Companies

Exito 3Q 2016 EBITDA Improves, but Posts Net Loss

Medellin Herald November 30, 2016

Medellin-based retail giant Exito reported November 29 that its third quarter (3Q) 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4.2% year-on-year, to COP$732 billion (US$238 million) on sales of COP$16.5 trillion (US$5.36 billion), up 12.5%. However, the

Companies

Grupo Argos 3Q 2016 Net Profit Jumps 39% Year-on-Year

Medellin Herald November 30, 2016

Medellin-based construction, energy, cement and port-operator giant Grupo Argos announced November 29 that its third quarter (3Q) 2016 net profits jumped 39% year-on-year, to COP$880 billion (US$286 million) on sales of COP$10.8 trillion (US$3.5 billion), up 24%. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29%, to COP$2.74 trillion (US$891

Companies

Netcentric Boosting High-Tech Hiring in Medellin

Medellin Herald November 18, 2016

Investment promotion agency Agencia de Cooperación e Inversión de Medellín (ACI Medellín) announced November 17 that Switzerland-based software developer Netcentric aims to boost hiring dramatically in Medellin over the next four years. The hiring plan – which would boost employment by 150 to 300 more positions – would drastically expand Netcentric’s current 10-employee

Politics

Colombia Government, FARC Ink Revised ‘Peace’ Deal

Medellin Herald November 13, 2016

Colombia President Juan Manuel Santos announced November 12 that his government and the Fuerzas Armadas Revolucionarias de Colombia (FARC) have signed a revised “peace” agreement following five weeks of talks that took place in the wake of a national plebiscite. “This new peace agreement reflects the proposals of all those who participated in the great […]

Companies

Medellin-Based Nutresa, ISA, Conconcreto See 3Q 2016 Earnings Improve

Medellin Herald November 11, 2016

Medellin-based construction giant Conconcreto announced November 9 that its third-quarter (3Q) 2016 net profits rose 23% year-on-year while gross income hit COP$1.1 trillion (US$353 million), up 29% year-on-year. Meanwhile, the company’s order backlog grew to COP$3.4 trillion (US$1.09 billion) — mainly in highway infrastructure projects, but also in the giant

Companies

Medellin-Based Companies Score High in 2016 Merco Reputation Rankings

Medellin Herald November 3, 2016

Medellin-based Bancolombia – Colombia’s biggest bank – once again took first place over-all in the latest Merco rankings for best reputations among Colombian companies. Taking second place was Medellin-based food-products giant Nutresa, with Cementos Argos taking fourth place. Medellin-based Grupo Sura (insurance, finance) took eighth place; Grupo EPM (public utilities)

Politics

Colombian Congress OK’s COP$224 Trillion/US$76 Billion 2017 Budget

Medellin Herald October 20, 2016

The Colombian national Congress on October 19 approved a 2017 budget of COP$224 trillion (US$76 billion) on the same day that the Home Ministry (Ministerio de Hacienda) proposed a new tax-reform scheme that aims to make Colombia more competitive and attract more investment. According to the government, the newly approved budget – 6.6% larger than the current-year […]

Colombian economy

Colombian-American Chamber of Commerce Hails New Import-Export Tools, Rules

Medellin Herald October 20, 2016

The Colombian-American Chamber of Commerce (Cámara de Comercio Colombo Americana) on October 20 hailed recent advances in the “Plan Vallejo” regulatory and reporting scheme that covers imports and exports into-and-out-of Colombia. According to the group (which also calls itself “AmCham Colombia”), the Vallejo Plan now features more-efficient electronic

Colombian economy

Colombia Manufacturing Rebound Strengthens; Up 9.4% Year-on-Year

Medellin Herald October 19, 2016

Colombia’s monthly manufacturing index (“EMM” in Spanish initials) rose 9.4% year-on-year in August 2016 — the latest month for which statistics are available — according to an October 19 report from the national statistics department (Departamento Administrativo Nacional de Estadística-DANE). The recent restart of Ecopetrol’s newly rebuilt “Reficar” refinery

Politics

Medellin, Antioquia Led Colombia to Reject FARC ‘Peace’ Pact

Medellin Herald October 3, 2016

Medellin and Antioquia overwhelmingly voted “no” in the October 2 national plebiscite on whether to ratify a “peace” agreement between Colombian President Juan Manuel Santos and the narco-terrorist Fuerzas Armadas Revolucionarias de Colombia (FARC). While the “no” vote prevailed nationally by 50.23% versus 49.78% for “yes,” 62% of voters in Antioquia rejected the