Iceland's poets of enterprise lose their rhythm; CITY FOCUS.

From: The Daily Mail (London, England) | Date: March 28, 2006 | Copyright information

Byline: SAM FLEMING

THEY were hailed last year as 'poets of enterprise' by Iceland's President, Olafur Grimsson. He predicted that Iceland's buccaneering entrepreneurs, such as Baugur boss Jon Asgeir Johannesson, would transform an economy previously dominated by cod and herring into a financial powerhouse.

Corporate raiders were sweeping down from the frozen wastes of his tiny island nation, spending millions snapping up companies across Europe. In Britain, toy shop Hamleys and tea and coffee chain Whittards fell into Icelandic hands.

But less than a year after his ...

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