General News

EPM Contradicts Ex-Governor Luis Perez’s Claims of ‘Disastrous’ Expansion Strategy

Medellin Herald August 22, 2020

Medellin-based electric power and utilities conglomerate EPM is publicly clashing with former Antioquia Governor Luis Perez (2016-2019) over a 15-years-long, debt-financed expansion strategy that has catapulted EPM from just another a local utility to a multinational giant. “From the path

Infrastructure

Crucial ‘Pacifico 2’ Highway Linking Medellin to Pacific Port Now 89% Complete; ‘Pacifico 1’ Landslide Won’t Affect Construction Deadline: ANI

Medellin Herald August 21, 2020

Agencia Nacional de Infraestrucutura (ANI, Colombia’s national infrastructure agency) announced August 21 that the COP$1.7 trillion (US$443 million) “Pacifico 2” highway linking Medellin and southwest Antioquia to the Pacific port of Buenaventura is now 89% complete. The 96.5-kilometers-long “Pacífico 2” project is linked to “Pacific 3” southward and “Pacifico 1”

Companies

Sura Insurance Exposure ‘Very Low’ in US$2.6 Billion Hidroituango Conciliation Lawsuit

Medellin Herald August 18, 2020

Medellin-based multinational insurance giant Seguros Sura announced August 16 that while it’s partly vulnerable to EPM’s new US$2.6 billion “conciliation” lawsuit against Hidroituango contractors and insurers, its net exposure is “very low.” “Seguros Sura is not the insurer of Hidroituango’s construction damage policy [actually, that policy is covered by Mapfre insurance];

General News

EPM Finances Crimped by Prior Board’s Mass Exit over Arbitrary Management Moves; Mayor Quintero Announces New EPM Board Members

Medellin Herald August 18, 2020

Medellin-based electric power giant EPM admitted in an August 17 filing with Colombia’s Superfinanciera oversight agency that its lenders are alarmed over the mass resignation of its Board of Directors following EPM management’s decision to sue Hidroituango contractors and insurers this month without first consulting with the Board. In the latest filing with

Editorial

Alleged Conflicts-of-Interest in Hidroituango Damages-Recovery Scheme Prompts Clash Between Trade Groups, Mayor Quintero, Former Governor Perez, Former VP German Vargas

Medellin Herald August 17, 2020

Former Colombia Vice President Germán Vargas Lleras, former Antioquia Governor Luis Perez and current Medellin Mayor Daniel Quintero are making noises over supposedly questionable conflicts-of-interest that triggered the mass resignation of EPM’s entire Board of Directors this month following EPM’s sudden “conciliation” lawsuit against Hidroituango

Other Norms

Metro Area ‘Pico y Cedula’ Extends Through August 30; No More Weekend Lockdowns

Medellin Herald August 16, 2020

Area Metropolitana de Valle de Aburrá (AMVA, the metro Medellin council of governments) announced last night (August 15) that all 10 municipalities in AMVA are switching to a two-digit “pico y cedula” rotation starting Tuesday, August 18, all the way through Sunday, August 30. The “pico y cedula” regulation applies to Medellín, Bello, Envigado, Itagüi, […]

Companies

Grupo Sura 2Q 2020 Net Income Falls 17.7% Year-on-Year; 1H 2020 Down 74%

Medellin Herald August 15, 2020

Medellin-based multinational insurance, pensions and investments giant Grupo Sura announced August 14 that its second quarter (2Q) 2020 net income fell 17.7%, to US$87 million, while first half (1H) net income dropped 74%, to US$66 million. During 1H 2020, “despite the [Covid-19] pandemic, revenues totaled COP$10 trillion [US$2.72 billion, down 4% year-on-year], with

Companies

Enka Posts COP$1.4 Billion Net loss for 2Q 2020 on Covid-19 Impact

Medellin Herald August 15, 2020

Medellin-based textiles and plastics recycling giant Enka Colombia on August 14 posted a COP$1.4 billion (US$369,000) net loss for second quarter (2Q) 2020, down from a COP$3.2 billion (US$843,000) net profit in 2Q 2019. Gross revenues fell 40%, to COP$58 billion (US$15 million), versus COP$97 billion (US$25 million) in 2Q 2019, according to the company. […]

General News

Hidroituango Contractors Slam EPM’s COP$9.9 Trillion ‘Conciliation’ Demands; Wall Street Issues Warning Flag on Board’s Sudden Mass Exit

Medellin Herald August 15, 2020

Three contractors principally involved in EPM’s US$5 billion, 2.4-gigawatt Hidroituango hydroelectric plant on August 14 unveiled a letter slamming EPM’s new COP$9.9 trillion (US$2.7 billion) “conciliation” claim tied to a diversion-tunnel collapse two years ago. The contractors making-up the “Consorcio CCI Ituango” consortium —

Companies

Grupo Argos 2Q 2020 Net Income Plummets 72% Year-on-Year on Covid-19 Impacts

Medellin Herald August 14, 2020

Medellin-based cement, electric power and highway/airports concessionaire Grupo Argos on August 13 reported a second quarter (2Q) 2020 net income of COP$62 billion (US$16 million), down 72% year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 15% year-on-year, to COP$890 billion (US$236 million), while gross revenues fell 14%, to