By Nathan Gill Dec. 1 (Bloomberg) — Chile’s Finance Minister Andres Velasco comments on Chile’s budget surplus. Velasco spoke to reporters in Santiago today. On the October budget deficit: “This is not unusual. Fiscal income fluctuates month to month, expenses fluctuate month to month and nobody in their right mind should worry about… Read More Chile Will Meet 2008 Annual Budget Surplus Goal, Velasco Says
By Nathan Gill Nov. 28 (Bloomberg) — Chilean industrial production unexpectedly fell and industrial sales had their second-biggest decline of the year in October as the global financial crisis slowed economic growth. Output dropped 0.8 percent last month from October 2007, the National Statistics Institute said today, compared with a revised 3.6 percent… Read More Chilean Industrial Output Fell 0.8 Percent in October (Update2)
By Nathan Gill Nov. 28 (Bloomberg) — Peru’s economy expanded more than economists expected in the third quarter, led by construction and investment in heavy machinery and equipment. Gross domestic product, the broadest measure of a country’s output in goods and services, grew 9.5 percent in the third quarter from the same period… Read More Peru’s Economy Expanded 9.5 Percent in Third Quarter (Update1)
By Nathan Gill Nov. 27 (Bloomberg) — Chile will offer credit lines of up $8 million for producers of salmon affected by an outbreak of infectious anemia in the country’s south, President Michelle Bachelet said today. Chile will grant credit lines of up to $8 million for sanitary and environmental investment projects, for… Read More Chile Announces New Credits for Salmon Producers
By Nathan Gill Nov. 27 (Bloomberg) — Chile’s President Michelle Bachelet said that the country’s economy is prepared to face the global financial crisis and will grow within the expected range in 2009. The government’s top priority in the next 15 months will be to control the fallout from the global financial crisis,… Read More Chile’s Top Goal Is to Control Financial Crisis, President Bachelet Says
By Nathan Gill and Heather Walsh Nov. 27 (Bloomberg) — Cap SA, Chile’s largest steelmaker, said demand for steel will begin to rise by the middle of next year after slumping because of a global economic recession. Cap had expected a faster rebound, Chairman Roberto De Andraca said today in a speech in… Read More Chile Steelmaker Cap Says Demand May Strengthen by Mid-2009
By Nathan Gill Nov. 27 (Bloomberg) — Chile’s Finance Minister Andres Velasco said the government now projects that the country’s current account deficit will widen next year, due in part to government efforts to stoke economic growth. The government will use “strong” counter-cyclical monetary policy, including increasing the current account deficit, to help… Read More Velasco Expects Wider Chile Current Account Deficit (Update1)
By Nathan Gill Nov. 25 (Bloomberg) — Chile’s congress approved a $5.6 billion budget for next year that will increase spending on infrastructure and boost housing subsidies to help stimulate the economy during a global recession. Government outlays will increase 5.7 percent, led by social services and pensions, which account for 69 percent… Read More Chile’s Congress Approves 2009 Budget With Surplus (Update1)
By Nathan Gill Nov. 25 (Bloomberg) — Chile’s central bank sold $200 million in dollar swaps to banks, part of a $5 billion program over the next six months. Banks were awarded the swaps at an average rate of 1.2 percent above Libor, the central bank wrote on its Web site. It put… Read More Chile Central Bank Sells $200 Million in Dollar Swaps to Banks
By James Attwood and Nathan Gill Nov. 25 (Bloomberg) — The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses, and share prices are as of 3:44 p.m. in New York. The Ipsa index fell 0.2 percent to close at 2,413.01. Colbun SA (COLBUN CC) gained for… Read More Chile Equity Movers: Colbun, Copec, CMPC, Masisa, Multiexport
By James Attwood and Nathan Gill Nov. 24 (Bloomberg) — Banco Santander Chile rose the most in five weeks in Santiago after JPMorgan Chase & Co. recommended owning Chilean banking stocks and the U.S. rescue of Citigroup Inc. eased investor concerns about the global financial system. The country’s biggest lender rose 8.8 percent… Read More Santander Chile Rises on Recommendation, Citigroup (Update1)
By Sebastian Boyd and Nathan Gill Nov. 20 (Bloomberg) — Chilean health authorities may use police databases to track down people infected with the AIDS virus after the government failed to notify 512 patients that they had the illness, denying them access to treatment. In more than half those cases, there’s no record… Read More Chile May Use Police to Find HIV Patients After 512 Not Told
By James Attwood and Nathan Gill Nov. 19 (Bloomberg) — Cencosud SA rose for the first time in three days in Santiago trading after pricing new shares at a 12 percent premium to yesterday’s closing price. Chile’s biggest retailer advanced 2.1 percent to 1,005 pesos, recovering most of the ground lost in the… Read More Chile Retailer Cencosud Rises After Pricing Shares (Update3)
By Nathan Gill Nov. 17 (Bloomberg) — Chile’s Finance Minister Andres Velasco comments on the central bank’s decision to cut 2009 economic forecasts Nov. 14. Velasco spoke to reporters in Santiago today. On the central bank’s revised 2009 economic estimates: “We know the numbers released by the central bank last week and these… Read More Velasco Says Chile Better Prepared Than Many Nations for Crisis
By Nathan Gill and James Attwood Nov. 14 (Bloomberg) — Argentina will defend the value of domestic stocks currently held by private pension funds once the retirement system is nationalized, according to the head of the country’s social security agency. “The first thing is to maintain their value because it is Argentine capital… Read More Argentina Vows to Maintain Value of Pensions’ Stocks (Update1)
By James Attwood and Nathan Gill Nov. 12 (Bloomberg) — Vina Concha y Toro SA, Chile’s biggest wine exporter, rose the most this year in Santiago after it was added to an emerging-markets index and a weakening local currency signaled higher export revenue. The Santiago-based winemaker gained 6.1 percent to 987 pesos, the… Read More Chile’s Concha Rises After Addition to MSCI Index (Update2)
By Nathan Gill and Sebastian Boyd Nov. 5 (Bloomberg) — Chile’s annual inflation rate rose to a 14-year high in October, led by rising costs for food and transportation, increasing pressure on policy makers to raise interest rates this month. Consumer prices jumped 9.9 percent last month from the same month a year… Read More Chile Inflation Rate Rose to 14-Year High in October (Update2)
By Nathan Gill Nov. 4 (Bloomberg) — Socovesa SA, Chile’s biggest homebuilder, rose the most in three weeks after the government announced plans to spend $1.15 billion to help the economy withstand the global financial crisis. Shares advanced 5.7 percent to close at 92.99 pesos, the biggest gain since Oct. 13. Chile’s… Read More Socovesa Rises on $1.15 Billion Chilean Aid Program (Update1)
By Nathan GillNov. 3 (Bloomberg) — Forty-six years after he disappeared, the Nazi fugitive known as Dr. Death may be within reach of Chilean police tracking him down. A police task force is following leads in southern Chile that Aribert Heim, an SS officer accused of performing experiments on inmates at the Mauthausen concentration camp,… Read More Dr. Death Appearance in Chile Has Nazi Hunters Dangling Reward
By Nathan Gill Oct. 30 (Bloomberg) — Chile’s Chamber of Construction andCitigroup Inc. halted negotiations over control of AFP Habitat,a Chilean pension fund, Diario Financiero reported, citingunidentified sources involved in the talks. Negotiations over the chamber’s offer to buy Citigroup’s 40percent stake in the fund for about $300 million were stoppedbecause of liquidity concerns at… Read More Chile’s Construction Chamber, Citigroup Halt AFP Habitat Talks
By Nathan Gill Oct. 30 (Bloomberg) — Banco Santander Chile, the country’sbiggest lender, said consumer lending has slowed as higherinflation hurt lower-income customers. Raimundo Monge, corporate director of strategy and financialplanning at the bank, said the company will compensate forfalling revenue from personal lending by focusing on moreaffluent consumers as well as local corporations. “We… Read More Chile’s Banco Santander Says High Inflation Slows Loan Growth
(Corrects company name in first paragraph.) By Nathan Gill Oct. 28 (Bloomberg) — Soquimich Comercial SA, a Chileanfertilizer maker, said profit more than tripled for the firstnine months of this year as prices for its products rose. Net income rose to 9.08 billion pesos ($13.4 million) from2.78 billion pesos a year earlier, the Santiago-based… Read More MY FIRST CORRECT: Soquimich Comercial Nine-Month Net Rises (Correction)
By Nathan Gill Oct. 24 (Bloomberg) — Chilean Finance Minister AndresVelasco comments on Chile and the international financialcrisis. He spoke to reporters today in Santiago. On the 2009 budget surplus: “The important thing is the structural surplus, not theactual surplus. We have a long-term goal of the equivalent of0.5 percent of gross domestic product. We… Read More Chile Will Meet Long-Term Budget Surplus Goals, Velasco Says
By Nathan Gill Oct. 23 (Bloomberg) — Cencosud SA, Chile’s biggestretailer, has delayed some projects because of the credit crisis,Chief Executive Officer Laurence Golborne said. Cencosud’s home-improvement chain Easy has been “affected”by the global economic slowdown and is revising its investmentplans for 2009, he said. “We have delayed a series of projects and we are… Read More Chile’s Cencosud Delays Projects Due to Credit Crisis (Update1)
By Nathan Gill Oct. 22 (Bloomberg) — Greg Tanzer, secretary general of theInternational Organization of Securities Commissions, comments onregulation and transparency in Latin American markets. Tanzerspoke at an interview in Santiago. On steps Latin American securities regulators should take toimprove their markets: “For Latin American securities regulators, and forregulators in other parts of the world… Read More Latin America Needs Market Confidence, IOSCO’s Tanzer Says
By Nathan Gill Oct. 16 (Bloomberg) — Chile’s former central bank PresidentVittorio Corbo comments on the effect of the financial crisis onChile’s economic outlook. Corbo spoke to reporters after aseminar in Santiago today. On the possibility that the Chilean central bank will selldollars to increase the value of the peso: “The central bank will evaluate… Read More Chile’s Central Bank May Sell Dollars If Needed, Corbo Says
By Nathan Gill Oct. 15 (Bloomberg) — Distribucion y Servicio D&S rose inSantiago trading, helping limit a decline in Chile’s main stockindex, on speculation it will be acquired by another retailer. D&S, which operates Chile’s biggest supermarket chain,climbed 3.7 percent to 195 pesos. A 19 percent gain so far thisweek is the steepest weekly rise… Read More Chilean Retailer D&S Rises on Acquisition Speculation (Update2)
By Nathan Gill Oct. 14 (Bloomberg) — Banco Santander Chile, the country’sbiggest lender, extended its biggest gain in a decade in Santiagoas analysts recommended buying the shares on valuation and as theU.S. bank bailout plan eased credit concerns. Santander gained 12 percent to 21 pesos, after surging 14percent yesterday in the steepest rally since shares… Read More Santander Chile Extends Rally as Credit Concern Eases
By Nathan Gill Oct. 14 (Bloomberg) — Panamanian President Martin Torrijossaid the country reached agreements with international lenders,such as the Inter-American Development Bank, for $2.3 billion infinancing to expand capacity of the Panama Canal. Panama will borrow $500 million from the European InvestmentBank, $800 million from the Japan Bank for InternationalCooperation, $400 million from the… Read More Torrijos Says Panama Secures $2.3 Billion for Canal Expansion
By Nathan Gill Oct. 14 (Bloomberg) — Cencosud SA, Chile’s biggestretailer, extended its steepest gain in four years in Santiagotrading after Banco Santander SA said a plan to raise capital mayreduce the company’s financial “uncertainty.” The shares rose 9.8 percent to 1,100 pesos after jumping 15percent yesterday in the biggest gain since trading began in… Read More Cencosud Extends Gain on Plans to Shore Up Finances
By Nathan Gill Oct. 10 (Bloomberg) — Chile’s pension funds have sufferedtheir worst losses this year since the Asian financial crisis ofa decade ago, Alejandro Charme, the country’s superintendent ofpensions, said. All of Chile’s pension funds have dropped, with the“riskiest” plans suffering losses of about 25 percent this yearthrough Sept. 30, Charme said. Plans with… Read More Chilean Pension Funds Suffer Worst Declines Since Asia Crisis
By Nathan Gill and James Attwood Oct. 7 (Bloomberg) — Cia. de Telecomunicaciones de Chile SA fell to the lowest in a month in Santiago trading after minority shareholders blocked an offer by controlling shareholder Telefonica SA to buy shares it doesn’t already own. Telefonica Chile, as the country’s biggest fixed-line carrier is… Read More Telefonica Chile Falls After Purchase Offer Rejected (Update4)
By Sebastian Boyd and Nathan Gill Oct. 7 (Bloomberg) — Chile posted its first trade deficit in six years in September as prices for copper, the country’s biggest export, tumbled. Chile imported $319 million more than it exported, the central bank said on its Web site. The median estimate of 15 economists polled… Read More Chile Posts First Monthly Trade Deficit in Six Years (Update1)
