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

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,

Companies

Medellin-based Exito, Environment Ministry, WWF Promote Reusable Grocery Bags

Medellin Herald May 2, 2016

In a new campaign aiming to slash water and land pollution caused by reckless disposal of plastic grocery bags, Medellin-based retail giant Exito is teaming-up with Colombia’s Environment Ministry and the World Wildlife Fund (WWF) to promote broader adoption of reusable grocery bags. Launching of the national “ReemBOLSA” campaign – attended by officials at an […]

Companies

Medellin’s Grupo Nutresa Sees 1Q 2016 Sales Soar; EBITDA Sets Record

Medellin Herald May 2, 2016

Medellin-based multinational food producer Grupo Nutresa announced April 29 that its first quarter (1Q) 2016 sales jumped 21.9% year-on-year (y-o-y), to COP$2.1 trillion (US$738 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$281 billion (US$98.7 million), up 19.6% y-o-y. Colombian organic sales growth rose 9.2% y-o-y thanks to a

Companies

Antioquia’s Legal Gold Miners Expanding, Getting Help from Colombian Police

Medellin Herald April 26, 2016

The multi-billion-dollar business of gold mining in Antioquia has suffered enormously from decades of violence, land invasions, murders, extortions, environmental destruction, illegal and “informal” mining, as well as the intromission of guerrilla and “paramilitary” groups. But some hopeful signs are starting to emerge as Colombia’s National Police announced April 25 their

Companies

ISA Offsets 100% of Greenhouse Gases with Antioquia Reforestation Project

Medellin Herald April 25, 2016

Medellin-based power transmission giant ISA announced April 14 that it managed to offset 100% of its total greenhouse gas (GHG) emissions via a reforestation project in Bajo Cauca, Antioquia. The company won a “Carbon Neutral Certificate” from Switzerland-based GHG emissions-credit trader and environmental consultant South Pole Group. ISA and its InterColombia power