Algonquin Power & Utilities Corp. announced the closing of its Initial Public Offering for the shares of Empresa de Servicios Sanitarios de Los Lagos S.A. (Essal). Algonquin already owned 53.5% of the southern sanitation company after directly acquiring the percentage of Aguas Andinas on October 13 for $92.3 million. After completing today's operation, Algonquin reached 93.96% ownership of Essal, bringing its total investment in Chile to $162.1 million.
A survey by the National Chamber of Commerce (CNC) revealed that 63% of surveyed stores will not hire support workers at Christmas and 39% believe that sales results will be worse than in 2019. The survey was made to 185 stores with 7,984 workers.
A study promoted by the Universidad del Desarrollo revealed that foreign investor confidence in Chile is in a "neutral" position, combining a slight pessimism about the current economic and business situation with a slight optimism about the state of affairs three months from now.
A drop of three places in the ranking was what Chile's pension system registered in the twelfth version of the Melbourne Mercer 2020 World Pension Index that was released today. The country fell from tenth place (out of 39 countries worldwide) to thirteenth place among the best pension systems.
Chilean pension funds have been given the go-ahead by the country’s financial regulator to invest in gold exchange traded products for the first time. The relaxation is part of a brace of reforms in Latin America, alongside Brazil’s decision to allow cross listings of overseas exchange traded funds in the form of depositary receipts, that could help breathe new life into the region’s stuttering ETF industry.