Rupert Stebbings News
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Ecopetrol SA, Colombia’s state- controlled oil company, dropped to a three-month low as the government announced that oil companies will pay a higher withholding tax than that paid by agricultural and industrial businesses and as global crude prices fell.
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Banco Davivienda SA, Colombia’s third-biggest bank, tumbled the most on record after a single $43 million trade this morning.
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Ecopetrol SA, Colombia’s state- controlled oil company, rose from an eight-month low after the company announced an oil find in the central part of the country, its first solo discovery of the year.
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Trading in a market created to combine stocks from Colombia, Chile and Peru is languishing as transactions in the first four months totaled $2.9 million, or the equivalent of about 20 seconds of average volume in Brazil.
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Celfin Capital SA, a Santiago-based brokerage, named Rupert Stebbings managing director of its new Colombia unit.
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BP Plc , seeking to raise funds to pay compensation for the Gulf of Mexico oil spill, agreed to sell fields in Colombia to Ecopetrol SA and Talisman Energy Inc. for $1.9 billion in cash.
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Colombia’s central bank kept its benchmark interest rate unchanged at a record low for a third month as policy makers bet that a rebound in economic growth is unlikely to spur excessive inflation.
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Torrential rains and flooding in Colombia will boost food prices as farmers struggle to harvest crops and transport their produce, Agriculture Minister Juan Camilo Restrepo said today.
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Fabricato SA, Colombia’s bankrupt textile producer, more than doubled this year on prospects for a U.S. free-trade accord, a rally some analysts say is unwarranted as investors overestimate the potential benefit to earnings.
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Colombia’s peso and dollar bonds rose for a fourth straight week on speculation former Defense Minister Juan Manuel Santos will win the presidential election this weekend, attracting record foreign direct investment.
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