Colombian economy

Fitch Upgrades Colombia’s Debt Risk Rating to ‘Stable’

Medellin Herald March 13, 2017

Thanks to the Colombian government’s recent tax reform law (see Medellin Herald on December 29, 2016), Wall Street bond rater Fitch has just decided to upgrade Colombia’s debt-risk outlook to “stable,” up from its former “negative” rating. Reacting to the decision, Colombia’s Treasury

General News

Antioquia’s 2017 Economic Outlook Superior to Colombia’s: CCM

Medellin Herald March 10, 2017

Medellin and the surrounding Antioquia department are likely to see 3.3% growth this year in gross domestic product (“PIB” in Spanish initials), according to the latest forecast by the Camara de Comercio de Medellin para Antioquia (CCM), the local chamber of commerce. In a March 8 presentation here at a forum on Colombia’s macroeconomic outlook […]

General News

Antioquia’s ‘Vias del Nus’ Highway Project Launches Construction

Medellin Herald March 9, 2017

Colombia’s Agencia Nacional de Infraestructura (ANI) announced March 9 the start of construction on the “Vias del Nus” highway project linking Medellin suburbs northward to major Atlantic ports including Cartagena, Barranquilla and Santa Marta. The COP$1.1 trillion (US$366 million) project — also known as “Vinus”– is financed privately, with Colombia’s

Companies

Medellin’s Conconcreto 2016 Profits Rise; Unveils 3D Printing of Building Material

Medellin Herald March 3, 2017

Medellin-based construction giant Conconcreto announced March 2 that its full-year 2016 consolidated earnings rose 8% year-on-year, to COP$103 billion (US$34.6 million), while consolidated revenues rose to COP$1.47 trillion (US$494 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 16.4% year-on-year, to COP$241 billion (US$80.9

Companies

Medellin Multinational Power Giant ISA Posts Best-Ever Financial Year in 2016

Medellin Herald March 1, 2017

Medellin-based electric power, road concessions and telecom giant ISA announced February 28 that it enjoyed its best-ever financial year in 2016, with net income hitting COP$2.1 trillion (US$718 million) when including the recent valuation upgrade to its Brazilian power distribution subsidiary. Operating income rose to COP$12 trillion (US$4.1 billion), while 2016 earnings

Companies

Hilton to Open 206-Room Luxury Hotel in Medellin in 2019

Medellin Herald March 1, 2017

U.S.-based global hotel magnate Hilton and local builder Constructora Colpatria jointly announced February 28 that they’ve signed a franchise deal to build and open a 25-story, 206-room “Hilton Medellin” luxury hotel on Avenida Las Palmas in second-quarter 2019. Hilton earlier opened an affiliated “Hampton Inn by Hilton Medellin” in 2016 and currently has a portfolio […]

Companies

Medellin-Based Insurance Giant Grupo Sura Sees 2016 Profits Jump 26% Year-on-Year

Medellin Herald February 28, 2017

Medellin-based insurance and finance giant Grupo Sura announced February 27 that its full-year 2016 net income grew 26.3% year-on-year, to COP$1.7 trillion (US$556.3 million). Consolidated revenues also rose by 36.2%, to COP$19 trillion (US$6.3 billion), according to the company. “These variations are driven by the strong dynamics of insurance premiums, which grew 43.8%,

Companies

Grupo Argos 2016 Net Profit Jumps 75%; Chief Wins ‘Empresario of the Year’

Medellin Herald February 28, 2017

Medellin-based industrial conglomerate Grupo Argos announced February 28 that its full-year 2016 net profit jumped 75% year-on-year, to COP$1.1 trillion (US$377 million), while company president Jorge Mario Velásquez just nabbed the prestigious “empresario of the year” award from Colombian business newspaper La Republica. Revenues in 2016 likewise grew by15% year-on-year,

Companies

Medellin-Based Multinational Supermarket Giant Grupo Exito Posts Profitable 2016

Medellin Herald February 28, 2017

Thanks to a favorable turnaround in fourth quarter (4Q) 2016, Medellin-based multinational supermarket giant Grupo Exito posted a full-year 2016 net profit of COP$43.5 billion (US$14.9 million). The improvement came despite a 2016 Colombian interest-rate basis-point hike that cost the company COP$458 billion (US$156 million), higher Colombian income taxes and net losses in

General News

Police Capture Last Suspect in 2016 Murders of Danish, Mexican Visitors

Medellin Herald February 27, 2017

The Metropolitan Police for Medellin and the Valley of Aburrá announced February 27 that alias “Marulo” – one of four accused killers of two foreign visitors to Medellin last year — has just voluntarily surrendered, following police investigations and citizen information. Alias “Marulo” is the fourth person charged with the murders of Mexican citizen Gustavo […]