Businesswoman set to become Iceland's next president

Businesswoman Halla Tomasdottir was set on Sunday to become Iceland's new president, election results showed, beating former Prime Minister Katrin Jakobsdottir, who critics said was too political for the post.

Jakobsdottir conceded defeat early yesterday and congratulated Tomasdottir, the CEO of The B Team, a global non-profit co-founded by UK business tycoon Richard Branson to promote business practices focused on humanity and the climate.

Iceland's president holds a largely ceremonial position in the parliamentary republic, acting as a guarantor of the constitution and national unity.

He or she does, however, have the power to veto legislation or submit it to a referendum.

Tomasdottir, 55, was officially credited with 34.6 percent of votes, after 71.6 percent of ballot papers had been counted yesterday.

The 48-year-old Jakobsdottir, who stepped down as prime minister of a left-right government in April to run in June 1's election, garnered 25 percent.

Jakobsdottir conceded defeat in the early hours of Sunday before the last votes were in.

"It seems to me that Halla Tomasdottir is quickly heading towards becoming the next president of Iceland. I congratulate her on that and know that she will be a good president," Jakobsdottir told national broadcaster RUV at an election night rally.

Tomasdottir, meanwhile, told daily Morgunbladid during her election rally she was "just trying to breathe."

"I feel incredibly good. I know it's not over until it's over. So I'm also just trying to stay calm and breathe," she said.

Tomasdottir is also the founder of Audur Capital, an investment firm created in 2007 aimed at promoting feminine values in the financial sector.

Tomasdottir is set to be the...