According to Fitch, the process for the drafting of a new constitution in Chile will lead companies to postpone their decisions pending the effects of the new legal framework. "Chilean companies will likely postpone large investment decisions due to the pending rewriting of the country's constitution, and may be subject to higher taxes to help finance higher fiscal spending," Fitch said in a report.
According to a Central Bank survey, analysts project that Chile's economy will increase 0.1% in November. Analysts also project that the benchmark interest rate will remain at 0.5% for at least one year.
Técnicas Reunidas has been awarded an $100 million contract from Chilean oil company ENAP for the environmental improvement of the Bio Bio refinery, according to the spanish company. The order, the largest awarded by ENAP in the last three years, includes: engineering, the supply of equipment and materials, construction, commissioning, testing and commissioning of three plants linked to the refinery.
Cookson Peirce & Co. Inc. purchased a new stake in Sociedad Química y Minera de Chile S.A (SQM) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,853 shares of the basic materials company’s stock, valued at approximately $1,033,000.
In Chile, an important step was taken by the new constitutional reform that allowed a second withdrawal of savings from the individual accounts of the AFPs in order to face the economic effects of the pandemic. 55 out of 72 pro-government deputies voted in favour of the project, while 17 voted against.