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

U.S. Needs to Open Up Trade Relations With Cuba, Locke Says

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

Chilean Bank Quadruples Its Contribution to IMF Fund

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

Peruvian Economy Has Reached ‘Point of Inflexion,’ Central Bank President Says

By Nathan Gill Sept. 18 (Bloomberg) — Peruvian central bank President Julio Velarde said the country’s economy has reached a “point of inflexion” after it shrank the most in eight years in June. Rebounding demand in Peru and overseas will probably push the economy to 3.2 percent growth in the second half of 2009, and… Read More Peruvian Economy Has Reached ‘Point of Inflexion,’ Central Bank President Says

Peru’s Economy Shrank 1.4% in July From Year Earlier

By Nathan Gill Sept. 15 (Bloomberg) — Peru’s economy contracted for a second month as demand for the South American country’s fishing, manufacturing and metal exports fell. Gross domestic product fell 1.4 percent in July from the same month a year earlier, after a 2.1 percent year-on-year decline in June, the government statistics agency said… Read More Peru’s Economy Shrank 1.4% in July From Year Earlier

Chile Economists Forecast 0.4% Inflation in September

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

Chile Finance Minister Velasco Says Economy Stabilized, Will Improve

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

Chile Economy Showing Signs of Recovery, Finance Minister Velasco Says

By Nathan Gill and Sebastian Boyd July 23 (Bloomberg) — Chile’s economy may be starting to recover from its slump as extra government spending spurs growth, Finance Minister Andres Velasco said today. Velasco has spent more than $4 billion this year on tax cuts and extra outlays. He will pull $8 billion from Chile’s offshore… Read More Chile Economy Showing Signs of Recovery, Finance Minister Velasco Says

Latin America Ministers Urge More Money for Lenders

By Sebastian Boyd and Nathan Gill      July 3 (Bloomberg) — Finance ministers from North and South America meeting in Chile agreed to push for more financing for multilateral lenders such as the World Bank and the Inter-American Development Bank, Chile’s Andres Velasco said.      The IDB’s board may agree to vote for a capital… Read More Latin America Ministers Urge More Money for Lenders

Carstens Sees No Reason for Mexico Credit Rating Cut

By Nathan Gill and Jens Erik Gould      July 3 (Bloomberg) — Mexican Finance Minister Agustin Carstens said the country doesn’t have debt problems and there’s no reason for rating companies to cut its credit rating.      “We have a strong economy. We don’t have any external payment problems,” Carstens told reporters today at a… Read More Carstens Sees No Reason for Mexico Credit Rating Cut

Chile Construction May Be Near Bottom, Chamber Says

By James Attwood and Nathan Gill      June 17 (Bloomberg) — Chile’s construction industry may bottom out next quarter as unemployment in the industry peaks at 21 percent, about double the national rate, according to the country’s Chamber of Construction.      “In October we were falling without a parachute, and now we’re falling slowly,” Chairman… Read More Chile Construction May Be Near Bottom, Chamber Says

Chile Teachers March on Capital on 16th Day of Strike

By Nathan Gill      June 2 (Bloomberg) — Thousands of Chilean public school teachers marched in the capital on the 16th day of a nationwide strike to press their demands for what they say are unpaid bonuses.      More than 5,000 teachers traveled to Santiago for the protest, said Jaime Gajardo, president of the Chilean… Read More Chile Teachers March on Capital on 16th Day of Strike

Chile Lending May Rise 2%, Bank Association Says

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

Chile Police Use Teargas to Break Up Strike Protests

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

Chilean Inflation to Slow to 3% ‘Soon,’ Finance Minister Velasco Says

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

Chile Stimulus Plan to Spur Job Growth, Velasco Says

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

Chile State Bank Cuts Rates, Pressuring Private Banks

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

Chile’s Vapores Sinks to 6-Year Low on Cash Concerns

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

Chile to Spend Savings in ‘Lean Times,’ Bachelet Says

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

Chile Economy Shrank 1.4% in January, Most in Decade

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

De Gregorio Says Chile Bank Will ‘Probably’ Cut Rates

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

Ecuador May Seize Perenco Assets Over Tax Dispute

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

Ecuador’s Borja Vows to ‘Defend’ Use of U.S. Dollar

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

Ecuador’s President Calls for Lawsuit Against Repsol, Perenco

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

Ecuador to Use Grace Period for 2030 Bond Payment

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

Ecuador Asks Bondholders to Identify Themselves in a Letter

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

Ecuador Says IDB to Loan $500 Million for Budget Gap

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

Ecuador May Announce Bond Payment Decision Tomorrow

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

Chile Unemployment Rate Unchanged at 7.5% in December (Update1)

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)

Chile’s Velasco Says Global Slump Will Hit Exports, Financing

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

Chile Projects Delayed, Canceled on Lack of Funding (Update1)

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)