According to the World Bank, the abrupt economic slowdown in the U.S. and China has altered the supply chains of Mexico and Brazil and has caused a sharp drop in exports from commodity-producing economies, such as Chile and Peru. A 7.2% decrease is projected for Latin America. The World Bank anticipates a drop in 8% of Brazil's GDP, 7.3% for Argentina, 12% for Peru, 5.9% for Bolivia, 4.9% for Colombia and 4.3% for Chile. Among the least affected countries in the region are: Uruguay (-3.7%), Paraguay (-2.8%), Panama (-2%), Guatemala (-3%) and Costa Rica (-3.3%).
Despite the global crisis, the flow of foreign direct investment (FDI) that Chile received between January and April this year reached US $7.156 billion, according to the Central Bank. The amount implies a 35% growth compared to the same period in 2019, when it reached US $5.306 billion. Specifically in April, the FDI flow reached US $838 million.
The Senate approved the National Automatic Roaming bill, which establishes the obligation for telecommunication companies to allow the use of their networks, in order to expand connectivity for thousands of citizens that live in isolated or rural areas. The law facilitates access to the telecommunications services, both voice & data messaging and the internet, for each one of the Chilean citizens who have a precarious telecommunications connection.
TerraForm Power Inc.'s shares jumped 3.59% to close at $19.05. About 658,175 shares traded hands on 6,132 trades for the day, compared with an average daily volume of n/a shares out of a total float of 226.52 million. After opening the trading day at $18.56, shares of TerraForm Power Inc. stayed within a range of … Continue reading TerraForm Power Inc. soars 3.59%
Chilean copper mines are facing problems due to a drought. According to state copper miner Codelco, there is a restriction on copper processing at El Teniente mine. In April, water supply was at 25% of capacity and in May the company decided to reduce the processing rate at the Sewell mill to prioritise operations at the Colón plant. At the end of 2019, Codelco partially restricted water consumption at El Teniente’s mine camp. Although figures are unknown on current processing rates at the Sewell mill, a spokesperson has said that normal operations could resume if there is rain this month.