Economic losses from protests in Colombia range from Co$6 trillion ($1.6 billion) to Co$10 trillion ($2.7 billion), finance minister José Manuel Restrepo said. Trade, freight transport and agriculture are the sectors most affected. The damage will result, according to the official, in a slowdown of the expected growth in these months. The consensus among businessmen is that the blow to employment will be hard, because many sectors will take up to a year and a half to recover.
The Colombian Committee of Steel Producers of Andi, formed by Acerías Paz del Río, Gerdau Diaco, Grupo Siderúrgico Reyna, Sidoc and Ternium, companies that represent the totality of the national steel production, reported that due to the blockades on the roads in the framework of the National Strike, 45,000 direct and indirect jobs are at risk. The steel industry has already reported losses of Co$248 billion ($66.2 million).
Colombian coal mine Cerrejon will halt operations because of two blockades that have prevented from it bringing in supplies of gasoline, it said on Sunday, the latest trouble for the major miner. Cerrejon, jointly owned by BHP Group, Anglo American Plc and Glencore Plc, has had repeated disagreements with nearby Wayuu indigenous communities and its largest union, which held a three-month strike last year.
BBVA, Bancolombia, Banco de Bogotá, Davivienda and other financing companies offer lower rates for sustainable housing and electric cars. In the case of sustainable housing, they offer significant reductions in interest rates that can range from 65 to 200 basis points. In the case of electric vehicles, interest rate reductions can be more than 400 basis points below traditional rates.
Colombia’s gross domestic product (GDP) grew 1.1% in the first three months of 2021, which contrasts with the worst moments of the pandemic, when the economy contracted 15.7% in the second quarter of 2020 and 8.6% in the third quarter. This performance was explained by a significant boost from manufacturing, public administration, defence, health, education and agriculture, sectors that contributed 1.6 percentage points to GDP output in the first quarter.
People march in Colombia’s capital Bogota, amid a wave of daily protests that have been taking place since April 28. The anti-government demonstrations are fuelled by ongoing violence and economic hardship – which have been worsened by the coronavirus pandemic.
Colombia’s civilian aviation authority, Aeronáutica Civil, or Aerocivil, approved the joint venture between Delta Air Lines, LATAM Airlines Group S.A. and its subsidiary LATAM Airlines Colombia S.A. without conditions. The airlines say their joint venture will “improve air connectivity and provide passengers and cargo customers with a seamless travel experience between North and South America” once regulatory approvals have been obtained. The agreement has also been granted the authorization of regulatory entities in Brazil and Uruguay, while the review process continues in other countries, including LATAM’s home country of Chile.
Protests in Colombia that began on 28 April have left Co$65 billion ($17.02 million) worth of damage to transport infrastructure in Cali and Bogotá, the government said. According to Transport Minister Ángela María Orozco, there is significant damage to mass transit systems, with the most serious damage occurring in Cali. Figures to date indicate that between Bogotá and Cali there are 591 vandalised trunk or zone buses. Of these, 175 cannot be used again due to damage.
Protests continue across Colombia, with dozens of people dead and hundreds injured since they began on 28 April The demonstrations were originally against tax reforms that its government said would be key to handling the country’s economic crisis – reforms its president has since withdrawn. But the protest movement has grown to include calls for improvements to the country’s pension, health and education systems.
Colombia’s majority state-owned oil company Ecopetrol reported a soaring first-quarter net profit of Co$3.09 trillion ($806.5 million) for this year, buoyed by improved oil prices and with the backdrop of a dismal comparative period in 2020. The oil company reported a net profit of Co$133 billion in the first quarter of 2020, following a global slump in oil prices and after booking an impairment worth Co$1.21 trillion. Ecopetrol’s first-quarter earnings before interest, taxes, depreciation and amortisation rose 55.7% to 8.19 trillion pesos, the company said.
Something went wrong. Please refresh the page and/or try again.
Follow My Blog
Get new content delivered directly to your inbox.