Cormagdalena – the Colombian government agency overseeing a proposed dredging project for the Magdalena River that would dramatically boost freight movements – announced June 12 that project developer Navelena SAS failed to meet a June 11 deadline to obtain financial close on the COP$2.5 trillion (US$877 million) project.
The June 2016 edition of Bitacora Economica (Economic Analysis) from Colombia’s national retail trade association (Fenalco) shows that Antioquia (Medellin’s department) has the best “corruption index” of all Colombia’s departments (states).
The Corficolombiana-Iridium “Covipacifico” consortium announced June 9 that they’ve reached financial close on the crucial “Pacifico 1” divided-highway project linking Medellin’s southern suburbs (Ancon Sur) to the Cauca River at Bolombolo – and connecting to new “fourth generation” (4G) highways all the way to the Pacific port of Buenaventura.
Colombia’s gross domestic product (“PIB” in Spanish initials) dipped to a 2.5% annual rate in first quarter (1Q) 2016, according to the national government’s economic statistics agency (Departamento Administrativo Nacional de Estadística, DANE).
Antioquia Governor Luis Perez announced June 15 that legal issues have now been resolved with the COP$1.8 trillion (US$603 million), 9.8-kilometers-long “Toyo Tunnel” project that will link Medellin to new freight ports in Uraba (Caribbean coast).
Medellin-based electric power transmission giant ISA and Medellin-based multinational foods producer Grupo Nutresa both recently won debt-ratings upgrades from Wall Street bond rater Fitch Ratings.
Medellin continues to host a growing number of companies seeking high-tech and bilingual candidates, as indicated in a recent flurry of LinkedIn postings.
Medellin-based Bancolombia – Colombia’s largest bank with a growing international presence – on May 23 announced that its first quarter (1Q) 2016 net income fell 37% year-on-year (y-o-y), to COP$397 billion (US$129 million), reflecting the impact of Colombia’s slowing economy.
Medellin-based Grupo Exito – now Colombia’s biggest private-sector company and a leading multinational retailer in the largest South American markets – on May 27 reported that its first quarter (1Q) 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) soared 234% year-on-year (y-o-y), to COP$502 billion (US$163 million).
Medellin-based ISA – operator of Colombia’s national electric power transmission network – announced May 2 that its first quarter (1Q) 2016 net income rose 31.3% year-on-year (y-o-y), to COP$192 billion (US$65 million).