Taxes

Colombia’s Finance Minister Proposes COP$11 Trillion Corporate Tax Hike to Boost Subsidies for Poor, Workers, Youths, Businesses Hurt by Covid-19 Crisis

Medellin Herald July 14, 2021

Colombia Finance Minister José Manuel Restrepo on July 13 unveiled a COP$11 trillion (US$2.9 billion) tax hike on wealthier corporations in order to expand and continue subsidies to especially vulnerable populations economically slammed by the Covid-19 crisis. The proposal DOES NOT include any

Companies

Fabricato 3Q 2021 Profits Soar Year-on-Year

Medellin Herald July 11, 2021

Medellin-based textile giant Fabricato reported November 6 that its third quarter (3Q) 2021 net profit came in at COP$11.1 billion (US$2.86 million), a big reversal from the COP$3.3 billion (US$852,000) net loss in 3Q 2020. As for the first nine months of 2021, net income reached COP$12.1 billion (US$3.1 million), up from a COP$22 billion […]

Companies

Antioquia Proposes to Swap its Hidroituango Shareholding for Minority Stake in EPM

Medellin Herald July 8, 2021

Antioquia Acting Governor Luis Fernando Suárez announced today (July 8) that the departmental government wants to swap its majority shareholding in the US$5 billion “Hidroituango” hydroelectric project for a minority share in Medellin’s electric-power giant EPM. The proposed deal “seeks to avoid a judicial conflict that could also generate a prolonged and damaging

Health & Insurance.

Colombia Soaring Past 20 Million Covid-19 Vaccinations; Private Companies Joining

Medellin Herald July 7, 2021

Colombia this week will surpass 20 million Covid-19 vaccinations — and seems likely to surpass its goal of 25 million by end-July, according to latest Health Ministry forecasts. Meanwhile, more than 1.25 million employees of nearly 6,000 private companies nationally this week are starting to get free Covid-19 shots thanks to massive investments by member-companies

General News

Antioquia Toll-Booth Worker Burned to Death by Colombia’s Extremist ‘Protesters’

Medellin Herald July 7, 2021

Colombia’s national infrastructure agency INVIAS announced July 6 that Antioquia highway toll-booth worker Luis Fernando Álvarez Correa has just died of massive burns suffered as a result of a terrorist “protester” attack on the “Los Llanos” highway toll booth in Antioquia last month. The 38-year-old Álvarez is just the latest of thousands of victims of […]

Companies

Update: Grupo Sura Debt Downgrade Added to That of EPM, ISA, UNE-EPM, Isagen, City of Medellin

Medellin Herald July 6, 2021

Wall Street bond rater Fitch Ratings announced July 20 that it has added Medellin-based multinational financial/insurance giant Grupo Sura and banking giant Bancolombia to a growing list of Colombian companies and municipalities suffering debt-ratings downgrades because of Colombia-wide economic problems resulting from the Covid-19 crisis. “This decision on the part

Colombian economy

Colombia’s Short-Term Debt Ratings Suffer Downgrade, but Outlook Improves to ‘Stable’

Medellin Herald July 2, 2021

Wall Street bond rater Fitch Ratings announced last night (July 1) that it has downgraded Colombia’s “Long-Term Foreign-Currency” (LTFC) and local currency “Issuer Default Ratings (IDR)” to ‘BB+’ from ‘’BBB-,’’ but Colombia’s debt outlook is now revised to “stable,” up from the prior rating of “negative.” “The [LTFC] downgrade reflects the deterioration of the

Infrastructure

‘Magdalena 2’ Connecting Medellin to ‘Ruta del Sol’ Highways Wins US$740 Million Finance

Medellin Herald June 30, 2021

Colombia’s infrastructure agency (Agencia Nacional de Infraestructura, ANI) announced today (June 30) that the “Magdalena 2” project linking Medellin northward to the “Ruta del Sol” highways just won a COP$2.8 trillion (US$740 million) loan deal organized by Colombian coordinator Financiero de Desarollo Nacional (FDN). The loan deal for ANI’s “Magdalena 2” concession

Companies

AkzoNobel Acquires Medellin’s Grupo Orbis, Pintuco Paints

Medellin Herald June 30, 2021

Netherlands-based multinational paints-and-chemicals giant AkzoNobel announced June 29 that it just inked a deal to acquire Medellin-based multinational paints, piping and hardware giant Grupo Orbis. Deal completion “is subject to regulatory approvals and is expected by end of this year or in early 2022” — but financial details have yet to be disclosed, according to

Health & Insurance.

Colombia Covid-19 Vaccinations Will Cover 35 Million People by December 2021

Medellin Herald June 30, 2021

Colombia Health Minister Fernando Ruiz announced today (June 30) that because of acceleration in Covid-19 vaccination rates, Colombia is likely to achieve its stated goal of having its 35 million most-vulnerable-people fully vaccinated by December 2021. “We see an important growth in daily vaccinations, having started with an average of less than 50,000 per day […]