• Subscribe Now
  • Contact Us
  • Privacy Policy
  • About Us
facebook
linkedin
email
Unido Digital Media, LLC
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • ESG
  • Economy
  • Law & Justice
  • Interview
  • Analysis
  • Events
Only in Colombia?

What Jumps Out: Only In Colombia?

Posted On March 3, 2023
By : Rupert Stebbings
Comment: Off
Tag: abu dhabi, argos, campaign donations.alejandro gaviria, central bank, china, cpi, dane, dxy, ecopetrolgrupo argos, Grupo Nutresa, grupo sura, Gustavo Petro, ihc, nutresa, pmi, supreme council, Sura

As sure as night follows day, any newly elected President in Colombia is almost immediately accused of receiving campaign donations in an illicit manner. But this time we may have reached a new watershed moment – President Petro has asked the Prosecutor’s office to investigate his own son and brother for alleged irregularities with regards to campaign funds. This may be as much to clear them of the allegations but something of a collector’s item, even by Colombian standards.

In fact, it is a difficult week for Petro as the job of reforms gets underway; he lost several cabinet ministers, although Alejandro Gaviria (Education) would be the only one that would register on the political Richter scale. The first semester of 2023 was expected to be choppy and it isn’t disappointing. On top of that the Supreme Council has also blocked, for the time being at least, the President’s move to control the energy sector.

With all this, perhaps no surprise to see Petro’s latest approval level drop to 40% in February, from 48% two months ago – who would be a politician?

There was also some very disappointing unemployment data from the DANE. January saw urban jobless rise to 14.5% versus 10.8% in December. The national number also rose to 13.7% from 10.3% last time around. On the bright side when we look at that national number in absolute terms we find that 21.49mn people were gainfully employed versus 20.6mn a year before: an increase of 3.7%. No month can be taken in isolation in a country where 50% of the population work unofficially, but this is a poor number.

In a week when PMI data in China saw the biggest jump in a decade, something which may well benefit Colombia in the medium term, the latest reading for February in Colombia (49.8) was again in contraction territory, although a little better than the 48.5 of January.

The Central Bank had tea and biscuits but offered no update on their opinion of the economy – we will now have to wait until late March to see how far they will be increasing interest rates. The terminal rate expectation is for 13.25%, from the current 12.85%, but it remains to be seen whether that might happen in one hit.

Much will depend on this Saturday’s CPI reading for February – after a better than expected 13.25% last time around, an increase to 13.36% is expected. This would put the MoM reading at 1.66% which would be lower than 1.78% in January.

In corporate news Ecopetrol reported some healthy looking numbers whilst executives from Grupo Argos, Grupo Nutresa and Grupo Sura were in meetings with Abu Dhabi’s IHC who now own sizable holding in the companies. According to the company filings this was part of their regular meetings with shareholders and took place a month ago.

The Peso as expected had a tough week but perhaps not as complicated as anticipated – whilst inversely correlated to DXY the sight of oil prices increasing may have helped.

Wishing you all a good weekend.

Roops

Please find below the LinkedIn Video:

https://www.linkedin.com/posts/rupert-stebbings-927b6316a_colombia-politics-economia-activity-7037387538541465601-lgwT?utm_source=share&utm_medium=member_desktop

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
Thank you for subscribing.
Something went wrong.
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!
About the Author
Prior to becoming the BVC's (Colombia's stock exchange) International Account Manager, London native Rupert Stebbings spent 13 years opening the Colombian equity market to foreigners. He was a founding board member of Viva Air, and is now the Chief Commercial Officer of Alma Air. All this after a spell "stateside" in NYC. Rupert's opinions are his own and not necessarily those of Finance Colombia or the BVC.
  • google-share
Previous Story

Maritime Security Challenges Demand Better Defense Technology

Next Story

What Jumps Out: Politics & Prices

Related Posts

President Gustavo Petro of Colombia with President Daniel Noboa of Ecuador (photo courtesy Presidencia of Ecuador)
0

Colombia and Ecuador Escalate Trade Tensions with Tariffs Raised to 100%

Posted On April 13, 2026
, By Jadin Samit Vergara
0

Indicted Ex-Foreign Minister Calls Colombian President Gustavo Petro “Mafia Boss”

Posted On April 10, 2026
, By Loren Moss
Photo 1: Ricardo Roa during his inauguration as President of Ecopetrol, April 2023. Photo courtesy of Ecopetrol.
0

Ecopetrol Announces Temporary Leave for President Ricardo Roa Amid Investigations by Colombia’s Attorney General’s Office

Posted On April 10, 2026
, By Jadin Samit Vergara

Search Finance Colombia

Watch this!

https://youtu.be/lIc5NnmSb94?si=IUOMJr7z8ZosHxsS

Listen to our Podcast

Sign up for the Finance Colombia Newsletter

We promise to never share your email address!
don't forget to include "https://"
* = required field
Your Background / Function








Search

RSS Bilingual & Remote Jobs

  • Agenda Manager - Do you want to break into international business but nobody will give you a chance? - Remote
  • Sales Associate - Kingston, Jamaica
  • Asset Manager - Madrid, Spain
  • Coordinador/a de calidad para La Unión 1626483143.1 - La Unión, Antioquia, Colombia
  • Técnico/a de Calibración Junior - Barcelona, Spain
  • Digital Analyst - Barcelona, Spain
  • Analista Seguimiento Refacciones
  • Director/a de operaciones para hotel, restaurante y discoteca 1626320364.60 - Medellín, Medellin, Antioquia, Colombia
  • ADAS Test Driver - Mexico City, CDMX, Mexico
  • Desarrollador fullstack - Bogotá, Bogota, Colombia

Categories

Sign up for the Finance Colombia Newsletter

We promise to never share your email address!
don't forget to include "https://"
* = required field
Your Background / Function








RSS Empleobilingue.com

  • Director/a de operaciones para hotel, restaurante y discoteca 1626320364.60 - Medellín, Medellin, Antioquia, Colombia
  • Coordinador/a de calidad para La Unión 1626483143.1 - La Unión, Antioquia, Colombia
  • Desarrollador fullstack - Bogotá, Bogota, Colombia
  • Technical Analyst - Remote
  • PIM Administrator - Ecommerce - Remote (Bogotá, Bogota, Colombia)
  • Auxiliar de gestión humana y bienestar para Girardota 1626060072.28 - Girardota, Antioquia, Colombia
  • Marketing Strategist
  • Trainer Manager - Bogotá, Bogota, Colombia
  • Tolemaida UH- 60 Inspector - Bogotá, Bogota, Colombia
  • Virtual Assistant - Team Lead - Remote

Contact Us

  • Subscribe Now
  • Contact Us
  • Privacy Policy
  • About Us
Copyright 2014-2023 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
WhatsApp us