By Sebastian Boyd and Nathan Gill March 5 (Bloomberg) — Chilean economic activity shrank by the most in almost a decade in January, fueling expectations that policy makers next week will cut interest rates for the third time this year. The economy contracted 1.4 percent in January from the same month a year earlier,… Read More Chile Economy Shrank 1.4% in January, Most in Decade
By James Attwood and Nathan GillMarch 4 (Bloomberg) — Cap SA, Chile’s biggest steel and iron-ore producer, rose the most in a month on speculation Chinese stimulus spending will limit iron-ore price declines. Cap gained 4.3 percent to 8,211 pesos, the steepest increase since Feb. 5. The stock dropped 11 percent last week. … Read More Cap Gains as China Speculation Eases Price Concern
By Nathan Gill and Sebastian Boyd March 2 (Bloomberg) — Chile’s central bank will probably lower its benchmark lending rate for the third time in as many months at its next meeting on March 12, bank President Jose de Gregorio said today The bank “took very aggressive action in its monetary policy in its… Read More De Gregorio Says Chile Bank Will ‘Probably’ Cut Rates
By Nathan GillFeb. 27 (Bloomberg) — Ecuador may renew diplomatic relations with Colombia if certain conditions are met, President Rafael Correa said today in a statement posted on the presidential Web site. Correa asked Colombia to reveal all the details of an air raid last year in Ecuadorean territory, repay Ecuador for unspecified damages, support… Read More Correa Says Ecuador Willing to Renew Relations With Colombia
By Nathan Gill Feb. 26 (Bloomberg) — Ecuadorean Oil and Mines Minister Derlis Palacios said Perenco SA has until March 3 to pay taxes or state-owned PetroEcuador will take steps to seize the French oil company’s assets. Ecuadorean President Rafael Correa said Feb. 14 that he had given the order to begin a lawsuit against… Read More Ecuador May Seize Perenco Assets Over Tax Dispute
By Nathan Gill Feb. 17 (Bloomberg) — Ecuador’s Economic Policy Minister, Diego Borja, defended the country’s use of the U.S. dollar and said President Rafael Correa wasn’t planning to abandon the system. “The president has been clear, we are going to defend dollarization,” Borja said today in an interview broadcast on Quito-based television station TeleAmazonas.… Read More Ecuador’s Borja Vows to ‘Defend’ Use of U.S. Dollar
By Nathan GillFeb. 14 (Bloomberg) — Ecuador’s President Rafael Correa said today that he has given the order to begin a lawsuit against Repsol YPF SA, Spain’s largest oil company, and Perenco SA, a French oil company, over their failure to pay taxes. Correa said during his weekly address to the nation that both companies… Read More Ecuador’s President Calls for Lawsuit Against Repsol, Perenco
By Nathan GillFeb. 14 (Bloomberg) — Ecuador will use a grace period to decide whether it will make a payment scheduled for tomorrow on its 2030 bonds, Finance Minister Maria Elsa Viteri said last night in a statement posted on the presidency’s Web site. Ecuadorean President Rafael Correa in December halted payment on foreign bonds… Read More Ecuador to Use Grace Period for 2030 Bond Payment
By Lester Pimentel and Nathan GillFeb. 13 (Bloomberg) — Ecuador is asking investors who own the country’s bonds maturing in 2012 and 2030 to identify themselves, according to a letter posted by the Emerging Markets Traders Association. Bondholders should contact adviser Lazard Freres, according to the letter signed by Finance Minister Maria Elsa Viteri. A… Read More Ecuador Asks Bondholders to Identify Themselves in a Letter
By Nathan Gill Feb. 13 (Bloomberg) — Ecuador’s President Rafael Correa met yesterday with representatives of state-owned oil company Petroamazonas SA to discuss the $820 million needed to finance four new oil fields in the nation’s Amazon rain-forest region. Petroamazonas is seeking joint ventures with companies including Schlumberger Ltd., the world’s largest oilfield-services provider, to… Read More Ecuador Petroamazonas Wants $820 Million for Amazon Oil Fields
By Nathan Gill Feb. 12 (Bloomberg) — Ecuador’s Economic Policy Minister Diego Borja said the Inter-American Development Bank agreed to loan the country about $500 million to help finance a projected budget deficit. Borja said he and Finance Minister Maria Elsa Viteri met last week in Washington with IDB President Luis Alberto Moreno to request… Read More Ecuador Says IDB to Loan $500 Million for Budget Gap
By Nathan Gill and Lester Pimentel Feb. 12 (Bloomberg) — Ecuador may announce tomorrow whether it will make an interest payment on its bonds due Feb. 15, Finance Minister Maria Elsa Viteri said. Viteri, speaking at a press conference today in Quito, said the announcement may come tomorrow or Feb. 15. Ecuador has a $134… Read More Ecuador May Announce Bond Payment Decision Tomorrow
By James Attwood and Nathan Gill Feb. 2 (Bloomberg) — Cia. Sudamericana de Vapores SA fell to the lowest in six weeks on concern that losses will worsen as the global financial crisis saps shipping demand. Latin America’s biggest container ship company slumped 2.1 percent to 411 pesos in Santiago trading, the lowest price since… Read More Vapores Extends Decline After Warning of More Losses
By Nathan Gill Jan. 30 (Bloomberg) — Chile’s unemployment rate was unchanged for a third straight month in December at 7.5 percent, the National Statistics Institute said. The rate reported today was higher than the 7.3 percent median estimate of 12 economists in a Bloomberg survey. President Michelle Bachelet today signed into… Read More Chile Unemployment Rate Unchanged at 7.5% in December (Update1)
By Nathan Gill Jan. 29 (Bloomberg) — Chile’s Finance Minister Andres Velasco said a contraction in world demand will affect exports and increase the costs of financing for projects in Chile. A drop in 2009 global growth means a “more somber outlook” for Chile, Velasco said today in Davos, Switzerland, according to a… Read More Chile’s Velasco Says Global Slump Will Hit Exports, Financing
By Nathan Gill Jan. 26 (Bloomberg) — Companies in Chile have delayed or canceled about a quarter of their planned investments, according to Chile’s Technological Development & Capital Goods Corp. About $17 billion of the $64 billion of planned investments in mining, real-estate, industrial, forestry and energy projects planned through 2012 were shelved… Read More Chile Projects Delayed, Canceled on Lack of Funding (Update1)
By Nathan Gill Jan. 23 (Bloomberg) — Chile’s Finance Minister Andres Velasco comments on the availability of credit. Velasco spoke to reporters today after a meeting with members of the Association of Banks and Financial Institutions. On banks: “Everyone should use every available tool to alleviate the effects of the international crisis on… Read More Chile’s Andres Velasco Urges Banks to Open Up Access to Credit
By Nathan Gill Jan. 22 (Bloomberg) — Guillermo Tagle, vice president of Chile’s Capital Markets Consultative Council and executive director of Santiago-based IM Trust Corredores de Bolsa, comments on the country’s Jan. 8 decision to sell $1 billion of local currency bonds. Tagle spoke to reporters today in Santiago after a meeting with the… Read More Chile’s Bond Sale Creates Reference Point for Risk, Tagle Says
By Heather Walsh and Nathan Gill Jan. 21 (Bloomberg) — Chile, the world’s biggest producer of copper, said electricity bills will decline 1.6 percent for residents in the nation’s most populated areas. Energy prices will rise 14 percent for residents of northern Chile, Energy Minister Marcelo Tokman told reporters today in Santiago.
By Nathan Gill and James Attwood Jan. 20 (Bloomberg) — Cencosud SA, Chile’s biggest retailer, plans to return to the debt levels it maintained before making a series of acquisitions starting in 2007. The Santiago-based operator of department stores, supermarkets and home-improvement outlets plans to issue 21-year bonds worth 3 million UF, Chile’s… Read More Chile’s Cencosud Seeks Return to 2007 Debt Levels (Update1)
By Nathan Gill and Jens Erik Gould Jan. 15 (Bloomberg) — Mexican Labor Minister Javier Lozano said his country’s economic stimulus plan can prevent a contraction in the job market this year. “I hope that with the measures that are being taken we do not have a drop in the net number of… Read More Mexico Stimulus Can Prevent 2009 Job Contraction, Labor Minister Lozano Says
By Nathan Gill Jan. 15 (Bloomberg) — Chile’s Finance Minister Andres Velasco comments on fiscal policy during times of financial crisis. Velasco spoke today at a conference in Santiago. On Chile’s fiscal policy: “Fiscal policy, depending on the circumstance, should be austere and contract demand levels, and in other circumstances it should be… Read More Chile Needs ‘Actively Expansive’ Fiscal Policy, Velasco Says
By Nathan Gill and James Attwood Jan. 14 (Bloomberg) — Banco Santander Chile, the country’s biggest lender, fell the most in a month in Santiago trading on concern that a deepening global economic slowdown is stifling lending. Santander Chile fell 3 percent to 22.1 pesos, the steepest drop since Dec. 15. Banco de… Read More Santander Chile Falls on Lending Slowdown Concern (Update1)
By James Attwood and Nathan Gill Jan. 13 (Bloomberg) — The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and share prices are as of 3:48 p.m. in New York. The Ipsa index rose 0.1 percent to 2,470.06. Enersis SA (ENERSIS CC), the Latin American unit… Read More Chile Equity Movers: Enersis, Colbun, Ripley, SACI Falabella
By James Attwood and Nathan Gill Dec. 18 (Bloomberg) — Distribucion y Servicio D&S, Chile’s biggest grocer, rose the most in two months in Santiago trading on renewed speculation it will be acquired by another retailer. “This stock is always with rumors that someone would buy it,” Alvaro Pipino, head of research at… Read More D&S Rises Most in 2 Months on Acquisition Speculation (Update2)
By Nathan Gill Dec. 18 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest electricity generator, sold about $340 million in bonds, the company said. The company known as Endesa sold debt for 10 million unidades de fomento, Chile’s inflation-adjusted accounting unit, in 21-year notes, the company said in an e-mailed statement. … Read More Chile Electricity Generator Endesa Sells $340 Million in Debt
By Nathan Gill Dec. 18 (Bloomberg) — Chile’s Finance Minister Andres Velasco comments on the potential economic consequences in Chile of Ecuador’s decision to default on $3.9 billion of international debt. Velasco spoke today in an interview in Santiago. On the affects of Ecuador’s decision to default on Chile’s economy: “None. What Chile… Read More Velasco Expects Little Fallout From Ecuador Default in Chile
By James Attwood and Nathan Gill Dec. 17 (Bloomberg) — Cap SA rose to the highest in two weeks in Santiago trading as an increase in global metals prices eased concerns over waning demand for the iron-ore and steel products that the company produces. Cap gained 1.6 percent to 7,150 pesos, the highest… Read More Chile’s Cap Advances to Two-Week High as Metals Climb (Update1)
By Nathan Gill Dec. 17 (Bloomberg) — Aguas Andinas SA, Chile’s biggest water company, plans to sell as much as $148.7 million in bonds, according to a statement posted on the securities regulator’s Web site. The Santiago-based company will issue as much as 3.5 million UF, Chile’s inflation-adjusted currency, or about $117 million,… Read More Chile’s Aguas Andinas to Sell Up to $148.7 Million of Bonds
By James Attwood and Nathan Gill Dec. 16 (Bloomberg) — The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses, and share prices are as of 3:48 p.m. in New York. The Ipsa index rose 0.5 percent to 2,335.70. Embotelladora Andina SA (ANDINAB CC) advanced for the… Read More Chilean Equity Movers: Embotelladora Andina, La Polar, Soqumich
By Nathan Gill and James Attwood Dec. 15 (Bloomberg) — Banco Santander Chile, the nation’s biggest lender, fell the most on the main stock index on concern the global economic slowdown will reduce earnings. The Santiago-based bank declined for the third time in four days, sliding 3.8 percent to 20.21 pesos. Its American… Read More Santander Chile Falls on Earnings Slowdown Concern (Update1)
By Nathan Gill Dec. 11 (Bloomberg) — Ecuador’s Vice President Lenin Moreno comments on the country’s debt. Moreno spoke to reporters today in Santiago. On whether Ecuador will pay its foreign debt: “This is the president’s decision, frankly. I don’t know. There are many factors to consider. We have decided that it is… Read More Ecuador Vice President ‘Does Not Know’ If Country Will Pay Debt
By Nathan Gill Dec. 4 (Bloomberg) — Chile’s Finance Minister Andres Velasco comments on the fall in consumer prices in November. Velasco spoke to reporters today at a conference in Santiago: On consumer prices falling 0.1 percent in November from October: “It’s a welcome event that confirms the estimates both of the government… Read More Chile’s Price Decline in November ‘Welcome Event,’ Velasco Says
