ICMA elects office-bearers

KARACHI: The Council of Institute of Cost and Management Accountants of Pakistan (ICMA) in its 341st meeting elected Muhammed Iqbal Ghori as the president of the institute.

Subsequently, Anis-ur-Rehman was elected as vice-president of the ICMA, the press statement added.

French bank to pay $510,000 to ex-trader

PARIS: French bank Societe Generale has been ordered to pay about 450,000 euros ($510,000) to former trader Jerome Kerviel for unfair dismissal, after he was accused of unauthorised trades that caused the bank billions in losses.

Supporters of Kerviel hailed the decision Tuesday by a labor arbitration council, while Societe Generale called it “incomprehensible” and vowed to appeal.

It’s part of a web of ongoing legal cases involving Kerviel since his trades in 2007 and 2008 spiraled into massive losses.—AP

US banks warned on controls after BD heist

NEW YORK: US regulators have advised banks to review the cyber protections they have in place to protect against fraudulent money transfers and other threats from hackers, months after $81 million was stolen from Bangladesh central bank’s account at the Federal Reserve Bank of New York.

“Financial institutions should review their risk management practices and controls over information technology and wholesale payment systems networks, including authentication, authorisation, fraud detection, and response management systems and processes,” the Federal Financial Institutions Examination Council, which includes the Fed, said in a statement on Tuesday.

Published in Dawn, June 8th, 2016