Chile’s Budget Office said on Monday the country’s economy could shrink 6.5% in 2020, a far deeper hole than predicted just two months prior as the pandemic continues to pummel the world’s top copper producer. The budget office said in its second-quarter public finance report that it saw inflation at 2.8%, down from its April prediction of 3.3%. Domestic demand, meanwhile, is expected to decrease by 9.8%, versus an estimated drop of 3.3% previously. The report put the 2020 copper price at $2.48 per pound, up from a previous estimate of $2.36 per pound in April.
After an agreement unanimously approved by the six unions that group all of the Rol B workers and the administration, the El Teniente Division of Codelco agreed on a 14×14 schedule, which consists of 14 days of work for 14 days of rest. According to Codelco, this schedule “reduces the risk of contagion, by reducing the amount exposed at work and exposure in common areas. It also enables workers to take their rest in quarantine format domiciliary and reduces the frequency of bus trips and transfers made in the region by more than 30%”.
According to a report prepared by the National Chamber of Commerce (CNC) during the first quarter of this year, 14% of e-commerce transactions were informal. This is in line with the last quarter of 2019, when it was 15%. The CNC notes that if the total spending on online purchases from retail was US $596 million between January and March, US $83.4 million of that amount was allocated to informal purchases in digital retail, which do not pay any type of tax.
Chinese authorities confirmed that there are no restrictions on the importation of Chilean salmon, despite European salmon being blocked due to unfounded fears it had served as a carrier of the coronavirus. Sernapesca Director Alicia Gallardo, also announced Chinese officials had carried out an unprecedented remote joint inspection of several Chilean salmon processing plants.
Empresas Copec has hired JP Morgan to explore the sale of its 39.8% stake in Metrogas, Chile’s main natural gas distributor, which Naturgy controls with the rest of the shareholders. Copec considers its participation “very attractive for certain types of investors.”
JinkoSolar Holding Co., Ltd. announced that it will supply 60.9 MW of bifacial modules for the first industrial hybrid plant in Chile. The hybrid plant will be located about 10 kilometers outside the city of Calama in the Antofagasta Region and will consist of a 60.9 MW PV plant and a 90 MW wind farm. The hybrid PV plant, whose construction is expected to be finished in early 2021, will use about 154,710 JinkoSolar Bifacial panels to produce an estimated 184 GWh of electiricty annually.
Latam airlines proposed to the Union of Pilots of Latam (SPL) and the Union of Pilots of Latam Chile (Siplach), a temporary agreement that modifies the current collective agreement. The company proposes a redesign of the variable remuneration. Workers would receive 70% of their current salary and would lose the possibility of changing scale during the duration of the agreement, which would directly affect the basis for calculating the compensation accrued during the validity of the agreement.
As part of the COVID-19 sanitary measures to affect Chile, Codelco will stop construction of all its projects in the Antofagasta region and will operate the Chuquicamata Division only with Calama workers. “This decision will be implemented immediately or as soon as the current shifts end, and will allow for a reduction in the number of trips from other regions and a reduction in the density of its own and collaborating staff,” according to a spokessperson for Codelco.
Labour unions at Chile’s state-owned copper miner Codelco said that measures taken by the company against the spread of the pandemic were insufficient and threatened to take steps to force stricter health policies. The death of a second Codelco employee from the virus was confirmed, prompting the company to suspend construction projects in northern Chile and take other steps aimed at reducing the circulation of workers.
Women are dominating the Chilean film industry more than ever, replicating what is happening across most of Latin America. Of the 10 key Chilean titles participating at the Marché du Film Online Producers Network Spotlight this year, 8 are produced by women. In 2017, a group of 5 Chilean women working in the industry formed a femme networking group, Nosotros Audiovisuales, which has now grown to a membership of 3,000. “Our goals are threefold: to raise our members’ visibility, promote their work and encourage networking,” says co-manager Elisa Torres.