Carlos Ramírez

Liquor and wine VAT could increase 14% in tax reform

October 29, 2025 Carlos Ramírez

Colombia's National Government is preparing a $16.3 trillion tax reform that includes significant increases in taxes on liquors, wines, and aperitifs. It proposes raising the VAT from 5% to 19% on these products, along with consumption tax hikes of up to 224%. Prolicores warns that this would boost the illegal market from 22% to 50%, impacting jobs and the regional economy.

Reasons the US dollar stays below $4,000 pesos in Colombia

October 29, 2025 Carlos Ramírez

The US dollar has completed eight weeks without exceeding $4,000 pesos in Colombia, driven by global and local factors like the Federal Reserve's rate cut and increased dollar inflows. Analysts point to the DXY index's weakness and government operations strengthening the peso. This stability benefits imports and travel to the United States.

Colombian dollar closes higher ahead of possible Fed rate cut

The Colombian dollar closed on October 28, 2025, up $30.46 at $3,874.66, driven by expectations of a US Federal Reserve interest rate cut. Oil prices fell for the third straight day amid US sanctions on Russian companies and a potential OPEC+ production increase. Global investors are watching the Trump-Xi Jinping meeting scheduled for Thursday in South Korea.

Gustavo Petro's inclusion in Clinton List sparks legitimacy crisis

October 28, 2025 Carlos Ramírez

President Gustavo Petro was added to the US Treasury's Clinton List, freezing any assets under US jurisdiction and barring transactions with American citizens or companies. The measure also impacts his wife, son, and Interior Minister, marking the first time a Colombian president appears on the list. Experts note that his pension and Ecopetrol remain unaffected, though questions arise over managing his personal finances.

Petro insists on not recognizing Maduro but rejects invasion of Venezuela

Colombian President Gustavo Petro responded to his inclusion on the Clinton List, stating he does not recognize Nicolás Maduro's re-election in Venezuela. He reiterated his opposition to any invasion of the neighboring country, deeming it a betrayal of Latin America. Petro emphasized the principle of self-determination of peoples.

US attacks in Pacific kill 14 suspected narcotraffickers

October 28, 2025 Carlos Ramírez

The United States confirmed aerial attacks on four boats suspected of drug trafficking in the eastern Pacific, killing 14 and leaving one survivor. Defense Secretary Pete Hegseth detailed that the operations took place in international waters near Mexico. These bombings are part of a broader offensive against drug trafficking in the region.

Mercado Libre reports US$7,400 million in revenues for Q3 2025

October 29, 2025 Carlos Ramírez

Mercado Libre, Latin America's leading e-commerce firm, reported net revenues of US$7,400 million for the third quarter of 2025, a 39% year-over-year increase that beat analyst expectations. Yet, net profit of US$421 million fell short due to instability in Argentina. Growth was driven by initiatives in Brazil and Mexico.