Biz Briefs

Japan-Sri Lanka trade increases

Sri Lanka's bilateral trade with the world's third largest economy is now closing in on the $900 million mark.

"In my discussions with Prime Minister Ranil Wickremesinghe on the Memorandum of Cooperation on the Vitalisation of Intergovernmental Economic Policy Dialogue (VIGEPD), he agreed to proceed with it," said Ambassador of Japan to Sri Lanka, Nobuhito Hobo in Colombo recently.

In September 2014, during the visit of Japanese Prime Minister Shinzo Abe to Sri Lanka, the Memorandum of Cooperation on the Vitalization of Intergovernmental Economic Policy Dialogue (VIGEPD) between the Ministry of Industry and Commerce and the Ministry of External Affairs of Sri Lanka and the Ministry of Economy, Trade and Industry and the Ministry of Foreign Affairs of Japan, was signed in Colombo.

Over 11,000 students join CASL

Over 11,000 new students recently joined the Institute of Chartered Accountants of Sri Lanka (CASL) to pursue a career in Chartered Accountancy.

In its capacity as one of the largest tertiary educational providers, it attracts a record number of students annually to pursue the institute's globally recognised qualification in Chartered Accountancy.

With the new registrations, the total active student base of CA Sri Lanka is over 44,500 students.

The new registrants also included the highest three achieving students at the 2014 GCE Advanced Level Examinations from the commerce stream.

Nestle records 6.4% growth

Nestlé Lanka PLC, posted a revenue of Rs. 8.0 billion for Q4. The company recorded a revenue of Rs. 32.9 billion and a growth of 6.4% for the full year ending December 31, 2014.

The company posted a profit of Rs. 615 million for Q4 and a profit of Rs. 3.8 billion for the year ending December 31, 2014, an increase of 14.2% compared to the previous year, supported by efficient management of the portfolio and value chain optimisation.

"Despite prevailing market conditions posing significant challenges in 2014, the company continued to deliver a stable and consistent performance. We invested in enhancing the presence of our brands and building the abilities of our people," said Managing Director of Nestlé Lanka, Shivani Hegde.

Greece crisis: Eurozone set for vital talks

Eurozone finance ministers are preparing for a key meeting to consider a proposal by Greece to extend its European loan program.

However, Germany has already rejected the Greek call for a six-month extension. Friday's meeting in Brussels is the eurozone's third attempt to reach a deal to manage Greece's debt - and a decision must be unanimous. Greece could run out of money by the end of the month without a deal.

Greece proposed the six-month assistance package as an alternative to renewing its bailout deal, which links money to tough austerity conditions and which expires at the end of February.

 - BBC

Lasantha Goonewardene heads Lankaputra

K.H. Lasantha Goonewardena has been appointed Chairman of Lankaputtra Development Bank.

Goonewardena, a product of Royal College, Colombo, is the Chairman and Managing Director of Raytronics Computer Systems (Pvt) Ltd.