Category: News

Chilean Pension Funds Suffer Worst Declines Since Asia Crisis

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

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Telefonica Chile Falls After Purchase Offer Rejected (Update4)

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)

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Chile Posts First Monthly Trade Deficit in Six Years (Update1)

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)

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Chilean Government Deposited $1.05 Billion in Banks on Interest Rates

By Nathan Gill and Sebastian Boyd      Oct. 6 (Bloomberg) — Chile’s Finance Ministry deposited $1.05 billion in local banks last week, Minister Andres Velasco told reporters today.      The ministry was taking advantage of interest rates offered locally, Velasco said. Chilean banks raised interest rates on term deposits as they sought to overcome a… Read More Chilean Government Deposited $1.05 Billion in Banks on Interest Rates

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Chile Inflation Accelerates on Food, Transportation

By Sebastian Boyd and Nathan Gill      Oct. 3, 2008 (Bloomberg) — Chilean consumer prices rose more than forecast by economists last month, led by electricity and food, boosting expectations that the central bank will raise interest rates for a fifth month next week.      Inflation accelerated 1.1 percent in September, compared with 0.9 percent… Read More Chile Inflation Accelerates on Food, Transportation

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Chile Budget Surplus to Shrink in 2009 on Slow Growth

By Nathan Gill and Sebastian Boyd      Sept. 29, 2008 (Bloomberg) — Chile, the world’s biggest copper producer, expects to post a budget surplus equivalent to 3.7 percent of its gross domestic product next year, the lowest since 2003, as economic growth slows to 4 percent.      Copper may average $2.90 per pound in 2009,… Read More Chile Budget Surplus to Shrink in 2009 on Slow Growth

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Chile Stocks May Gain on Slower Inflation: JPMorgan

By James Attwood and Nathan Gill      Sept. 23, 2008  (Bloomberg) — Chile, the best-performing Latin American stock market this year, probably will remain a relative safe haven and may benefit from easing inflation, JPMorgan Chase & Co. said.      Chile’s Ipsa index has fallen 10 percent this year, about half the decline of Brazil’s… Read More Chile Stocks May Gain on Slower Inflation: JPMorgan

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Chile’s Cap Rebounds as Analysts Cite Inexpensive Stock, Profit

By James Attwood and Nathan Gill      Aug. 14, 2008 (Bloomberg) — Cap SA, Chile’s biggest iron-ore and steel producer, rose for the first time in six days in Santiago trading after analysts said the stock was undervalued and that rising metal prices may keep boosting earnings.      Cap climbed 1.9 percent to 18,270 pesos… Read More Chile’s Cap Rebounds as Analysts Cite Inexpensive Stock, Profit

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Andina Rises as Brazil Growth Signals Increased Sales

By Nathan Gill      Sept. 10, 2008 (Bloomberg) — Embotelladora Andina SA, which distributes Coca-Cola products in Chile, Brazil and Argentina, gained the most in two months in Santiago trading on prospects of increased sales of its soft drinks, after Brazil said its economy is expanding faster than economists estimated.      Andina rose 3.5 percent… Read More Andina Rises as Brazil Growth Signals Increased Sales

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Bachelet Authorizes Emergency Funds for Transantiago

By Nathan Gill and Sebastian Boyd      Sept. 5, 2008 (Bloomberg) — Chilean President Michelle Bachelet authorized the use of emergency funds to shore up Santiago’s public transport system after a loan to the system of buses and subway lines was declared unconstitutional.      This is the first time since Chile returned to democracy in… Read More Bachelet Authorizes Emergency Funds for Transantiago

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Chile’s Government Pledges Support for Transantiago

By Nathan Gill and Sebastian Boyd      Sept. 2, 2008 (Bloomberg) — Chile’s government pledged to fund Santiago’s public transportation system after a newspaper reported that a loan made to develop the capital’s transit network was unconstitutional.      President Michelle Bachelet will ask the country’s Constitutional Tribunal to clarify its decision on the $400 million… Read More Chile’s Government Pledges Support for Transantiago

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Vapores Falls on Concern Costs Will Rise, Demand Slip

By Nathan Gill and James Attwood      Aug. 20 (Bloomberg) — Cia. Sudamericana de Vapores SA, Latin America’s biggest container ship company, fell to the lowest in a month in Santiago trading on speculation that rising costs and falling demand will reduce earnings.      Vapores declined 2 percent to 705 pesos, the lowest since July… Read More Vapores Falls on Concern Costs Will Rise, Demand Slip

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Sigdo Koppers Rises After Disclosing Peru Sale Profit

By Nathan Gill and James Attwood      Aug. 18, 2008 (Bloomberg) — Sigdo Koppers SA, which controls Chile’s largest explosives maker, rose to the highest in two months in Santiago trading after announcing a $23.2 million pretax gain from the sale of assets in Peru.      Sigdo Koppers climbed 2.6 percent to 390.1 pesos, the… Read More Sigdo Koppers Rises After Disclosing Peru Sale Profit

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Bachelet to Keep Budget `Tight’ in 2009, Economy Minister Says

By Nathan Gill      Aug. 12, 2008 (Bloomberg) — President Michelle Bachelet will keep the 2009 budget “as tight as possible” to help slow the rising cost of living, Economy Minister Hugo Lavados said. While saying higher public spending isn’t the leading cause of the fastest inflation in 13 years, Lavados told reporters today in… Read More Bachelet to Keep Budget `Tight’ in 2009, Economy Minister Says

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Tenaris Falls Most Since 2003 as Commodities Decline

By Nathan Gill      Aug. 11, 2008 (Bloomberg) — Tenaris SA fell the most since April 2003 in Buenos Aires on speculation a stronger U.S. dollar will hurt commodity prices and curb demand for its products.      The world’s biggest supplier of seamless pipes used by oil and gas producers retreated 8.2 percent to 78… Read More Tenaris Falls Most Since 2003 as Commodities Decline

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Chile’s Bank Considered Bigger Rate Increase in July

By Sebastian Boyd and Nathan Gill      Aug. 7, 2008 (Bloomberg) — Chile’s central bank policy makers considered a 0.75 percentage point rate increase at their July meeting, before voting unanimously to raise interest rates by half a point, the bank said on its Web site.      The bank raised the rate to 7.25 percent… Read More Chile’s Bank Considered Bigger Rate Increase in July

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Chile Second-Half Growth Will Be Better, Velasco Says

By Nathan Gill and Sebastian Boyd      Aug. 5, 2008 (Bloomberg) — Chile’s economic growth will accelerate in the second half of the year, Finance Minister Andres Velasco said.      “The economy is taking off and we are going to have a second half that will be better than the first,” Velasco told reporters today… Read More Chile Second-Half Growth Will Be Better, Velasco Says

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Democracy Strikes Again: The End Of 21st-Century Socialism?

The resignation of the president of Ecuador’s Constitutional Assembly, Alberto Acosta, on June 23 is the latest in a series of setbacks for Latin America’s 21st century socialists. With political conditions deteriorating in Venezuela, Bolivia, and Ecuador, it makes sense to ask – what happened to Latin America’s socialist revolution? Where is the change their… Read More Democracy Strikes Again: The End Of 21st-Century Socialism?

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Peru’s Halts Jungle Highway Construction After Investigation Shows Design Wasn’t Done

June 9, 2008 (Southern Affairs) — Peru’s Transportation and Communications Minister Verónica Zavala announced May 27th that Unasur’s highest profile project, an inter-oceanic highway connecting the Brazilian Atlantic with the Peruvian Pacific, was being investigated after discovering that it did not have a budget or engineering plans. The minister told a Congressional Committee that while… Read More Peru’s Halts Jungle Highway Construction After Investigation Shows Design Wasn’t Done

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Ecuador Threatens More Diplomatic Problems with Colombia

(Mar. 24, 2008) The Colombian government announced Monday that the second man killed and removed during its attack on a FARC base camp in Ecuador territory was in fact Ecuadorian. The announcement seemed likely to trigger further diplomatic protests by Ecuador’s government after President Rafael Correa threatened to reopen the case last Saturday if he… Read More Ecuador Threatens More Diplomatic Problems with Colombia

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Unasur Founding Summit Cancelled Over Minor Regional Conflict

Mar. 21, 2008) The March 28th meeting of South American heads of state has been cancelled because of ongoing disputes between Ecuador and Colombia. Leaders had planned to sign a foundational constitution establishing the institutional procedures for UNASUR, a new union composed of the 12 nations of South America. The cancellation was not a surprise… Read More Unasur Founding Summit Cancelled Over Minor Regional Conflict

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Unasur Founding Summit Cancelled Over Regional Conflict

By Nate GillMarch 21, 2008 (Southern Affairs) — The March 28th meeting of South American heads of state has been cancelled because of ongoing disputes between Ecuador and Colombia. Leaders had planned to sign a foundational constitution establishing the institutional procedures for UNASUR, a new union composed of the 12 nations of South America. The… Read More Unasur Founding Summit Cancelled Over Regional Conflict

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Counting the Chips: Political Solution Reached Between Ecuador and Colombia

(March 10, 2008) The crisis that erupted last week over Colombia’s bombing of a FARC base camp inside Ecuador seems to have come to an end. A political solution was reached between the region’s foreign ministers at the OAS special session while a more personal agreement was reached between the presidents of several Latin American… Read More Counting the Chips: Political Solution Reached Between Ecuador and Colombia

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Colombian Attack Sets Off Unexpected Alarms Around South America

(March 5, 2008) On Sunday Colombia’s military bombed a Revolutionary Armed Forces of Colombia (FARC) military camp in Ecuadorian territory. The attack killed an estimated 23 rebel combatants, including FARC’s second in command, Luis Edgar Devia, a.k.a. Raúl Reyes, reportedly the first secretariat member to be killed in combat during more than 40 years of… Read More Colombian Attack Sets Off Unexpected Alarms Around South America

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Banco Del Sur – A Reality Check On The State Of South American Relations

(Dec. 12, 2007) The signing of the “founding act” of the new Banco del Sur raises so many questions that it is difficult to know where to begin. Set against the backdrop of the assumption of Cristina Fernandez de Kirchner in Buenos Aires, Argentina, the meeting highlighted the continued difficulties South America faces as it… Read More Banco Del Sur – A Reality Check On The State Of South American Relations

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President Proposes National Recall Vote As Bolivia Slides Further Into Chaos

(Dec. 6, 2007) Violent protests continue to rock Bolivia as politicians refuse to compromise on a new national constitution. President Evo Morales has proposed a national recall vote for himself and the country’s nine prefects to help end protests that began after his political party Movement Toward Socialism (MAS) railroaded a new draft constitution through… Read More President Proposes National Recall Vote As Bolivia Slides Further Into Chaos

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21st Century Socialists Turn Tables On Opposition

(Nov. 30, 2007) Without delay, Ecuador’s new Constitutional Assembly approved President Rafael Correa’s proposal to close the national congress until the assembly concludes its broad reorganization of the state in what officials are calling a “Citizen Revolution.” Ecuador is the third South American country to call a Constitutional Assembly this century, joining Venezuela and Bolivia… Read More 21st Century Socialists Turn Tables On Opposition

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Bolivian Assembly Approves Constitution In Irregular Session

(Nov. 26, 2007) Last Friday Bolivian President Evo Morales and his MAS party in the National Assembly approved constitutional changes by a simple majority vote in an irregular session without the presence of opposition parties. According to the former Vice President Victor Hugo Cádenas the meeting took place in a military barracks in Sucre where… Read More Bolivian Assembly Approves Constitution In Irregular Session

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Venezuelan Police Shoot Students Protesting Chávez’s Constitutional Reforms

(Nov. 25, 2007) Riot police shot a group of students from the Universidad Monteávila on Friday for handing out pamphlets protesting the upcoming constitutional referendum in Venezuela. El Observador Online reported that eight students were wounded in the attack. Police firing small pellets and tear gas forced students to seek protection inside their university. The… Read More Venezuelan Police Shoot Students Protesting Chávez’s Constitutional Reforms

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