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"For now, the Banco de la República is likely to continue to move in 25-basis-point steps," said Capital Economics.

After the mayor issued an environmental alert, organizers of the annual Carrera Verde acted due to conditions that could have endangered the health of runners.

Though adding a strategic partner could be a positive development, Fitch Ratings views Avianca's liquidity as low.

The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.

"With the launch of this new route, Avianca becomes the first and only airline to directly link Bogotá with Boston and vice versa," says the airline.

Finance Colombia's Loren Moss joins the PanAm Podcast to discuss the impact of Colombia investing tens of billions of dollars in its highways.

Germany retains its position at the top of the index for the second year running, with visa-free access to 176 countries out of a possible 218.

Colombia is poised to further increase its already-substantial market share in South America, outpacing every country except for Brazil.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

Pacific Exploration has finalized its restructuring plan and is planning to invest $375 million USD this year to increase its production from the lows seen in the fourth quarter last year.