The president of Chile's Central Bank, BC President Mario Marcel, states that the OECD estimated for Chile that the cost of a total quarintine in terms of the monthly GDP would be around 24%. However, he added that the Central Bank projections would be around half of this estimation: between 12% and 15% of the monthly Product.
Latam announced a gradual increase in its operations over the next two months. According to the airline, in June the company expects to grow from 5% to 9% of its total pre-crisis capacity, and in July projects to reach 18%. Due to the uncertainty of the situation Latam will incorporate greater flexibility for the purchasing and scheduling of flights, average rates can be up to 20% cheaper.
Inchcape PLC reported a 32% decline in sales in the first four months of the year, but said it had strong liquidity and a flexible cost base to weather the pandemic. Revenue was £2.1bn in the four months to 30 April, down 25% on a like-for-like basis, with distribution down 22% and retail down 28%. Inchape is open in 25 markets but remains closed in eight others, including the UK, Singapore and Chile.
According to the National Petroleum Company's (Enap) latest report, 93 and 97 octane gasoline will drop $6 per liter, as well as diesel. This is the eleventh drop in a row. Since March 12th, 93-octane gasoline has dropped $85 in total and 97-octane has decreased by $79.
Chile lithium miner SQM said it expects its output of the electric vehicle battery metal to be above budget in 2020 despite COVID-19. The company also announced that it planned to slash its 2020 capex plan by nearly a quarter, from $450 million to $350 million, though it said its expansion plans remain on track.