Fitch Ratings – Fitch Ratings has affirmed Capital Alliance Investment Grade Fund’s National Fund Credit Quality Rating of ‘BBf(lka)’ and its National Fund Market Risk Sensitivity Rating of ‘S4(lka)’ and withdrawn the ratings.

The ratings have been withdrawn for commercial reasons.

KEY RATING DRIVERS

The fund has been in compliance with the ‘BBf(lka)’ national fund credit quality rating and ‘S4(lka)’ market risk sensitivity rating under Fitch’s Bond Fund Rating Criteria since the last rating review on 16 April 2025.

Capital Alliance Investment Grade Fund is an open-end fixed-income fund that mainly invests in term deposits and securities issued by Sri Lankan banks and non-bank financial institutions. Capital Alliance Investments Limited serves as the investment manager for the fund and is majority owned by Capital Alliance Limited, with a minority holding by Sri Lanka Insurance Corporation Limited. The manager is the country’s largest investment manager, with a market share of about 36% and total assets under management of LKR205 billion in unit trust funds as of end-July 2026.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
— Not applicable, as the ratings have been withdrawn

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
— Not applicable, as the ratings have been withdrawn

Some stories are carried in words. Others survive in gestures, images and fragments of memory passed quietly between generations. Channa Ekanayake’s What Lives Between, curated by Kasun Jayamanne, looks towards these less visible forms of inheritance, drawing on Sinhala folk poetry and the lived experiences of Sri Lankan women to consider how culture continues to shape identity.

Presented as the eighth edition of Artist Spotlight by John Keells Foundation and City of Dreams, the exhibition brings Ekanayake’s distinctive contemporary practice into a setting where art becomes part of the wider Cinnamon Life experience.

His work draws from Sri Lanka’s architectural, spiritual and natural environments, translating familiar forms into compositions shaped by geometry, colour, rhythm and restraint.

“The process began with an interest in memories that outlast the people, places and moments that shaped them. Sinhala folk poetry carries many of these memories, particularly stories and experiences connected to women that have travelled through generations. I wanted to explore that inheritance through a contemporary visual language, allowing the familiar to become something that can be seen and considered anew,” artist Ekanayake says.

That exploration extends a practice developed across more than two decades. His early solo exhibition Dwellings in 2001 established an interest in architecture and inhabitation, while later works including Silence of the Blue and BODHI explored spirituality, environment and cultural symbolism. International presentations such as Islanded at Aicon Contemporary in New York further expanded his engagement with Sri Lanka’s visual and cultural landscape.

What Lives Between continues this trajectory while turning its focus towards cultural memory and Sri Lankan womanhood. Folk poetry serves as a point of departure rather than a literal source, allowing Ekanayake to simplify and reconfigure familiar references into a visual language that invites interpretation.

“Art has a powerful ability to create connections, particularly when it becomes part of an environment where people can encounter it naturally. Artist Spotlight allows us to bring Sri Lankan artistic expression into the City of Dreams experience while giving artists an opportunity to engage audiences who may encounter their work for the first time,” Kamal Munasinghe, Senior Vice President, Colombo Hotels, Cinnamon Hotels & Resorts and General Manager, Cinnamon Life at City of Dreams, says.

That philosophy places Artist Spotlight within a broader commitment to creating meaningful encounters between artists and audiences. The initiative gives Sri Lankan artists a platform to reach new audiences, collectors and art enthusiasts, while positioning City of Dreams as a living gallery where local artistic expression can be experienced alongside the hospitality and lifestyle environment.

“Supporting artists is about enhancing space for creativity to be seen, experienced and valued by diverse audiences. Through Artist Spotlight, we hope to contribute to a stronger creative ecosystem in Sri Lanka while encouraging conversations around the stories, identities and experiences that shape our culture. As in the case of all our art-based activities, John Keells Foundation’s aim is to provide a platform that provides wider opportunities to the artist while promoting cultural understanding and appreciation through the amazing artistic talent of Sri Lanka,” Carmeline Jayasuriya, Head of CSR, John Keells Group, said.

At its heart, What Lives Between is an invitation to look beyond what is immediately visible. Ekanayake’s work brings together poetry, memory and visual form to consider what survives, changes and continues to connect generations, giving audiences an opportunity to encounter a distinctly Sri Lankan story through a contemporary artistic lens.

The eighth edition of Artist Spotlight launched on 16 September 2026 at Level 23, Cinnamon Life at City of Dreams, where ‘What Lives Between’ will remain on display until 30 November 2026.

ECONOMYNEXT – Sri Lanka’s monthly foreign exchange revenue from tourism rose for the first time in 10 months in August 2026 and gained 2.1 percent from a year ago to US$264.4 million, the central bank said, quoting tourism promotion authority data; 

The rise comes despite a 3.3 percent fall in the monthly tourist arrivals in August, data showed. 

Tourism revenue has been falling since October 2025 with the government-owned tourism promotion body’s revision of the daily average spending per tourist and the duration of the tourist stay.

Total tourism revenue in the first eight months fell 10 percent to US$2,061.1  million, compared to US$2,290 million in the same period last year. 

Arrivals in the first eight months showed a 2 percent decline. 

The island nation recorded its lowest revenue in 32 months in June. Tourism revenue has been falling rapidly year-on-year since the U.S./Israel bombing of Iran began on February 28.

The state-owned Sri Lanka Tourism Development Authority (SLTDA) revised the methodology for compiling monthly tourism earnings estimates in May thiu year, retrospectively from January, citing the need to “enhance the accuracy and representativeness”.

Official data revealed that the island nation’s tourism revenue has been lower since August last year compared to arrivals, following the relevant authority’s downward revision of per-day tourism spending.

Sri Lanka has revised down its ambitious arrival target to 2.7 million from 3 million and the revenue goal to US$4.2 billion from US$5 billion for this year.

The island nation witnessed US$3.22 billion in revenue in 2025, a 1.6 percent jump compared to US$3.17 billion in the previous year, according to the data. 

Arrivals picked up 15.1 percent in 2025 compared to the previous year, with the number of foreign visitors to Sri Lanka rising to a record 2,362,521 from 2,053,465.

Tourism accounted for nearly 5 percent of Sri Lanka’s economy when the sector was at its peak in 2018. Since then, the sector has been hit by the violent Easter Sunday suicide attack in 2019, the Covid-19 pandemic in 2020, followed by an unprecedented economic crisis.

The Sri Lanka Tourism Development Authority estimates the tourism earnings figure from a survey.

Sri Lanka’s imports and the merchandise trade deficit have gradually picked up as tourism earnings came in and people in the sector spent their wages and other earnings. (Colombo/September 19/2026)

ECONOMYNEXT – Global cybersecurity and digital privacy company Kaspersky says it had discovered a new version of MacSync malware stealing credentials and crypto from macOS users.

Kaspersky researchers discovered the updated version of the macOS infostealer known as MacSync, which first emerged in 2024–2025 as a variant of the AMOS stealer.

The latest version, spotted this month, uses a new complex infection chain and delivers an infostealer and a backdoor to the victim’s device, compromising credentials, different types of user data, and crypto assets, the company said.

“The newly discovered version of the MacSync infostealer differs significantly from its previous versions, introducing new features and making the infection chain more complex. Threat actors are also actively developing social engineering techniques that serve as the initial access window to the victim’s device, and it is important to stay vigilant when installing new applications, especially if the app developer is not trusted.”

The attack begins with a malicious file ending up on a user’s device – this may be a result of the user downloading the malware disguised as a certain application (a document sharing app, crypto wallet app or other apps).

This triggers a series of further malicious downloads and manipulations on the device. In some cases, one of the malicious downloads in the attack sequence is hosted in a public iCloud calendar entry in *.ics format. As a result of the infection, the core MacSync malware components are installed: an infostealer and a backdoor.

When launched, the infostealer appears as an application that the user thought they had downloaded. It prompts the user to enter the password for the administrator’s account.

After the password is entered, a notification is displayed saying that the app “is damaged,” suggesting moving it to the bin – a technique intended to distract the user.

The stealer collects web browser data (browsing history, cookies, saved credentials), data from crypto wallet apps, Telegram messenger data, the device’s login and password, and the Keychain file. It also collects the list of installed apps and the device’s model and hardware data, SSH, ZSH configs and other data.

Another MacSync component – the backdoor – is disguised as the legitimate Finder app and grants attackers access to the user’s data.

Specifically, through this backdoor the attackers can remotely deploy modified add-ons in the user’s web browser (most likely to replace crypto wallet extensions with malicious ones), replace the legitimate Ledger crypto wallet app with a malicious clone, collect various system information or specific user files, and possibly execute arbitrary code for other purposes.

“We recommend to always check if the app you are downloading or installing is from the original developer, verifying its legitimacy via trusted sources. Your administrator password is the key protecting the most sensitive data and credentials on the device, and users should be alert when applications ask for it ,” Sergey Puzan, security expert at Kaspersky, said. (Colombo/Sep19/2026)

ECONOMYNEXT – India has extended financial assistance of Rs. 300 million for the passenger ferry service between Nagapattinam and Kankesanthurai for another year, its High Commission in Colombo said on Friday.

The latest assistance marks the third consecutive year of financial support from India for the ferry service, which resumed in August 2024.

“The financial support is being extended under the Viability Gap Funding mechanism, amounting to nearly LKR 300 million annually,” the High Commission said in a statement.

“The assistance is aimed at ensuring the affordability and operational sustainability of the service by covering key logistical and operational costs, on terms similar to the previous year.”

Since resuming in August 2024, the ferry service has facilitated the movement of around 52,000 passengers, significantly contributing to cultural, economic and social exchanges between India and Sri Lanka.

The service represents an important milestone in revitalizing maritime connectivity between the two countries, the High Commission said.

The continuation of financial support for the ferry service also aligns with the shared vision for enhanced maritime connectivity, as reaffirmed during the visit of the President of Sri Lanka to India in December 2024 and the visit of the Prime Minister of India to Sri Lanka in April 2025, it said.

“Future plans include rehabilitation of Kankesanthurai Harbour under overall Indian grant assistance of USD 65 million, as well as exploration of additional routes and services that could further expand maritime connectivity and deepen economic and people-to-people linkages between India and Sri Lanka.” (Colombo/September 18/2026)

ECONOMYNEXT – Sri Lanka’s rupee closed at 330.75/331.25 to the US dollar in the spot market on Friday, from 331.50/90 the previous day, while bond yields dropped, dealers said.

A bond maturing on 15.09.2027 closed at 9.85/10.00 percent, down from 9.90/10.05 percent.

A bond maturing on 15.12.2028 closed at 10.50/70 percent.

A bond maturing on 15.09.2029 closed at 10.85/90 percent, down from 10.90/11.00 percent.

A bond maturing on 01.08.2030 closed at 11.20/25 percent, down from 11.30/40 percent.

A bond maturing on 15.12.2032 closed at 11.60/70 percent, down from 11.70/80 percent.

A bond maturing on 01.11.2033 closed at 11.80/88 percent, down from 11.80/85 percent.

A bond maturing on 15.10.2034 closed at 11.95/12.05 percent, down from 12.00/15 percent. (Colombo/Sep18/2026)