Companies

Medellin’s Growing International Fame for Tango Extends to Shoes

Medellin Herald July 18, 2018

Tango fanaticism in Medellin is perhaps second only to Buenos Aires — and only partly because the world’s most famous tango singer Carlos Gardel tragically died in a plane accident here on June 24, 1935. Since then, numerous tango clubs have sprung-up around Medellin, eventually prompting

Colombian economy

Foreign Direct Investment in Colombia Grows Despite FDI Decline in LatAm

Medellin Herald July 9, 2018

A new report from the United Nations Economic Commission for Latin America and the Caribbean (CEPAL) finds that foreign direct investment (FDI) in Colombia grew by a relatively modest 0.5% year-on-year in 2017, whereas FDI in Latin America actually fell 3.6% region-wide. According to the report

Companies

XM Debuts High-Tech National Electric Grid Control Center in Medellin

Medellin Herald July 5, 2018

Medellin-based national electric-power grid operator and wholesale trading center XM announced July 5 the debut of an ultra-high-tech control center that will help maintain and improve power reliability and rationality for all Colombia. According to XM, the new control center is “the most modern of [all] America, with technological platforms of latest generation, ensuring

Companies

Cemex Colombia Loses Appeal on Price-Fixing; Former Execs Charged in Maceo Plant Scandal

Medellin Herald June 28, 2018

Cemex Colombia – a subsidiary of Mexican multinational cement producer Cemex Inc. and Cemex LatAm Holdings – announced June 22 that it failed in its final appeal over a cement price-fixing charge brought by Colombia’s Superintendencia de Industria y Comercio (SIC). The company will pay a COP$923 million (US$316,476) fine as a result of the […]

Companies

Netherlands-Based E-Commerce Consultant ‘Sana’ Opens LatAm Regional Office in Medellin

Medellin Herald June 21, 2018

Medellin’s business promotion agency ACI (Agencia de Cooperacion e Inversion de Medellin y el Area Metropolitana) and Netherlands-based Sana Commerce jointly announced June 21 the launch of Sana’s e-commerce consulting business at the high-tech “Ruta N” business center here. Attending the launch was Netherlands Ambassador to Colombia JJ Roodenburg as well as Sana Commerce

Colombian economy

It’s Official: Colombia Joins OECD, World’s Biggest Free-Market Club of Democracies

Medellin Herald May 25, 2018

The Organization for Economic Cooperation and Development (OECD) – the group of the 37 biggest free-market democracies in the world – announced May 25 that Colombia has now completed all main steps to join the group. Formalization of affiliation will take place May 30 in Paris, when President Juan Manuel Santos and OECD Secretary-General Angel […]

Companies

Grupo Sura 1Q 2018 Profits Drop 23.5% Year-on-Year

Medellin Herald May 18, 2018

Medellin-based insurance, pensions and finance giant Grupo Sura announced May 15 that its first quarter (1Q) 2018 consolidated profit fell 23.5% year-on-year, to COP$310 billion (US$108.5 million). Consolidated revenues for the company also dropped 2.2% year-on-year, to COP$4.76 trillion (US$1.66 billion). Despite the corporate-wide dip in revenues and profits, “positive

Companies

‘E-Commerce’ Specialist Cadena Reports Digital Transformation, 40% EBITDA Growth

Medellin Herald May 18, 2018

Medellin-based e-commerce, logistics, warehouse, document security, billing and customer-communications specialist Cadena announced May 17 that its full-year 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 40% year-on-year, with EBITDA margin at 13.4%. Sales also rose to COP$184 billion (US$63 million), while billings for innovative

Companies

Construcciones El Condor Sees 1Q 2018 Profits Drop 86% Year-on-Year

Medellin Herald May 17, 2018

Medellin-based highway and buildings construction specialist Construcciones El Condor announced this month that its first quarter (1Q) 2018 net profits plunged 86% year-on-year, to COP$17.3 billion (US$5.9 million), down from COP$124 billion (US$43 million) in 1Q 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise fell sharply, to COP$34

Companies

Bancolombia 1Q 2018 Net Profit Dips 14% Year-on-Year

Medellin Herald May 16, 2018

Medellin-based banking giant Bancolombia announced May 15 that its first-quarter (1Q) 2018 net profit dipped 14% year-on-year, to COP$522 billion (US$181.7 million). Gross loans in 1Q 2018 grew 4.1% when compared to 1Q 2017 “and decreased by 1.1% during the quarter,” according to Bancolombia. “This annual growth shows moderation in the credit demand in Colombia, […]