India’s City Union Bank CEO says suffered cyber hack via SWIFT system

MUMBAI (REUTERS): India’s City Union Bank said yesterday that ‘cyber criminals’ had hacked its systems and transferred nearly US$2 million through three unauthorized remittances to lenders overseas via the SWIFT financial platform.

One-off gains lift Softlogic December performance

One-off gains lifted the Softlogic Holdings PLC’s December quarter (3Q18), which is currently going through an exercise to reduce its group debt that weighs on profits as the borrowing costs continue to climb.

Central Bank sees higher default risk with possible fiscal side slippage

Sri Lanka could run the risk of defaulting on its loan payments during the next four-year period, if fiscal policy is loosened drastically, according to Central Bank Governor Dr. Indrajit Coomaraswamy.

Pathfinder holds confab on ‘Iran and Indian Ocean in the 21st Century’

Pathfinder Foundation (PF), in association with the Embassy of the Islamic Republic of Iran and in collaboration with the Strategic Council for Foreign Relations (SCFR) held a round-table conference on the theme ‘Iran and the Indian Ocean in the 21st Century’ recently.

Service of Small and Medium Industries Chamber President appreciated

President of Sri Lanka Chamber of Small and Medium Industries was appreciated at the recently concluded awards ceremony organized by the Chamber itself in Colombo.

Global independent audit regulators meet begins today

The inauguration of the 12th Annual Inspection Workshop of the International Forum of Independent Audit Regulators (IFIAR), hosted by Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will take place at the Kings Court, Cinnamon Lakeside Hotel in Colombo today. The global discussion which will be attended by over 110 professionals representing audit regulators from 40 countries from all over the world, will see independent au

NCE to conduct seminar on taxation and fiscal issues

The National Chamber of Exporters of Sri Lanka will conduct a seminar on tax, fiscal, and other issues related to the new Foreign Exchange Act, the New Inland Revenue Act, budget proposals for 2018 and the Sri Lanka-Singapore treaty for prevention of double taxation which has a bearing on the Free Trade Agreement (FTA) signed by the governments of Sri Lanka and Singapore recently.

Training workshops on new ISO compliance requirements

Training workshops highlighting salient features of the ISO 17025:2017 will be held from the 19th -23rd February, with the first two days at the MILODA Academy of Financial Studies and the final three days at the Sri Lanka Accreditation Board (SLAB) auditorium. 

CA Sri Lanka Business Plan competition kicks off this month

To encourage Advanced Level students gain a better understanding on the importance of developing a business plan and to also help harness the entrepreneurial skills among future business leaders, the Business Plan Competition organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will kick off this month. 

MTI enables Link Natural’s breakthrough into Vietnam and Myanmar

MTI Consulting, through their proven international market-entry methodology has enabled the makers of Samahan and Sudantha to breakthrough into the fast growing Vietnam and Myanmar market. 

Asia markets higher as volatility fears ease

AFP: Asian stock markets climbed yesterday in thin holiday trade, led by gains in Tokyo, as volatility eased after last week’s rollercoaster ride. Tokyo tracked Wall Street higher as investors gradually regained confidence heading into the weekend and set aside inflation fears that had sparked the market meltdown last week.

Indonesia eyes lax palm oil rules in EU trade deal

AFP: Palm oil giant Indonesia is pressing the European Union to abandon plans to apply strict environmental standards to the sector and silence ‘negative’ criticism about the commodity, documents obtained by AFP have revealed.

US Bank to pay US$613 mn over money laundering violations

AFP: American lender US Bancorp has agreed to pay US$613 million to US authorities for violations of money laundering controls, including an attempted cover-up, federal prosecutors announced Thursday.

Swedish companies decry deportations of skilled workers

AFP: The heads of Sweden’s largest companies, including clothing giant H&M and telecoms maker Ericsson, denounced yesterday deportations of highly-skilled workers as the nation’s technology sector suffers a shortage of staff. 

Eran attends tax conference in New York

State Minister of Finance Eran Wickramaratne represented Sri Lanka at the first global conference of the platform for collaboration on tax, which commenced at the United Nations Headquarters in New York on February 14th.

Hackers stole US$6 mn in attack on SWIFT system, Russian Central Bank says

REUTERS: Unknown hackers stole 339.5 million rubles (US$6 million) in an attack on the SWIFT international payments messaging system in Russia last year, the Russian Central Bank said yesterday.

ADB provides US$ 75mn worth lending to Sri Lanka’s small businesses

The Sri Lankan government had obtained Asian Development Bank (ADB) financial assistance worth US$ 100 million in 2016 to finance the Small and Medium-Sized Enterprises (SME) Line of Credit Project. 

US authorities block Chicago Stock Exchange sale

AFP: US regulators Thursday blocked the purchase of the Chicago Stock Exchange (CHX) by a group of investors including the Chinese company Chongqing Casin.

Titan launches all-new Edge Date series

Titan, one of the world’s leading watch brands, recently unveiled its latest timepiece collection, the Titan Edge Date.

A corporate Avurudu at Waters Edge

Looking for the perfect place to host a traditional and exciting Avurudhu celebration for your office? Then look no further than Colombo’s culinary hub Waters Edge that is fully-equipped with perfect locations, an internationally acclaimed culinary team and a banquets team that will put together the perfect solution to suit your budget and themes.

Olcott Memorial Sports Foundation conducts inaugural leadership programme

Col. Henry Steele Olcott Memorial Sports Foundation conducted the inaugural leadership programme for the students of Olcott schools – Nalanda, Dharmasoka, Maliyadeva, Rahula, Dharmaraja, Mahinda and Ananda College, recently.

Sunquick concludes another ‘Drink & Win’ promotion

One of the most anticipated consumer promotions in the island, ‘Sunquick Drink & Win’ recently concluded yet another successful segment.  With valuable gifts being awarded every year, the campaign awarded 100 lucky customers with gold coins this year at the prize-giving ceremony held at Grand Oriental Hotel in Colombo. 

Development Strategies Ministry holds trade discussion

A lecture and discussion on “Trade theory and Global Experience on Trade Protection; its Benefits and Limitations” was held at the Sri Lanka Export Development Board recently with the participation of Professor Robert Lawrence, Professor of International Trade and Investment, Harvard Kennedy School of Harward University. 

Waters Edge organises ‘Brew & Grub Fest’

Nothing brings people together more like a combination of good food, drinks and music. Colombo’s entertainment hub Waters Edge is combining its culinary expertise with some of the best bands in the country to bring to you the ‘Brew & Grub Fest.

ReeBonn Cosmetics unveils Fairness Body Lotion

ReeBonn Cosmetics (Pvt.) Ltd, a pioneering herbal cosmetic company operating in Sri Lanka, unveiled its newest product, ‘ReeBonn Fairness Body Lotion’ that gives a bright, soft and glowing skin to the users. 

CCC opens Sri Lanka’s first dedicated coffee store

The flag carrier for Lavazza Coffee and the only total coffee solutions provider in Sri Lanka, Colombo Coffee Company (CCC), recently opened doors to Sri Lanka’s first dedicated coffee store. 

Aviraté launches 3D Virtual Store together with new Spring Collection

Delving further into the realm of virtual reality shopping, Aviraté is yet again shaking things up in the retail industry with the launch of its ‘3D Virtual Store’ – a virtual shopping experience. 

Union Bank Biz Direct powers UA with cutting-edge cash management technology

Union Bank partnered Union Assurance PLC (UA) with the bank’s revolutionary cash management solution Union Bank Biz Direct, enabling greater cash management efficiency for the leading insurer.

Fitch rates ComBank’s Basel III sub debt ‘AA-(lka)(EXP)’

Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (CB, AA(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures of up to Rs.10 billion an expected National Long-Term Rating of ‘AA-(lka)(EXP)’.

PNB detects US $1.77bn fraud in latest India bank case

REUTERS: India’s Punjab National Bank (PNB) has detected fraudulent transactions worth $1.77 billion at a single Mumbai branch in a case that could affect more banks and raise fresh questions about lending procedures at Indian banks mired in soured debt.