Global miner BHP Group will exclude contractors from its Chile copper mines for 15 days, saying this is part of efforts to curb the spread of coronavirus. BHP operates the Escondida and Pampa Norte mines in Chile.
The Chilean Chamber of Automotive Commerce (Cavem) does not rule out that this year car sales will be below 300,000 units instead of the projected 329,000. However, it is still too early to measure the impact that the Coronavirus will have on the industry, although given the low public attendance last week, there is an important slowdown in sales.
Economists at Morgan Stanley and Goldman Sachs Group said the coronavirus will cause greater economic suffering than they expected, and warned of a record drop in US production in the second quarter and a deeper global recession.
Citi-Banchile estimated that Latam Airlines will need US$600 million in capital to finance its debt between the second and third quarter of this year. Latam, like other airlines, has been heavily impacted by the Coronavirus outbreak worldwide.
The eventual closure of companie due to the Coronavirus, could leave thousands of workers without being able to receive their salaries. According to the Santiago Chamber of Commerce, if supermarkets and pharmacies are excluded, the number of retail companies affected by forced closures would exceed 160,000 and the number of dependent workers involved would exceed 500,000.