Between January and April, liquidation or bankruptcy processes of persons increased 20%, reaching 1,819 cases, according to the Insolvency Superintendence. If you compare April against April last year the jump is much greater, as it rose 40% (up to 520 people). Its highest number since data became available.
Lithium Chile Inc. announced that it plans to complete a non-brokered private placement of up to 15,000,000 units of the company at a price of $0.10 per unit, for aggregate gross proceeds of up to $1,500,000.
A survey carried out by Libertad y Desarrollo revealed that 38% of SMEs believe that it is "probable" that they should close their business in the coming weeks, in the context of the economic crisis due to COVID-19. The survey also maintains that smaller companies project that the effect of the pandemic on their sales will be similar to that of the social crisis of October 18th.
The copper market will see a supply glut of 200,000 tonnes this year as the economic impact of coronavirus hits global demand for the metal, a Chilean industry group told Reuters. Diego Hernandez, president of Sonami, an association of mining companies with operations in top producer Chile, said both supply and demand would drop as the global economy falters. “With the information we have today, we expect a 3.5 to 4% decrease in demand,” Hernández told Reuters by email.
Latam's economic contribution to South America's GDP reaches $33.2 billion, according to a study by Oxford Economics commissioned by the airline. Latam has been hit hard by the Covid-19 crisis, which has led it to ask the government for help. In Chile, the airline contributes $6.2 billion to GDP. The analysis estimated that Latam generates a total tax revenue of $600 million in Chile and that its operations contribute $2.5 billion to national labor income.