Colombia’s economy loses traction in August and falls 10.6%

Colombia's economy contracted by 10.6% in August compared to the same month of the previous year, due to the impact caused by stricter quarantines focused on the country's capital to reduce the speed of contagion of the coronavirus. The annual drop in August was higher than that reported in July, when it reached 9.7%, the National Statistics Department (DANE) specified. The fall of GDP in August was explained by a generalized slowdown in almost all economic activities, mainly in retail, construction, manufacturing industry and the agricultural sector.

Rappi fined $ 1,775 mn for violating consumer protection: Colombia´s business watchdog

The Superintendency of Industry and Commerce imposed the maximum penalty on Rappi for violation of consumer protection regulations that regulate the quality of service provision, minimum information, public price information, misleading advertising, the availability of correct returns, abusive clauses, legal obligations that arise during the development of distance sales and electronic commerce. The fine represents $ 1,755 million. Additionally, the Superindustry imposed a second sanction for $ 702 million corresponding to the breach of an administrative order issued by the Superintendency of Industry and Commerce in 2019.

The Colombia Investment Summit closed with reported investments of US $ 1.34 billion

The Colombia Investment Summit's 2,198 business meetings have finished, marking the end of the sixth edition of the most importantforeign direct investment summit in Colombia , which resulted in 15 declarations for investment projects-worth US $ 1.34 billion-whose development will create more than 3,000 new jobs in Colombia , according to investors. The monetary value of the projects increased by 34% compared to 2019 and by more than 300% compared to 2018, when declared investments reached US $ 440 million.

16 prequalify for E&P auction

Ecopetrol, Occidental, Frontera and GeoPark are among 16 companies to prequalify for the third cycle of Colombia's permanent offer of oil and gas drilling rights. A definitive list of qualifiers for the round, which will offer acreage in seven onshore and two offshore basins, will be published on October 22, according to hydrocarbons regulator ANH. Others to make the preliminary list were Geoproduction Oil and Gas GMBH, CNE, Maurel & Prom Amerique Latine, Parex, Colombia Energy Development, Ismocol, Mansarovar Energy, Hupecol and Lewis Energy.

Alisys Arrives in Colombia to Support Cryptocurrency Project

Spanish blockchain and robotic technology developer Alisys has arrived in Colombia in an apparent move to capitalize on the growing demand for cryptocurrencies and digital payment services in Latin America. Colombia is its “first point of entry” and the company will expand its operations throughout the region, reported El Economista. Alisys is the third technology firm with expertise in blockchain to expand operations to Colombia after fintech firm Ikenga and cryptocurrency exchange Binance.