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Feb 24, 2012

Colombia cenbank raises interest rate for 2nd month

BOGOTA, Feb 24 (Reuters) – Colombia’s central bank
raised its benchmark interest rate on Friday for the
second consecutive month as policymakers sought to check
inflationary expectations and curb an increase in consumer
credit.

In a decision that was not unanimous, the seven-member board
boosted the lending rate by 25 basis points to 5.25 percent,
meeting expectations of most economists in a Reuters survey.

Feb 24, 2012

Colombia’s cenbank ups interest rate to 5.25 pct

BOGOTA, Feb 24 (Reuters) – Colombia’s central bank
raised its benchmark interest rate on Friday for the
second consecutive month as policymakers sought to check
inflationary expectations and curb an increase in consumer
credit.

In a decision that was not unanimous, the seven-member board
boosted the lending rate by 25 basis points to 5.25 percent,
meeting expectations of most economists in a Reuters survey.

Feb 17, 2012

Exclusive: Colombia revamps war plan against guerrillas

BOGOTA (Reuters) – Colombia is redesigning its fight against Marxist guerrillas, making the destruction of key rebel military and financial units as much of a goal as killing their leaders, sources familiar with the plan say.

Helped by billions of dollars in U.S. aid during the last decade, Colombia’s armed forces have used better intelligence and mobility to batter guerrilla armies, pushing their fighters into ever more remote hideouts.

Feb 16, 2012

Colombia Ecopetrol saw crudes priced in Brent rise in 2011

BOGOTA, Feb 16 (Reuters) – Colombian state oil company
Ecopetrol used the more-expensive North Sea Brent benchmark to
price more of its crude in 2011 than it did in 2010, when Brent
was closer in price to U.S. West Texas Intermediate crude, the
company said on Thursday.

The premium in Bent’s price over WTI has grown due to rising
oil inventories in the U.S. Midwest, including the Oklahoma
delivery point for the New York Mercantile Exchange oil futures
contract for WTI.

Feb 16, 2012

Colombia coal production, exports jump in 2011-govt

BOGOTA, Feb 16 (Reuters) – Colombia’s coal production
jumped 15.4 percent in 2011 to 85.8 million tonnes versus the
previous year while exports rose 16 percent to 79.2 million
tonnes, the country’s mining regulator said on Thursday.

The largest production increases were in the Cesar province
where Glencore’s Prodeco unit, Drummond International, Vale and
Goldman Sachs’ local affiliate operate.

Feb 15, 2012

Colombia Ecopetrol says 2011 net profit up 85 pct

BOGOTA, Feb 15 (Reuters) – Colombia’s state oil
company, Ecopetrol, said on Wednesday its 2011 net profit rose
85 percent to 15.44 trillion pesos ($8.65 billion) compared with
2010, pushed up by more output and exports.

Once seen as a failing state, Colombia began to turn its
image around after a 2002 U.S.-backed security crackdown against
leftist rebels made the country safer and opened up more areas
to oil exploration and production.

Feb 14, 2012

Exclusive: Goldman front-runner for Vale’s Colombian coal ops

BOGOTA/LONDON (Reuters) – Goldman Sachs is the front-runner in an auction to buy the Colombian coal assets of Brazil’s Vale, attempting to achieve strategic port access, while Glencore waits in the wings and rival traders stay away, industry sources familiar with the matter said.

Coal mines in the past few years have attracted almost frenzied M&A interest, particularly from traders seeking to become vertically-integrated and Asian consumers such as India and China, but buyers are becoming more choosy, focusing on large, low-cost mines with big reserves.

Feb 14, 2012

Goldman Sachs front-runner for Vale’s Colombian coal ops

BOGOTA/LONDON, Feb 14 (Reuters) – Goldman Sachs is the
front-runner in an auction to buy the Colombian coal assets of
Brazil’s Vale, attempting to achieve strategic port access,
while Glencore waits in the wings and rival traders stay away,
industry sources familiar with the matter said.

Coal mines in the past few years have attracted almost
frenzied M&A interest, particularly from traders seeking to
become vertically-integrated and Asian consumers such as India
and China, but buyers are becoming more choosy, focusing on
large, low-cost mines with big reserves.

Feb 13, 2012

Colombia cenbank sees 2011 GDP as high as 6 pct

BOGOTA, Feb 13 (Reuters) – Colombia’s economy likely
grew as much as 6 percent in 2011 as strong overseas sales and
domestic demand for consumer goods boosted bank lending, central
bank chief Jose Dario Uribe said on Monday.

The economy likely grew about 5.7 percent in the fourth
quarter, boosting full year 2011 gross domestic product to
between 5.6 percent and 6 percent, Uribe said during a quarterly
presentation in Bogota.

Feb 10, 2012

Colombia cbank member wanted more to cool credit

BOGOTA, Feb 10 (Reuters) – One Colombian central bank
board member wanted additional measures at the last policy
meeting to try to cool consumer credit growth in Latin America’s
No. 4 economy, according to minutes published on Friday.

The policymaker sought the macroprudential measures last
month on top of the central bank’s surprise 25-basis point rate
increase.

    • About Jack

      "Jack covers commodities, economics and politics in Colombia. He joined Reuters in 2006 and has since worked throughout east Africa including Kenya, Eritrea, Sudan, Somalia and Uganda. He has also done stints in Iraq."
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