Companies

EPM Maintains Investment-Grade Rating Following ‘CaribeMar’ Deal; Colombia Power Demand Dips on Coronavirus Crisis

Medellin Herald March 25, 2020

Medellin-based electric power giant EPM announced March 24 that Wall Street bond rater Moody’s just decided to maintain EPM’s “Baa3” investment-grade bond rating following its winning bid for the “CaribeMar” utility in Colombia’s Caribbean region. “After the analysis of non-recurring

General News

Quarantine Goes National, Extends Through First Minute of April 13

Medellin Herald March 21, 2020

Colombia President Ivan Duque announced late last night (March 20) that the coronavirus quarantine on nearly all people and vehicles (already effective in Medellin and Antioquia) will be extended nationally through the first minute of April 13. “Essential activities, such as access to health services, purchase of food and medicine, access to banking and postal […]

General News

Drastic Quarantine Starts 7 pm March 20 on All Residents, Vehicles, Restaurants, Meetings, Gatherings

Medellin Herald March 20, 2020

Antioquia Governor Anibal Gaviria and Medellin Mayor Daniel Quintero jointly announced March 19 a drastic quarantine for nearly all people, vehicles, restaurants, meetings, public spaces and many other activities starting at 7 pm Friday, March 20 (this evening), until 3 am Tuesday, March 24. The quarantine aims to slash potential exposures to the deadly Coronavirus, […]

Companies

EPM Wins ‘CaribeMar’ Utility Auction, Becomes Colombia’s Biggest Electric Power Player

Medellin Herald March 20, 2020

Medellin-based multinational electric power giant EPM announced March 20 that it won the auction bidding for the “CaribeMar” assets formerly belonging to the financially troubled, state-owned “Electricaribe” power utility around the Caribbean coast of Colombia. As a result, EPM “will be the new operator of the electric power service in Bolívar, Cesar, Córdoba and Sucre”

General News

Update: Medellin, Colombia Learning to Cope with Coronavirus; Even Nationals Banned from Returning for 30 Days

Medellin Herald March 19, 2020

Medellin and Colombia today face the same issues with Coronavirus as the entire planet — and coping steps being taken here are virtually identical to every other nation and major city. As of March 16, all foreigners have been banned from travelling to Colombia — until further notice. What’s more, starting this weekend (the last […]

Companies

ISA Full-Year 2019 Net Income Rises 7.5% Year-on-Year

Medellin Herald March 5, 2020

Medellin-based multinational electric power transmission, highways concessions and telecom service provider ISA announced March 4 that its full-year 2019 net income rose 7.5% year-on-year, to COP$1.6 trillion (US$457 million). Revenues rose 12.5% year-on-year, to COP$8.1 trillion (US$2.3 billion), while earnings before interest, taxes, depreciation and amortization

Colombian economy

Foreign Direct Investment in Colombia Jumps 25% Year-on-Year; Exports Hit Record

Medellin Herald March 4, 2020

Colombia’s Ministry of Commerce, Industry and Tourism (“MinCIT”) announced March 3 that Colombia’s exports of goods and services in 2019 hit a record US$25.29 billion, while foreign direct investment (FDI) in Colombia soared 25.6% year-on-year, to US$14.49 billion. FDI in the commerce, restaurants and hotels sector jumped by 85.7% year-on-year, according to Banco de

Companies

Mineros SA 2019 Profits Dip Year-on-Year Due to Argentina Acquisition-Cost Calculation

Medellin Herald March 4, 2020

Medellin-based multinational gold mining giant Mineros SA on March 4 reported a 27% year-on-year profits drop for full-year 2019 — due to an accounting calculation for costs of its Argentinian mining acquisition, which it got at a relatively favorable price in 2018. Full-year 2019 net income came-in at COP$123 billion (US$35.6 million), with the dip […]

Companies

Conconcreto Full-Year 2019 Profits Dip 11% Year-on-Year

Medellin Herald March 2, 2020

Medellin-based highway, tunnel and buildings-construction giant Constructora Conconcreto on March 2 reported an 11% decline year-on-in full-year 2019 profits, to COP$64.8 billion (US$18 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) also dipped 13%, to COP$170 billion (US$48 million), while gross revenues fell 12%, to COP$945 billion

Companies

‘Avianca Express’ Launches in Return to Medellin’s Downtown Olaya Herrera Airport

Medellin Herald March 2, 2020

Colombia-based aviation giant Avianca announced February 13 the launch of its new “Avianca Express” division for new routes including flights from Medellin’s downtown Olaya Herrera airport (EOH). Absent from EOH for 20 years, “Avianca Express” soon will launch flights utilizing ATR-72 propeller aircraft to and from downtown Medellin — initially serving Quibdó,