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EPM Successfully Places US$764 Million Bond Offering

Wednesday, 01 November 2017 09:07 Written by

Medellin-based multinational utilities giant EPM announced October 31 that it successfully placed a COP$2.3 billion (US$764 million) 10-year bond offering at 8.375% interest.

“This is the third international issue denominated in Colombian pesos,” according to the company. Wall Street bond rater Fitch gave the issue a “BBB+” rating while Moody’s gave it a “Baa2” rating.

“With this issuance, made in order to prepay debt in dollars, the profile of the company’s debt is improved,” according to EPM. The latest placement takes advantage of the “current financial conditions of the international market,” according to the company, whose sole shareholder is the municipality of Medellin.

For the issue, about 60% of the bond buyers were from the United States, Europe, Chile, and Peru, while the remaining 40% were Colombian investors, according to the company.

“Thanks to this issue, we managed to make an important debt-management operation, which will allow us to improve the maturity profile and the average life of the debt,” added EPM general manager Jorge Londoño de la Cuesta.

“In addition, we will increase our debt composition in Colombian pesos, which will allow us to reduce EPM’s exposure to debt denominated in dollars, thereby minimizing the impacts derived from foreign exchange risk,” he said.

Funds from the bond issue will prepay a loan due in 2020, which was signed with seven banks in 2015. In total, 45% of the issue funds are going toward the construction of the US$5.5 billion, 2.4-gigawatt “Ituango” hydroelectric project in Antioquia, with the remaining 55% going to support other investment plans.

Spanish bank BBVA, U.S.-based Bank of America Merrill Lynch, and UK-based HSBC served as placement bankers for the issue.


Medellin-based textile giant Fabricato announced October 31 that its third quarter (3Q) 2017 net loss hit COP$19 billion (US$6.2 million), down from a COP$755 million (US$248,000) net profit in 3Q 2016.

Sales in 3Q 2017 also fell 23.5% year-on-year, to COP$85 billion (US$28 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) margin fell to a negative 7.5%, down from a positive 12.8% in 3Q 2016.

“The period covered by this [latest quarterly] report was surely one of the most negative for the [Colombian] textile sector in recent years,” according to Fabricato.

“The textile and apparel sectors presented results that were much lower than those budgeted for the period, as well as being inferior to those generated in the immediately preceding year,” the company added.

While Colombia’s relatively feeble 1.8% growth in GDP this year is partly to blame for the declines, the hike in value-added tax (VAT) this year to 19% (from 16% last year) and relatively high interest rates were additional negative factors, the company noted.

Another key factor was the November 2016 termination of the “mixed tariff” on textiles, which had been relatively effective in preventing imports of products that were “under-invoiced” in order to avoid tax duties, according to Fabricato.

“With the termination of this [mixed] tariff modality, replaced by a model that only considers a percentage on the value of the imported product, some gaps emerged that facilitated the increase of unfair [textile and clothing import] practices, such as price declarations or product specifications that do not correspond to what is really important,” according to the company. “In order to combat this imbalance, the government is working with the private sector to prepare a decree that should be enacted shortly and that should set reference prices to avoid importing products with ostensibly low prices.”

In addition to under-invoiced imports, “there is an increase in the importation of products with prices below reasonable international costs, which characterizes ‘dumping,” according to Fabricato.

“In this case, to prove this unfair practice and take restrictive measures, the [remedy] process is longer and more complex. However, Fabricato and [fellow Medellin-based textile maker] Coltejer jointly initiated an anti-dumping process against denim fabrics of Chinese origin. This process should receive a first response from local authorities this year, and if accepted in all instances, could result in effective measures in favor of domestic producers in the first half of next year,” according to the company.

“In addition to the unfair practices mentioned above, Colombia is the country with the lowest textile tariffs [10%] when compared with countries such as Argentina (26%), Brazil (26%) and Mexico, which varies from 10% to 20%.

“Due to the ease of legal importation, unfair dumping and under-invoicing practices, what was noted on the supply side was a disproportionately high increase, while on the demand side, as we have already said, we have noticed a contraction. As a natural result of this combination of factors, an increase in inventory levels was perceived.

“With so much negative news and misinformation generated by some unions in the [textile] sector, financial institutions and insurers perceived an increase in the perception of risk, with the consequent credit restriction and increase in credit insurance premiums, in addition to the reduction in credit quotas.

“Even in the case of small or medium-sized companies, which are not financed through the financial system but through credits with the importing/distributing companies, credit was affected,” Fabricato concluded.


Medellin-based banking giant Bancolombia – Colombia’s biggest bank and now a growing multinational – reported October 26 that its third quarter (3Q) 2017 net profit dipped 1% year-on-year, to COP$1.7 trillion (US$564 million).

However, Bancolombia’s gross portfolio grew 6.5% year-on-year to COP$158 trillion (US$52 billion), of which 25% corresponds to its international operations including Banistmo (Panama), Banco Agrícola (El Salvador) and BAM (Guatemala).

The ratio of 90-day past-due loans rose to 2.9%, up from 2.0% in 3Q 2016. But provisions for this portfolio are 161%, which “guarantees solidity in the midst of a challenging environment,” according to the company.

“Recognizing the current economic outlook, the bank continues its growth path,” added Bancolombia president Juan Carlos Mora. However, “provisions charges were increased in order to maintain a prudent coverage index and keep the balance-sheet solid,” Mora said.

As of September 2017, Bancolombia Group had 9,707 correspondent banking outlets, 5,504 ATMs, and reported 6.8 million downloads of its “App People” banking application as well as 50,000 “App Companies” users.

“The growth in these channels makes it more efficient for more people and companies to access the financial system in all the geographies in which Bancolombia is present,” according to the company.

Another highlight was the growth in international capital markets, according to the company. For example, Banistmo achieved placements in the international bond market of US$500 million, with bond-buyer demand exceeding bond supply by 450%. “With this issue, the four banks of the Group have already successfully entered the international capital markets, managing to diversify their funding structure,” according to the company.

In addition, “Bancolombia Group has enough capital to face the challenges of the coming years. Primary capital reached 10.3%, which represents more than twice the minimum required. Likewise, solvency [ratio] was 13.4%,” according to the company.

In a subsequent October 27 conference call with investment analysts, Bancolombia chief economist Juan Pablo Espinosa added that Colombia’s economic growth this year continues to be sluggish, with year-on-year GDP seen rising by only 1.9%.

However, productivity is expected to rise, and when combined with improved global demand and likely reductions in central bank interest rates, full-year 2018 GDP is seen rising by 2.5%, he said.

Full-year 2017 inflation is now seen at 4%, while full-year 2018 inflation is likely to dip to 3.5%, he added.

Colombian exports are forecast to grow by 20% this year and another 5% next year thanks to the relatively strong U.S. dollar versus the Colombian peso, combined with recoveries in global demand.

While the national government is likely to meet its fiscal deficit target of 3.6% of GDP this year, the government will need to take more austerity steps in 2018 -- and achieve more reforms in 2019 in order to keep fiscal deficits in check, he cautioned.


Nutresa 3Q 2017 Profits Rise 3.6% Year-on-Year

Friday, 27 October 2017 15:02 Written by

Medellin-based multinational foods manufacturer Grupo Nutresa announced October 27 that its third quarter (3Q) 2017 net consolidated profit rose 3.6% year-on-year, to COP$324 billion (US$107 million), while gross profit rose 3% year-on-year, to COP$2.8 trillion (US$930 million).

Sales in Colombia grew 3.1% year-on-year, to COP$4 trillion (US$1.3 billion), while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) margin was 12.5%

Sales abroad -- excluding sales in “socialist” Venezuela – rose 5.8% year-on-year, to COP$2.3 trillion (US$797.7 million), representing 37% of total sales.

Consolidated revenues (not including Venezuela) rose 2.6%, to COP$6.4 trillion (US$2.1 billion), “the result of sales growth in the local [Colombia] market and a solid and sustained growth in international revenues,” according to Nutresa.

Net post-operatng expenses totalled COP$187 billion (US$62 million), “14.8% less than the same term in 2016, due primarily to the treatment of the investment in Venezuela as a financial instrument starting October 1 of such year,” according to the company.

Meanwhile, Nutresa for the seventh straight year entered the Dow Jones Sustainability Index and “continues to be the only company in the food sector from an emerging market to be part of this global index,” the company noted.

“In the economic dimension, [the company] obtained the maximum score in terms of health and nutrition, materiality, risk and crisis management, and tax management. In the environmental category, Grupo Nutresa received the highest score in environmental reporting and packaging. Finally, in the social dimension, it achieved the highest valuation in human rights,” according to the company.

Grupo Nutresa describes itself as “the leader in processed foods in Colombia (60.5% market share) and one of the most relevant players in the sector in Latin America, with consolidated sales of US$2.8 billion in eight business units: cold cuts, biscuits, chocolates, Tresmontes Lucchetti [Italian foods], coffee, retail food, ice cream, and pasta.”

The company has a direct operating presence in 14 countries and international sales in 72 countries.

 


Colombia’s national infrastructure agency (Agency Nacional de Infraestructura, ANI) announced October 26 that expansions and upgrades to Medellin’s Jose Maria Cordova (JMC) international airport will debut in December 2017.

The US$116 million project adds five more aircraft boarding tunnels, another 9,000 square meters of terminal space and additional independent power systems (IPS’s) that bring electric power to planes  parked at gates.

As a result, JMC will have 17 boarding slots with passenger tunnels, plus an additional 16 remote positions. The national-flights terminal area expands to 49,894 square meters (up 5,119 square meters) while the international-flights terminal area rises to 57,932 square meters (up 4,375 square meters).

In addition, five new electric escalators and elevators have been added. Passengers in transit from one flight to another now will be able to move through two new connection modules, both equipped with electric elevators and a fixed metal staircase.

Passengers also now will be able to board two electric elevators and electric escalators connecting terminal areas to the main parking lot adjacent to the terminals.

Last year, JMC served 7.56 million passengers and 81,846 flights.

Besides offering non-stop flights to Bogotá, Cali, Cartagena, San Andrés, Barranquilla, Cúcuta, Santa Marta, Montería, Bucaramanga, Pereira and Leticia, JMC also offers non-stop flights to Lima, Mexico City, Miami, Fort Lauderdale, New York, Panama City, Madrid, San Salvador, Aruba and Valencia (Venezuela).


Toronto, Canada-based PharmaCielo announced October 24 that it has become Colombia’s first medical-marijuana producer to win a license to cultivate cannabis with “unrestricted” percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD) alike.

As a result, PharmaCielo becomes “the world’s largest licensed producer,” according to the company, which has its marijuana nursery, propagation and processing center in the Medellin suburb of Rionegro. The company first won a Colombian manufacturing license in 2016.

“To say that we are excited is an understatement, as to date the Colombian government has issued licenses only for the cultivation of non-psychoactive cannabis containing little-to-no THC,” said Federico Cock-Correa, CEO of PharmaCielo Colombia Holdings.

“Receipt of the dual licenses for psychoactive and non-psychoactive cannabis containing THC and CBD, combined with the fact that we have Colombia’s only fully functional cultivation and processing facility inspected and approved by the government, allows PharmaCielo the opportunity to become Colombia’s first and leading producer of medicinal-grade oil extracts.”

The cultivation licenses that enable the propagation of the full range of cannabis varietals “enables the company to develop a complete vertical offering of standardized, medicinal-grade formulations containing all active elements, including levels of THC greater than +1.0%,” according to PharmaCielo.

“PharmaCielo is now positioned as Colombia’s first unrestricted producer of medicinal-grade oil extracts and related products and is capable of providing reliable, standardized relief and wellness formulas for patients in need, including those requiring higher levels of THC.”

The Rionegro facility includes 12.1 hectares (1.3 million square feet) of open-air greenhouses ready for cultivation. “The facility has been independently reviewed and certified by the government as part of overall licensing, and in the future, will supply plant seedlings to over 1,000 hectares (2,500 acres) of contract growers’ open-air greenhouses for final cultivation,” according to the company.

“Over the past year, since we were granted our initial license, we have invested considerable effort and resources into building the infrastructure required for cultivation and processing of cannabis oils as well as working together with rural communities to help build a new Colombian agricultural sector to join coffee and flowers,” added PharmaCielo president Patricio Stocker.

“We intend to immediately begin cultivation, processing and scientific testing of highly standardized, premium-quality cannabis oil extracts and related products demanded by the international marketplace. We expect to initiate sales and distribution of finished products to the global marketplace in 2018, to the benefit of all stakeholders,” Stocker added.

Earlier this year, the company announced a partnership agreement with Cooperativa Caucannabis (comprised of 63 indigenous farmers), based in the department of Cauca, which separately applied for a cultivation license for a new greenhouse facility to be jointly operated with PharmaCielo.

“The members of Cooperativa Caucannabis have since been certified by the government as independent small growers and expect the government’s response to their application in the coming days,” according to PharmaCielo.


The U.S. Agency for International Development (USAID) announced October 18 that it’s teaming-up with European-based gold buyers to promote environmentally, economically and socially responsible gold mining in Antioquia specifically and Colombia generally.

Noting that gold production in Colombia is up year-on-year -- and development projects underway are expected to triple output -- USAID nevertheless cited discouraging statistics indicating that only 12% of Colombian gold currently is produced safely and legally.

But new projects such as the European “Better Gold Initiative” (BGI) spearheaded by the Swiss Better Gold Association (SBGA) and the Swiss Secretary of State for Economic Affairs (SECO) could help boost safe and legal production – while also bringing greater benefits to more miners, according to USAID.

Switzerland hosts Europe’s four biggest gold refineries, which produce an estimated two-thirds of global finished gold, the agency noted.

The BGI would complement the USAID-sponsored “Oro Legal” (Legal Gold) program, which aims to convert many small, artisanal, illegal miners to legal mining, according to the agency.

“We establish contacts between small producers of legal gold and the gold refiners,” explains BGI director Thomas Hentschel. “Once they agree on a price, we move to the export phase, and with partners in the supply chain we seek companies that pay a special price and offer an additional incentive of up-to-US$1,000 per kilo, which [miners] can invest in social infrastructure, technical assistance and technology to substitute for the use of [toxic] mercury,” Hentschel added.

BGI already works with certification organizations including Fairtrade, Fairmined and the Responsible Jewelry Council.

However, SBGA is developing a parallel gold-buying strategy that includes 16 criteria for mining responsibility -- including environmental protection, labor rights, social responsibility and community relations.

Miners that comply with these criteria are considered “responsible gold producers” via a certification scheme that’s “less demanding and more flexible than existing certification systems,” Hentschel added.

In Colombia, the BGI scheme is already advancing toward certification with two companies in the department of Caldas, while BGI officials expect to see more miners in the Bajo Cauca region of Antioquia joining soon.

The goal is to achieve BGI certification and export of at least one tonne per year of qualified gold over the next four years, according to USAID.

Legal Gold More Profitable: USAID Study

Meanwhile, USAID noted that while Colombia has exported an annual average of 60 tonnes of gold in recent years, only 12.5 tonnes/year (20%) have been produced by legal miners. The other 80% of production by illegal miners fails to pay required royalties, taxes or obey environmental and labor-protection laws, USAID noted.

What’s more -- contrary to popular belief -- illegal miners lose between COP$18 million (US$6,000) to COP$30 million (US$10,000) per kilo of gold produced, compared to what they would earn via legal mining, according to a new USAID study.

The study examined a more-or-less typical illegal underground mining operation with seven employees working 25 days per month, extracting one kilogram of gold per 300 tonnes of rock mined each month.

That study employed baseline data including current international gold prices, the relative inefficiency of artisanal mining, the price paid by illegal versus legal gold buyers, and the relatively high price of mining explosives in the black market. Eliminating the high cost of illegal explosives would by itself cover much of the cost of converting to legal mining, the study found.

In the legal market, a package of “Indugel Plus” mining explosives including 154 sticks, 100 initiators and 200 meters of cord today costs about COP$700,000 (US$235), whereas the black-market cost oscillates between COP$2.5 million (US$830) to COP$5 million (US$1,600), the study found.

“With the money saved by buying legal explosives, miners could pay social security to their workers and make advances in environmentally responsible and safe mining,” explained Beatriz Duque Montoya, USAID’s “Oro Legal” coordinator.

Buyers of legal gold today pay miners 97.5% of the London gold reference price. But miners lacking certificates-of-origin get only 82% of the London reference price, the study found.

“If we assume that a small legal miner produces one kilogram of gold per month and the international reference price is COP$120,000 [US$40] per gram, then this miner would receive COP$117,000 [US$39] per gram or 97.5% of the reference price,” Duque said.

“On the other hand, the illegal miner would get, optimistically, COP$98 milllion [US$32,000] per kilo or 82% of the reference price. In a more realistic scenario, the illegal miner would obtain only 70% of the reference price, or COP$84 million [US$28,000] per kilo, which means that in the process of commercialization, the illegal miner would lose between COP$18 million [US$6,000] and COP$33 million [US$11,000] per month,” she concluded.

Besides losing money from illegal commercialization, the illegal miner also cuts net gold yield by using toxic mercury, the study found.

“It is proven that by using [mercury], losses of 40% to 50% of gold are realized,” according to the study. In contrast, when mercury-free processing is employed, then gold losses are only 8% to 15%, according to the study.

What’s more, if miners can achieve BGI certification, then they could earn a bonus up-to-COP$3 million (US$1,000) per kilo of gold -- and if they further achieve Fairtrade, Fairmined or Responsible Jewelry Council certifications, then bonuses could rise to as much-as-COP$12 million (US$4,000) per kilo, the study added.


In a keynote speech to the fourth annual Medellin Bird Festival (Festival de las Aves Medellin 2017), World Wildlife Fund (WWF-Colombia) strategic alliances director John Myers revealed that Colombia generally and Medellin/Antioquia specifically have tremendous potential for expanding profitable, socially beneficial birdwatching tours.

 Citing two recent scientific studies – one in Tropical Conservation Science (see: Economic and Conservation Potential for Bird-Watching Tourism in Post-Conflict Colombia, http://journals.sagepub.com/doi/full/10.1177/1940082917733862) and Elsevier (Peace is Much More than Doves: The Economic Benefits of Bird-Based Tourism as a Result of the Peace Treaty in Colombia, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2973980) -- Myers revealed that the average North American international bird-watching tourist would be willing to pay about US$310 per day to join a 10-days-long group birding tour in Colombia.

That’s about US$60 per day more than North American bird-watchers typically would pay for birding tours in Costa Rica -- the world’s most-popular international destination for bird tourism, Myers explained here.

 

 


American jazz aficionados instinctively know that a satisfying performance of a signature classic – as (for example) by the ever-elegant Ella Fitzgerald – must combine clarity, pitch, purity, control, range, richness, understatement and sincerity.

However: Nobody will ever sing like Ella again (she died in 1996 at age 79). Even some contemporaries -- such as Frank Sinatra -- wisely refused to tread on her American-Songbook-themed albums, as that would be like trampling on orchids.

So, no comparisons possible. Or maybe yes, but in a different way?

Which brings us to Medellin (the ornithological Birdland). But also to Ella Fitzgerald, to the 1940s-1950s Manhattan dreamland, to the Savoy, to Charlie Parker’s Birdland.

Incongruous. Hard to imagine.

Unless you close your eyes, and lend your ears to a troubadour who doesn’t sound anything like Ella, and of course can’t get all the way to her heaven, but still can get you to climb aboard the A Train -- with clarity, pitch, purity, scat, whisper-trailed vibrato, softly suggestive of Brazilian jazz vocalist Gal Costa, and eyes-closed, heaven-seeking sincerity.

Hear those rails-a-thrummin’?

Somewhere over the rainbow, it’s Medellin-born jazz vocalist Claudia Gomez (see: http://www.claudiagomez.com/), a globe-trotting paisa who has performed at some of the world’s top jazz venues (including the Monterey Jazz Festival), composed numerous songs in various genres (inspired by numerous lands), and at long last has found her way – backward and forward in time-- to Ella, and to Medellin.

An attentive, appreciative, Ella-Fitzgerald-loving audience in the times-past paraninfo of Medellin’s Edificio San Ignacio -- in appropriately run-down downtown -- heard Claudia’s time-traveling, dream-inspiring salute to Ella in an October 10 concert, flawlessly accompanied by Medellin jazz pianist Juan David Lopera.

But don’t worry if you missed that show. Gomez will reprise her tribute to Ella Fitzgerald – this time accompanied by Medellin’s Philharmonic Orchestra -- at 5:30 pm Saturday, October 21 at the Uva stage in Medellin’s El Poblado neighborhood. (See: https://www.facebook.com/events/1868732660123131/. For directions to Uva stage, see: https://www.facebook.com/pages/Uva-El-Poblado/936652403150864).

Eyes closed, snapping fingers, Gomez takes a sentimental journey to Harlem, the Savoy, Birdland, lush-life, Ellington, Gershwin, Dizzy, Cole Porter, Rogers & Hart.

Asked about her musical roots and related world travels, Gomez told Medellin Herald: “I lived in San Francisco for 15 years, and while I made my living playing music there, I did not sing jazz, because I was surrounded by the best singers and players in that genre -- and also my compositions were my main work and projection in those years.

"I also sang rock in London in the mid-seventies, and I researched Colombian folk music. So my musical taste is all over the planet.

“I left the Bay Area 19 years ago, went to Spain for four years, and it was there that I timidly started singing jazz, blues.

“I finally am at the point in life where I can sing whatever I like -- and I like a lot of different kinds of music. 

“I play guitar and piano. My music heroes are so many! My influences go from Brazilian music, to jazz, to African folkloric music, and all kinds of folk music from Colombia and elsewhere in Latin America.

“My heroes: guitarists Joe Pass, Wes Montgomery, Toninho Horta, Joao Bosco, Guinga. My favorite singers: Ella Fitzgerald, Elis Regina, Leila Pinheiro, Mercedes Sosa, the 'cantaoras' of the coasts of Colombia have been a great inspiration to me also. And composers: Joao Bosco, Brazilians, Marta Valdes, Cubans.”


A new report from the World Bank finds that Medellin is fourth-best among Colombia’s 32 departmental-capital cities in four key business categories: relative ease in starting a business, getting construction permits, registering properties and ease of paying taxes.

According to the Doing Business in Colombia report (see: http://www.doingbusiness.org/~/media/WBG/DoingBusiness/Documents/Subnational-Reports/DB17Sub-Colombia.pdf), Manizales took the top spot for ease of doing business, followed by Pereira, Bogota and Medellin.

“In general, the smaller the city, the greater the number of permits required, partly because regulatory reforms still haven’t reached all [Colombia] cities,” according to the report.

“Between 2013 and 2016, all cities except Ibagué and Santa Marta advanced toward meeting global best-practices standards, with Valledupar, Cúcuta, Leticia and Pereira making the most progress. Among those four cities, Valledupar was the city that made the most progress, realizing reforms in the three of the four categories.”

On a scale of 0 (worst) to 100 (best) for best-practices, Medellin scored 85.67 for opening a new business. However, Medellin came-in at only 68.26 for registering a property; 67.23 for getting construction permits; and 61.05 for ease of paying taxes (see chart, above).

Starting a Business

To analyze this factor, the report “registers all formalities required officially, or which are needed in practice, for an employer to be able to open and formally operate an industrial or commercial enterprise. In addition, the time and cost associated with completing the procedures and capital requirements are considered.”

Paying Taxes

To analyze this factor, the report “records the taxes and contributions that a medium-sized company must pay in its second year of activity. The number of payments, the method and the frequency of payment, the time associated with the preparation and filing of the tax returns and the total tax rate (proportion of taxes and contributions on the commercial benefit of the company) are considered. It also evaluates post-tax return processes such as tax refunds and audits.”

Property Registration

To analyze this factor, the report “records all the procedures required for a company to transfer title to a property to another purchasing company and [how] it can use the property to expand its business, [use it] as collateral for new loans or, if necessary, to sell it. The quality of the land management system is also evaluated.”

Obtaining Building Permits

For this factor, the report “records all the procedures, time and cost necessary for a company in the construction sector to complete the construction of a warehouse on the outskirts of the city.”

 


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SILLETEROS PARADE 2016 by JOHN AND DONNA STORMZAND (click to enlarge)

MEDELLÍN PHOTOS by Gabriel Buitrago (click to enlarge)

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About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

Medellin Herald welcomes your editorial contributions, comments and story-idea suggestions. Send us a message using the "contact" section.

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