Colombian economy

Colombia Exports to Jump 16.5% in 2017; Big Improvement over 2016

Medellin Herald November 1, 2017

The Economic Commission for Latin America and the Caribbean (ECLAC) announced October 30 in a new report that Colombia’s exports are forecast to rise by 16.5% for full-year 2017, up sharply from a 12.8% decline in 2016. Meanwhile, imports to Colombia are expected to rise 5.2% this year, up from

Companies

Fabricato Sees 3Q 2017 Net Loss Grow Year-on-Year; Cites Tax, Import Issues

Medellin Herald November 1, 2017

Medellin-based textile giant Fabricato announced October 31 that its third quarter (3Q) 2017 net loss hit COP$19 billion (US$6.2 million), down from a COP$755 million (US$248,000) net profit in 3Q 2016. Sales in 3Q 2017 also fell 23.5% year-on-year, to COP$85 billion (US$28 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) margin fell

Companies

EPM Successfully Places US$764 Million Bond Offering

Medellin Herald November 1, 2017

Medellin-based multinational utilities giant EPM announced October 31 that it successfully placed a COP$2.3 billion (US$764 million) 10-year bond offering at 8.375% interest. “This is the third international issue denominated in Colombian pesos,” according to the company. Wall Street bond rater Fitch gave the issue a “BBB+” rating while Moody’s gave it a “Baa2”

Companies

Bancolombia 3Q 2017 Net Profit Dips 1% Year-on-Year; 2.5% GDP Growth Seen in 2018

Medellin Herald October 28, 2017

Medellin-based banking giant Bancolombia – Colombia’s biggest bank and now a growing multinational – reported October 26 that its third quarter (3Q) 2017 net profit dipped 1% year-on-year, to COP$1.7 trillion (US$564 million). However, Bancolombia’s gross portfolio grew 6.5% year-on-year to COP$158 trillion (US$52 billion), of which 25% corresponds to its international

Companies

PharmaCielo Wins 1st ‘Unrestricted’ Colombia License for Medical Marijuana

Medellin Herald October 24, 2017

Toronto, Canada-based PharmaCielo announced October 24 that it has become Colombia’s first medical-marijuana producer to win a license to cultivate cannabis with “unrestricted” percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD) alike. As a result, PharmaCielo becomes “the world’s largest licensed producer,” according to the company, which has its marijuana

Companies

USAID, European Buyers Team-up on ‘Better Gold Initiative’

Medellin Herald October 18, 2017

The U.S. Agency for International Development (USAID) announced October 18 that it’s teaming-up with European-based gold buyers to promote environmentally, economically and socially responsible gold mining in Antioquia specifically and Colombia generally. Noting that gold production in Colombia is up year-on-year — and development projects underway are expected to

Companies

Avianca Hails Court Decision Declaring ACDAC Pilots’ Strike Illegal

Medellin Herald October 7, 2017

Avianca – Colombia’s biggest airline – hailed an October 6 decision by a District Court Tribunal in Bogota declaring a strike by some 700 pilots belonging to the Asociacion Colombiana de Aviadores Civiles (ACDAC) labor-union as illegal. ACDAC– the smaller of two unions representing Avianca pilots — represents a tiny fraction of the more than […]

Colombian economy

Coffee Helps Colombia’s 2017 Exports Rebound, but Manufacturing Lags

Medellin Herald September 29, 2017

The latest report from Colombia’s national economic statistics agency (DANE – Departamento Administrative Nacional de Estadistica) shows that Colombian exports through August 2017 are up 15.7% year-on-year and 19.5% for the first eight months of 2017. Antioquia once again leads all departments in the nation with an 18.8% share in total dollar value of exports […]

Economy & Finance

Power Generators, Transporters, Utilities Warned of Big Changes Coming at Medellin Event

Medellin Herald September 27, 2017

At a September 26 event celebrating the fiftieth anniversary of Medellin-based ISA — Colombia’s national electric-power transmission operator and power-market trading hub – speakers praised ISA for revolutionizing and rationalizing Colombia’s power industry. In a speech here at Medellin’s Plaza Mayor convention center, Colombia President Juan Manuel Santos recounted

Profiles

Alliances Growing for Medellin Expat Exporters; Specialty Niches Key to Success

Medellin Herald September 25, 2017

Thirty-five-year-old New Zealand expat Dan Cardiff and 47-year-old Dutch expat Ronald de Hommel seemingly would have little in common — aside from both now living in Medellin and both having launched separate, Colombian-export businesses here. But despite having been born and raised on opposite sides of the planet — and with wildly different careers prior […]