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Tuesday December 5th, 2023

Karunaratne urges Sri Lanka to keep “chin up” after World Cup rout

AFP – Dimuth Karunaratne urged his Sri Lanka flops to stay positive after they were jeered by angry fans during Saturday’s embarrassing 10-wicket loss to New Zealand in their opening match of the World Cup.

Sri Lanka crashed to 136 all out after being put into bat first in Cardiff and the Black Caps chased down the modest target in 16.1 overs.

Martin Guptill, hitting 73, and Colin Munro, scoring 58, hammered the runs after pacemen Matt Henry and Lockie Ferguson claimed three wickets each against hapless Sri Lanka.

But skipper Karunaratne, who stood out with his unbeaten 52, said all is not lost as long as his players don’t dwell on the defeat.

"I think we have another eight games to go. We need to (keep our) chin up and play very well," Karunaratne said in the post-match press conference.

"We need to see what we have. On the back end we need to get some partnerships, (and in) the middle part. Those are the key areas. We’re looking forward to doing it."

The 1996 champions were on the receiving end of some booing by a group of Sri Lankan fans who were frustrated by the tame nature of their team’s loss.

Karunaratne said losing the toss on a green Sophia Gardens wicket was not the ideal start, but gave no excuses for Sri Lanka’s meek surrender.

"They (fans) were far from Cardiff and they spend their time and money to come here to see a good match," said Karunaratne.

"I think that’s the main thing. If we get out for 130, you know, there is no match. We have to give them a good show at the end of the day."

Henry rattled Sri Lanka’s top order with his incisive opening spell to return figures of 3-29 and Ferguson also got key wickets including Angelo Mathews for nought.

Karunaratne fought on to register his third ODI fifty in 81 balls before he ran out of partners.

Demanding his batsmen to learn from their mistakes, Karunaratne said: "If you take this wicket, you know, you need to have a target. It’s not easy. It’s not a 300 wicket, so you need to have another game plan.

"You can’t go there and hit every ball, so you have to stay calm. I think in these conditions, 250 or 240 will be a good score.

"I think they bowled really well, so we have to give them credit."

Sri Lanka next play Afghanistan in Cardiff on June 4.

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Sri Lanka finding ways to clear 1.1mn pending cases: Justice Minister

ECONOMYNEXT – Sri Lanka is taking a series of steps to speed up 1.1 million pending court cases and encourage alternative dispute solving mechanisms, Justice Minister Wijedasa Rajapakshe said.

“The delay in court cases is a serious problem,” Minister Rajapakshe told a briefing at the President’s Media Centre.

“We have already taken several steps to expedite cases.”

There were 5,680 cases in Supreme Court, 4,054 in the Court of Appeal, 6,168 in the High Court of Civil Appeal, 8,363 in the Commercial High Court, 28,000 in the High Court, 254,000 in District Courts and 791,000 in Magistrates Courts.

In 2015, only 49 percent of complaints to mediation boards were resolved. Following reforms, the ratio has been increased to 70 percent.

The value of disputes going to mediation board has been raised to one million rupees from 500,000 rupees.

To solve land problems in the post-war period, special mediation boards on property was set up in the North and the East.

Mediation boards on property will be set up in another 16 districts.

Commercial High Courts were increased to four from three.

Another Commercial High Court will be set up in the future. The consideration of cases that can go to a High Court was raised from 4 million rupees to 10 million rupees.

A commercial dispute resolution law will be introduced next January.

A small claims court has been established.

Case involving disputes below 2 million rupees can be directed to small claims court.

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Sri Lanka stocks close up as some investor interest returns

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

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Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)

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