Colombia

The Colombian central bank is gearing for a challenging year that will test its ability to steer the economy out of a slowdown while also fighting off the peso's appreciation, one the most disruptive challenges faced by local monetary authorities, The Wall Street Journal reported. "We are seeing high levels of uncertainty regarding the nature of several shocks to prices and production," said Jose Dario Uribe, the central bank chairman, in an interview.

About 7,000 people are reportedly affected after Spanish airline Air Comet's fleet was grounded this week by officials over its failure to pay debts, Colombia Reports reported. The low-cost Spanish carrier owes €17 million to Germany's Nord Bank in lease payments and Air Comet says it is seeking to lay off all of its nearly 700 employees. The Madrid-based company - which specialises in cheap flights to Latin America - also says it has filed for bankruptcy.