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
By Nathan Gill Oct. 5 (Bloomberg) — Workers at the Andina unit of Chile’s Codelco, the world’s largest copper producer, voted to reject a preliminary wage offer from the company, a union leader said. About 70 percent of the 1,140 unionized workers in a Sept. 30 vote rejected the offer for a 3 percent pay… Read More Codelco’s Andina Workers Reject Pay Offer, Union Says
By Nathan Gill Oct. 1 (Bloomberg) — Sociedad Quimica y Minera de Chile SA, the world’s largest lithium producer, led declines on Santiago’s Ipsa Index after announcing price cuts for the metal used in batteries. Soquimich, as the company is known, fell 3.6 percent to 20,630 pesos, the steepest decline since June 22. The Ipsa… Read More Chile’s Soquimich Falls Most Since June on Lithium Price Cuts
By James Attwood and Nathan Gill Oct. 1 (Bloomberg) — BHP Billiton Ltd. workers at the Spence copper mine in Chile voted in favor of a strike, rejecting a pay offer by the company, a union official said. Workers in the Spence mine union voted 525 to 1 late yesterday against BHP’s offer, Pedro Marin,… Read More BHP Spence Workers Reject Pay Offer, Approve Strike
By Nathan Gill Sept. 30 (Bloomberg) — Copper output in Chile, the world’s biggest producer, rose 7.8 percent in August from a year earlier after state-owned Codelco and BHP Billiton Ltd. boosted production, the government said. Output increased to 459,823 metric tons from 426,689 tons a year earlier, the country’s national statistics agency said in… Read More Chile Copper Output Rises 7.8% on Codelco, BHP Mines
By James Attwood and Nathan Gill Sept. 30 (Bloomberg) — Molibdenos y Metales SA, the world’s largest molybdenum processor, said a plant near Santiago is operating normally after a fire broke out this morning. Industrial installations at the San Bernardo plant weren’t damaged and no one was injured in the blaze, the Santiago-based company, known… Read More Molymet Says Chile Plant Operations Normal After Fire
By Nathan Gill Sept. 29 (Bloomberg) — The U.S. needs to open up trade relations with Cuba, said U.S. Secretary of Commerce Gary Locke. President Barack Obama believes the U.S. needs to “open up our trade relations and our exchange of people and travel and that many of the restrictions with Cuba need to be… Read More U.S. Needs to Open Up Trade Relations With Cuba, Locke Says
By Nathan Gill Sept. 28 (Bloomberg) — Dell Inc., the world’s second-biggest maker of personal computers, sees “huge” prospects for growth in Latin America, where the company is looking to provide technology to Brazil’s oil industry. “Growth potential is huge in Latin America and Brazil,” Raymundo Peixoto, Dell’s manager for Brazil, said today in an… Read More Dell’s Peixoto Sees ‘Huge’ Growth Potential in Latin America
By Matt Craze and Nathan Gill Sept. 28 (Bloomberg) — Antofagasta Plc, which is planning a $1 billion expansion of its biggest copper mine, will seek financing by year-end for the project in Chile, Chairman Jean-Paul Luksic said. “We are looking for financing with banks overseas, and it most probably won’t be through bonds, it… Read More Antofagasta Seeks Funds to Expand Biggest Copper Mine
By Nathan Gill Sept. 25 (Bloomberg) — Colombia’s peso climbed for a fourth week on speculation the South American country is beginning to recover from its first recession since 1998. The peso climbed 1.3 percent this week to 1924.45 per dollar, extending its advance this month to 7 percent, the biggest gain among 26 emerging-market… Read More Colombian Peso Rises for Fourth Straight Week on Economy
By Nathan Gill Sept. 24 (Bloomberg) — Chile’s central bank said it quadrupled the amount of special drawing rights it is prepared to lend to the International Monetary Fund. Chile, the only Latin American country participating in the IMF’s emergency credit line known as the New Arrangements to Borrow, increased the amount of rights, an… Read More Chilean Bank Quadruples Its Contribution to IMF Fund
By Nathan Gill Sept. 23 (Bloomberg) — Cia. Sudamericana de Vapores SA, Latin America’s largest container ship operator, rose the most in five weeks in Santiago trading after Standard & Poor’s said the company’s financial flexibility has improved. Valparaiso, Chile-based Vapores climbed 4.6 percent to 430 pesos at 1:42 p.m. New York time, its biggest… Read More Chile’s Vapores Climbs Most in Five Weeks as S&P Removes CreditWatch
By Nathan Gill and James Attwood Sept. 10 (Bloomberg) — Chilean consumer prices will rebound in September after declining in eight of the 10 previous months, according to economists in a monthly central bank survey. Prices will rise 0.4 percent in September from a month earlier, according to the median forecast of 28 economists in… Read More Chile Economists Forecast 0.4% Inflation in September
By James Attwood and Nathan Gill Sept. 9 (Bloomberg) — Chile’s Empresa Electrica del Norte Grande SA rose the most in three months after announcing it offered the lowest price in bidding for new supply contracts. The northern Chilean electricity producer known as Edelnor rallied 8.3 percent to 742 pesos in Santiago trading, the steepest… Read More Chile’s Edelnor Rallies After Submitting Lowest Supply Bids
By Nathan Gill Sept. 8 (Bloomberg) — Celulosa Arauco y Constitucion SA, the world’s second-biggest pulp maker, said a recovery in Asian markets is boosting the price of pulp. Demand for pulp at the forestry unit of Empresas Copec SA, Chile’s largest publicly traded company by market value, touched bottom last quarter and probably will… Read More Chile’s Arauco Sees Asia Recovery Driving Pulp Prices
By Nathan Gill and Matthew Craze Sept. 7 (Bloomberg) — A road to Anglo American Plc’s Los Bronces copper mine in central Chile was hit by a mudslide, killing one worker. Mining operations weren’t affected. Luis Rene Zurita Martel, a 52-year old contract employee at Anglo’s Los Bronces mine was killed today when the mudslide… Read More Chile Mudslide Kills 1 at Anglo Mine, Codelco Not Hit
By James Attwood and Nathan Gill Sept. 4 (Bloomberg) — Cristalerias de Chile SA, a glass container producer, rose the most in 14 years after agreeing to sell a stake in cable television company VTR GlobalCom SA. Cristalchile, as the company is known, rallied 15 percent, the most since April 1995, to 6,420 pesos in… Read More Cristalchile Rises Most Since 1995 on VTR Sale Accord
By Nathan Gill Sept. 3 (Bloomberg) — Bank lending in Chile probably will increase 2 percent this year as the economy rebounds in the second half from its deepest recession in a decade, the nation’s banking association said. Commercial loans and consumer lending should rise about 1 percent this year, the Asociacion de Bancos e… Read More Chile Bank Loans May Rise 2 Percent, Association Says
By Nathan Gill Sept. 2 (Bloomberg) — Empresas Copec SA, Chile’s largest producer of wood pulp, rose the most in two weeks on the prospect that gains in pulp prices may bolster earnings. The nation’s largest publicly-traded company gained 2.4 percent to 6,620 pesos in Santiago trading, its steepest climb since August 18. The BHKP… Read More Chile’s Copec Rises Most in Two Weeks on Earnings Outlook
By Matt Craze and Nathan Gill Sept. 1 (Bloomberg) — Antofagasta Plc, the copper producer controlled by Chile’s Luksic family, expects copper demand to increase this month, a company executive said. Demand should recover in September as industrial production in China expands and summer vacations in the northern hemisphere end, Marcelo Awad, chief executive officer… Read More Antofagasta Says Copper Demand to Increase This Month
By Nathan Gill Aug. 28 (Bloomberg) — Banco Santander Chile, the country’s biggest lender, rose the most in three weeks after reporting profit that exceeded some analysts’ projections. The Santiago-based bank gained 2.7 percent, the most since Aug. 3, to 27.72 pesos. The unit of Spain’s Banco Santander SA reported net income of 219.2 billion… Read More Santander Chile Rises Most in Three Weeks on Earnings
By Nathan Gill Aug. 27 (Bloomberg) — Goldman Sachs Group Inc. and Chilean brokerage and investment bank Celfin Capital SA agreed to develop derivative products for Chilean pension funds, the country’s biggest investors, Celfin said. Goldman Sachs and Celfin will create and market financial instruments, including cross-currency and interest-rate swaps, for the South American country’s… Read More Goldman Sachs, Celfin to Sell Derivatives in Chile
By Nathan Gill Aug. 27 (Bloomberg) — Chilean banks’ combined profit increased 35 percent in July from the previous month as greater confidence in the South American country’s economy boosted consumer lending. Net income this year through July was 634 billion pesos ($1.2 billion), the banking regulator wrote in a report e-mailed today, without giving… Read More Chile Banks’ Combined Profit Rises 35 Percent in July
By Nathan Gill Aug. 26 (Bloomberg) — A unit of Empresas Copec SA, Chile’s biggest pulp producer, agreed to buy Brazilian wood-panel maker Tafisa Brasil SA for about $165.2 million. Placas do Parana SA, a unit of Copec’s forestry subsidiary Celulosa Arauco y Constitucion SA, will buy 100 percent of the Brazilian company from Sonae… Read More Chile’s Copec to Buy Tafisa Brasil for $165.2 Million
By Nathan Gill Aug. 21 (Bloomberg) — Chilean Finance Minister Andres Velasco said the country’s economy has touched bottom and will show improvement in the third quarter as it emerges from its deepest recession in over a decade. The contraction of Chile’s gross domestic product, which began last year and has seen consecutive quarters of… Read More Chile Finance Minister Velasco Says Economy Stabilized, Will Improve
By Nathan Gill and James Attwood Aug. 21 (Bloomberg) — Two Chilean poultry farms are under quarantine after swine flu was detected in turkeys, the first case of the virus found in birds, the nation’s health ministry and U.S. health officials said. Sopraval SA, the Santiago-based producer of poultry, beef and pork products, said agricultural… Read More Chile Turkey Farms Quarantined After Swine Flu Found
By Nathan Gill Aug. 18 (Bloomberg) — Chile’s Cia. Sudamericana de Vapores SA, Latin America’s largest container ship company, reached an agreement with Samsung Heavy Industries Co. to change its ship-building contracts. Vapores, as the company is known, will buy five ships worth a total of $625 million from Seoul-based Samsung Heavy, the world’s second-largest… Read More Chile’s Vapores and Samsung Heavy Reach Deal on Ship Contracts
By James Attwood and Nathan Gill Aug. 17 (Bloomberg) — Chile’s peso fell to a two-month low after copper, the country’s biggest export, declined and the U.S. dollar strengthened against major currencies. Chile’s currency, up 14 percent so far this year, dropped 1.3 percent to 558.75 per U.S. dollar at 12:01 p.m. New York time,… Read More Chile’s Peso Falls as Copper Declines; Peruvian Sol Slides
By Nathan Gill Aug. 15 (Bloomberg) — Multiexport Foods SA, Chile’s biggest publicly-traded salmon producer, said its first-half net loss widened on higher costs and lower sales related to a virus that has depleted fish stocks. The loss widened to $48.7 million from a $11.4 million loss in the year-earlier period, according to data posted… Read More Chile’s Multiexport Foods Says First-Half Loss Widens on Salmon Virus
By James Attwood and Nathan Gill Aug. 14 (Bloomberg) — Cencosud SA, Chile’s biggest retailer by sales, posted a steeper-than-estimated drop in second-quarter profit on lower sales and currency losses. First-half net income fell 66 percent, the Santiago-based company reported in a regulatory filing today without giving separate second-quarter results. Second-quarter profit fell to 8.96… Read More Chile’s Cencosud Quarterly Profit Slides More Than Estimated
By Nathan Gill and James Attwood Aug. 14 (Bloomberg) — Socovesa SA, Chile’s second-biggest building company by market value, reported a first-half loss as an economic slowdown stifled new home sales. Socovesa, based in Santiago, lost 6.86 billion pesos ($12.4 million), compared with a profit of 2 billion pesos in the same six months last… Read More Chile’s Socovesa Reports First-Half Loss of 6.9 Billion Pesos
By James Attwood and Nathan Gill Aug. 14 (Bloomberg) — SACI Falabella SA, Chile’s biggest retailer by market value, reported a 48 percent slump in second-quarter profit because of a drop in sales and foreign-exchange rate losses. Net income fell to 33.4 billion pesos ($60.5 million) from 63.7 billion pesos a year earlier, the Santiago-based… Read More Chile’s Falabella Profit Falls 48% on Sales Drop, Currencies
By Nathan Gill and James Attwood Aug. 12 (Bloomberg) — Cap SA, the Chilean steelmaker that posted a first-half net loss yesterday, is seeking changes to bondholder protection rules governing capital requirements. Bondholders will be presented with a proposal on Aug. 28 to modify minimum capital levels, Banco Santander SA, which represents bondholders, said in… Read More Chile’s Cap Seeks Changes to Bondholder Protection Covenants
Southern Affairs 