Chile’s Central Bank softens projection between -4.5% and -5.5%

Chile's Central Bank softened its prediction for an economic decline in 2020 to between -4.5% and -5.5% from the 5.5% and 7.5% contraction it foresaw in June. The bank said a “sharp fall” in the economy that coincided with the arrival of the virus in the second quarter had been followed by “signs of stabilization” as some sectors rallied gradually and others declined by a lesser amount than previously.

Chile’s total copper production decreased by 5% in July

The Chilean Copper Commission (Cochilco) reported that the production of Codelco fell 4.4% year-on-year to 133,300 tonnes in July. With this, it accumulated a rise of 2.3% as of July. For its part, the extraction of Escondida grew 3.8% year-on-year, to 100,900 tons. Collahuasi posted a 22.8% year-on-year increase in its production in the seventh month, to 58,100 tons. As of July, it accumulated an increase of 26.2%. Despite this result, the country's total production fell 5% year-on-year in July to 462,000 tons, totaling a rise of 1.4% to 3.3 million tons in seven months.

Senate approves the inclusion of private home workers to unemployment insurance

The Senate Chamber unanimously approved the project that incorporates private household workers into the unemployment insurance, sending the initiative to the Chamber of Deputies for its second stage. This will benefit more than 220,000 people who until now did not have access to this insurance and will be done by redistributing the contribution from the employer.

Chilean truckers end week-long strike on promise of beefed up security

Chilean truckers said they would end a seven-day strike that has damaged supply chains and raised fears for food and commodities exports, following a deal with government. Jose Villagran, vice president of the National Confederation of the Chilean Cargo Transport (CNTC), said the government had pledged to beef up protection for arson attack victims in Chile’s Araucania province, with agreements on “police intelligence” and other unspecified measures.