Colombia Officially Signs New Peace Deal with FARC World Leaders Rail Against Protectionism During APEC Economic Summit Featuring Santos, Obama, Putin Colombian Peso Takes Big Hit in the Wake of Donald Trump Election Fitch Ratings Has Negative Outlook for Colombian Companies in 2017 Colombia Is Introducing New 5,000 and 2,000 Peso Bills into Circulation
BOGOTĂ AND MEDELLĂ?N Win BloombergMayors Challenge for Plans to Improve Student Commute and Reduce Predatory Lending
After a series of fits and stops that After threatened a series to derail of fits aand historic stopsyear, that threatened to derail a historic year, Colombia may finally have peace. Just Colombia like the may legislature’s finally have higher peace. chamJust like the legislature’s higher chamber, Colombia’s House of Representatives ber, Colombia’s has voted unanimously House of Representatives in favor has voted unanimously in favor of the nation’s revised peace agreement of the to end nation’s morerevised than a peace half-century agreement of to end more than a half-century of conflict with the Revolutionary Armedconflict Forces with of Colombia the Revolutionary (FARC). Armed Forces of Colombia (FARC). Congressional ratification is believed Congressional to be the final logistical ratification hurdle is believed before to be the final logistical hurdle before the deal can be officially implemented,thealthough deal canthebe130-0 officially voteimplemented, — just like although the 130-0 vote — just like the 75-0 vote in the Senate a day earlier the — 75-0 was vote marked in the by Senate the opposition a day earlier — was marked by the opposition party boycotting the proceedings. party boycotting the proceedings. The next steps to actually implementing The all nextthesteps provisions to actually the 310-page implementing all the provisions the 310-page document will move slowly. Those against document the accord will move mayslowly. continue Those to try against the accord may continue to try to derail progress by instituting logistical to derail roadblocks progressin by what instituting has moved logistical roadblocks in what has moved from a conflict to a negotiation to afrom bureaucratic a conflictprocess to a negotiation for removing to a bureaucratic process for removing FARC combatants from the field. And FARC some combatants judicial hurdles from the remain field. inAnd some judicial hurdles remain in terms of defining the timeline. terms of defining the timeline. Once the official demobilization process Once is begun the official — the demobilization so-called “D Day” process is begun — the so-called “D Day” — a 180-day window will begin for the — guerrillas a 180-daytowindow demobilize will begin and hand for the guerrillas to demobilize and hand over their weapons to the United Nations overmonitors their weapons assigned to the to oversee United Nations the monitors assigned to oversee the end of the organization as a military faction. end of the Demarcated organization zones as aare military beingfaction. Demarcated zones are being finalized, and FARC members will begin finalized, moving and into FARC these members areas once will begin moving into these areas once Day hits, which could possibly comeDay thishits, yearwhich or drag could onpossibly in limbocome for this year or drag on in limbo for months. The longer the process takes, months. the The morelonger risk there the process will be of takes, the more risk there will be of disgruntled guerrillas abandoning thedisgruntled plan and returning guerrillastoabandoning crime underthe a plan and returning to crime under a different (or no) banner. different (or no) banner. Despite the challenge ahead, the administration Despite theofchallenge Presidentahead, Juan Manuel the administration of President Juan Manuel Santos is taking time to exhale. “This last Santos partisoftaking renegotiation time to exhale. was exhaus“This last part of renegotiation was exhausting,” said governmental peace officialting,” Sergio saidJaramillo governmental to the peace press after official Sergio Jaramillo to the press after the House vote. “It took us to the limit.the ButHouse now we vote. pass“Ittotook something us to themore limit. But now we pass to something more difficult, which is to change the conditions difficult, onwhich the ground is to change and benefit the conditions our on the ground and benefit our campesinos. And to assure there is safe campesinos. transit for And the FARC to assure andthere to worry is safe transit for the FARC and to worry about the security of communities.” about the security of communities.”
After a series of fits and stops After that threatened a series of to fitsderail and stops a historic that year, threatened The to derail a historic year, The Asia-Pacific Economic Cooperation Asia-Pacific (APEC)Economic summit kicked Cooperation off yesterday (APEC)insummit kicked off yesterday in Lima, Peru, where leaders from Lima, 21Peru, majorwhere world leaders economies fromgathered 21 majortoworld economies gathered to discuss issues of mutual importance discuss and issues concerns of mutual of protectionism. importance and The concerns of protectionism. The meeting is notable for being the meeting final international is notable forsummit being the for U.S. final international Presisummit for U.S. President Barack Obama — which dent also Barack meansObama it is the — last whichbefore also Presimeans it is the last before President-elect Donald Trump takesdent-elect over the world’s Donald highest Trump takes office.over the world’s highest office. Chinese President Xi JinpingChinese used hisPresident keynote Xi address Jinpingtoused oppose his the keynote address to oppose the anti-trade rhetoric spewed throughout anti-tradeTrump’s rhetoriccampaign spewed throughout and caution Trump’s his campaign and caution his peers from accepting the protectionist peers frommomentum accepting taking the protectionist hold after momentum the taking hold after the U.S. election and Brexit. U.S. election and Brexit. “We need to commit ourselves“We to build needatocommunity commit ourselves with a shared to buildfuture, a community with a shared future, and that should oblige us to come and that closer should together obligethan us to move come apart,” closersaid together than move apart,” said Xi, according to CCTV. “We ought Xi, according to continue to CCTV. deepening “We ought and expanding to continue deepening and expanding the cooperation in our region. theWe cooperation ought to build in oura region. common Weplatform, ought to build a common platform, establish common rules, and establish share thecommon results ofrules, our development. and share theAny results of our development. Any attempt to exclude any of us should attemptbetorejected.” exclude any of us should be rejected.” Xi called for a free-trade area among Xi calledthefor21a nations free-trade present area among at the summit, the 21 nations present at the summit, which included the United States, whichChina, included Colombia, the United Peru, States, Russia, China, Japan, Colombia, Peru, Russia, Japan, Canada, Mexico, Chile, and Australia, Canada,among Mexico,others. Chile, and Australia, among others. Peruvian President Pedro Pablo Peruvian Kuczynski President wasPedro even Pablo harsherKuczynski in his was even harsher in his comments. “Protectionist tendencies comments. are taking “Protectionist over,” hetendencies said, adding arethat taking over,” he said, adding that “for anybody who wants to promote “for anybody protection who wants I suggest to promote they read protection an I suggest they read an economic history of the 1930s,” economic he said, history per CCTV. of the 1930s,” he said, per CCTV. Before the event, Juan Raffo,Before the current the event, chairJuan of the Raffo, APEC theBusiness current chair of the APEC Business Advisory Council, elaboratedAdvisory on the potential Council, problems elaboratedthat on will the befall potential problems that will befall economies across the globe economies if protectionism acrossslows the globe the unprecedented if protectionism slows the unprecedented advancement in global integration advancement we have seen in global in the integration past two we decades. have seen in the past two decades.
ectionist actions make it “Protectionist harder for business actionstomake play ititsharder part inforcreating business employment to play its and part raising in creating livingemployment standards and raising living standards ss the region,” said Raffo.across “Brexitthe andregion,” recent election said Raffo. results “Brexit in both and recent developed election and results developing in both economies developed seem andtodeveloping economies seem to served as a referendum have on theserved meritsasofaeconomic referendum integration. on the merits Theyofhave economic createdintegration. an unprecedented They have uncertainty created an unprecedented uncertainty t the direction of the global about economy. the direction They appear of the global to call economy. into question Theytheappear successful to callmodel into question of economic the successful integra- model of economic integrahat has been responsibletion for that rapidhas growth beenand responsible the spread forofrapid prosperity growtharound and thethe spread world.” of prosperity around the world.”
ontinued. “We accept theHe need continued. to do more “Wetoaccept help convince the needour to do citizens morethat to help economic convince integration our citizens is directly that economic linked integration is directly linked panding prosperity and that to expanding open markets prosperity — enhanced and thatbyopen new markets technologies — enhanced and waysbyofnew doing technologies business —and have ways of doing business — have millions out of poverty. Yet liftedwemillions also know out ofnotpoverty. everyone Yet has we also shared know equally not everyone in this dividend has shared and many equally feelin left this dividend and many feel left nd. While social safety nets behind. can provide While social temporary safetyrelief netsand canassistance provide temporary in adapting relief to and the new assistance circumstances, in adapting it isto the new circumstances, it is tural economic reform that structural can address economic any negative reform that consequences can addresson any a longer negative term consequences and permanent on abasis.” longer term and permanent basis.”
COLOMBIAN COLOMBIAN PESO PESO THE COLOMBIAN PESO THEBEGAN COLOMBIAN DEPRECIATING PESO BEGAN IN THE DEPRECIATING LEAD UP TO THE IN THE U.S. LEAD UP TO THE U.S. PRESIDENTIAL ELECTION PRESIDENTIAL AND TOOK ELECTION A BIG TUMBLE AND TOOK TODAY A BIG AS TUMBLE MARKETSTODAY AS MARKETS CONTINUE TO ADJUST CONTINUE TO TRUMP’S TO ADJUST VICTORY. TO TRUMP’S VICTORY. central bank and Mexico’s financecentral minister bank and finance minister While the world’s eyesWhile have the beenworld’s more eyesMexico’s have been more held a election joint news held a joint earlynews the conference early the focused on the damage focused that the election on the damage of that the of conference following following take the morning. neces- “We will take the necesDonald Trump has done Donald to theTrump Mexican has done to the morning. Mexican “We will saryhas measures,” said Jose saryAntonio measures,” Meade, said Jose Antonio Meade, peso, the Colombian peso peso, hasthenow Colombian suffe- peso now suffered a delayed hit. Thered nation’s a delayed currency hit. TheMexico’s nation’s finance currencyminister. Mexico’s “Mexico finance is in aminister. “Mexico is in a of strength.” position of strength.” was rocked today as thewas U.S.rocked dollar strengtoday as theposition U.S. dollar strengthened, rising to more than thened, 3,100rising pesos to to more than 3,100 pesos to the dollar for the first time thesince dollarAugust for the3,first time President since August Enrique 3, PeñaPresident Nieto offered Enrique an Peña Nieto offered an olivetobrand congratulate by calling Trump to congratulate according to XE.com. according to XE.com. olive brand by calling Trump him on his victory and invite him on himhis to victory visit theand invite him to visit the From the beginning of From September the beginning to of country September for a todiscussion countryof for bilateral a discussion of bilateral mid-October, the pesomid-October, jumped around the pesorelations. jumped He around said thatrelations. the U.S.Hepresisaid that the U.S. presibetween 2,900 and 3,000between to the dollar. 2,900 The and 3,000dent-elect to the dollar. accepted The the dent-elect invitation and accepted that the invitation and that failed plebiscite vote for failed a peace plebiscite deal with vote for they a peace meeting deal may with takethey place meeting before may the take place before the FARC and the OPEC announcement FARC and thethat OPEC it announcement inauguration in that January. it inauguration in January. planned to cut oil production planned both to caused cut oil production both caused short-term spikes and falls, short-term but it still spikes gene-and falls, President but it still Peña geneNieto received President widespread Peña Nieto received widespread rally stayed within that range. rally stayed within that range. condemnation in the domestic condemnation press earlier in the domestic press earlier this year when he hosted thisayear meeting whenwith he hosted a meeting with Then, on October 30, the Then, Colombian on October peso30, the Trump Colombian despitepeso the then-candidate’s Trump despite consisthe then-candidate’s consiswent above 3,000, and itwent has above been fluctua3,000, and ittently has been hostilefluctuamessagingtently on Mexico. hostileThroumessaging on Mexico. Throuting drastically ever since, ting particularly drasticallyinever the since,ghout particularly his campaign, in the Trump ghout vowed his campaign, to build Trump vowed to build days leading up to thedays U.S.leading presidential up to thea U.S. physical presidential wall along thea border physicaland wallforce along the border and force election. But after starting election. todayBut at after right starting Mexico today to pay at for right it in an Mexico effort toto curb payillegal for it in an effort to curb illegal around 3,000 it is now trading around over 3,0003,100, it is now trading immigration over and 3,100, increaseimmigration national security. and increase national security. hitting a high of 3,117 to hitting the dollar. a high of 3,117 to the dollar. Trump has also pledgedTrump to revamp has also — or pledged to revamp — or Today’s volatility suggests Today’s more volatility change to suggests simply moretear change up —tothe North simply American tear upFree — the North American Free come, with the market uncertainty come, withsurrounthe market uncertainty Trade Agreement surroun- that has Tradebeen Agreement in force that has been in force ding the presidency of Republican ding the presidency winner of Republican since the early winner 1990s between since thetheearly United 1990s between the United Trump showing no signsTrump of easing showing in the no signsStates, of easing Mexico, in the and States, Canada.Mexico, While and Canada. While emerging markets. emerging markets. campaigning, he laid outcampaigning, a plan for hishe first laid out a plan for his first
Colombian PesoColombian – November Peso 10 Volatility – November 10 Volatility
Source: XE.com
Source: XE.com
100 days in office that 100 included days in the office that included the following promise. “I willfollowing begin taking promise. the “I will begin taking the following seven actions tofollowing protect American seven actions to protect American workers,” said Trump in workers,” a speech.said “First, Trump I in a speech. “First, I will announce my intention will announce to renegotiate my intention to renegotiate NAFTA or withdraw from NAFTA the deal or withdraw under from the deal under Article 2205.” Article 2205.” Mexican Foreign Minister Mexican Ruiz Foreign Massieu Minister Ruiz Massieu said yesterday that the country said yesterday is willingthat to the country is willing to talk with Trump and talk Canadian with Trump leadersand Canadian leaders about making tweaks toabout NAFTA. making But was tweaks to NAFTA. But was resolute that Mexico is resolute not interested that Mexico in a is not interested in a renegotiation of the deal.renegotiation “We think it of is an the deal. “We think it is an opportunity to think if weopportunity should modernize to think if we should modernize it, not renegotiate it, butit, tonotmodernize renegotiate it,” it, but to modernize it,” Massieu told CNN. Massieu told CNN.
COLOMBIA INFLATION RATE FALLS TO 6.48% IN OCTOBER
The new 6.48% rate is the lowest seen since November 2015 — and a huge drop from the 8.97% high in July.
"Most of the economic benefits of peace in terms of increased investment and tourism have already been felt," said Adam Collins of Capital Economics.