Companies

JP Morgan, Endeavor Colombia, Corporacion Las Mercedes Team-up on IT Development

Medellin Herald April 25, 2016

U.S.-based JP Morgan Chase Foundation, entrepreneurship developer Endeavor Colombia and Colombia-based educational institute Corporation Las Mercedes jointly announced April 21 that they’re teaming-up on a new program that will train 130 local information technology (IT) programmers and

Colombian economy

Foreign Direct Investment Grows in ‘Other’ Sectors as Petroleum, Mining Decline: Banco de la Republica

Medellin Herald April 19, 2016

The latest quarterly report from Colombia’s currency regulator (Banco de la Republica) shows that foreign direct investment (FDI) in petroleum and mining in Colombia during first quarter (1Q) 2016 dropped sharply year-on-year (y-o-y), to US$1.2 billion, from US$3 billion in 1Q 2015. However, FDI in “other” sectors (outside of petroleum and mining) rose sharply y-o-y, to

Companies

Argos to Get Bogota’s Used Tires for Antioquia Cement-Plant Combustion Fuel

Medellin Herald April 13, 2016

Medellin-based multinational Grupo Argos announced April 11 that it just signed a deal with Bogotá Mayor Enrique Peñalosa to receive all 2.5 million of Bogotá’s used tires — which will be used as combustion fuel for the Cementos Argos cement plant at Rioclaro, Antioquia. “Cementos Argos uses this [tire combustion] technique in its three cement […]

Colombian economy

Colombia High-Tech Services Ranking Jumps for Foreign Investors: ProColombia

Medellin Herald April 13, 2016

ProColombia – the national government agency promoting foreign trade – announced April 12 that Colombia rose to fifth place in the latest ranking of all 55 nations in the Americas in information technology (IT), software and business process outsourcing (BPO). Citing the latest AT Kearney Global Services Location Index report, “Colombia was the country that

Companies

EPM 2015 Earnings Rise 14% Year-on-Year; Revenues Up 18%

Medellin Herald April 6, 2016

Medellin-based public utility EPM – now a multinational operating 48 different companies in seven Central American and South American countries – on April 5 presented its full-year 2015 results, showing a 14% hike year-on-year in profits and an 18% jump in revenues. The city of Medellin – the sole owner of EPM — netted COP […]

Colombian economy

Power Rationing Unlikely as Consumers Save, Rains Return, Guatape Mends

Medellin Herald April 5, 2016

Colombia’s Consejo Nacional de Operacion (CNO) – the national advisory body on electric power supply – on April 4 announced that voluntary power reductions by consumers and industry apparently have diminished the threat of power rationing. Following an analysis of encouraging data provided by Medellin-based XM – operator of the national power grid – as […]

Companies

Medellin-Based Grupo Familia 2015 Net Profits Rise 25% Year-on-Year

Medellin Herald April 1, 2016

The board of directors of Medellin-based Grupo Familia – producers and marketers of mainly paper-based personal hygiene products in 20 countries throughout South America and the Caribbean – on March 31 approved the company’s full-year 2015 financial report showing net profits rising nearly 25% year-on-year, to COP$202 billion (US$67 million). Sales volume also rose,

Companies

UNE 2015 EBITDA Rises 11%, but IFRS Accounting Triggers Net Loss

Medellin Herald April 1, 2016

Medellin-based telecom giant UNE – formerly owned by public utility EPM but now owned by Sweden-based Millicom – reported a 11% year-on-year rise in 2015 earnings before interest, taxes, depreciation and amortization (EBITDA) to COP$1.4 trillion (US$460 million). Revenue also grew by 7.3% year-on-year for the company – second-biggest in Colombia. UNE (and subsidiaries

Companies

Gran Colombia Gold 2015 EBITDA Improves; Gold-Price Drop Causes Net Loss

Medellin Herald March 31, 2016

Canada-based Gran Colombia Gold (GCG) announced March 30 that its full-year 2015 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to US$38.4 million, from US$10.8 million in 2014. However, the company posted an adjusted net loss of $1.1 million in 2015, compared to an adjusted net loss of $17.9 million in 2014. GCG […]

Companies

Bancolombia’s Investment-Bank Division Wins Global Finance ‘Innovator’ Award

Medellin Herald March 28, 2016

Bancolombia announced March 28 that its investment banking division (“Banca de Inversion Bancolombia”) nabbed the top award for “most innovative” from Global Finance for investment banking in the entire Latin America region during 2015. It’s the first-ever Latin-America regional award for Bancolombia, although its investment-banking division has also taken top honors for