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31.01.25 - 04:18
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Cocaine Outpaces Oil As Colombia′s Most Valuable Export (ZeroHedge)
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Cocaine Outpaces Oil As Colombia's Most Valuable Export
Authored by Matthew Smith via Oilprice.com,
Colombia's cocaine production reached a record high in 2023, despite government efforts to combat the illicit industry.
The booming cocaine trade is driving insecurity, corruption, and violence, damaging key economic sectors like the oil industry.
The cultivation of coca and production of cocaine has been fueled by a complex interplay of factors, including demand, profitability, and the involvement of illegal armed groups.
In a shocking development, Colombia's cocaine production, for the 10th year straight, soared to a new record high. The UN Office on Drugs and Crime (UNODC) estimates that the year's annual output grew 52% year over year to a startling 2,664 metric tons, the largest amount ever produced. Despite the government in the capital Bogota, with U.S. backing, committing substantial resources to disrupt what is now an economically crucial illicit industry in rural C...
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20.12.24 - 20:01
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Colombia′s central bank board makes surprise 25 bp cut at last 2024 meeting (Reuters EN)
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UPDATE 1-Colombia's central bank board makes surprise 25 bp cut at last 2024 meeting Recasts throughout to update with rate decision By Nelson Bocanegra and Carlos Vargas BOGOTA, Dec 20 (Reuters) - The board of Colombia's central bank on Friday voted to cut its benchmark interest rate by a surprise 25 basis points to 9.50%, less than expected by the market, citing global financial pressures and the work of other central banks to raise their own interest rates....
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20.12.24 - 14:54
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Colombia awards offshore environmental license to Occidental Petroleum subsidiary (Reuters EN)
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Colombia awards offshore environmental license to Occidental Petroleum subsidiary BOGOTA, Dec 20 (Reuters) - Colombia's national environmental licensing agency (ANLA) on Friday said it has awarded an environmental license to Anadarko Colombia Company, a subsidiary of Occidental Petroleum OXY.N , to carry out oil and gas exploration in the country's Caribbean waters....
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20.12.24 - 12:18
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Turmoil at Colombia′s Ecopetrol raises profit fears ahead of US investment decision (Reuters EN)
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FOCUS-Turmoil at Colombia's Ecopetrol raises profit fears ahead of US investment decision Ecopetrol faces governance issues amid staff purges Petro's opposition to fracking affects Ecopetrol's deals Ecopetrol's contributions to national income set to decline Company faces March decision on Occidental partnership in Texas By Nelson Bocanegra BARRANCABERMEJA, Colombia, Dec 20 (Reuters) - Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol and purges of hundr...
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20.12.24 - 06:12
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Colombia′s central bank board seen making 50 bp cut at last 2024 meeting (Reuters EN)
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Colombia's central bank board seen making 50 bp cut at last 2024 meeting By Nelson Bocanegra BOGOTA, Dec 20 (Reuters) - The board of Colombia's central bank will meet on Friday for its last meeting of the year, where analysts expect members to vote to cut the benchmark interest rate by 50 basis points amid global uncertainty and the country's fiscal challenges....
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