Here’s a quick summary from Colombia’s InterBolsa on the day’s (financial) news in Colombia
The Colombian Matinal
- Venezuela, Gold, construction
News of the day
Venezuela: After the complaint to the OAS, the president of Venezuela broke
diplomatic relations with Colombia, third time in recent history. Definitely
trade will be the most affected sector, but as this kind of issues has been
the constant for a decade Colombian companies have diversified its export
markets reducing their exposition to Venezuela. During the first five months
of 2010 exports to Venezuela decreased 71.4% YoY, imports 49.3% YoY, and the
trade balance -73.8% YoY.
Coffee: The National Coffee Growers Federation president forecasted that the
country will produce 14 million (50 kilos) sacs in 2015 from the current
production estimate of 10 million sacs in 2010. Renovation of 500,000
hectares will be the key to increase production.
Construction: The national bureau of statistics (DANE) informed that in May
construction licenses grew 2.1% MoM (housing +3.4%, other +1.6%), 40.3% YoY
and 19.6% YtD. In the monthly comparison licenses for offices increased
494%, commercial space 63.8%, and warehouses 44.9%.
Gold: Marc Cutifani, CEO of AngloGold Ashanti, affirmed that La Colosa could
be the gold discovery of the decade confirming the huge potential of
Colombia. La Colosa is in the exploration phase and could be in operations
in 2017. Key figures of AGA in Colombia: exploration 11 million hectares
since 2003, investment US$200 million (2003 – 2010), budget US$300 mm
(2009 – 2011), 34% of the global budget was invested in Colombia.
Business confidence: The business optimism continues to rise, balance of
2Q2010 this year is positive, the survey shows that today 60.4% percent of a
total of 1,128 employers surveyed by Datexco in 12 major cities ensure that
their views on the situation in the country is improving, while only 12%
believe things will get worse in coming months.
EEB (Empresa de Energía de Bogotá): The board of Directors proposed an
approx. US$110 million reduction of the common capital. This decision
requires the approval of the shareholders.
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