Companies

Huawei, Astound Expanding High-Tech Jobs, Investments at Ruta N

Medellin Herald December 7, 2016

Medellin’s high-tech development center Ruta N announced December 7 that San Francisco-based web and e-commerce developer Astound Commerce has opened a new office here — and aims to generate 50 to 100 new programming jobs over the next 12 months. Astound’s total investment at Ruta N is

Companies

Responsible Mining: Continental Gold Wins Crucial Enviromental Permit

Medellin Herald December 2, 2016

Canada-based Continental Gold announced November 30 that it finally won a crucial environmental permit that paves the way for a US$600 million gold-mining development project at Buritica, Antioquia. Once industrial-scale production starts in 2019, the mine and upgrading plant would produce an average of 253,000 ounces of gold per year over a projected 14-year mine […]

Politics

Colombia Congress Rubber-Stamps ‘Peace’ Deal with FARC

Medellin Herald December 1, 2016

With the opposition Centro Democratico party boycotting the votes, Colombia’s House of Representatives and Senate voted unanimously November 29 and November 30 to approve a revised “peace” deal with the narco-terrorist Fuerzas Armadas Revolucionarias de Colombia (FARC). Meanwhile, Colombian President Juan Manuel Santos declared that following the vote, all of the FARC’s

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 company posted a net loss of COP$100 billion (US$32 million), down from a net

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 […]