Hapag-Lloyd it will start its annual Cherry Express service, which will link Valparaiso with Asian ports including Hong Kong, Shanghai and Busan, among others. The shipping company explained that this is a service focused on the refrigerated transportation of cherries to Southeast Asia, with a fleet of 13,400-reefer containers.
Chilean power utility Colbun SA recorded a net profit of $152.3 million for the nine months through September 2020, down 16% year-on-year, on higher non-operating losses associated to bond refinancing issuance costs. In the third quarter alone, net profits grew by 14% to $62.2 million as non-operating losses decreased, Colbun said it the latest earnings release.
Chile's rolling three-monthly unemployment rate eased for a second consecutive month to 12.3% in July through September, the government said. The improvement in the unemployment rate beat the 12.9% prediction of the market, but remained above the same period the previous year as the coronavirus pandemic continued to weigh on the economy.
Chilean manufacturing ticked up 5.3% and commercial activity was up by 6.3% in September, though the country’s copper output was down 0.8% at 484,768 tonnes, the government statistics agency INE said. INE said the manufacturing uptick was due to a 7.7% year-on-year increase in the production of food products, primarily pork, for the country’s annual independence celebrations in September. The production of alcoholic and non-alcoholic drinks also spiked.
Chile's State-owned miner Codelco, the world's largest copper producer, reported a 86% increase in its profit for the first nine months of the year on Friday, to $1.124-billion, amid an increase in production. The company, which turns over all its profits to government coffers, said production rose 4% year-on-year to 1.165-million tonnes in the first nine months.
Chile's Compañía de Cervecerías Unidas (CCU) announced an investment of $54.7 million in Argentina. The investment will increase the company's productive capacity by 100 percent in the next three years and will generate more than 550 jobs directly and indirectly.
At least 60 parties have so far expressed interest in Chile’s US$1.3bn Kimal-Lo Aguirre line, the most significant transmission project in the country’s portfolio. Preliminary tendering terms and conditions were published this week and draft technical documents are due to be made available from November 23.
Chile's senate approved an increase of the minimum wage from CH$320,500 ($414.31) to CH$326,500 ($422.05). Senators acknowledged that the proposal of the Chilean Government is low, but that is what can be done due the the Covid-19 pandemic. They added that in April the issue will be discussed again.
The Carmen de Andacollo copper and gold operation in central Chile, which is 90% owned by Teck Resources, has signed up with AES Gener, a 66.7% subsidiary of AES Corp, for the supply of 72 Megawatts (MW) (550 GWh/year) of renewable energy. The shift to renewable energy will eliminate 200,000 tonnes of greenhouse gas (GHG) emissions annually, the approximate equivalent of taking 40,000 vehicles off the road, at Andacollo.
Chile and Ecuador have been identified as global leaders in early-stage entrepreneurship by the Global Entrepreneurship Monitor (GEM). In both countries, Total early-stage Entrepreneurial Activity (TEA) stands above 36%. That means over 3.1 million people in Chile and almost 3.4 million people in Ecuador are setting up or in the first three-and-a-half-years of running their own business, based on World Bank population data.