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The 25-point cut narrowly won the day among central bank board members with a 4-3 vote. All three dissenters preferred another 50-point reduction.

The oil spill has threatened a nearby stream that feeds into an aqueduct relied upon by some 3,500 locals in Guamalito.

The 2016 total was more than half a billion dollars above the $5.2 billion USD reported in 2015 and puts the industry second in terms of foreign revenue generation after the oil sector.

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

The slow growth in 2016 marks only the second time since 2002 that the Colombian economy has expanded by less than 3.0%.

Details of an alliance between Avianca and United Airlines "are yet to be negotiated," but the Star Alliance carriers are working to formalize a long-term deal.

Medellín-based Bancolombia was honored with a silver award from RobecoSAM in the firm's Sustainability Yearbook 2017.

"This report highlights the challenging environment that Colombian consumers are experiencing," says Bancolombia.

Amazon Web Services highlighted the "growing demand and acceleration of cloud computing services" in the country.

Bancolombia believes that "Colombia is bottoming out" and 2017 will bring a "more favorable macroeconomic environment."