General News

EPM Promises to Give City of Medellin 55% of its Profits from 2020 to 2023

Medellin Herald June 30, 2020

Medellin-based multinational utilities giant EPM revealed in a June 29 filing with Colombia’s Superfinanciera oversight agency that it has pledged to give 55% of all its profits in 2020 through 2023 to the city of Medellin – its sole shareholder. According to the filing, 25% of profits will go

Colombian economy

Medellin Unemployment Rate Hits 21.6% on Covid-19 Crisis; IMF Sees Rebound in 2021

Medellin Herald June 30, 2020

Colombia’s national economic statistics agency (DANE) announced June 30 that the Covid-19 crisis — now starting its fifth month — predictably has caused massive unemployment nationally as well as locally as a result of quarantines and strict biosafety controls. According to the latest DANE bulletin, the Colombia national unemployment rate skyrocketed to 21.4%

Companies

Nine Medellin Companies Among Colombia’s Top-25 Social Investment Leaders

Medellin Herald June 25, 2020

The U.S. Agency for International Development (USAID), Semana Sustainability magazine and project-development consultant Jaime Arteaga & Asociados jointly announced June 25 results of a prestigious nationwide competition to determine Colombia’s top social-investment leaders. Medellin-based companies took nine of the top-25 spots in the “Indice de Inversion Social

General News

Medellin Overwhelmingly Complies with Covid-19 Protocols, but Irresponsible Individuals Threaten National Recovery

Medellin Herald June 25, 2020

Medellin and certain other parts of Colombia are now recognized nationally and internationally for outstanding efforts to minimize Covid-19 outbreaks while carefully reopening commercial and industrial sectors — saving millions of jobs and avoiding economic disaster. However, a relatively few irresponsible people are threatening to wreck the great sacrifices and

Infrastructure

One Year After Landslide, ‘Pacifico 1’ Highway Reopens 24 Hours Daily

Medellin Herald June 17, 2020

Colombia’s national infrastructure agency (Agencia Nacional de Infraestructura, ANI) announced June 17 that the crucial “Pacifico 1” highway connecting Medellin’s southern suburbs to the Cauca River town of Bolombolo is now open 24 hours/day. A 300-meters-long section of the existing two-lane highway– as well as an under-construction section of what eventually will

Events

Update: Medellin’s 2020 ‘Silleteros’ Flower Parade Postponed to November 8

Medellin Herald June 15, 2020

Because of the Covid-19 crisis, the Medellin Mayor’s Office announced July 18 that it has decided to postpone the 63rd annual ‘Desfile de los Silleteros” flower parade to November 8, rather than in August. What’s more, all the usual “Feria de las Flores” events leading up to the parade — and the parade itself — […]

General News

Medellin’s Short- and Long-Term Municipal Bonds Win ‘Stable’ Ranking from Wall Street

Medellin Herald June 13, 2020

Wall Street bond rater Fitch Ratings announced June 12 that it affirmed the city of Medellin’s long-and short-term debt at relatively favorable “AAA (col)” and “F1 + (col)” ratings. “The outlook for the long-term rating is ‘stable,’” according to Fitch. “The affirmation of the ratings took into account the situation of economic stress as a […]

Health & Insurance.

350 Health Professionals Get Training on Medellin’s Low-Cost Covid-19 Respirator Technologies

Medellin Herald June 12, 2020

The Medellin Mayor’s Office announced June 11 that 350 health professionals are now being trained on how to use new, relatively low-cost respirators developed by the ‘InnspiraMED” initiative for Covid-19 victims. “This training takes place prior to the delivery of low-cost mechanical respirators developed by the InnspiraMED initiative, which is articulated by [Medellin

Real Estate

Colombia to Debut Reverse-Mortgage Regulations in 2nd-Half 2020

Medellin Herald June 12, 2020

Colombia President Ivan Duque and Colombia Housing Minister Jonathan Malagón jointly announced June 12 in a nationally televised address that reverse mortgages will become legal here following regulations scheduled for publication in second-half 2020. While reverse mortgages are common in North America and elsewhere – mainly enabling retired persons to generate an

Companies

Coronavirus Outbreak to Delay Hidroituango Start-up to 2022: EPM

Medellin Herald June 12, 2020

Medellin-based electric power giant EPM revealed June 11 in a filing with Colombia’s Superfinanciera oversight agency that its US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric plant in Antioquia won’t start-up until 2022. The company had been planning for a December 2021 start-up of the first four turbine units. But the Covid-19 outbreak that is idling hundreds of