Winemakers from Europe and South America may enter a golden period of development in the Chinese market, the fifth-largest wine consumer in the world and the largest in Asia, after China imposed anti-dumping duties on Australian wine, leaving a 40% market gap to fill. Since March 28 when China's Ministry of Commerce imposed anti-dumping duties on Australian wine, imports from France, Italy, Chile and other markets into China have accelerated significantly.
The IMF stated that the project for a third withdrawal of 10% of pension funds that is advancing in Chile's Congress is unnecessary, inappropriate and deteriorates the country's pension system. According to the director of the Western Hemisphere in the IMF, the organisation estimates "that a third withdrawal from the pension fund is not necessary and is not the appropriate vehicle to continue deteriorating a structural factor in the pension system."
H-E Parts has been awarded a multi-year, major equipment overhaul contract with Codelco. The contract was awarded to H-E Parts for the rebuild of 23 Komatsu 930E haul trucks, and will be conducted through Rajo Inca, Codelco’s Salvador Division. The contract will be fully managed by the H-E Parts Mining Solutions division based in Antofagasta, Chile.
The Organisation for Economic Co-operation and Development (OECD) called on Chile to implement a tax reform to accelerate recovery from the crisis generated by the pandemic and combat socio-economic inequality. The organisation said that "the redistributive impact of the current personal income tax in Chile is weak. A more efficient tax and transfer system can … Continue reading OECD calls on Chile for a tax reform to tackle inequality
Ireland was one of the countries where Chilean wine sales and exports increased. Concha y Toro, one of the largest national wineries, increased its sales by 58%. The company also shipped 534 thousand boxes to Ireland. In addition, 96% of this corresponded to premium category brands, which improves revenues and margins. So much so that Ireland became the second largest market for the company, especially for its leading brand: Casillero del Diablo.
China's refined copper imports are projected to fall by 27% in 2021, compared to last year. Furthermore, aluminum purchases abroad are expected to decline by more than 50%, according to Antaike. In 2020 China bought record volumes of aluminium and copper.
A global study revealed of the world's 2,000 largest public companies, those that account for about $14 trillion annually in sales, at least 21% currently own zero net commitments as of 2030. The study, developed by the Energy and Climate Intelligence Unit (ECIU) and Oxford Net Zero, also indicates that this commitment has been made by 9% of states and regions in the largest emitting countries and 13% of cities with more than 500,000 inhabitants.
Chile has awarded China Railway Construction Corporation (CRCC) a build-concession contract to upgrade and operate a 195km toll highway - the Talca-Chillán section of Route 5. CRCC offered a total concession income of around $1.1 billion in what Chile’s General Directorate of Public Works Concessions said is the first such contract awarded to a Chinese group.
Codelco said it had requested international arbitration with Ecuador and its National Mining Company (Enami EP) over the Llurimagua project. Llurimagua could become the first mine Codelco operates abroad following years of scattershot efforts to expand internationally. The project, about 50 miles (80 km) northeast of Ecuador’s capital of Quito, has faced resistance from a nearby community over environmental concerns.
Delegates from Chile and India are discussing furthering bilateral trade under the so-called Partial Scope Agreement (PSA). Authorities from both countries are holding a series of virtual encounters to discuss analyse the opportunities. Among the topics being discussed are market access, rules of origin, sanitary and phytosanitary measures, and technical barriers to trade.