Finance

Cali Chamber of Commerce unveils agenda to double Valle del Cauca's GDP per capita by 2038
The Cali Chamber of Commerce presented a Productive Transformation Agenda for Valle del Cauca at its 2026 Annual Members Meeting, based on market access, productivity, innovation and investment. The entity projects that, with 6% annual growth, GDP per capita would reach 79.5 million pesos in 2038, compared with about 55 million under the 2.8% trend scenario. The department contributes close to 10% of national GDP and 16,054 companies reported damage from the August 10 earthquake.
FinanceColombiaEl TiempoOct 23AI
Luxury crisis hits Hermès and drags LVMH valuation to decade lows
Shares of Hermès and LVMH are trading at their lowest valuation levels in more than a decade, after results that dashed hopes of a sector recovery. Hermès trades at about 27 times future earnings, versus a post-pandemic peak of roughly 70 times, and LVMH at about 16 times, its lowest level in over ten years. Both have plunged around 40% this year. Kering also disappointed on weak consumption in China.
FinanceInternationalBloomberg LíneaOct 23AI
Milei celebrates dismissal of $LIBRA case against him
Judge Marcelo Martínez de Giorgi dismissed the case against Argentine President Javier Milei, his sister Karina Milei and nine other defendants over the $LIBRA cryptocurrency, concluding that the investigated crimes were not proven, including fraud, influence peddling and abuse of authority. The ruling granted the request of prosecutor Eduardo Taiano. Milei celebrated the decision on X and denounced a "political and media operation" against him.
FinanceInternationalEl MostradorOct 23AI
BofA's Hartnett expects risk aversion to persist until mid-November
Michael Hartnett, strategist at Bank of America, wrote in a note to clients that he remains "tactically risk-off until mid-November" and expects a downward trend in yields, stocks and the US dollar. The market has yet to fully price in a Democratic victory in both the House and the Senate, which would be negative for earnings growth. Fears of an AI bubble and the midterm elections are weighing on markets.
FinanceInternationalBloomberg LíneaOct 23AI
Brazil's central bank tightens consumer protection on credit offers
Brazil's central bank approved three resolutions to strengthen consumer protection against credit offers, broaden banking transparency and prevent excessive household indebtedness. The measures will be rolled out gradually from 2027: from March 31, institutions must offer mechanisms to block advertising and active credit proposals, with prior authorization required for financially vulnerable clients; from July 1 a Consolidated Debts Panel will be created, and from July 1, 2027, credit offers linked to Pix will require prior, specific consent.
FinanceInternationalPrensa LatinaOct 23AI
El Salvador's urban basic food basket hits $269.15, highest price since 2001
El Salvador's urban basic food basket stood at $269.15 in September, the highest price since January 2001, when it cost $128.40, according to the National Statistics and Census Office (Onec). The figure represents a $4.42 increase from August ($264.73) and $18.31 from January ($250.82). The rural basket stood at $191.03, up $1.40 from August and $7.76 so far this year. Onec attributes the increases to a rise in inflation driven by the conflict in the Middle East and the impact of El Niño.
FinanceInternationalPrensa LatinaOct 23AI
Apple hits record $348.25 and closes in on Nvidia as Nasdaq falls 3%
Apple reached an all-time high of $348.25 per share, with a market capitalization around $5 trillion, narrowing the gap with Nvidia as the world's two most valuable companies. The move coincided with a 3% drop in the Nasdaq and a broad selloff in AI-linked chips, on a day when money sought refuge in stocks with solid cash and predictable cash flows.
FinanceInternationalMerca2.esOct 23AI
American Express profit rises 28% after moving clients to the new Platinum card
American Express reported a profit of $3.71 billion in the third quarter, up 28% from a year earlier, or $5.42 per share. Excluding a one-time gain from the sale of its stake in Global Business Travel Group, earnings per share were $4.68, above Wall Street estimates. The company moved most of its members to a new Platinum card with an $895 annual fee and announced a 5% workforce reduction, about 3,500 employees.
FinanceInternationalThe Morning CallOct 23AI
Blue dollar closed at $1,581 in Bahía Blanca as Argentina's country risk topped 700 points
The blue dollar ended the week in Bahía Blanca at $1,553 for buying and $1,581 for selling, unchanged from the previous reference and with a $28 spread. InfoDolar's average for the city stood at $1,505.10 and $1,551.68, while Dólar Nexo was at $1,545.04 and $1,566.82. Meanwhile, Argentina's country risk stood between 710 and 717 basis points, its highest level of the year, with a rise of about 0.9% during the session and around 17% in the month.
FinanceInternationalLa Nueva ProvinciaOct 23AI
Banco de la República pushes Amira de la Rosa theater works to first quarter of 2029
Banco de la República said the comprehensive renovation works at the Amira de la Rosa theater in Barranquilla will continue until the first quarter of 2029. The entity attributed the schedule adjustment to the technical complexity of the foundation and structural reinforcement work and to unforeseen situations during execution. Pile construction is 90% complete and the first phase of restoration and reinforcement of the folded roof has been finished.
FinanceColombiaRevista SemanaOct 23AI
Anserma mayor asks national government for more support after bank robbery in Caldas
After a robbery at a Banco Agrario branch in Anserma, Caldas, mayor Ómar Andrés Reina asked the national government to pay attention to the department over the possible relocation of criminal actors from other regions. An armed man entered the bank, located in the Municipal Palace, and threatened a customer and a teller to hand over a large sum of money. Authorities are carrying out an operation with Police, Sijín and CTI and are reviewing the bank's video footage.
FinanceColombiaLa PatriaOct 23AI
Dollar closed the week at $3,158.62, its second-lowest figure in October
The dollar closed the week at $3,158.62, the second-lowest figure of the tenth month of the year, against a TRM of $3,185.01, a difference of $26.39. During the session there were 1,925 transactions worth US$1,556 million, with lows of $3,136 and highs of $3,189. Expert Alfredo Barragán attributed the decline to the oil rebound on Middle East tensions, profit-taking and foreign inflows attracted by peso interest rates.
FinanceColombiaLa FMOct 23AI
Dollar ends the week lower in Colombia, near COP 3,145
The Colombian peso strengthened sharply against the dollar and interbank trading closed Friday near COP 3,145 per dollar. According to traders and bank treasuries, the lower rate was driven by foreign currency inflows from month-end corporate settlements and by foreign funds' appetite for fixed-rate TES sovereign bonds. Internationally, stable U.S. employment figures and easing commodity risk premiums kept sentiment optimistic on regional stock exchanges.
FinanceColombiaDiario del SurOct 23AI
Dollar closed the week lower in Colombia at COP 3,158.62
The U.S. dollar closed the session in Colombia at COP 3,158.62, a drop of COP 26.39 against the day's TRM of COP 3,185.01, according to the Colombian Stock Exchange. The currency opened at COP 3,172, hit a high of COP 3,189 and a low of COP 3,136, averaging COP 3,175. The session moved US$1.556 billion. Abroad, Brent rose to US$114.31 and WTI to US$101.12 on tensions between the United States and Iran and attacks on infrastructure in Saudi Arabia.
FinanceColombiaRevista SemanaOct 23AI
BNC opens Startup Venezuela Summit 2026 with a "BNC Day" and Richard Branson's participation
Banco Nacional de Crédito (BNC) marked the start of the Startup Venezuela Summit 2026 with a "BNC Day", an opening session that featured Sir Richard Branson. The agenda continued at BNC's headquarters, where investors, international accelerators and startups such as Cashea, Krece and Rial gathered. The Summit went on for a second and third day at Caracas Campus, with talks and panels on fintech trends, business management and leadership in the digital economy.
FinanceInternationalBanca y NegociosOct 23AI
Medellín reshapes land use with the POT review that already cleared its first test at the City Council
Medellín's district administration filed the mid-term review of its Land-Use Plan (POT), which seeks to update the rules on which economic activities can operate, where and under what conditions. The proposal classifies the territory into six activity areas and four impact levels, adds 29 previously unrecognized activities —such as electric vehicle charging stations and data centers— and cuts the land enabled for tourist housing from 18% to 10.4%. The project has already passed its first test at the City Council.
FinanceColombiaMinuto 30Oct 23AI
Argentina's central bank tops USD 1.2 billion in October purchases as reserves hold above USD 50 billion
The Central Bank of Argentina bought USD 42 million on Friday and has accumulated USD 1.253 billion in October, nearly three times what it acquired in September. Gross international reserves stood at USD 50.203 billion. Since January 2026, the institution has accumulated purchases of USD 15.821 billion, more than 50% above the USD 10 billion annual target under the IMF agreement. The government expects to close the year with purchases close to USD 20 billion.
FinanceInternationalInfobaeOct 23AI
Bancolombia chairman proposes minimum wage increase of between 8% and 9% for 2027
At the 2026 Colombian Construction Congress, Bancolombia chairman Juan Carlos Mora said the minimum wage increase for 2027 should be between 8%, 8.5% and 9%. According to Mora, the adjustment should follow the traditional formula of inflation plus productivity and "add a few points", using the 6.29% annual inflation rate in September as a reference. A percentage that does not exceed 9% "could be very reasonable" for the economy and workers, he said.
FinanceColombiaEl TiempoOct 23AI
Bancolombia chairman proposes minimum wage increase of around 8.5% to 9%
At the Camacol Congress, Bancolombia (now Grupo Cibest) chairman Juan Carlos Mora proposed that the minimum wage increase return to the previous formula: compensating workers with the sum of inflation, productivity and "perhaps a few small points." With inflation at 6.29% plus 1.5 or 2 points of productivity, he estimated an increase of around 8.5% or 9%. Mora said the minimum wage has a social component because families depend on it.
FinanceColombiaRevista SemanaOct 23AI
Dollar at exchange houses: buying at 3,118.70 pesos and selling at 3,225.87
According to the portal Wilkinsonpc, the national average buying price for the dollar at exchange houses stood at 3,118.70 pesos and the selling price at 3,225.87 pesos, as of 9:30 a.m. on Friday, October 23. In Bogotá the average was 3,153 pesos for buying and 3,241 pesos for selling. The TRM reported for that day was 3,185.01 pesos, below the cash selling price.
FinanceColombiaLa FMOct 23AI