The number of companies in Colombia filing for insolvency this year is on track to reach its highest level in a decade, heaping pressure on President Gustavo Petro to pull the country out of its economic doldrums, Bloomberg News reported. The surge in financially distressed firms is being driven by a sharp contraction in the construction industry, one of the nation’s biggest employers, that’s partly a result of a housing subsidy overhaul by Petro’s own government. Economists worry that ripple effects from businesses shutting down will hold back growth in the broader economy.
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Colombia’s central bank cut borrowing costs to a two-year low while ignoring President Gustavo Petro’s calls for an even bigger reduction. The board also elected Governor Leonardo Villar for a second four-year term, Bloomberg News reported. The board split once more as it lowered its benchmark rate by half a percentage point to 10.25%, Villar told reporters on Monday. The move was correctly forecast by 20 of 27 economists in a Bloomberg survey, while the others expected a deeper cut, to 10%.
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