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24/02/2022

The result, 78 percent in favor of a new constitution, is a damning indictment on the neoliberal system adopted under the right-wing junta in 1973 that was used as a launch pad for similar programs around the world.
On Sunday, almost exactly a year after protests over inequality erupted in the country, Chileans voted in a landslide to adopt a new constitution that will ditch the one enshrined in 1980 under the military dictatorship of General Augusto Pinochet.
As Robert Packenham and William Ratliff wrote in a 2007 Hoover Institution paper, “The first country in the world to make that momentous break with the past – away from socialism and extreme state capitalism toward more market-oriented structures and policies – was not Deng Xiaoping’s China or Margaret Thatcher’s Britain in the late 1970s, Ronald Reagan’s United States in 1981, or any other country in Latin America or elsewhere. It was Pinochet’s Chile in 1975.”

23/02/2022

This week we will take a look at prices and volumes of kiwifruit in the U.S. market.
In a recent article, we discussed how Chilean kiwifruit production had decreased due to labor shortages as a result of the pandemic, and how Northern California, whose season has already ended, also saw a drop in production. Add this to the increase in consumption of fruits rich in vitamin C, and you get high kiwifruit prices in the market.
To the above, we must add the fact that kiwifruit stocks in the Northern Hemisphere (United States, Italy, Greece, France) are lower compared to previous years, and that there are also delays in Chilean production. Let us also remember that the majority of kiwifruit volumes from New Zealand go to the Asian market and to Europe.
As we mentioned, and as can be seen in the graph below, the reported average prices of kiwifruit in the North American market have been the highest in recent years. The average reported price in May was US$25.68 for containers of nine kilograms or 19.8 pounds, which represents a 15 percent increase year-on-year.

23/02/2022

Shares of copper mining company Antofagasta look set to deflate because of a political lurch to the left in Chile, raising the possibility of higher taxes on resource companies. Recent drops in the price of copper aren’t helping either.
As a result, investors might want to reduce their positions in the stock (ticker: ANTO: United Kingdom).
The major issue for U.K.-incorporated Antofagasta is Chile, where the company’s mines are based. In May, Chile’s lower house approved a bill that would impose a new royalty fee on producers operating in the top copper-producing nation.
“The left-wing is on the ascension in Chile, and that doesn’t bode well for where the taxes come out in the end,” says Tyler Broda, head of EU mining research at Canadian financial company RBC Capital Markets in London. “We think it is going to be hard for the shares to hold in where they are.”

21/02/2022

Sunday marked a historic day in Chilean history. And that is no mere empty phrase. The word “historic” can rarely be applied with better justification than here: Almost 80% of the electorate voted in favor of rewriting the constitution, a document dating back to the dark days of the Pinochet dictatorship, which ended some 30 years ago.
During the mass demonstrations in Chile a year ago, one of the main calls was for a new constitution that put far more emphasis on social policies. President Sebastian Pinera eventually gave in and agreed to hold a referendum on constitutional reform. Now, Chileans have sent an important signal to other Latin American countries: namely, that widespread discontent about extreme inequality can lead to a peaceful, democratic process of change.

20/02/2022

Two almost simultaneous earthquakes were felt Saturday in the South Shetland Islands in the Antarctica and in central Chile, where buildings shook in the country’s capital. No casualties or damage were immediately reported.
The quake in the South Shetland Islands had a magnitude of 6.9 with a depth of 9.6 kilometers, according to the U.S. Geological Survey, while the earthquake in Chile had a magnitude of 5.8.
Chile’s Interior Ministry said on Twitter the South Shetland Islands quake was 216 kilometers northeast of the country’s O’Higgins scientific base, and called for coastal regions in the Antarctica to be evacuated because of a tsunami risk.

18/02/2022

Chile’s air force said it lost radio contact with a transport plane carrying 38 people on a flight Monday evening to the country’s base in Antarctica.
It said the military had declared an alert and activated search and rescue teams.
The C-130 Hercules carried 17 crew members and 21 passengers, including three civilians. The personnel were to check on a floating fuel supply line and other equipment at the Chilean base.
President Sebastian Pinera said via Twitter that he was with his defense and interior ministers at the air force headquarters monitoring developments

17/02/2022

Chile’s vaccination campaign against the coronavirus has been one of the world’s quickest and most extensive, but a recent surge in infections has sparked concern beyond its borders.
Almost 40% of the South American country’s total population have now received at least one dose of a Covid-19 vaccine, according to statistics compiled by Our World in Data, reflecting one of the highest vaccination rates in the world.
Only Israel and the U.K., respectively, have inoculated a larger share of their population with at least one dose.
Nonetheless, Chile has endured a sharp uptick in coronavirus infections in recent weeks, even with its world-renowned vaccine rollout and strict lockdowns in place for much of its 19 million inhabitants.
The Pan American Health Organization’s regional director has since emphasized that for most countries in the region, vaccines won’t be enough to prevent rising infection rates.
The number of daily cases in Chile rose to a record high on April 9, climbing above 9,000 for the first time since the pandemic began and significantly higher than the peak of almost 7,000 recorded last summer.

16/02/2022

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).

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