Companies

Colombia’s Comptroller-General Blames Hidroituango Contractors, Former Officials, Politicians for US$1.18-Billion in Losses at Hidroituango Project

Medellin Herald December 3, 2020

Colombia’s Comptroller-General (Contraloria General de la Republica, CGR) Carlos Felipe Córdoba on December 3 announced long-expected mismanagement charges against 28 individuals and companies including contractors, former EPM board members, former Medellin Mayors and former Antioquia Governors

Editorial

Crucial Investor Lessons From Colombia’s Gigantic ‘Buritica’ Gold-Mining Project: CGS Director

Medellin Herald December 1, 2020

Editor’s Note: The annual Colombia Gold Symposium (CGS) conference here in Medellin — organized by CGS director, veteran mining journalist and British expat Paul Harris — brings together leading international and domestic mining companies, consultants and government regulators, to explore the challenges and opportunities of gold mining here in Antioquia

Other Norms

Colombia Won’t Immediately Reinstate PCR Test Mandate for Airline Travelers to Colombia: Health Minister

Medellin Herald December 1, 2020

Colombia’s Health Minister Fernando Ruiz announced December 1 that international air travelers to Colombia won’t have to pass a pre-flight PCR test for Covid-19 — nor spend 14 days in automatic quarantine here — despite a recent Bogota District Court order. “Travelers entering the country will not have to undergo the PCR test for Covid-19 […]

Infrastructure

Medellin’s Avenida 80 Light-Rail Wins Finance, Completion Seen by 2026

Medellin Herald December 1, 2020

Colombia President Ivan Duque, Medellin Mayor Daniel Quintero and Antioquia Governor Aníbal Gaviria on November 30 joined in Bogota at an official signing ceremony guaranteeing finance for Medellin’s newest mass-transit project: the COP$3.54 trillion (US$991 million) Avenida 80 light-rail system. Under the deal, the Colombian government will contribute COP$2.4 trillion

Health & Insurance.

Health Institute Study Indicates 27% of Medellin Residents Already Infected with Covid-19

Medellin Herald November 27, 2020

Colombia’s National Health Institute (INS in Spanish initials) director Martha Ospina announced November 26 that a seroprevalence study of a statistically representative sample of Medellin residents indicates that 27% of people here likely have already been infected with Covid-19 — and hence show antibodies in their bloodstreams. While that 27% figure suggests that

Other Norms

Colombia President Extends Covid-19 Emergency Regulations through February 2021: Free Vaccinations Start in 2021

Medellin Herald November 26, 2020

Colombia President Ivan Duque announced last night (November 25) that the current national regulations aiming to limit Covid-19 infections here will continue through at least February 28, 2021. The regulations include mandatory mask wearing, social distancing and strict health protocols at all businesses, agencies, in public transport and in public spaces. While citizens

Companies

Israeli High-Tech Agriculture Companies Launch New Initiatives in Antioquia

Medellin Herald November 20, 2020

Five Israeli high-tech companies in the agriculture sector, the Antioquia departmental government and Medellin’s Agency for Cooperation and Investment (ACI) just launched a new initiative to boost investment and productivity in Antioquia’s booming agricultural-exports sector. According to a joint announcement from ACI, the Antioquia government and Israeli Ambassador to

Colombian economy

Colombia 3Q 2020 GDP Rebounds by 8.7% Over 2Q 2020

Medellin Herald November 17, 2020

Colombia’s national economic statistics agency (Departamento Administrativo Nacional Estadistica, DANE) announced November 17 that third quarter (3Q) gross domestic product (“PIB” in Spanish initials) rebounded by 8.7% over second quarter (2Q) 2020. While the sharp increase in GDP in the latest quarter is an encouraging sign, 3Q 2020 GDP is nevertheless down by 9% compared

Companies

Bancolombia 3Q 2020 Net Income Falls 68% Year-on-Year

Medellin Herald November 15, 2020

Medellin-based multinational banking giant Bancolombia on November 12 reported a 68% decline year-on-year in third quarter (3Q) 2020 profits, to COP$73 billion (US$20 million). For nine-months 2020, net income so far this year is down 79.5%, to COP$542 billion (US$149 million), according to the company. Despite the pandemic-caused decline in earnings, “Bancolombia

Companies

Enka 9-Months 2020 Profits Drop; Petrotemex Unveils Bid for 25% Equity Stake

Medellin Herald November 13, 2020

Medellin-based textile and plastics recycling giant Enka Colombia announced November 12 that its nine-months 2020 net profits have dropped by two-thirds, to COP$2.2 billion (US$604,000). Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped modestly, to COP$23.8 billion (US$6.5 million), from COP$26 billion (US$7.1 million) in nine-months 2019.