Chilean President Sebastián Piñera partially vetoed a law that suspends the cut of basic services for lack of payment in the midst of the crisis caused by the pandemic, stating that the benefits will be maintained. Today's veto suppresses an article of the law that prohibits companies from recovering the costs involved in implementing this law and sets a limit on drinking water. The executive also excludes telecommunications services from the standard, which he does not consider to be "basic".
Day: July 10, 2020
LATAM formalizes second tranche of DIP financing
LATAM Airlines Group presented the second tranche of its DIP (debtor-in-possession) financing proposal to the Court of the Southern District of New York, as part of the Chapter 11 process. The secon tranche amounts to US $1.3 billion that was committed by Oaktree Capital Management L.P. and its affiliates. The proposal must be reviewed and approved by the court in the coming days.
The price of lemons falls by 18.7% in Chile
According to the President of the Chilean Citrus Committee, Juan Enrique Ortúzar, the price of lemons has fallen by 18.7% in June. In fact, the lemon was by far the product that fell the most in the entire basket of the National Statistics Institute (INE) during the past month, pushing the CPI to its second consecutive fall.
AgroUrbana startup closes $1 million seed capital round in Chile
Urban agriculture is starting to take off in Chile, where the AgroUrbana startup has just closed a $1 million seed capital round, bringing its total capital to $1.5 million, for the creation of a vertical farm, according to the Association for Vertical Agriculture. Leading the round with a 33% cash contribution was the CLIN Private Investment Fund managed by Chile Global Ventures, the venture capital arm of Fundación Chile.
UC survey: Unemployment rate rises to 11.5% in June
The Center for Surveys and Center for Longitudinal Studies of the Catholic University presented its third unemployment survey, which it has carried out since April with the aim of measuring the blow of the pandemic in Chile's labor market. According to the survey, the unemployment rate has risen to 11.5% in June. This figure is higher than the 11.2% registered in the same survey in May.
