Chilean copper miner Antofagasta, owned by the Luksic family, revised its 2020 spending forecast downwards due to a deteriorating global economic outlook, but its shares rose to 15% after exceeding expectations for dividends and net debt reduction.
Day: March 17, 2020
Covid-19: Government says not all companies can be saved
Chile's Finance Minister, Ignacio Briones, said that they will help companies, but that there will still be many that go bankrupt, referring to the economic impact of the Coronavirus. He added that among the most affected sectors are restaurants, shows, tourism, hotels and transportation.
Walmart limits sales of cleaning products
Walmart Chile decided to limit the purchase of certain cleaning products to five per customer, in addition to calling on users to supply themselves responsibly during the health crisis generated by the expansion of Coronavirus in the country.
Goldman Sachs forecasts a 9% drop in China’s GDP in the first quarter
China's economy is set to fall by 9% in the first quarter from a year earlier, according to Goldman Sachs' latest forecast. Goldman economists said their new forecast for Chinese real GDP growth in 2020 is 3%.
CDE to file complaint against former Codelco president for bribery
The State Defense Council (CDE) agreed to file a complaint against former Codelco Executive President Nelson Pizarro for the crimes of bribery. According to the CDE, "there are precedents that prove the commission of bribery and participation" that would fit the accused, including Pizarro.
Latam announces drastic reduction of 70% of its flights due to Coronavirus
Latam reported that it will reduce its capacity by 70% due to the announcement of border closures in several countries and the consequent drop in demand. The company said it is working to ensure long-term sustainability and protect its 43,000 employees.
