Chilean lawmakers gave final approval to a bill that allows citizens to make a second withdrawal from pension funds so they can cope with the economic havoc wreaked by the pandemic. The bill, which passed its last legislative hurdle with a Senate vote, allows for another 10% withdrawal from Chile’s privately managed pension funds.
Siemens Energy and luxury car maker Porsche have announced plans to develop the world’s first integrated, commercial, industrial-scale plant for making synthetic climate-neutral fuels (e-fuels). The ‘Haru Oni’ pilot project will be located in Southern Chile to take advantage on the country's strong wind energy, which will be used to power the plant sustainably. In the pilot phase, around 130,000 liters of e-fuels will be produced as early as 2022.
Chile extended the state of catastrophe that allows the government control of movement of people through curfews and lockdowns. Lockdowns have been removed in many parts of the country including the capital Santiago, the borders have been reopened to foreigners and people have begun returning to offices and classes. However, authorities warned of a potential second wave to hit in January before any vaccines arrive, which could in a worst-case scenario result in 9,500 new cases each day.
Chile’s telecommunications regulator Subtel said a total of 20 international border crossings will be connected to fibre-optic networks by 2024. The country currently has 11 connected border crossings and intends to add a further 15 routes with Argentina, 3 with Bolivia and one each with Bolivia and Peru over the next 4 years to reach 31.
Zacks Investment Research upgraded shares of Banco Santander-Chile from a hold rating to a buy rating in a research report sent to investors. They currently have $21.00 target price on the bank’s stock. According to Zacks, “Banco Santiago is the largest bank in Chile, in terms of assets with Ch$4,088 billion (approximately $9.86 billion ) as of March 31, 1997. “