China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Iceland FSA issues statement on Landsbanki takeover
REYKJAVIK (Reuters) - Iceland's market authority said on Tuesday it would take control of Landsbanki LAIS.IC, the island's second largest bank by value.
The statement comes after the country's banking minister told Icelandic radio that the bank would be taken over.
"Based on new legislation, the Icelandic Financial Supervisory Authority (IFSA) proceeds to take control of Landsbanki to ensure continued commercial bank operations in Iceland," the authority said in a statement.
"Domestic deposits are fully guaranteed, as declared by the government. Landsbankis domestic branches, call centers, cash machines and internet operations will be open for business as usual. The objective of the IFSAs action is to guarantee a functioning domestic banking system."
The move is the latest step by authorities to control a crisis in the financial sector that has already led to the part-nationalization of Glitnir GLB.IC and new legislation to give the government sweeping powers over the banking sector.
