White-Bellied Spider Monkey Losing to $18 Billion of Oil

(Originally published in Bloomberg News) By Nathan Gill      (Bloomberg) — Not even the endangered white-bellied spider monkey can escape the lingering consequences of Ecuador President Rafael Correa’s decision to default on $3.2 billion of debt four years ago.      Correa, who hasn’t borrowed from the bond market since calling Ecuador’s creditors “true… Read More White-Bellied Spider Monkey Losing to $18 Billion of Oil

Spain’s Segura Says CNMV Needs Up to 20% Staff Boost

By Nathan Gill Oct. 30 (Bloomberg) — Spain’s stock-market regulator needs an up to 20 percent staff increase to improve market supervision, the regulator’s chief said. Spain will need to add personnel over the next three years to better regulate markets and fulfill its obligations with the European Union, Julio Segura, the president of Spain’s… Read More Spain’s Segura Says CNMV Needs Up to 20% Staff Boost

Chilean Banks’ Combined Profit Rises 7% in September

By Nathan Gill Oct. 29 (Bloomberg) — Chilean banks’ combined profit increased 7 percent in September from the previous month after demand for lending rose amid signs of an economic recovery. Net income in the nine months through September was 849 billion pesos ($1.6 billion), Chile’s banking regulator, known as the SBIF, wrote in an… Read More Chilean Banks’ Combined Profit Rises 7% in September

Chile’s Soquimich Falls to Seven-Week Low on Earnings Decline

By Nathan Gill Oct. 28 (Bloomberg) — Sociedad Quimica y Minera de Chile SA, Chile’s biggest fertilizer producer, tumbled to the lowest price in seven weeks after reporting a 57 percent drop in third-quarter profit. The Santiago-based company, known as Soquimich, retreated 2 percent in Santiago trading to 19,470 pesos, the lowest since Sept. 7.… Read More Chile’s Soquimich Falls to Seven-Week Low on Earnings Decline

Endesa Chile Earnings Increase 56% on Lower Costs

By Nathan Gill and James Attwood Oct. 28 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, said third-quarter profit surged 56 percent after it lowered costs. Net income rose to 178 billion pesos ($336 million) from 114 billion pesos a year earlier, the company known as Endesa Chile said today in a… Read More Endesa Chile Earnings Increase 56% on Lower Costs

Soquimich Profit Drops 57% on Lower Fertilizer Sales

By James Attwood and Nathan Gill Oct. 27 (Bloomberg) — Sociedad Quimica y Minera de Chile SA, Chile’s biggest fertilizer producer, reported a 57 percent drop in third-quarter profit as lower prices dragged down sales. Net income fell to $82.3 million from $191 million a year earlier, the Santiago-based company known as Soquimich wrote today… Read More Soquimich Profit Drops 57% on Lower Fertilizer Sales

Velasco Says Chile Economic Recovery to Be ‘Vigorous’

By Nathan Gill Oct. 27 (Bloomberg) — Chilean Finance Minister Andres Velasco said the country’s economy should have a “vigorous” recovery after it suffered its worst slump in at least a decade. Forecasts for 2010 economic growth are improving and Chile’s labor market is recovering as consumption expands and demand for the country’s exports grows,… Read More Velasco Says Chile Economic Recovery to Be ‘Vigorous’

Celfin Capital to Start Chile Carbon Credit Exchange

By Nathan Gill Oct. 26 (Bloomberg) — Celfin Capital SA, a Santiago, Chile-based brokerage and investment bank, announced plans to create a carbon trading exchange in the country. The Santiago Climate Exchange is a joint venture with Fundacion Chile, a government-sponsored entity promoting technological innovation, to encourage voluntary carbon reduction projects, Celfin Chairman Juan Andres… Read More Celfin Capital to Start Chile Carbon Credit Exchange

BHP Spence Copper Workers End Chile Wage Negotiations

By Matt Craze and Nathan Gill Oct. 26 (Bloomberg) — BHP Billiton Ltd. workers at the company’s Spence copper mine in Chile broke off wage talks with management, according to a union official. Workers at the mine, who began the 14th day of a strike today, will stage protests after government-mediated talks failed, union President… Read More BHP Spence Copper Workers End Chile Wage Negotiations

Banco de Chile Rises on Goldman Sachs Upgrade

By Nathan Gill Oct. 23 (Bloomberg) — Banco de Chile, the country’s second-biggest lender, rose in Santiago trading after Goldman Sachs Group Inc. upgraded the shares. Santiago-based Banco de Chile gained 0.5 percent to 42.7, paring a weekly loss of 0.4 percent. SM-Chile SA, the bank’s holding company, jumped 6.8 percent to its highest price… Read More Banco de Chile Rises on Goldman Sachs Upgrade

Banco Monex in Talks to Sell Operations to Consorcio

By Nathan Gill Oct. 22 (Bloomberg) — Consorcio Financiero SA, a Santiago-based financial services provider, is negotiating the purchase of Chile’s Banco Monex, a bank spokeswoman said. Monex is holding talks with Consorcio about the possible sale of its operations, Claudia Valenzuela said today in a telephone interview from Santiago, confirming an unsourced Diario Financiero… Read More Banco Monex in Talks to Sell Operations to Consorcio

La Polar Rises Most in Ipsa on Prospect for Recovery

By Nathan Gill Oct. 21 (Bloomberg) — Empresas La Polar SA had the biggest gain in Chile’s Ipsa Index after analysts said the fourth-largest retailer by market value will benefit from a recovery in spending. Santiago-based La Polar climbed 4 percent to 2,870 pesos, its highest price since January 2008. The shares have more than… Read More La Polar Rises Most in Ipsa on Prospect for Recovery

Chile to Pause for ‘Prolonged Time,’ De Gregorio Says

By Nathan Gill Oct. 20 (Bloomberg) — Chilean central bank President Jose De Gregorio said policy makers will keep the overnight lending rate at its record low for a “prolonged time.” De Gregorio has said he plans to hold borrowing costs down in an effort to stoke economic expansion faster than 4.5 percent, which would… Read More Chile to Pause for ‘Prolonged Time,’ De Gregorio Says

BHP Says Spence Output Continues at ‘Reduced Rate’

By Nathan Gill Oct. 20 (Bloomberg) — BHP Billiton Ltd., the world’s biggest mining company, said copper production at its Spence mine in northern Chile continues at a “reduced rate” as a strike by workers enters an eighth day, an official said. BHP declined to specify the current production rate, according to Ruban Yogarajah, a… Read More BHP Says Spence Output Continues at ‘Reduced Rate’

Cencosud Installs Team in Costanera Center Site to Study Restart

By Nathan Gill Oct. 19 (Bloomberg) — Cencosud SA, Chile’s biggest retailer by sales, moved personnel into its Costanera Center site to evaluate resuming construction of the Santiago office tower and shopping center project. “Cencosud has been continually studying the financial and economic conditions, both national and international, to decide the right time to reactivate… Read More Cencosud Installs Team in Costanera Center Site to Study Restart

Strike at BHP’s Spence Mine in Chile Enters 5th Day

By Nathan Gill Oct. 17 (Bloomberg) — BHP Billiton Ltd., the world’s biggest mining company, said a strike at the company’s Spence copper mine in Chile entered a fifth day. Copper output at the Melbourne-based company’s 200,000-ton-a-year mine continued at a slower rate, spokesman Ruban Yogarajah said today in a telephone interview from London. Unionized… Read More Strike at BHP’s Spence Mine in Chile Enters 5th Day

BHP’s Spence Mine Copper Producing at ‘Slower Rate’

By Nathan Gill Oct. 16 (Bloomberg) — BHP Billiton Ltd., the world’s biggest mining company, said copper output at its 200,000-ton-a-year Spence mine in Chile continues at a “slower rate” as a strike by workers entered a fourth day. Production was “the same as yesterday,” spokesman Mauro Valdes responded by text message to questions from… Read More BHP’s Spence Mine Copper Producing at ‘Slower Rate’

Chile’s Fit Research Buys Santiago Exchange Seat

By Nathan Gill Oct. 15 (Bloomberg) — Chilean brokerage Fit Research Corredores de Bolsa SA bought a seat in the Santiago securities exchange in an auction today. Fit, the only bidder, offered the minimum price of 2 billion pesos ($3.7 million) for a share in the exchange, the auctioneer announced. This gives the company the… Read More Chile’s Fit Research Buys Santiago Exchange Seat

BHP to Stop Copper Output at Spence Mine, Union Says

By Nathan Gill and Matthew Craze Oct. 15 (Bloomberg) — BHP Billiton Ltd. will cease production of refined copper tomorrow at its 200,000-ton-a-year Spence copper mine in Chile because of a strike, a union leader said. Workers stopped mining on Oct. 13, leaving BHP without enough raw materials to be turned into refined copper, union… Read More BHP to Stop Copper Output at Spence Mine, Union Says

Chile Invokes Anti-Terror Law to Quell Violence, Rosende Says

By Nathan Gill Oct. 14 (Bloomberg) — Chile will use an anti-terrorism law criticized by human rights groups to try and quell a spate of violence over indigenous lands in the country’s south, a government official said. The government will apply the law, dating from the military dictatorship, against those responsible for armed attacks against… Read More Chile Invokes Anti-Terror Law to Quell Violence, Rosende Says

Endesa Chile Rises to Four-Week High on Edegel Stake

By Nathan Gill Oct. 13 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, rose the most in almost four weeks after boosting its stake in a Peruvian unit at an “attractive” price. Endesa, as the company is known, gained 1.3 percent to 868 pesos in Santiago trading, its biggest advance since Sept.… Read More Endesa Chile Rises to Four-Week High on Edegel Stake

Copec Rises to Highest Since 2008 on Celfin Rating

By Nathan Gill Oct. 13 (Bloomberg) — Empresas Copec SA, Chile’s largest producer of wood pulp, climbed to the highest since May 2008 after Celfin Capital SA recommended investors buy the shares. Copec, the South American country’s largest publicly traded company, advanced 1.6 percent to 7,615 pesos in Santiago trading, its highest price since May… Read More Copec Rises to Highest Since 2008 on Celfin Rating

Chile’s Peso Slumps Most in Week as Prices for Copper Decline

By Nathan Gill Oct. 9 (Bloomberg) — Chile’s peso dropped the most in a week as prices for copper, the country’s biggest export, slumped on a strengthening dollar. The peso weakened 0.6 percent to 554.50 per U.S. dollar from 551 yesterday for its steepest drop since Oct. 2. It declined for a third week. Copper… Read More Chile’s Peso Slumps Most in Week as Prices for Copper Decline

Empresas CMPC Falls Most in Two Weeks on Planned Equity Sale

By Nathan Gill Oct. 9 (Bloomberg) — Empresas CMPC SA, Chile’s second-biggest pulp producer by market value, fell the most in two weeks after the company said it would offer $500 million in new shares. CMPC, owned by Chile’s billionaire Matte family, dropped 1.3 percent to 19,400 pesos in Santiago trading at 1:34 p.m. New… Read More Empresas CMPC Falls Most in Two Weeks on Planned Equity Sale

Codelco Won’t Sell Bonds This Year, May Start in 2010

By Nathan Gill Oct. 8 (Bloomberg) — Codelco, the world’s largest copper producer, said it won’t tap bond markets this year after Congress approved a bill to provide $1 billion in financing. Codelco may look to sell bonds from next year, Chief Executive Officer Jose Pablo Arellano told reporters today in Santiago. The company will… Read More Codelco Won’t Sell Bonds This Year, May Start in 2010

Chile’s Antofagasta Port Ends Strike, Restarts Copper Shipments

By Nathan Gill Oct. 7 (Bloomberg) — Copper shipments from northern Chile’s Antofagasta port restarted today after two weeks of delays caused by a labor strike, the port’s operator said. The 14-day strike ended last night, Tamara Rebolledo, a spokeswoman for Antofagasta Terminal Internacional SA, said today in a telephone interview. The strike affected some… Read More Chile’s Antofagasta Port Ends Strike, Restarts Copper Shipments

Chile Reduces Estimate for This Year’s Budget Deficit

By Sebastian Boyd and Nathan Gill Oct. 7 (Bloomberg) — Chile’s budget deficit will be smaller this year than earlier forecast as rising copper prices trimmed the projected shortfall in tax revenue. This year’s budget deficit will be about 3.6 percent of gross domestic product as government income falls 22 percent short of initial projections,… Read More Chile Reduces Estimate for This Year’s Budget Deficit

Chile Senate Approves $1 Billion Funding for Codelco

By Nathan Gill and Sebastian Boyd Oct. 6 (Bloomberg) — Chile’s Senate approved a bill to provide $1 billion in financing for Codelco, the world’s largest copper producer. The vote was 21-to-six with one abstention in the Senate, which acted after the lower house passed the bill earlier today, according to a statement on the… Read More Chile Senate Approves $1 Billion Funding for Codelco