Finance

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
Minimum wage increase should be between 8% and 9%, Bancolombia chairman says
Juan Carlos Mora, chairman of Bancolombia, said the minimum wage increase for 2027 should be between 8% and 9%. Speaking at a press conference at the Camacol Congress, Mora said the mechanism should combine inflation, productivity and "a few small points." He added that the suggested increase is reasonable for the economy and for workers, and that the social component of the minimum wage must also be considered.
FinanceColombiaELHERALDO.COOct 23AI
Euro closed at 26.88 Cuban pesos, down 0.26%
The euro traded at 26.88 Cuban pesos at the close, a 0.26% decrease from the previous close of 26.95 pesos, according to Dow Jones. Over the past week the European currency rose 0.03%, while its year-on-year variation shows a 5.57% decline. Volatility stands at 4.43%, below the 5.15% reference. The text also includes official projections for Cuba in 2026: 1% growth, 10% inflation and a fiscal deficit of 74,500 million pesos.
FinanceInternationalInfobaeOct 23AI
Colombian peso: dollar falls to 3,185.01 and moves away from 3,200
The representative market rate of the dollar in Colombia stood at 3,185.01 pesos on Friday, October 23, 2026, a decrease of 6.46 pesos from the previous day, equivalent to a 0.20% drop. On Thursday the official rate was 3,191.47. Since the start of 2026, the currency has accumulated a reduction of 572.07 pesos, or 15.23%, and compared with October 23, 2025, its value is 715.81 pesos below the current level.
FinanceColombiaNoticias RCNOct 23AI
Primavera Infinita, the company linked to Coinbase co-founder Fred Ehrsam, signs an oil contract with PDVSA
Primavera Infinita, a company linked to Venezuelan entrepreneur Manuel Iribarren and Coinbase co-founder Fred Ehrsam, signed a Productive Participation Contract with PDVSA on September 2 to develop the Budare-Elotes block, at an event in Miraflores with Delcy Rodríguez and U.S. Energy Secretary Chris Wright. The company aims to produce 100,000 barrels per day in the short term and has also shown interest in the Boca, Guico and Guara blocks. The investment amount and the agreement's economic terms have not been disclosed.
FinanceInternationalBloomberg LíneaOct 23AI
Spain's second-hand market reaches 18.81 billion euros, 1.1% of GDP
Spain's second-hand buying, selling and donation market reached a valuation of 18.81 billion euros, equivalent to 1.1% of the country's GDP, according to a report from the environmental sector. More than 420 million transactions of used goods were recorded over the past year, with clothing, refurbished electronic devices and furniture among the most prominent. Rising living costs and digital platforms have driven this sustainable consumption trend.
FinanceInternationalDiario del SurOct 23AI
Corficolombiana proposes an 8.0% minimum wage increase for 2027
A report from Corficolombiana's economic research team says the 2027 minimum wage adjustment should use as reference the inflation expected at the end of 2026, at 6.8%, and an estimated 1.2% growth in total factor productivity. Under those assumptions, the technically desirable increase would be 8.0%. The report warns that a disproportionate raise would add pressure on prices and labor costs, and calls for reviewing whether the minimum wage remains an adequate reference for the country's productive conditions.
FinanceColombiaPulzoOct 23AI
Spain's Treasury allows deductions of up to 9,000 euros in income tax for energy efficiency works
Spanish taxpayers will be able to apply state IRPF deductions for energy efficiency works on their homes in the 2027 tax return, corresponding to 2026. There are three modalities: 20% with a maximum base of 5,000 euros, 40% with a base of 7,500 euros and 60% for complete residential buildings, with an annual base of 5,000 euros transferable over four years up to 15,000 euros, allowing a total deduction of up to 9,000 euros. An energy certificate and payment by bank means are required.
FinanceInternationalLa RazónOct 23AI
Argentine court dismisses case against Javier Milei and his sister Karina over $LIBRA
Federal judge Marcelo Martínez de Giorgi dismissed the case against Javier Milei and his sister Karina in the $LIBRA probe, which investigated an alleged fraud tied to the launch of that cryptocurrency, which collapsed in February 2025. The ruling followed a request from prosecutor Eduardo Taiano, who argued the project existed, the token was issued and trades were public and traceable on blockchain, and that buyers' losses alone are not enough to constitute fraud. Nine other defendants were also cleared.
FinanceInternationalClarin.comOct 23AI
Chilean peso falls as dollar rises $10 on the week, closing at highest since April 2025 amid oil rally
The dollar-Chilean peso rate rose $8.9 to $995.3 at Friday's close, reaching its highest level since April 8, 2025, and posting a weekly gain of $10, according to Bloomberg's ask-side compilation. The session was marked by the geopolitical crisis in the Middle East and the unwinding of positions favorable to artificial intelligence. Brent was up 3% at US$116.5 per barrel, its highest since late April, while copper jumped 1.8% to US$6.5 per pound.
FinanceInternationalDiario FinancieroOct 23AI
Daniel Briceño calls for a fiscal adjustment of 40 trillion pesos, equal to two points of GDP
Ahead of the government submitting its fiscal adjustment bill to Congress, Representative Daniel Briceño said on Blu Radio that Colombia urgently needs a 40 trillion peso adjustment, equal to two points of GDP, to give the economy breathing room. He also defended a bill filed three months ago to restore the legal stability system and called for simplifying the tax system without raising taxes.
FinanceColombiaBlu RadioOct 23AI
Colombian banks expect 18 months of turbulence but see room to reactivate the economy
The heads of Colombia's largest financial conglomerates (Cibest, Aval, Bolívar and Grupo Social) anticipate 18 months of economic turbulence, amid a spending cut of about COP 14 trillion and a possible economic rescue law with an adjustment of up to 2% of GDP. Still, they voice optimism and propose investment incentives in housing, infrastructure, mining and industry, with guarantees, interest-rate subsidies and pension funds used for down payments.
FinanceColombiaEl EspectadorOct 23AI
Colombian peso: dollar closed lower on October 23 at 3,158.62 pesos
The dollar in Colombia closed on October 23 at 3,158.62 pesos, 26.39 pesos below the TRM of 3,185.01. During the session the currency hit a low of 3,136 and a high of 3,189, with 1,925 transactions worth US$1,556 million. The move came in below initial expectations, which pointed to an upward trend toward 3,200. Corficolombiana strategist Mauricio Acevedo said futures on U.S. stock indexes showed mixed performance.
FinanceColombiaEl Universal (Cartagena)Oct 23AI
Silver falls to its lowest since November 2025 on pressure from the Fed, the dollar and tech selling
Silver trades around $53.80 an ounce, its lowest level since November 2025, with a 15% drop over the past month and 27% so far in 2026 from the $74.22 it opened the year at. The pressure comes from a restrictive Fed with rates at 3.75% to 4.00%, a strong dollar and selling in technology and artificial intelligence stocks, which pushed funds to liquidate precious metals. Gold also lost the $4,000 mark.
FinanceInternationalXTB.comOct 23AI
US consumer sentiment falls to its second-lowest level on gas prices and inflation
The University of Michigan consumer sentiment index for October was the second lowest since 1978, according to data released Friday. A gallon of unleaded gasoline costs 40% more than a year ago and diesel nearly 75% more. 56% of respondents said rising prices are hurting their personal finances, a share that has risen for four consecutive months. One-year inflation expectations rose from 4.6% to 4.7%.
FinanceInternationalCNN en EspañolOct 23AI
Mabel Lara resigns from Cali Mayor's Office cabinet after nearly three years
Mabel Lara announced her resignation from the cabinet of the Cali Mayor's Office, closing a cycle of nearly three years in Alejandro Eder's administration. She made the announcement through a video on her social media and a statement thanking the mayor, the team and citizens. She was Tourism Secretary in 2024, then took over the Economic Development Secretariat on April 1, 2025, and in January 2026 moved to coordinating strategic projects. Her replacement is not yet known.
FinanceColombiaPulzoOct 23AI
Argentina's country risk consolidates above 700 points while ADRs rise up to 3.3%
Argentina's country risk rises 0.9% to 710 basis points, consolidating above 700, with a 77% surge over three months. Global bonds fall up to 0.6% on Wall Street and accumulate declines of up to 6.6% in a month. In contrast, Argentine stocks and ADRs trade mostly higher: Cresud (+3.3%), Grupo Supervielle (+3.2%) and BBVA (+2.5%), while the MSCI Merval gains 2.8% to 100,736.190 points.
FinanceInternationalAmbitoOct 23AI
Asoexport: dollar decline has cost coffee exporters nearly $2 billion
Gustavo Gómez, president of Asoexport, said the dollar's decline has cost the coffee sector close to $2 billion in exports. The peso has appreciated nearly 20% since the start of the year, with the exchange rate moving from levels of $5,000 to below $3,200. Production fell to 8.94 million bags, 10% less than a year earlier, and the guild expects to close 2026 at 12 million bags versus 13 or 14 million in 2025.
FinanceColombiaVanguardiaOct 23AI