Scotiabank completed the reorganisation process after the $2.2 billion acquisition of Spanish lender Banco Bilbao Vizcaya Argentaria’s stake of 68.19% in Banco Bilbao Vizcaya Argentaria, Chile (BBVA Chile). Carey, one of the largest law firm in Chile, advised Scotiabank.
From March 1 to September 1, the minimum wage in Chile will be CL$319,000 ($403) per month. This is as a result of applying the multiannual formula agreed in 2018 between the government and the Unitary Central of Workers (CUT) that established a real adjustment of 2.5% if the economy grew up to 4%. The growth outlook for 2020 fluctuates between 1% and 1.3%, and the accumulated inflation in 12 months is 3.5%.
The arrival of tourists to Chile between December and March may fall by 22.7%, the lowest figure in the last 10 years, said the director of the National Tourism Service (Sernatur), Andrea Wolleter. For the summer season 1.6 million foreign tourists are expected, this is 470,888 less than the previous year, mainly due to a considerable decrease in Argentine visitors. The tourism industry, whose 90% is composed of SMEs, represents 3.4% of Chile GDP and generates about 400,000 jobs.
The Chilean Ministry of Agriculture declared in agricultural emergency zone to the communities of San Carlos, Ñiquén, Chillán, Chillán Viejo, Coihueco, San Nicolás, Pinto and Bulnes of the Ñuble Region, due to a severe drought. During 2019 there was a 40% annual rainfall deficit that affects the productive capacities, especially of small farmers in the region, according to the Agricultural Research Institute (INIA).
Santiago de Chile international airport Nuevo Pudahuel (former Arturo Merino Benítez International Airport) issued the commercial tenders of 35 independent packages and 93 separate services opportunities on some 19,130sq m of space in a combination of new and enhanced terminal facilities. Chilean and foreign companies, independently or in joint venture, can participate in the bidding.
Japan-based Mitsubishi Materials Corporation (MMC) has signed an agreement to acquire a 30% interest in Mantos Copper’s Mantoverde copper mine and associated projects in Chile for $263mn. The mine is located in the Atacama region of northern Chile and expected to become operational in 2023. It has 2.1 million tonnes (Mt) of copper reserves and 5.7Mt of copper resources.