What Jumps Out: Narcissism Amidst Tragedy

This has been a heavy week in Colombia. On Wednesday we had the funeral of Miguel Uribe at which both the pain and dignity of his loved ones was in the full public domain – I always wonder why such intimate moments have to be shared with the whole world, especially when many of them are just morbid onlookers, nonetheless credit to the family who have been thrust into the spotlight.

If only others had acted in such a dignified manner.

Instead, far too many took it as an opportunity to draw the light of tragedy onto themselves. Some were in a passive-aggressive form that left little to the imagination regarding whom they wanted to blame. Some try to ‘take up the mantle’ of Miguel’s campaign, even though their views are far less conciliatory toward others. And finally, those who just came out and said it: ‘Miguel dead, Alvaro in prison, and a terrorist running the country’. It’s as despicable as it is, unsurprisingly, at a time when a family is trying to mourn its loss.

We will leave the subject there and the family in peace.

Elsewhere, and yes, life goes on, the ANDI – Asociación Nacional de Empresarios de Colombia is holding its annual gathering/cocktail party on the coast, and despite their call for the country to pull together at a difficult moment, President Gustavo Petro wasn’t invited, and the rest of the cabinet promptly cancelled. The reason offered up (in short) was that he didn’t appear when invited previously, etc. The ANDI has been critical of Petro’s reform process at every turn, whilst rarely offering alternative solutions, so whether he would have attended is open to debate – regardless, the behavior is unbecoming of either party.

There was positive news from Fedesarrollo as consumer confidence rose once again in July to 5.3% (June 2.2%) – a year ago it was -9%. This was reflected in June retail sales (+10.1%), which again were driven by vehicles, electronics, and domestic goods, a reflection of increasing domestic demand.

The real sector also fared well in June, with manufacturing production (+2.2%) rising for a second month, with 22/39 sectors in positive territory. Industrial production also rose 1.3% having fallen slightly in May.

The Departamento Administrativo Nacional de Estadística – DANE Colombia reported that overall Q2 civil works rose by 9% – there was, however, a 7% contraction in building construction for the same period. The overall picture is hard to read, but later today, Q2 GDP is due out (consensus 2.4%), which will give us a better idea of how this vital sector is faring.

The stock market continues to prosper. The bvc-Bolsa de Valores de Colombia S.A. COLCAP is now up 32% (local) & 44% (USD) YTD, volumes have even begun to tick upwards. Again, feel sorry for those badly advised to ship their cash to Miami to gain single-digit returns before costs.

Have a great day.

Regards Roops.

Never miss Rupert’s latest commentary.
Follow him now on LinkedIn to see What Jumps Out.

The posthumous tribute in memory of Senator Miguel Uribe Turbay, honoring his legacy and service to Colombia. Photo credit: Canal Congreso Colombia/YouTube.