Biz Briefs  

ComBank marks 10 years of operations in Kuwait

A Sri Lankan celebration, complete with gastronomic delights and cultural performances provided a fitting backdrop when the Commercial Bank of Ceylon marked 10 years of remittance operations in the State of Kuwait recently.

A delegation led by Commercial Bank's Chief Operating Officer Jegan Durairatnam took part in the ceremonies for Sri Lankan support staff and Chairmen and General Managers of Exchange Houses.

The delegation included the Bank's Chief Manager e-Banking and Remittances, Pradeep Banduwansa and officers from the e-Banking and Marketing departments.

GM fined

US authorities have fined General Motors (GM) for failing to respond to requests for information about faulty ignition switches linked to 13 deaths.

The National Highway Traffic Safety Administration had given GM until April 3 to reply to its requests, but it said a third of its 107 questions have not been answered.

GM said it will provide more documents "as soon as they become available".

The car maker is being fined $7,000 a day until it complies with the request. GM sources said they had delivered almost 21,000 documents related to the safety recall. - BBC

Samsung forecasts drop in profits

Samsung Electronics, the world's biggest maker of TVs and mobile phones, has forecast a drop in profit for the second quarter in a row.

It expects to make an operating profit of 8.4 trillion won ($7.9 billion; £4.8 billion) for the January-to-March quarter, down 4% from the corresponding period last year.

This follows a 6% decline in operating profit in the previous quarter.

The drop indicates the challenge faced by Samsung to boost its earnings amid falling prices of smartphones.