SQM says relations with indigenous communities are improving

SQM is making progress in improving relations with the communities in the north of Chile through several cooperation deals. SQM promised up to $15 million annually to promote sustainable development in the communities. But key indigenous association rejected them, arguing they do not protect the environment. However, the firm's general manager insisted that there is progress and that commitment to the communities is a priority.

Forest fires in Chile destroys over 3,200 ha of land in two Days

The National Emergency Office of the Chilean Ministry of the Interior (ONEMI) reported that 3,230 hectares of land have been consumed by forest fires in the Valparaiso region. According to the National Forestry Corporation (CONAF), the fires are under control but they have not been extinguished. It is a giant perimeter and the main concern is the advance towards the western sector. The other fronts are quite confined and have low spread.

Cencosud announces $1.8 billion investment plan

Cencosud announced a S$1.8 billion investment plan for the next three years. $740 million will be used to refurbish 100% of Cencosud's shops in the region and $34 million will be used to build 144 new shops. In addition, $420 million will be invested to refurbish eight shopping centres, execute five major expansions and build two new shopping malls. While $300 million will be used for investments in technology, logistics and e-commerce.

Trade Inventory Index fell by 2.9% in November 2020

The Trade Inventory Index (TIICOM) fell by 2.9% in November 2020, due to the contraction of the three divisions that make up the index, with wholesale trade (division 46) being the most affected, with -1.410 percentage points (pp.). Automobile trade (Division 45) and retail trade (Division 47) showed a monthly decline in inventories, with -1.247 pp. and -0.234 pp. respectively influencing the change in the index.

Grenergy and Natixis close $91mn solar PV portfolio financing in Chile

Grenergy Renovables S.A., with Natixis as Sole Lead Arranger, Hedge Provider, LC Issuing Bank and Administrative Agent, have successfully closed senior secured facilities totalling $91 million for an expected 130 MW portfolio of 14 solar photovoltaic ("PV") plants in Chile. The Grenergy portfolio consists of solar projects that will operate under Chile's special regime for distributed generation projects (known as "PMGD").

Labour fines reach $6.7mn in 2020

A total of 55,311 complaints filed with the Directorate of Labour (DT) for violations of labour regulations, was the balance left in 2020. In addition, between 1 January and 30 June 2020, the DT issued fines totalling CH$2.24 billion ($3.1 million) and between 1 July and 31 December of the same year, the figure was CH$2.57 billion ($3.6 million). Thus, during the year the fines issued by the agency amounted to $6.7 million.