Companies

Fabricato 1Q 2020 Net Loss Declines Year-on-Year; Coronavirus Slams Sales

Medellin Herald May 1, 2020

Medellin-based textile giant Fabricato revealed in a May 1 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net loss totaled COP$8.97 billion (US$2.26 million) — a 33% improvement over the COP$13.3 billion (US$3.35 million) net loss in 1Q 2019.

Companies

Coronavirus Crisis Temporarily Hurts Cemex LatAm; Colombia Rebound Starts on Highway Demand

Medellin Herald April 30, 2020

Colombia-based Cemex LatAm Holdings (CLH) on April 30 posted a corporate-wide US$30 million net loss for first quarter (1Q) 2020 — down from a 1Q 2019 net profit of US$16 million as the Coronavirus crisis slashed demand for cement and concrete. In Colombia, cement demand looked relatively strong in January and February — but then […]

General News

Thousands of Manufacturers, Construction Companies Respond to Biosafety Protocols; Medellin, Antioquia Gradually Returning to Work

Medellin Herald April 28, 2020

Medellin Mayor Daniel Quintero revealed April 27 that more than 50,000 metro-area workers in manufacturing and construction already have returned to work — following a pioneering business/worker registration system for addressing the Coronavirus quarantine crisis. Passengers on the Medellín “Metro” train, bus, tram and cable-car system increased by 10% on April 27

Banking & Financial Services

Bancolombia Extends US$4.3 Billion in Low-Interest Payroll Loans to 293,000 Small Businesses Following President Duque’s Prodding on Coronavirus-Crisis Aid

Medellin Herald April 28, 2020

Medellin-based banking giant Bancolombia announced April 27 that it has approved COP$17.4 trillion (US$4.3 billion) in payroll-coverage loans to 293,000 small, medium and independent businesses in Colombia via a new National Guarantee Fund (FNG) Coronavirus-crisis program. Under the FNG program, the government of Colombia is assuming 90% of the payback risk, thus helping

Companies

Hidroituango Hydroelectric Project Repairs 65% Complete at 2-Year Anniversary of Tunnel Collapse

Medellin Herald April 26, 2020

Medellin-based electric power giant EPM announced April 25 that the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric power project in Antioquia – one of the world’s biggest — continues to make progress following a destructive bypass tunnel collapse two years ago. That collapse and subsequent damage to the machine room and related facilities caused a three-year

Companies

Hidroituango Hydroelectric Project Repairs 65% Complete at 2-Year Anniversary of Tunnel Collapse

Medellin Herald April 26, 2020

Medellin-based electric power giant EPM announced April 25 that the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric power project in Antioquia – one of the world’s biggest — continues to make progress following a destructive bypass tunnel collapse two years ago. That collapse and subsequent damage to the machine room and related facilities caused a three-year

Companies

Nutresa 1Q 2020 Profits Rise 9% Year-on-Year

Medellin Herald April 25, 2020

While most Colombia-based companies are getting clobbered by the Coronavirus crisis, companies making and selling groceries and prepared foods through stores to date are doing relatively well. Example: Medellin-based multinational foods giant Grupo Nutresa on April 24 reported a COP$190 billion (US$47 million) consolidated net profit for first quarter (1Q) 2020, up 9.1%

Other Norms

Medellin Adopts Employer-Employee Controls for Partial Reopening of Economy During Coronavirus Crisis

Medellin Herald April 24, 2020

Medellin Mayor Daniel Quintero announced April 24 a novel computerized registration scheme – unique in all Colombia — for all employers and employees in the construction and manufacturing sectors that are reopening for business on April 27 in the Valle de Aburra metro area. Employers are now registering their businesses (and their employees) at

Economy & Finance

Medellin & Antioquia Sales Crashing; Business Liquidity Vanishing; 130,000 Jobs Lost Here in Coronavirus Crisis

Medellin Herald April 24, 2020

The Medellin Chamber of Commerce for Antioquia (CCMA) just revealed a new study indicating that the Coronavirus quarantine costs the local economy here at least COP$170 billion (US$42 million) every day — and 95% of businesses have seen sales drop anywhere from 80% 100% during the crisis. As a result, Antioquia regional gross domestic product (“PIB” in […]

Editorial

Colombia’s Governors, Mayors Overwhelmingly Support President Duque on Coronavirus Controls; but Bogota Mayor Starts Tilting at Windmills

Medellin Herald April 23, 2020

Colombia’s main trade associations for departmental governors and mayorships just endorsed what most Colombians view as President Ivan Duque’s rational, science-driven and politically reasonable handling of the Coronavirus crisis. The National Federation of Departments (FND) and the Colombian Federation of Municipalities (FCM) on April 22 publicly endorsed President