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Companies in Colombia will soon have to confront a new tax, the Minimum Income Tax (TTD), that requires them to pay 15% of profits regardless of size.

In October, the monthly reading was 0.25%, which led to a year-over-year number of 10.48%. Now, the question is how far it will fall this month.

In Colombia, some things are sacrosanct — and the fiscal rule is one of them.

The real headline grabber should be Banco de la República, which — in its infinite wisdom — has chosen to ignore the other 99% who understand that 13.25% overnight rates choke off an economy.

Will Banco de la República upgrade its November meeting to a "decision" meeting in order to cut rates from 13.25% and start the easing cycle?

Banco de la República left interest rates at 13.25%, a terminal rate that needs to come down ASAP. The cut doesn't need to be radical but at least signal that the easing cycle has begun.

The two nations agreed to start working toward their shared goals by working to overcome technical and regulatory barriers to trade.

Colombia has a vested interest in the potential of having a future democratic neighbor, and last week, we saw Washington lift sanctions on Caracas for six months.

Much of the private sector continues to think that a sovereign nation can continue to operate, pay the bills, and support all the public services required even with everyone paying the minimum taxes possible.

Despite the rain this week, the environment minister announced an immediate $410 million USD relief fund to combat the effects of El Niño.