
Colombia Activates ‘Escape Clause' to Rule That Curbed Debt
During his presentation of the nation's fiscal plan, Finance Minister German Avila told reporters that not to have taken this move would have endangered macroeconomic stability.
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Bloomberg
6 hours ago
- Bloomberg
Drugs and Gangs Are Menacing Latin America
Welcome to Balance of Power, bringing you the latest in global politics. If you haven't yet, sign up here. Colombia's 2026 election campaign was shaping up to be the bloodiest in more than a decade even before presidential contender Miguel Uribe Turbay was gunned down in the most high-profile political assassination since the days of notorious drug lord Pablo Escobar.

Yahoo
13 hours ago
- Yahoo
Ecopetrol Posts Strong H1 2025 Results With Record Output
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reported solid financial and operational performance for the second quarter and first half of 2025, achieving its highest semiannual production since 2015, advancing cost efficiencies, and strengthening its energy transition portfolio. The Colombian state-controlled oil company delivered a record average production of 751,000 barrels of oil equivalent per day (boepd) in H1 and 755,000 boepd in Q2, driven by growth in the Caño Sur and CPO-09 fields and U.S. Permian operations. It also cut lifting costs below $12/bbl through operational and energy efficiency measures, a target it aims to maintain through year-end. Operational and Energy Transition Progress Transport volumes averaged 1.088 million barrels/day, while refining runs reached 405,000 barrels/day after maintenance completions and operational upgrades. Ecopetrol deepened its clean energy push with the full acquisition of the 205 MW Windpeshi wind farm in La Guajira and initiated Colombia's first long-term LNG import sales contracts, totaling 60 GBTUD over four to five years. Investment and Efficiency Drive H1 2025 investments reached $2.85 billion, 86% allocated to growth and long-term value creation. Geographic distribution was 62% in Colombia, 17% in Brazil, 15% in the U.S., and 6% in other regions. Efficiency programs delivered COP 2.2 trillion in benefits, exceeding targets by 27%, with 80% of the annual cost-reduction plan achieved by June. The company advanced 56% toward its $500 million CapEx flexibility goal and implemented measures to bolster liquidity, including COP 7.6 trillion in early FEPC collections and $935 million in currency hedges. Financial Performance Ecopetrol posted an EBITDA margin of 38% for Q2 and 40% for H1—above industry peers—despite a 22% drop in crude prices. Net income for Q2 was COP 1.8 trillion, which would have been COP 3.2 trillion absent adverse external factors such as weaker oil prices, inflation, and new taxes. H1 net income totaled COP 4.9 trillion. Leverage remained below targets, with gross debt-to-EBITDA at 2.4x (1.7x excluding subsidiary ISA) and net debt-to-EBITDA at 2.2x (1.6x excluding ISA). Free cash flow stood at COP 3.1 trillion, with total cash at COP 13.1 trillion by June's end. Challenges and Sustainability Commitments External headwinds included lower oil prices, currency volatility, inflation, and domestic disruptions such as infrastructure blockades. ISA's results were pressured by Brazilian tariff adjustments and portfolio deterioration at subsidiary AIR-e. On the sustainability front, Ecopetrol invested COP 180 billion in territorial development, paid COP 8.8 trillion in dividends (10% yield), reduced GHG emissions by 242,000 tonnes CO?e—132% above target—and reused 44 million cubic meters of water, covering 82% of operational needs. Outlook For H2 2025, Ecopetrol plans to save COP 1 trillion in costs, generate over COP 5 trillion in efficiencies, and maintain lifting costs under $12/bbl. The company will continue optimizing working capital to meet its COP 2 trillion annual target and pursue disciplined capital allocation to capture full CapEx flexibility. Management emphasized resilience, adaptability to market conditions, and long-term value creation for shareholders and communities. Read this article on Sign in to access your portfolio


Forbes
17 hours ago
- Forbes
A Real Betis Gemstone: Nelson Deossa's Path From The Mines To La Liga
Nelson Deossa's jump from Mexican club Monterrey to Spanish team Real Betis isn't quite the window's blockbuster signing. It does make a case for being the most interesting, though. Yesterday, Betis unveiled the Colombian midfielder, who officially joined on August 4. While some reports have the price slightly lower, ESPN says the transfer sum (Spanish) was approximately €14.5 million ($17 million), making him the third-largest sale ever from Liga MX. He's also among the top ten most expensive acquisitions made by Betis, which broke the transfer world record to sign Denilson back in 1998. Deossa's contract runs until 2030. On their own, these are extraneous details when you consider that, just six years ago, Deossa had long odds of becoming a professional soccer player in the first place, let alone playing at a strong team in one of Europe's elite leagues. Los Verdiblancos' arrival was working alongside his father in the mines near his small hometown of Marmato. Stepping out from the underground darkness, the game was an outlet rather than an obvious career pathway. 'I was studying and working,' he once told the television channel at Pachuca, where he used to play, adding. 'I saw myself frustrated a lot of the time, but I didn't quit the dream (soccer) and made the most of the opportunities I had.' If the mines didn't bring gold, soccer would in the end, and his first opportunity to star competitively in Spain could come on Monday, when Betis takes on promoted Elche. Deossa Brings Rawness But Vigor To La Liga Depending on how you look at it, Deossa arrived with a handicap, first at Atlético Huila before moving to Pachuca and Monterrey via loans, including Estudiantes in Argentina. In a fiercely competitive business, he missed out on a formal soccer education, further disrupted by the pandemic. And he's now settling into a country where the soccer education yields such fine players. However, it's made Deossa a unique talent. 'With little schooling. With a lot of heart, intuition, and fortitude,' is how a recent El Mundo article puts it (Spanish). Indeed, watching Deossa at his last club, Monterrey, he's direct, running back and forth, and with a rocket of a shot. Club World Cup viewers may remember the South American receiving the ball, skipping past an opponent, and thwacking in a long-range goal against Urawa Reds in June. He scored seven in 29 matches for Rayados. It will be fascinating to see how Deossa adapts to, or changes the rhythm, at coach Manuel Pellegrini's Betis, which is looking to build on a promising 2024/25 season, despite losing the Conference League final to Chelsea. Elsewhere in midfield, Betis has lost a valuable cog in USMNT player Johnny Cardoso to Atlético Madrid, is without Isco due to a serious injury, and knows holding onto Manchester United loanee Antony will be tough. Rodrigo Riquelme has come in from Atleti. Coincidentally, regarding Deossa, the origins of soccer in Spain go back to the mines. In and around Huelva, part of the Andalusia region, like Sevilla-based Betis, the first informal kickarounds took place roughly 150 years ago. Drawn to Los Verdiblanos after speaking with colleagues Sergio Canales and Cucho Hernández, both familiar with the team, his first kicks are just around the corner. Bringing a different background and all-action style to the team, Deossa is a La Liga addition worth following.