Companies

Isagen Expands ‘Green’ Energy Portfolio with Luzma Hydroelectric-Plant Deal in Antioquia

Medellin Herald February 22, 2022

Medellin-based electric power giant Isagen revealed in a February 22 filing with Colombia’s Superfinanciera oversight agency that it just signed a tentative deal to buy two smaller-scale hydroelectric plants (39.8 megawatts total capacity) owned by Generadora Luzma ESP in Amalfi, Antioquia

Health & Insurance.

Antioquia Surpasses 10 Million Covid-19 Vaccinations; 80% of Colombia Joins-In

Medellin Herald February 19, 2022

The department of Antioquia — including Medellin and all its neighboring cities– has just exceeded 10 million vaccinations against Covid-19, with 67% of the population here now completely vaccinated (in most cases, at least two doses). This follows on the heels of a simultaneous announcement by Colombia President Ivan Duque that Covid-19 vaccinations nationwide

Companies

Cementos Argos Full-Year 2021 Profits Skyrocket 451% Year-on-Year

Medellin Herald February 18, 2022

Medellin-based multinational cement/concrete giant Cementos Argos announced February 17 that its full-year 2021 net profit jumped 451% year-on-year, to COP$431 billion (US$109.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 34% year-on-year, to COP$2.1 trillion (US$534 million), while revenues rose 9.1% year-on-year, to COP$9.8

Companies

Cemex LatAm Posts US$23 Million Loss for Full-Year 2021

Medellin Herald February 10, 2022

Colombia-based cement/concrete giant Cemex LatAm Holdings (CLH) announced today (February 10) a full-year 2021 net loss of US$23 million — a big improvement over the US$121 million net loss for full-year 2020. Fourth quarter (4Q) 2021 net loss came-in at US$17 million, down from a net profit of US$8 million in 4Q 2020, according to […]

General News

Medellin Citizens Annual Survey: Mayor Quintero Worst in 16 Years

Medellin Herald February 4, 2022

The just-released, annual “Medellin Como Vamos” (MCV) citizen survey reveals that Medellin Mayor Daniel Quintero has delivered the worst performance of any Medellin Mayor in the entire 16 years of MCV annual citizen surveys. The result undercuts progress made in the last two decades here, during which Medellin citizens historically have indicated relatively positive,

Other Norms

Controller-General Absolves Companies, Officials for 2018 Hidroituango Tunnel Collapse; EPM Reports More Progress

Medellin Herald January 28, 2022

Colombia’s Controller-General announced today (January 28) that because of recent insurance payments to EPM by Mapfre, Axxa, Suramericana and SBS – collectively totaling US$1.1 billion — all companies, politicians and officials who previously faced allegations of errors or omissions that supposedly contributed to a 2018 diversion-tunnel collapse at the US$5 billion

Health & Insurance.

Colombia Tops 70 Million Vaccinations Against Covid-19

Medellin Herald January 24, 2022

Colombia Health Minister Fernando Ruiz announced this morning (January 24) that total vaccinations against Covid-19 here have now surpassed 70 million. What’s more, as of January 22, 2022, 30.78 million Colombians had received complete dosages (in most cases two shots, or else the single-shot Johnson & Johnson vaccine). In addition, 5.1 million Colombians have now […]

Editorial

To Save Hidroituango, Kill Medellin Mayor’s Scheme to Replace Contractors: Pöyry Study

Medellin Herald January 23, 2022

A stunning final report from Finland-based hydroelectric-project engineering consultant Pöyry finds that the current contractors building the US$5 billion Hidroituango hydroelectric project in Antioquia should continue to finish the project as quickly as possible, rather than be replaced. Contractor continuation is the safest and fastest route to avoid a possibly

Infrastructure

Repaving at Medellin’s International Airport Spells Closings February 19-20, 26-27; Second-Runway Expansion Talks Accelerating

Medellin Herald January 20, 2022

Airplan – the operator of Medellin’s José María Córdova (JMC) international airport in Rionegro – confirms that runway repaving will require a partial halt to flights at JMC on Saturday and Sunday February 19-20, then again on Saturday and Sunday February 26-27. The two weekend closures – each lasting 36 hours — start 2-am on […]

Companies

Enka Successfully Completes Financial Restructuring; Debts Now Almost Zero

Medellin Herald January 19, 2022

Medellin-based textiles and plastics-recycling specialist Enka de Colombia announced in a January 18 filing with Colombia’s Superfinanciera oversight agency that it has finally completed a financial restructuring that has satisfied its creditors and cut net debt to near-zero. The company has “successfully completed the restructuring agreement under Law 550 of 1999, after