Other Norms

Coronavirus Quarantine to Continue Until April 27: Colombia President

Medellin Herald April 7, 2020

Colombia President Ivan Duque announced last night (April 6) that the current Coronavirus general quarantine – initially due to expire April 13 – instead will continue for another two weeks, until April 27. What’s more, persons 70 years and older will continue to remain in quarantine until May

Other Norms

Colombia President to Define Post-April-13 Quarantine Measures This Week; Mask Mandate Now National

Medellin Herald April 5, 2020

Colombia President Ivan Duque announced April 4 that his administration likely will decide early this week whether and how strict the current national Coronavirus quarantine will extend beyond the presumptive April 13 expiration. “We are working with scientists, epidemiologists, infectious disease specialists within the team of the Ministry of Health and the National

Companies

Isagen Full-Year 2019 Net Income Rises 9% Year-on-Year

Medellin Herald April 4, 2020

Medellin-based electric power generation giant Isagen revealed in an April 2 filing with Colombia’s Superfinanciera corporate oversight agency that its full-year 2019 net income rose 9% year-on-year, to COP$495 billion (US$123 million). However, fourth-quarter (4Q) 2019 net income dropped 62% year-on-year, to COP$144 billion (US$35.8 million), as lower rainfall in Colombia

General News

Medellin Adopts ‘Pico y Cedula’ for Grocery, Drugs, Banking Trips Starting April 2

Medellin Herald April 1, 2020

The Mayor of Medellin announced April 1 that to reduce Coronavirus threats, only persons with specific cedula numbers can venture out for groceries, drugs and banking – two days each week – starting the first minute after midnight April 2 until the national quarantine ends — presumptively on April 13. “Each person will have two […]

Companies

Fabricato Full-Year 2019 Financial Results Improve, but Still in Red

Medellin Herald March 31, 2020

Medellin-based textile giant Fabricato on March 30 announced that its full-year 2019 financial results improved 68% year-on-year — but still produced red ink. The net loss for 2019 was COP$10 billion (US$2.47 million), a big improvement over the 2018 net loss of COP$31.7 billion (US$7.8 million), according to the company. Gross revenues rose 3.8%, to […]

Companies

Gran Colombia Gold Posts Full-Year 2019 Net Loss on Marmato Write-Down

Medellin Herald March 31, 2020

Toronto-based Gran Colombia Gold – Colombia’s biggest gold miner, principally in Antioquia – on March 30 reported a full-year 2019 net loss of US$131 million, far worse than the US$3.4 million net loss in 2018 — all because of a one-time accounting write-down. The loss was the result of an after-tax charge of US$153.6 million […]

Companies

Grupo Familia Full-Year 2019 Profits Jump 20% Year-on-Year

Medellin Herald March 31, 2020

Medellin-based multinational paper- and personal-hygiene products manufacturer Grupo Familia on March 30 revealed that its full-year 2019 net income rose 20.2% year-on-year, to COP$247 billion (US$61 million). Sales rose 10.9%, to COP$2.65 trillion (US$654 million), with foreign sales (up 13%) accounting for COP$1.3 trillion (US$321 million) of the total. Colombia sales

Companies

UNE-EPM Posts Modest Full-Year 2019 Profit, Reversing Losses in 2018

Medellin Herald March 31, 2020

Medellin-based nationwide telecom/internet/cable-TV giant UNE-EPM revealed March 31 that its full-year 2019 after-tax profits rose to a relatively modest COP$519 million (US$128,000) — up from a substantial COP$65 billion (US$16 million) net loss in 2018. The profits improvement is explained mainly by the sale of cell-phone towers along with more favorable results

Colombian economy

Government, Private Sector Muddling-Through Financial Challenges of Coronavirus

Medellin Herald March 30, 2020

Colombia President Ivan Duque on March 29 hailed the move by the Ministry of Finance to extend COP$70 trillion (US$17 billion) in favorable credits to banks and their commercial, industrial and consumer customers — in order to enable broader debt refinancing, maintain employment and keep paying wages to workers during the Coronavirus crisis. With this […]

Health & Insurance.

Health Ministry Accelerates Payments to Hospitals, Clinics; Antioquia Coronavirus Cases Hit 96

Medellin Herald March 30, 2020

Colombia’s Health Ministry announced March 30 that it’s accelerating national payments totaling COP$2.1 trillion (US$517 million) to hospitals and clinics this year in order to respond to an expected surge of Coronavirus patients. The accelerated payments total a little less than half of the COP$4.5 trillion (US$1.1 billion) in subsidies budgeted for the entire year […]