By Matthew Craze and Nathan Gill May 13 (Bloomberg) — Empresa Nacional del Petroleo, Chile’s state-controlled oil and gas company, said the start-up of a liquefied natural-gas plant will help the company’s refinery business return to profitability. The Quintero LNG plant will reduce power costs at the company’s Aconcagua refinery by… Read More Enap Says Chile Quintero Plant to Help Profitability
By Nathan Gill May 13 (Bloomberg) — Ripley Corp SA, a Chilean department-store operator, fell the most in more than five months on speculation a government proposal to create a national credit database will hurt retailers’ profits from credit card sales. The Santiago-based retailer dropped 4.5 percent to 360 pesos in… Read More Ripley Falls Most in 5 Months on Fear Database to Hurt Profit
By Nathan Gill and James Attwood May 7 (Bloomberg) — Lan Airlines SA, Chile’s biggest air carrier, is interested in forming an alliance with a partner “north of Ecuador,” Chief Executive Officer Enrique Cueto said. Lan hasn’t reached any agreements and is looking for new markets to expand its cargo and passenger business, Cueto told… Read More Chile’s Lan Seeks Airline Partner, Traffic Expansion
By Nathan Gill and James Attwood May 7 (Bloomberg) — SACI Falabella SA, Chile’s biggest retailer by market value, plans to invest $2 billion through 2012 to expand in Latin America, Chief Executive Officer Juan Benavides said. Falabella is seeking opportunities in Colombia while its “very big” investment plans for Peru will depend on how… Read More Falabella Plans to Invest $2 Billion Through 2012
By Nathan Gill and James Attwood May 5 (Bloomberg) — Bank lending in Chile may increase by 2 percent this year after the economy probably “touched bottom” in the first quarter, said Hernan Somerville, president of the country’s banking association. Chile’s economy may recover in the coming months, ending the year little changed from last… Read More Chile Lending May Rise 2%, Bank Association Says
By Nathan Gill April 30 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, said it plans to invest about $1 billion this year to expand capacity. The Santiago-based company known as Endesa will invest in wind farms, a natural gas plant and a coal steam plant, adding 680 megawatts of capacity, Chief… Read More Chile’s Endesa Plans to Invest $1 Billion in 2009
By Nathan Gill and James Attwood April 29 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, said first-quarter profit more than doubled as revenue rose in Chile. Net income rose to 166 billion pesos ($283 million) from 68.4 billion pesos a year earlier, the Santiago-based company said today in an e-mailed statement.… Read More Endesa Chile First-Quarter Profit More Than Doubles
By Nathan Gill April 28 (Bloomberg) — Lan Airlines SA, Chile’s biggest carrier, reported a 35 percent drop in first quarter profit after losing $57.9 million from wrong way bets on fuel prices. Net income slipped to $65 million from $99.6 million a year earlier, the carrier said in an e-mailed statement today. The airline reported… Read More Lan Airlines Profit Falls 35% on Fuel-Hedging Loss
By Nathan Gill April 28 (Bloomberg) — Chilean health authorities are investigating 24 possible cases of swine flu, according to a statement posted on the health ministry’s Web site. Five suspected cases have been ruled out while no cases have been confirmed in the country, Alvaro Erazo, Chile’s Minister of Health told reporters today.
By Nathan Gill and James AttwoodApril 27 (Bloomberg) — Sebastian Pinera, the presidential candidate for the Alliance for Chile coalition, said he’s taking advice on how to sell his stake in Lan Airlines SA and placed shares of other companies he owns in a blind trust. Pinera, who lost the last presidential election in 2005… Read More Chile’s Pinera Transfers Assets, Seeks Advice on Lan Airlines
By Nathan Gill and Sebastian Boyd April 16 (Bloomberg) — Chilean police used teargas and water cannons to break up demonstrations in Santiago as unions called a national strike to protest layoffs and demand higher taxes on the rich. About 12,000 people marched today in support of the strike, according to Radio Cooperativa. Chile job… Read More Chile Police Use Teargas to Break Up Strike Protests
By Nathan Gill and James Attwood April 16 (Bloomberg) — Farmacias Ahumada SA, Chile’s second-biggest drugstore chain known as Fasa, will reimburse customers hit by inflated medicine prices. Fasa plans to return 2.5 billion pesos ($4.3 million) through refunds or credit for new purchases, Alejandro Rosemblatt, the company’s chief executive, told reporters in Santiago today.… Read More Chile’s Pharmacy Fasa to Reimburse Customers for Inflating Drug Prices
By Nathan Gill and James Attwood April 14 (Bloomberg) — Cia. Sudamericana de Vapores SA, Latin America’s largest container ship company, rose the most in six years in Santiago after saying it’s in talks to raise $750 million to turn around unprofitable shipping operations. The Valparaiso, Chile-based company plans to sell about $350 million in… Read More Chile’s Vapores Rises Most in Six Years on Financing Talks
By Nathan Gill and James AttwoodApril 8 (Bloomberg) — Sebastian Pinera, the presidential candidate for the Alliance for Chile coalition, said he plans to begin handing over control of his stock holdings before this year’s elections. “In April I’m going to transfer voluntarily the administration of all investments in public companies to Chilean financial institutions,”… Read More Chile’s Pinera to Transfer Stock Holdings This Month
By Nathan Gill April 7 (Bloomberg) — Tenaris SA, the world’s biggest maker of seamless steel tubes for oil and gas pipelines, dropped the most in a week as the price of crude fell for a third day. Tenaris declined 4.5 percent to 40.45 pesos in Argentine trading, the steepest fall since March 30. “There… Read More Tenaris Falls Most in a Week as Oil Prices Decline
By Nathan Gill April 2 (Bloomberg) — Cia. Sudamericana de Vapores SA’s long-term credit rating was cut three levels by Standard & Poor’s, which cited the outlook in container shipping markets and the company’s “weak” liquidity. S&P lowered Latin America’s largest container ship company’s credit rating to B- from BB-, according to a statement on… Read More Chile’s Vapores Rating Cut to B- From BB- by S&P on Shipping Outlook
By Nathan Gill April 2 (Bloomberg) — Chilean President Michelle Bachelet’s approval rating rose to 62.2 percent in March, the highest since she took office two years ago, according to a poll published today by Santiago-based Adimark Gfk. Finance Minister Andres Velasco’s popularity also rose, giving him a 57.1 percent backing and making him the… Read More Chile President Bachelet’s Approval Rating Increases to a Record High
By Nathan Gill April 2 (Bloomberg) — Anglo American Plc will invest $500 million in its Los Bronces copper mine in Chile this year, Chilean Mining Minister Santiago Gonzalez said. An expansion project at the mine could create 4,000 jobs by the beginning of 2010, Gonzalez, chairman of Chile’s state-run mining company, Codelco, said today… Read More Anglo American to Invest $500 Million in Chile Copper Mine
By Nathan Gill April 2 (Bloomberg) — Chile’s inflation rate will fall to the central bank’s 3 percent target ‘soon” as prices for energy and food continue to decline, Finance Minister Andres Velasco said. Chile’s central bank raised its benchmark interest rate to a decade-high of 8.25 percent last year after inflation surged to… Read More Chilean Inflation to Slow to 3% ‘Soon,’ Finance Minister Velasco Says
By Nathan Gill March 31 (Bloomberg) — Chilean billionaire Sebastian Pinera will present his presidential campaign platform this week, highlighting his plans for boosting employment and improving education in South America’s fifth-biggest economy. Pinera, running as a candidate for the Alliance for Chile coalition, said his proposal would add 1 million jobs in five… Read More Pinera to Run for President in Chile on Employment, Education
By Nathan Gill March 31 (Bloomberg) — Chilean government spending will help create jobs, Finance Minister Andres Velasco said today after the unemployment rate rose to a two-year high last month. The government’s $4 billion economic stimulus package and “solid and credible” institutions will allow Chile to limit the damage from the global financial… Read More Chile Stimulus Plan to Spur Job Growth, Velasco Says
By Nathan Gill and James Attwood March 27 (Bloomberg) — Chileans stormed pharmacies and the government pledged a crackdown after the country’s second-biggest drugstore chain said it joined with rivals to raise prices of life-saving medicine. Crowds gathered outside pharmacies in downtown Santiago, waving placards and shouting their opposition to high prices, according to… Read More Chileans Storm Pharmacies to Protest Price-Fixing on Medicine
By James Attwood and Nathan Gill March 25 (Bloomberg) — Farmacias Ahumada SA, Chile’s second-biggest pharmacy chain known as Fasa, said it fixed medicine prices with rivals and will pay a $1 million fine. Fasa reached an agreement with antitrust regulators in a case involving products sold from November 2007 to March 2008, the… Read More Chile’s Fasa Agrees to Pay $1 Million for Collusion
March 21, 2009 (Southern Affairs) — Peru, home of the ancient Incan Empire, is trying to win back by reason what it lost by force. On March 19, Peru asked the United Nations to settle a century-old dispute with its southern neighbor Chile over some of South America’s richest fishing grounds. Jose Garcia Belaunde, Peru’s… Read More Peru Restarts War of the Pacific with UN Lawsuit against Chile
By Nathan Gill March 19 (Bloomberg) — Cap SA, Chile’s biggest steel and iron-ore producer, rose for a fifth day in Santiago trading as commodities surged on speculation the Federal Reserve’s steps to revive the U.S. economy will boost demand for raw materials. Santiago-based Cap gained 2 percent to 8,920 pesos, the highest since… Read More Chile’s Cap Gains for a Fifth Day as Commodities Rise
By Nathan Gill March 19 (Bloomberg) — Peru presented the United Nations International Court of Justice in The Hague today with its claim to some of the world’s richest fishing grounds now held by Chile, Peruvian Foreign Minister Jose Garcia Belaunde said. Garcia Belaunde said he’s confident the court will agree to hear the… Read More Peru Seeks UN Ruling on Chile Maritime Dispute, Garcia Says
By Nathan Gill March 17 (Bloomberg) — Banco de Credito e Inversiones, Chile’s fourth-largest lender, rose to the highest in two weeks in Santiago trading on speculation lower interest rates will boost lending. BCI, as the bank is known, gained 2.6 percent to 11,390 pesos. Larger rivals Banco Santander Chile and Banco de Chile… Read More BCI Gains to Highest in 2 Weeks on Lower Rates
By James Attwood and Sebastian Boyd March 13 (Bloomberg) — Chile’s government-owned Banco del Estado de Chile today said it will cut interest rates to consumers, adding pressure on the country’s private banks to follow suit. Chile’s central bank last night slashed its benchmark interest rate by 2.5 percentage points, bringing cuts this year… Read More Chile State Bank Cuts Rates, Pressuring Private Banks
By Nathan Gill March 12 (Bloomberg) — Cia. Sudamericana de Vapores SA, Latin America’s largest container ship company, plunged as much as 13.9 percent and closed at a six-year low on speculation it will struggle to pay maturing debt. The share tumble, which followed an 8.7 percent slide yesterday, prompted the Santiago Stock Exchange… Read More Chile’s Vapores Sinks to 6-Year Low on Cash Concerns
By Sebastian Boyd and Nathan Gill March 12 (Bloomberg) — Chilean President Michelle Bachelet replaced her foreign and defense ministers as the government works to confront an economic slump. Mariano Fernandez, former ambassador to the U.S., was named foreign minister, replacing Alejandro Foxley, who is returning to the economic research group he used to… Read More Chile’s Bachelet Replaces Foreign, Defense Ministers
By Nathan Gill and Sebastian Boyd March 11 (Bloomberg) — Chile will spend savings accumulated from record copper prices to fight unemployment and will emerge stronger from the global economic slowdown, President Michelle Bachelet said. The government’s $4 billion economic stimulus package offers long-term solutions rather than populism, she said today in a speech to… Read More Chile to Spend Savings in ‘Lean Times,’ Bachelet Says
March 10 (Southern Affairs) — Unasur’s defense ministers met again in Santiago today to kick off the South American Defense Council. Amid handshakes and congratulations, the ministers emphasized the historic nature of the meeting which they say will help ensure peace and democracy throughout the continent. What the ministers did not discuss publicly was how… Read More Unasur Defense Ministers Play Down Regional Conflicts at South American Summit
By Nathan Gill March 5 (Bloomberg) — Cencosud SA, Chile’s biggest retailer, fell to the lowest in two months on expectations that weak economic activity will increase the nation’s unemployment rate and hurt consumers’ ability to spend. Cencosud dropped 2.4 percent to 976 pesos, the lowest price since Jan. 5. Chile’s central bank reported… Read More Cencosud Falls to Two-Month Low on Economic Slowdown
