Companies

More High-Tech Investment Seen Coming to Medellin from Uruguay, Brazil

Medellin Herald July 7, 2016

Medellin’s investment promotion agency –“Agencia de Cooperación e Inversión de Medellín y el Área Metropolitana” (ACI) –  announced July 6 that five Uruguay-based companies and two Brazil-based companies are eyeing new business launches or expansions here. According to ACI, these

Colombian economy

Foreign Direct Investment in Colombia up 64% in Sectors Other Than Petroleum, Mining

Medellin Herald July 5, 2016

The latest report from Banco de la Republica — Colombia’s national currency and banking regulator — shows that foreign direct investment (FDI) in Colombian business sectors other than petroleum and mining has jumped 64% this year, to US$2 billion. However, the global crash in oil and industrial metals prices has resulted in a 47% drop in FDI […]

Colombian economy

Antioquia’s Flower Exporters Harvesting Bigger Profits: Study

Medellin Herald July 1, 2016

A new study by Colombia’s Superintendencia de Sociedades (corporations oversight agency) finds that national flower exporters realized a big jump in profits in 2015 versus 2014. Colombia’s biggest industrial flower producers are mainly located in Antioquia (eastern suburbs of Medellin) and Cundinamarca (outer suburbs of Bogota). In total, 194 industrial flower producers

Companies

PharmaCielo Wins Colombian License for Medical Marijuana Manufacture

Medellin Herald June 28, 2016

Toronto, Canada-based PharmaCielo announced June 28 that it won a manufacturing license from Colombia’s Ministry of Health and Social Protection to process marijuana plants for “medical and scientific purposes.” The company first announced plans to obtain licenses and then build a marijuana processing plant in the Medellin suburb of Rionegro, Antioquia (see Medellin

Politics

Colombia Government, FARC Ink Cease-Fire Deal

Medellin Herald June 22, 2016

Colombia President Juan Manuel Santos and Fuerzas Armadas Revolucionarias de Colombia (FARC) leader Timoleon (“Timochenko”) Jimenez formally signed a cease-fire agreement June 23 in Havana, Cuba, a key step before any final “peace agreement” deal would be signed. The FARC and other narco-terrorist groups are principally responsible for the forcible displacement of some 6

Economy & Finance

Colombia’s GDP Growth Dips to 2.5% Rate: DANE

Medellin Herald June 6, 2016

Colombia’s gross domestic product (“PIB” in Spanish initials) dipped to a 2.5% annual rate in first quarter (1Q) 2016, according to the national government’s economic statistics agency (Departamento Administrativo Nacional de Estadística, DANE). While the over-all Colombian economy has taken a hit this year from the global crash in oil prices and mining profitability,

Companies

Exito’s 1Q 2016 EBITDA, Sales Soar, but Profits Slump Year-on-Year

Medellin Herald May 31, 2016

Medellin-based Grupo Exito – now Colombia’s biggest private-sector company and a leading multinational retailer in the largest South American markets – on May 27 reported that its first quarter (1Q) 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) soared 234% year-on-year (y-o-y), to COP$502 billion (US$163 million). Operating income also jumped

Companies

Bancolombia 1Q 2016 Net Income Dips Year-on-Year

Medellin Herald May 31, 2016

Medellin-based Bancolombia – Colombia’s largest bank with a growing international presence – on May 23 announced that its first quarter (1Q) 2016 net income fell 37% year-on-year (y-o-y), to COP$397 billion (US$129 million), reflecting the impact of Colombia’s slowing economy. However, Bancolombia’s net loan portfolio grew 21% y-o-y, “explained by organic net loan growth,

Companies

ISA, Nutresa Win Positive Bond Ratings from Fitch

Medellin Herald May 31, 2016

Medellin-based electric power transmission giant ISA and Medellin-based multinational foods producer Grupo Nutresa both recently won debt-ratings upgrades from Wall Street bond rater Fitch Ratings. According to Fitch, ISA’s “issuer default ratings” (IDRs) have been boosted to “BBB+,” instead of the former “BBB” rating. The rating outlook remains “stable” while ISA’s senior

Companies

ISA 1Q 2016 Net Income Jumps 31% Year-on-Year

Medellin Herald May 3, 2016

Medellin-based ISA – operator of Colombia’s national electric power transmission network – announced May 2 that its first quarter (1Q) 2016 net income rose 31.3% year-on-year (y-o-y), to COP$192 billion (US$65 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$779 billion (US$229 million) in 1Q 2016 — with a 50.5% EBITDA margin,