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.
Energy company Enel Chile, through its renewable energy subsidiary Enel Green Power Chile, has started construction on a new 204MW photovoltaic park. The $164 million solar plant, which is due to be completed by July 2021, will produce around 589GWh of energy, avoiding the emission of 439,000 tonnes of carbon dioxide into the atmosphere.
Chilean exports to Latin America increased 25% in September compared to the same period last year. With a total of $915 million, it is the month with the highest value exported to the region. Exports to Brazil increased by 38%, reaching $310 millions, while sales to Peru reached $257 millions, an annual growth of 67%. Exports to Bolivia registered an annual increased of 94%, reaching $42 million. Exports to Argentina reached $59 million, an annual increase of 22%.
According to the Superintendence of Insolvency and Restructuring, the companies that requested to start their liquidation process in September reached 178, an annual increase of 56.1%. Compared to August the increase was 14.8%, and is the largest jump so far this year.
The largest gym chains in Chile (Sportlife, Energy, Smart Fit and Pacific Gym) created an association and requested that they be allowed to reopen their stores in phase 3 and not in phase 5 of the government's reactivation plan. They argue that they comply with all the protocols and warned that the sector has stopped … Continue reading Gyms calculate losses of $250mn
The World Bank has worsened its projections for the Chilean economy and forecasts a 6.3% drop in activity by 2020. The figure represents a significant increase from the 4.2% drop projected last June. For next year, the international organisation foresees a rise in the country's GDP of 4.2%, improving on the 3.1% forecast four months ago. While for 2022, it estimates a growth of 3.1%.