Companies

Navelena Achieves Financial Close on Crucial Magdalena River Dredging Project

Medellin Herald December 17, 2016

Cormagdalena – the Colombian government agency overseeing a dredging project for the Magdalena River that would dramatically improve freight movements – announced December 16 that project developer Navelena SAS has at last achieved financial close on the COP$2.5 trillion (US$877 million)

General News

‘Medellin Como Vamos 2016’ Positive, but Pollution, Traffic, Health Biggest Concerns

Medellin Herald December 7, 2016

The annual “Medellin Como Vamos” (“How Are We Doing?”) citizen survey released December 6 found that most residents are generally positive about living conditions. But pollution, traffic and health services remain as top concerns. Medellin’s air pollution is mainly the result of a huge increase in vehicle traffic combined with large numbers of obsolete,

Companies

Huawei, Astound Expanding High-Tech Jobs, Investments at Ruta N

Medellin Herald December 7, 2016

Medellin’s high-tech development center Ruta N announced December 7 that San Francisco-based web and e-commerce developer Astound Commerce has opened a new office here — and aims to generate 50 to 100 new programming jobs over the next 12 months. Astound’s total investment at Ruta N is estimated at US$1.5 million to US$3 million. The […]

General News

ANI Announces Completion of La Pintada-Medellin Highway Upgrades

Medellin Herald December 5, 2016

Colombia’s national infrastructure agency (Agencia Nacional de Infraestructura, ANI) announced December 5 that upgrades to the existing, two-lane highway between the southern Medellin suburb of Primavera and the municipality of La Pintada (adjacent to the Cauca River) have now been completed. This 54-kilometers-long upgrade — part of the “Conexion Pacifico 2” highway

Expat Businesses

Boosting Organic Panela Exports from Antioquia: U.S. Expat Charts New Course

Medellin Herald December 2, 2016

U.S. expat Scott Unkefer – a former Coloradan and Floridian but now living in Medellin – is cranking-up novel projects that aim to expand production and exports of organic panela from Antioquia to U.S. and Canadian specialty food-and-beverage markets. Panela (unrefined brown sugar) is well-known in Colombia and elsewhere in Latin America – with Colombia […]

Companies

Responsible Mining: Continental Gold Wins Crucial Enviromental Permit

Medellin Herald December 2, 2016

Canada-based Continental Gold announced November 30 that it finally won a crucial environmental permit that paves the way for a US$600 million gold-mining development project at Buritica, Antioquia. Once industrial-scale production starts in 2019, the mine and upgrading plant would produce an average of 253,000 ounces of gold per year over a projected 14-year mine […]

Politics

Colombia Congress Rubber-Stamps ‘Peace’ Deal with FARC

Medellin Herald December 1, 2016

With the opposition Centro Democratico party boycotting the votes, Colombia’s House of Representatives and Senate voted unanimously November 29 and November 30 to approve a revised “peace” deal with the narco-terrorist Fuerzas Armadas Revolucionarias de Colombia (FARC). Meanwhile, Colombian President Juan Manuel Santos declared that following the vote, all of the FARC’s

General News

Fitch: Medellin Municipal Bonds Get ‘AAA(col)’ Long-Term Rating

Medellin Herald November 30, 2016

Wall Street bond rater Fitch announced November 23 that it affirmed the city of Medellin’s national long-term bond rating at “AAA(col)” with a “stable” outlook and the short-term rating at ‘F1+(col)’. Fitch has also affirmed the Long-Term Issuer Default Rating (IDR) at “BBB.” While the rating outlook “remains negative,” this outlook “reflects the ‘negative

Tourism

Iberia Launches Nonstop Medellin-Madrid Flights in March

Medellin Herald November 30, 2016

Spanish airline Iberia announced November 24 that it will launch three-times-a-week, nonstop service between Medellin’s international airport and Madrid starting March 26 – hence eliminating the current stop in Cali, Colombia. The flights will employ the new A330-200 Airbus planes – 269 seats in tourist-class section and 19 seats in the business-class section, according to

Companies

Exito 3Q 2016 EBITDA Improves, but Posts Net Loss

Medellin Herald November 30, 2016

Medellin-based retail giant Exito reported November 29 that its third quarter (3Q) 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4.2% year-on-year, to COP$732 billion (US$238 million) on sales of COP$16.5 trillion (US$5.36 billion), up 12.5%. However, the company posted a net loss of COP$100 billion (US$32 million), down from a net