with a hand that sparkled with a pinky ring. "Reykjavik used to be a boring fish town," he said.

Not anymore. Once a poor country known for cod production and Vikings, Iceland in recent years has transformed itself into one of Europe's richest and most dynamic economies, and Mr. Jóhannesson has been its poster boy. Companies in which he owns stakes control a third of the apparel market, two national newspapers, and a big mobile-phone company, as well as TV and radio stations and nearly half of Iceland's grocery business.

His success story is so well-known that people on the street can point visitors toward the original food store that launched his empire. Elsewhere in Europe, the press has dubbed him one of Iceland's new breed of "pop star tycoons." Mr. Jóhannesson, 38 years old, now holds big stakes in a number of U.K. retail chains, including apparel maker French Connection.

<>http://online.wsj.com/article/SB115258002829102949.html Hyperlinks in this Article: (1) mailto:craig.karmin@wsj.com Copyright 2006 Dow Jones & Company, Inc. All Rights Reserved

[Truth29]

Ping

[pabianice]

Iceland is remarkably xenophobic and racist, as any totally homogeneous society tends to be. The local women traditionally refused to associate with any US Navy personnel who were not white officers. Last I heard, there was no naturalization to become an Icelander. Just like Japan and so many other societies. Iceland's 18th century mindset is its biggest hurdle.

[Red Badger]

Is it Halibutton?.......

[theFIRMbss]

>Once a poor country known for cod production

Ah, ah,
We come from the land of the ice and snow (and cod)
From the midnight sun where the hot springs blow.

The hammer of the gods
Will drive our ships to new lands,
To fight the horde, singing and crying:
Valhalla, I am coming!
On we sweep with threshing oar,
Our only goal will be the western shore.

Ah, ah,
We come from the land of the ice and snow (and cod)
From the midnight sun where the hot springs blow.

How soft your fields so green,
Can whisper tales of gore,
Of how we calmed the tides of war.
We are your overlords.
On we sweep with threshing oar,
Our only goal will be the western shore.
So now youd better stop and rebuild all your ruins,
For peace and trust can win the day
Despite of all your losing.

[Truth29]

Ping

[Truth29]

Things must have changed. I can't tell you the details, but Iceland does have a naturalization process and it can be accomplished fairly quickly. Regarding their societal views, Iceland, like the US has a broad diversity. However, I have found them to be open and friendly for the most part. Regarding Keflavik AFB, there was tension from some quarters, but there were equally strong defenders and the government was a staunch defender of the base and personnel.

[Theoden]

Iceland has a population just short of 300,000 people. They are homogeneous and xenophobic, but they need to be that way if they want to survive as a people. They have every right to want to stay as they are, but those of them who are outwardly racist, do go too far.

They are the last people who speak a language very close to old Norse. They pride themselves as being a purely Viking society. Other Scandinavians are not always treated highly there as well. I am surprised that there are some who even date American officers.

Their culture, language, ethnicity, and way of life can very easily be overwhelmed, just by numbers alone. I don't tolerate racism, but I do agree with a moderate level of xenophobia and avoiding multiculturalism. Iceland is not an immigrant nation like the US, Canada, and Australia. Multiculturalism creates far more bad situations than good ones, IMO, and is what can lead to the death of small nations like Iceland.

[Theoden]

Thanks for the ping.

[cinives]

Iceland in recent years has transformed itself into one of Europe's richest and most dynamic economies

If this is true, why are they so upset that we're removing our base and forces ?

[Truth29]

They don't need the money, the country is quite affluent, but they have almost no domestic defense capability at all. They were offering to transition to Icelandic support for the base cost and to start a buildup of their own forces. It is the suddenness of the closure that is the major issue.

[Crawdad]

I was kicked in the cods once.

[cinives]

Who might they need to defend themselves against in the immediate future ?

Yes of course every country needs some kind of defence force - but - against whom ?

[cinives]

Is Iceland a member of NATO ?

[Truth29]

Yes. There have been some conversations about having some sort of NATO quick reaction force that would fly in if needed. As far as I know, those discussions have not reached any conclusion yet

[MBB1984]

I understand the women are unbelievably beautiful. I wish someone would post some pictures!

[cinives]

I lived and went to university in Norway for a year (many years ago). At the University of Oslo cafeteria there was always a huge contingent of NATO officers - Norwegian and otherwise.

Norway has a pretty anemic defense force, yet their NATO membership allows them to be defended and still spend their cash on things other than defense.

[Truth29]

There are no obvious immediate threats, however, the Russians have been conducting naval exercises in the North Atlantic near Iceland. The Keflavik AFB also provided a significant long range sea rescue service that is needed in the North Atlantic. A country of 300,000 population is inherently more vulnerable to external destabilizing forces.

Another factor is that the country seems to be fairly evenly divided between pro US and anti-US forces and the pro US government has a narrow majority. It is likely that our decision will affect the next election and may result in an overall reorientation of the country.

[razorback-bert]

Just once?

[cinives]

You have to love those type of people - they want us to spend our money protecting them, yet they want to hate us as well.

Typical libs...