Companies

Nutresa 3Q 2021 Profits Rise 14% Year-on-Year

Medellin Herald October 30, 2021

Medellin-based multinational foods giant Grupo Nutresa on October 29 reported a 17% year-on-year hike in third quarter (3Q) 2021 net profits, hitting COP$173 billion (US$46 million). Operating income rose to COP$3.36 trillion (US$893 million), up from COP$2.85 trillion (US$757 million) in 3Q

Companies

Cemex LatAm 3Q 2021 Net Loss Improves Year-on-Year

Medellin Herald October 28, 2021

Colombia-based Cemex LatAm Holdings – producer of cement, concrete and aggregates in six Latin American nations – on October 27 reported a third quarter (3Q) 2021 net loss of US$10.6 million, a big improvement over the US$110 million net loss in 3Q 2020. Corporate-wide operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose to […]

Colombian economy

Colombia GDP Growth Approaching 9%, Industrial Confidence Hits Record, Covid-19 Threat Plummeting

Medellin Herald October 26, 2021

Colombia’s projected GDP (“PIB” in Spanish initials) for full-year 2021 is now seen at between 8.19% and 9.5%, according to the latest forecast from Fedesarrollo, the nation’s leading economic think-tank. Meanwhile, Colombia’s industrial confidence index (“Índice de Confianza Industrial,” ICI) has just hit its highest level in 41 years, according to Fedesarrollo —

Companies

AngloGold Ashanti’s Proposed Copper Mine in Jerico, Antioquia Hits Another Regulatory Snag

Medellin Herald October 26, 2021

Colombia’s National Environmental Licensing Authority (ANLA) announced October 25 that it has decided to shelve — at least for now, pending further studies – AngloGold Ashanti’s proposed copper/gold mine in Jerico, Antioquia, even despite 75% favorability for the project among the citizens in-and-around Jerico. “With the analysis of the information on file, which was

Companies

Comptroller-General’s Hidroituango Damage Claims Trigger Conconcreto Bankruptcy Filing

Medellin Herald October 13, 2021

Only one day after its fellow “Hidroituango” hydroelectric-project contractor Coninsa Ramon H filed for bankruptcy, Medellin-based construction giant Constructora Conconcreto likewise today (October 13) filed for bankruptcy, citing Colombia’s Comptroller-General proposed COP$4.3 billion (US$1.15 billion) fine for supposed “gross negligence” that allegedly caused an

Companies

Construction Giant Coninsa Ramon H Files Bankruptcy Petition

Medellin Herald October 12, 2021

Medellin-based construction giant Coninsa Ramon H – one of the principal contractors to the US$5 billion “Hidroituango” hydroelectric project – this morning (October 12) filed a bankruptcy petition with Colombia’s Superintendencia de Sociedades (Supersociedades) regulatory agency. Under Colombian law, the petition is known as an “Emergency Negotiation of a Reorganization

Companies

Wall Street’s S&P Ratings Group Sees Strong Outlook for UNE-EPM

Medellin Herald October 5, 2021

While the Medellin City Council is mulling Medellin Mayor Daniel Quintero’s proposed sale of EPM’s 50% stake in the UNE-EPM telecom/internet/cell-phone/cable-TV joint venture with Spain-based Millicom, a new report from Wall Street bond rater S&P (BRC Ratings) ironically sees a brighter outlook for the unit, contradicting Quintero’s gloom. In an October 4 filing

Companies

Wall Street’s S&P Ratings Group Sees Strong Outlook for UNE-EPM

Medellin Herald October 5, 2021

While the Medellin City Council is mulling Medellin Mayor Daniel Quintero’s proposed sale of EPM’s 50% stake in the UNE-EPM telecom/internet/cell-phone/cable-TV joint venture with Spain-based Millicom, a new report from Wall Street bond rater S&P (BRC Ratings) ironically sees a brighter outlook for the unit, contradicting Quintero’s gloom. In an October 4 filing

Companies

Wall Street’s S&P Ratings Group Sees Strong Outlook for UNE-EPM

Medellin Herald October 5, 2021

While the Medellin City Council is mulling Medellin Mayor Daniel Quintero’s proposed sale of EPM’s 50% stake in the UNE-EPM telecom/internet/cell-phone/cable-TV joint venture with Spain-based Millicom, a new report from Wall Street bond rater S&P (BRC Ratings) ironically sees a brighter outlook for the unit, contradicting Quintero’s gloom. In an October 4 filing

Companies

Sura’s VaxThera Confirms 2023 Start-up for US$54 Milllion Vaccine Plant in Antioquia

Medellin Herald September 23, 2021

Medellin-based multinational insurance and health-care giant Grupo Sura just confirmed this afternoon (September 23) that its VaxThera biotech division will build a US$54 million plant and laboratory here in Antioquia for production of up-to-100-million bottles/year of vaccines for the Latin American market. “The location was defined after a detailed analysis by a group of