Research company Wealth-X has released its annual report on “ultra high net worth individuals”. (For those prefer plain English, they mean the stinking rich.)
The super wealthy in the west have got even richer over the past year. In fact the super rich have got richer just about everywhere – bar in eight emerging and frontier countries including China, Brazil and Syria. Continue reading »
In the eyes of many, when it comes to business, Colombia is a beacon of judicial security and transparent regulation, sometimes to the point of being overly legalistic. For better or worse, that view was reinforced on Thursday.
The country’s ‘grand inspector general’ sacked the financial regulator and banned him from holding public office for more than a decade over last year’s debacle surrounding Interbolsa, until then Colombia’s biggest brokerage. Continue reading »
This summer’s sell-off in emerging market currencies hasn’t been bad news for everyone.
In the case of Colombia’s Ecopetrol, Latin America’s second largest oil company by market capitalisation at $97.4bn, the decline in the Colombian peso against the dollar has helped bump up third quarter profit by nearly 20 per cent. Continue reading »
Pesos or dollars? That is the question
The billion-dollar question on Thursday for Colombia’s Grupo Aval is whether to stick to a plan to issue new shares locally or opt for some sort of local-international mix.
Aval, Colombia’s largest banking group that owns Banco de Bogota, announced on Wednesday that it was considering the sale of 2.4 trillion pesos ($1.3bn) in shares on the local market. Continue reading »
Aside from some dynastic billionaires, until recently new wealth was viewed with suspicion in Colombia, being a possible result of drug trafficking.
But times seem to have changed. Although drug kingpins still exist, they are less conspicuous – gone are the times of Pablo Escobar’s hippos and Rasguño’s Ferraris – while legitimate fortunes appear to be on the rise. That’s according to WealthInsight, a research company, that claims that in recent times Colombia has created millionaires quicker than Brazil and Mexico. Continue reading »
Land ownership has always been a hot issue in Colombia, and it is regarded as the underlying cause of the internal armed conflict that has left nearly a quarter million people dead and millions displaced over fifty decades.
The debate is keener than ever, with recent agricultural protests that have rattled the country. Now, according to a report released by Oxfam late last week, there appears to be a new actor fuelling the fire of that debate: US commodities trader Cargill. Continue reading »
Canada-based Pacific Rubiales Energy, Colombia’s leading independent oil company, which is ranked amongst the world’s fastest growing crude producers, announced on Sunday it has agreed to buy Petrominerales, a smaller company operating in the Andean country. Continue reading »
Colombia’s central bank on Friday left its key interest rate unchanged at 3.25 per cent for a sixth straight month. The decision, which was widely expected following last week’s strong growth data, was unanimous.
In its bid to revive economic activity – which had slowed after reaching almost 6 per cent in 2011 – the central bank cut its benchmark rate by 2 percentage points between July 2012 and March 2013, to the lowest among major Latin American economies. Continue reading »
Investors have got used to the idea that Brazil’s economy is not delivering on its post-crisis promise and that Chile, Peru, Colombia and Mexico are where future growth lies.
But how upbeat are consumers in those countries? A survey commissioned by LatAm Confidential, a new service from the Financial Times launched this week, throws up some surprising results. Continue reading »
Tinto (essentially, black coffee) and arepa, (flatbread made of maize flour) have long been the staples of a traditional Colombian breakfast.
But if Krispy Kreme, the US-based donut maker, has its way, Colombians would soon be munching on deep-fried, sugary doughs as well. Continue reading »
It was inevitable. Some 60 years ago began one of the largest migrations in history, when millions of people moved from the Latin American countryside and into cities. Then, some 10 years ago, began a consumer credit boom that saw car sales explode in the world’s most urbanised continent.
And today? To cope with the growing congestion of their megalopolises, Latin Americans are increasingly turning to bicycles to get around. Traffic jams are no longer a privilege of just the rich world. Continue reading »
By Eric Platt of FastFT
Another Latin American airline is looking to try its luck on Wall Street.
Avianca Holdings, Colombia’s flag carrier, filed paperwork with the US Securities and Exchange Commission on Thursday to float shares in New York. Continue reading »
After strikes, protests, and a lacklustre start to the financial year, here comes some good news for the Colombian economy.
Led by agriculture, the country’s GDP in the second quarter grew 4.2 per cent compared to the same period last year, beating analysts’ expectations by almost a full percentage point. Quarter-on-quarter, the economy grew 2.2 per cent.
“Colombia’s economy is doing well, better than what analysts think,” the country’s finance minister, Mauricio Cárdenas, told beyondbrics in his office. Continue reading »
Take two of Latin America’s most reform-minded governments, throw in a fractured political system, and what do you get? The answer is Mexico – where thousands of protesting teachers fanned out across the capital on Sunday – and Colombia, where 50,000 troops had to be shipped in over the weekend to calm down Bogotá after a rally in support of striking farmers got out of control. Continue reading »
Medellín was once one of the most dangerous cities in Latin America. But thanks in part to the efforts of its business community, Colombia’s second city has undergone a dramatic transformation. Andres Schipani reports.