Biz Briefs

Pirated Disney products seized

The CID conducted raids on a warehouse and two retail shops selling and distributing pirated Disney products in the Pettah.This follows a complaint by Disney Enterprises Inc through their lawyers Sudath Perera Associates.

According to investigators, large quantities of these products come from China to local wholesalers who thereafter distribute them across Sri Lanka. Several Disney items including stickers, pencil cases, bags and other stationery amounting to nearly forty five thousand articles were seized during the raid.

India raises duty on gold imports

India has increased the duty on imports of gold jewellery from 10% to 15%, in its latest attempt to curb the demand for the precious metal. Imports of gold jewellery rose after the government increased duties on import of raw gold, including bars and coins, three times this year.

The demand for gold in India has risen after the recent drop in prices. However, gold imports are also one of the biggest contributors to India's widening current account deficit. - BBC

Asian stocks rise

Asian stocks are rising after the US Central Bank unexpectedly said it will not scale back its stimulus program until the economy improves further. Japan's Nikkei 225 index rose 0.9%, Hong Kong's Hang Seng jumped 2% and Australia's ASX 200 rose 1.2% to a five-year high after the announcement.

Many investors had speculated that the Federal Reserve would begin reducing its $85bn (£54bn) bond-buying plan.

US Central Bank sources said it was taking a more cautious stance because of an 'elevated' unemployment rate and concerns about the US economic recovery. Analysts said Asian markets would be lifted by the Fed's announcement.

AIA presents school for insurance studies

Scholarship winner Denushika Wijenayake

AIA Sri Lanka partnered with Wayamba University of Sri Lanka, for the fourth consecutive year, to offer a scholarship for excellence in Insurance Studies to the most outstanding final year student in Insurance and Valuation at the university.

This year the scholarship was awarded to Denushika Wijenayake who will receive a six-month internship program at the company with a monthly allowance.