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19/01/2022

A 7.0-magnitude earthquake and several aftershocks have rattled Chile, triggering panic as authorities issued a nationwide tsunami alert while only seeking to evacuate the country’s largest research station in Antarctica.
The strongest of over half a dozen jolts struck South Shetland Islands 216 kilometers northeast of Chile’s O’Higgins scientific base at 8:36pm, while another 5.8 quake shook the Chile-Argentina border region close to the capital, Santiago around 30 minutes later.
While the warning was only meant for the coastal regions of Antarctica, people all across Chile received messages urging them to abandon coastal areas due to a tsunami threat, triggering much confusion.

17/01/2022

SANTIAGO, June 24 (Reuters) - With copper prices soaring and Chile's economy reeling from the COVID-19 pandemic, lawmakers want to fund recovery efforts by hiking royalties on the booming mining sector but the drive could flounder because of deals that previous governments signed decades ago to freeze tariffs on the biggest miners.
Major foreign miners operating in the world´s largest copper producer obtained tax stability agreements that maintain payment regimes, and a Reuters review shows these do not expire for two to 15 years.
The deals, meant to buffer investors from political or economic upheaval, helped attract investments in some of Chile's largest mines.
Experts interviewed by Reuters said that even after likely passage of a law outlining a royalty as high as 75% on copper sales, the agreements could diminish Chile's windfall.
Some lawmakers want to push to renegotiate the stability clauses, taking a cue from nearby Peru, the world's second-largest copper miner. There, Pedro Castillo, who pledged to boost social spending to help the poor, is on the verge of being confirmed as president after a disputed election. read more
Castillo's team has suggested he will seek to circumvent any delays to a plan to raise taxes on miners by renegotiating tax stability agreements covering 25 operators including major Chinese mines. read more
Among those in Chile who want to take a similar tack is Catalina Perez of the radical-left Democratic Revolution party. She and other opposition lawmakers, many representing mining areas, co-authored the mining royalties bill.
Nonetheless, miners and Pinera's administration will seek to modify the bill as it moves through the senate, with more than a month of evidence-gathering sessions starting this week. read more
But industry analysts warned that trying to override tax stability agreements could damage Chile's business-friendly reputation and bring legal action.

15/01/2022

German automaker Porsche is investing about $24 million in the development of “e-fuels,” which officials say is a climate-neutral fuel to replace gasoline in nonelectric vehicles.
Production of such a fuel would allow the company and potentially other automakers a way to continue producing vehicles such as Porsche’s iconic 911 sports car with a traditional engine alongside, or rather than, a new electric model. While electric vehicles can offer outstanding performance, the driving dynamics of the vehicles are different than traditional engines.
“We would like and love cars like the 911 with high-rev combustion engines or turbocharged engines still as cars you could drive in the future without having the burden of a CO2 footprint, an unnecessary CO2 footprint,” Michael Steiner, Porsche’s director of research and development, said Wednesday during a virtual media event.
Officials said e-fuels can act like gasoline, allowing owners of current and classic vehicles a more environmentally friendly way to drive. It also could use the same fueling infrastructure as current fuels rather than billions in investments for new infrastructure for electric vehicles.
The announcement does not change Porsche’s target to have half of Porsche models sold by 2025 to be electrified, including all-electric and plug-in hybrid vehicles.

14/01/2022

Chileans favored left-leaning independent candidates in electing an assembly that will draft a new constitution, replacing the one imposed in the 1980s during the military dictatorship.
In a major blow to the traditional political forces in Chile, weekend voting for the 155-member constitutional assembly gave 48 seats to independent candidates, most of them identified with leftist ideology, according to official results announced Monday.
The next biggest group was the governing center-right coalition, with 37 seats, and then the Communist Party with 28. Twenty-five seats went to another leftist coalition, and 17 were reserved for Indigenous people.

13/01/2022

We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, smart money investors have to conduct complex analyses, spend many resources and use tools that are not always available for the general crowd. This doesn't mean that they don't have occasional colossal losses; they do (like Melvin Capital's recent GameStop losses). However, it is still a good idea to keep an eye on hedge fund activity. With this in mind, as the current round of 13F filings has just ended, let’s examine the smart money sentiment towards Banco de Chile (NYSE:B*H).
Is Banco de Chile (NYSE:B*H) a good investment today? Investors who are in the know were betting on the stock. The number of long hedge fund positions improved by 2 recently. Banco de Chile (NYSE:B*H) was in 5 hedge funds' portfolios at the end of March. The all time high for this statistic is 10. Our calculations also showed that B*H isn't among the 30 most popular stocks among hedge funds (click for Q1 rankings). There were 3 hedge funds in our database with B*H positions at the end of the fourth quarter.
Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Hedge funds have more than $3.5 trillion in assets under management, so you can't expect their entire portfolios to beat the market by large margins. Our research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 115 percentage points since March 2017 (see the details here). So you can still find a lot of gems by following hedge funds' moves today.

12/01/2022

New Zealand Prime Minister Jacinda Ardern has been accused of “misleading the public” in a disastrous radio interview defending a proposed hate speech law, which could see offenders jailed for three years for offensive words.
Under proposed legislative changes unveiled last week, hate speech could become a criminal offense in New Zealand. Anyone who “intentionally stirs up, maintains or normalizes hatred against a protected group” by being “threatening, abusive or insulting, including by inciting violence” would break the law, and hence could face up to three years’ imprisonment or a fine of up to NZ$50,000 (US$35,182).

11/01/2022

In Colombia, the process announced by President Ivan Duque in February to grant temporary protected status to over a million Venezuelans has already started. Grandi met the President and other national and local authorities and thanked them and the people of Colombia for this generous move, that will pave the way to the full inclusion of refugees and migrants from Venezuela. He also met with Venezuelan refugees and migrants to hear from them about their needs and concerns.
Grandi then travelled to Ecuador, where President Guillermo Lasso announced a new regularization process for Venezuelans in the country. Ecuador plays host to an estimated 430,000 Venezuelan refugees and migrants and has a long tradition of asylum and has recognized over 70,000 refugees, the majority from Colombia. In the capital, Quito, Grandi met the Vice-President and other government officials, members of civil society, including refugee and migrant associations. He also joined the private sector in the launch of a new strategy to integrate those forcibly displaced in the labour market in order to support their socio-economic integration.
'Refugees and others displaced can become real agents of change and contribute to the communities hosting them if given a chance and the tools to thrive,' Grandi said. 'In this sense, the rest of the world can learn a great deal about the inclusion and integration of refugees in Latin America and the Caribbean.'

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