Taxes

President Duque Signs 2020 National Tax Law; Favors Lower-Income Groups, Jobs Growth

Medellin Herald December 28, 2019

Colombia President Ivan Duque on December 27 signed into law a new national tax bill that mainly helps lower-income people and incentivizes job growth in legal industries. The new law “seeks to continue promoting economic development and creates the basis for reducing inequality and closing

Colombian economy

Colombia’s Continuing Economic Growth Outshines Nearly All of Latin America

Medellin Herald December 19, 2019

A just-released December 2019 study by the United Nations Economic Commission for Latin America and the Caribbean (CEPAL in Spanish initials) finds that Colombia not only outstripped nearly all of Latin America in 2019 economic growth but also is likely to continue the trend in 2020. According to the study, “Preliminary Overview of the Economies […]

General News

EPM Successfully Closes Crucial Flood-Prevention Doors at Hidroituango Dam

Medellin Herald December 19, 2019

Medellin-based power giant EPM announced December18 that it successfully closed the second of two massive flood-prevention doors in the “auxiliary diversion tunnel” (“GAD” in Spanish initials) at the US$5 billion, 2.4-gigawatt “Hidroituango” hydropower project. The “GAD” had collapsed in April 2018, which forced EPM to divert Cauca River water through the dam’s machine

Infrastructure

Update: Medellin-Bogota Highway Reopens 24 Hours/Day at San Luis Landslide Site

Medellin Herald December 16, 2019

Colombia’s national highway agency (Invias) announced late December 14 that sufficient progress on clearing a November 13 landslide at kilometer 73 (San Luis) of the Medellin-Bogota Highway has now enabled 24 hours/day traffic flows in both directions. To date, more than 102,000 cubic meters of dirt and rocks have been removed from the landslide-site, while […]

Infrastructure

Update: Medellin-Bolombolo Sinifaná Section of ‘Pacifico 1’ Reopens on Restricted-Hours Schedules

Medellin Herald December 13, 2019

Colombia President Ivan Duque on December 20 celebrated a restricted-hours reopening of a 600-meters-long stretch of the “Pacifico 1” highway between Medellin and Bolombolo, which had been blocked for six months by a massive landslide near Amaga. Until all repairs and mountainside reconstructions are finally completed in the area, the road will be opened only […]

Congresses & Conferences

FISE Electricity Fair: 15,000 Visitors, US$200 Million Business Deals, 320 Exhibitors, New Focus on Wind & Solar Power, Electric Vehicles

Medellin Herald December 7, 2019

Medellin – the epicenter of Colombia’s mainly “green” electric power industry – this month hosted the 6th biannual FISE Electric Power Fair with more than 15,000 visitors, 320 exhibitors, US$200 million in new business deals — and a growing focus on wind/solar power as well as electric vehicles (EVs). At the Plaza Mayor convention center […]

Companies

EPM Wins 1st US$150 Million Insurance Payment for Hidroituango Damages

Medellin Herald December 4, 2019

Medellin-based electric power giant EPM announced December 4 that insurer Mapfre has issued its first payment – totaling US$150 million – for damages to the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project in Antioquia. The payment “corresponds to the figure recommended by the [insurance] adjuster according to the expenses and investments made by EPM in the

Companies

China’s Zijin Mining Buys 100% of Continental Gold’s Antioquia Mining Operation

Medellin Herald December 2, 2019

Toronto-based Continental Gold – developer of the giant Buriticá, Antioquia gold mine due for start-up in 2020 – announced December 2 that China-based Zijin Mining Group inked a C$1.4 billion/US$1 billion deal to buy 100% of Continental’s stock. “The offer price represents a premium of 29% over Continental’s 20-day volume-weighted average price at November 29, […]

Companies

Coltejer Reveals US$65 Million Debt Restructuring

Medellin Herald December 2, 2019

Medellin-based textile giant Coltejer revealed in a November 30 filing with Colombia’s Superfinanciera corporate oversight agency that it inked a US$65 million debt restructuring deal with Grupo MCM Colombia. The new debt deal carries a 10% annual interest rate and runs through December 31, 2021, according to the filing. Coltejer and fellow Colombian textile makers […]

General News

USAID, Companies, Antioquia Governments Replant 2 Million Trees, 12,000 Beehives to Recover Lands Wrecked by Illegal Mining

Medellin Herald November 29, 2019

The U.S. Agency for International Development (USAID) office in Colombia on November 28 issued an update on a joint USAID-Antioquia governmental program that is restoring 1,781 hectares of lands wrecked by criminal and illegal mining. To date, the US$4 million project has planted 2 million trees on deforested lands and established 12,000 beehives for honey […]