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Monday December 5th, 2022

Sri Lanka cricketer arrested in Australia over sexual assault charges

ECONOMYNEXT – Sri Lanka cricketer Dhanushka Gunathilaka has been arrested on allegations of sexual assault of a woman, who he had met through an online dating application, while in to play in the T20 World Cup Tournament, Australian police has said.

“Yesterday detectives from the State Crime Command’s Sex Crimes Squad and Eastern Suburbs Police Area Command commenced a joint investigation under Strike Force Veteran following reports a 29-year-old woman had been sexually assaulted at a residence in Rose Bay earlier this week,” New South Wales, Police said in a statement on November 06.

The police said the woman had met Gunathilaka on several occasions after communicating through an online dating application.

“It’s alleged he then sexually assaulted her on the evening of Wednesday 2 November 2022” Police said.

He has been charged with four counts of sexual intercourse without consent.

Sri Lanka Cricket said they were informed by the International Cricket Council said Gunathilake had been arrested on sexual assault charges and he would appear in court on November 07.

“SLC will closely monitor the proceedings in court and, in consultation with the ICC, will expeditiously initiate a thorough inquiry into the matter and take stern action against the player if found guilty,” the statement said.

Gunathilake had been arrested at his hotel shortly before 01 am on Sunday November 06, 2022.

SLC said, Gunathilaka who was replaced in October, midway through the ICC World Cup due to injury, was retained in the squad as a “stand-by player”, as he was fast recovering from the injury.

“The decision was taken by the team management in consultation with the doctors and selectors, as Gunathilaka was fast recovering from the injury he suffered,” SLC said.

“Hence, it was decided to keep the player with the team, as he had already acclimatized to the climatic conditions in Australia, and can continue to train with the squad with a view to
immediately drafting him back into the 15-member squad should the need arise.” (Colombo/Nov06/2022)

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Sri Lanka’s shares gain in mid market trade

ECONOMYNEXT – Sri Lanka’s shares edged up in mid day trade on Monday (05), continuing the positive run for seven straight sessions on news over a possible debt restructuring from Paris Club, analysts said.

All Share Price Index gained by 0.69% or 60.10 points to 8,829, while the most liquid shares gained by 0.96% or 26.59 points to 2,801.

“The market was pushed up over the news of a potential 10 year debt moratorium,” analysts said.

The Paris Club group of creditor nations has proposed a 10-year debt moratorium on Sri Lankan debt and 15 years of debt restructuring as a formula to resolve the island nation’s prevailing currency crisis. 

Related – Paris Club proposes 10-year moratorium in 15-year Sri Lanka debt re-structure: report

The market generated a revenue of 2.1 billion rupees.

Top gainers during 1130 hours were Expolanka, Browns Investment and LOLC.  (Colombo/Dec05/2022)

 

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Sri Lanka bond yields slightly down

ECONOMYNEXT – Sri Lanka’s bond yields were slightly down at open on Monday while t- bills were inactive, dealers said.

The Central Bank’s guidance peg for interbank transactions was at 363.18 rupees against the US dollar, appreciated from 363.19 rupees on Friday.

“Only one bond is being quoted today, and the rest remaining unquoted” a dealer said.

A bond maturing on 15.05.2026 quoted at 29.30/30.00 percent down from 29.50/75 percent at Friday’s close.(Colombo/ Dec 03/2022)

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Sri Lanka should prioritize RCEP , not small FTAs: economist

ECONOMYNEXT – Sri Lanka should make joining the Regional Comprehensive Economic Partnership (RCEP) a priority instead of trying to negotiate multiple smaller deals, an economist has said.

“We do not have the bandwidth in government and the technical resources to do multiple trade agreements,” Anushka Wijesinghe an economist who has been involved in trade told a business forum in Colombo.

“I think RCEP should be number one priority, rather than three or four tiny bilateral goods agreements.”

Sri Lanka is trying negotiate a free trade deal with China and expand an existing one with India.

Data show that Sri Lanka has been able to boost exports with FTAs.

Sri Lanka has high tariff protection which ultimately backfire.

Sri Lanka has protectionist business interests their profits from overpriced goods have had priority over ordinary consumers and overall economic efficiency that comes from free trade.

Sri Lanka also has monetary instability, which has worsened under flexible inflation targeting, with a series of currency crises coming in rapid successions.

Forex shortages from mis-targeted interest rates under flexible or discretionary monetary policies have discredited free trade and liberalization in general and strengthened the hands of economic nationalists, analysts say.

The country also has monetary instability, which makes life difficult not only for investors but all economic agents.

Over the past two decades Sri Lanka’s exports have not grown as much as competitors. (Colombo/Dec05/2022)

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