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The move strengthens Grupo Aval's position in Colombia's fiduciary (trust) market.

The move is a surprise, as Londoño is now affiliated with a party focused on Afro-Colombian advocacy and representation. Londoño has not previous record of a focus on this cause.

Service-oriented and labor-intensive businesses may face higher operating costs due to the 23% minimum wage hike and its immediate impact on indexed service categories

Colombian President Gustavo Petro's decreed 23% raise in the country's minimum wage may now be rescinded for failing to follow laws mandating limits for such measures.

A week dominated, or at least that was the perception, by politics.