Colombian economy

Colombia GDP Grows Just 1.1% in 1Q 2020 as Covid-19 Crisis Starts to Hurt

Medellin Herald May 15, 2020

Colombia’s economic statistics agency (Departamento Administrativo Nacional de Estadística, DANE) announced May 15 that the Covid-19 crisis — bursting on the scene in the latter part of first quarter (1Q) 2020 — took a big bite out of gross domestic product (“PIB” in Spanish

Companies

Construcciones El Condor 1Q 2020 Earnings Fall on Covid-19 Crisis

Medellin Herald May 14, 2020

Medellin-based highway construction giant Construcciones El Condor revealed in a May 13 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net income dropped 76.7% year-on-year, to COP$7.3 billion (US$1.86 million) because of the Coronavirus-crisis shutdowns. Revenues likewise fell by 19.7% year-on-year, to COP$186 billion (US$47.5

Ecotourism

Medellin Leads Colombia as World Champion in ‘Global Big Day’ Bird-Survey Competition

Medellin Herald May 14, 2020

The Medellin Mayor’s Office on May 13 hailed Medellin’s national leadership in the annual “Global Big Day” survey of bird species in Colombia and world-wide on May 9. For the fourth straight year, Colombia won the global competition for the 24-hours survey, with 1,440 species recorded nationally. Colombia has by far the world’s greatest bird […]

Companies

ISA 1Q 2020 Net Income Rises 7.2% Year-on-Year

Medellin Herald May 13, 2020

Medellin-based multinational electric-power transmission, highways concessions and telecom-services operator ISA announced May 12 that its first quarter (1Q) 2020 net income rose 7.2% year-on-year, to COP$378 billion (US$97 million). The profitability improvement “was mainly due to higher revenues from the initiation of new project operations in Peru, Colombia, and Chile;

Companies

Éxito 1Q 2020 Sales Jump 12% Year-on-Year, Profits Rise Slightly

Medellin Herald May 12, 2020

Medellin-based supermarket giant Grupo Éxito announced May 12 that its first-quarter (1Q) 2020 operating income jumped 12% year-on-year to COP$4.05 trillion (US$1.04 billion), not including peso/dollar exchange rate effects. Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4% year-on-year, to COP$262.8 billion (US$67.7 million) with an

Companies

Slammed by Coronavirus Shutdown, Avianca Files Chapter 11 Bankruptcy

Medellin Herald May 11, 2020

Colombia-born Avianca — Latin America’s oldest airline – on May 10 filed for Chapter 11 bankruptcy in U.S. federal court because of the Coronavirus shutdown. Its majority shareholders today are U.S.-based United Airlines and Kingsland Holdings. For the filing, the company cited US$10 billion in liabilities along with inability to generate income to cover continuing

Companies

Bancolombia Reopens Branches; Medellin Hours 9am-4pm Daily at 23 of 90 Outlets

Medellin Herald May 11, 2020

Medellin-based banking giant Bancolombia announced May 11 that 634 of its 684 branches nationwide are now open — all with Covid-19-avoidance biosafety protocols, with many locations operating from 9:00 am at 4:00 pm daily, but closed Saturdays. “The curfew decrees and other measures adopted in municipalities and localities of the country will be respected,” according

Health & Insurance.

12,210 More Companies, 201,000 More People Back to Work May 11; Medellin Leads All Colombia in ‘Smart’ Covid-19 Controls

Medellin Herald May 10, 2020

The Medellin Mayor’s Office announced May 10 that starting tomorrow (Monday, May 11), 201,461 more people will return to work here at 12,210 companies newly meeting Health Ministry Covid-19 prevention protocols as well as registration in the high-tech “Medellin Me Cuida” program. Prior to May 11, Medellin and its neighbors in Valle de Aburrá already […]

Infrastructure

Excavation of Medellin’s Second Tube at Western Tunnel Highway to be Complete by October

Medellin Herald May 10, 2020

Colombia’s national infrastructure agency (Agencia Nacional de Infraestructura, ANI) announced May 10 that excavation of the second tube of the “Tunel de Occidente” connecting Medellin westward to Santa Fe de Antioquia will be complete by October 2020. The 4.6-kilometers-long, COP$420 billion (US$108 million) tunnel will enable four lines of divided highway as part of the

General News

Medellin Metro Area Unveils ‘Pico y Cedula’ Rotations for May 11 through May 24

Medellin Herald May 8, 2020

Area Metropolitana del Valle de Aburra (AMVA) – the regional coordinating agency for Medellin metro governments – announced May 8 a new rotation schedule for “pico y cedula” shopping trips starting May 11 and then  another, new rotation on May 18. As a result, people with Colombia cedula numbers ending in 7 or 8 can […]