Enel has had to “recalculate” its global business, but keeps Chile among its priorities; Groups Luksic, Matte and Angelini buy tickets to Buenos Aires


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Good morning and happy Thursday! Qatar 2022 World Cup took its place on the agenda this week. Who would have thought in the early days that Germany and Argentina would have the chance to be out this weekend? Evolving story.

  • Another news that came to the agenda without making much noise was the Chilean peso. After a relatively stable few weeks, the current account deficit again became volatile after worrying numbers. Bloomberg Looking at the derivatives market, he says traders are already dooming the Chilean peso to a bad 2023: the record current account deficit coupled with the speed of rate cuts discounted by the swap market makes it inevitable. Analysts predict that the Central Bank of Chile will be the world leader in interest rate cuts next year.

  • Before we begin what calls us, I would like to invite you to share or participate in El Semanal and El Semanal Exprés so that our community continues to grow. subscribe to or share this newsletter.

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1- RECALCULATION: ENEL MENTIONS CHILE, BUT SEALED FROM ARGENTINA AND PERU

Chile will be one of six markets Enel will focus on as part of a massive global restructuring that includes the exit of Argentina and Peru, among others.

What happened. The Italian giant said it will sell its assets for $23,000 million as part of its new business strategy to reduce debt, accelerate the decarbonisation of its manufacturing business and focus on sustainable electrification. It sold its transmission business in Chile for US$1.3 billion this year. Our country accounts for approximately 4% of the company’s operating profit and is where Enel conducts its regional business.

  • besides ChileIn Latin America, it will only exist in Brazil and Colombia. Other markets where it will maintain a strong presence are Italy, the United States and Spain. Enel’s departure from Argentina joins 22 other multinationals leaving that market, including Chilean Falabella and Latam Airlines.

If you would like to read the full analysis of Enel’s plans for Chile and the region, subscribe to Join El Mostrador Semanal and our community.

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2- LUKSIC, MATTE AND ANGELINI GROUPS BUY TICKETS TO BUENOS AIRES

Andrónico Luksic’s right-hand man will lead a high delegation of Chilean businessmen to Argentina next week. I’m Rodrigo Hinzpeter, Quiñenco prosecutor, CCU director and former Piñera I Minister of the Interior. The delegation also includes Cencosud (Paulmann), Arauco (Angelini Group), CMPC (Matte Group) and Grupo Said (Arauco Park, Andina, among others). These are the largest and most influential economic groups in Chile and have large investments in Argentina.

  • Because this is important. Chilean companies are among the five largest foreign investors in Argentina and create more than 175,000 direct jobs. As an example, Luksic Group, which operates with CCU in Argentina, has its agricultural and maritime businesses. Mattes, together with Arauco, are the main pulp producers; and Embotelladora Andina, among others, dominate the Coca Cola market.

  • Another factor: lithium. Chile is currently the second largest producer and Argentina is far behind, fourth.

If you want to read the full analysis, subscribe to Join El Mostrador Semanal and our community.


A message from VanTrust Capital

Click the picture for more information

Vantrust adds first woman to AGF board

  • Lili Manns, a commercial engineer from Pontificia Universidad Católica de Chile, mentions the Economics department, He is the new director of Vantrust AGF (General Fund Manager). The professional specializing in impact investing, she hopes to be the first woman to join this company’s board and “the first of many companies to which we add talent.”

  • His main objective in this position is to bring clients closer to public and private funds that are impact investments. that deliberately seeks to create a measurable positive impact of social conditions such as gender equality and/or environmental conditions such as a contribution to decarbonisation of the planet, while at the same time having financial returns.

  • This organization fits one of Vantrust Capital’s missions, which is to promote impact investments. within company policies and product portfolio. They were the first companies to sign the Green Deal, committed to complying with the UN SDGs and encouraging investment in projects that anticipate ABO compliance.

Full info here this link or by clicking on the image.


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3- COUNTER TABLE: HOUSING CRISIS

Mario Álvarez and the social housing crisis: “The government’s plan is at risk and it is urgent to streamline processes and management”

  • The head of the Social Housing Contractors Association (ADVS) was the guest of La Mesa de El Mostrador this week and warned in the interview that his promise to build 260,000 social housing and invest $13,000 million in 4 years is under threat.

  • He announced that the association has proposed a package of measures to Housing Minister Carlos Montes to reverse the crisis in subsidized housing construction. In the current conditions, the Mass Housing Emergency Plan is at a critical point,” he said.

  • He also added that there are simple measures that can be implemented to speed up the approval of social projects and relieve critical points. Among them, Álvarez pointed out that it is very important to eliminate the cut in Private Credit for Construction Companies.

To see the full interview, click this link or in the image

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4- WITHOUT TACOS OR TIE, EXPRESS

– The unknown role of a Chilean at the heart of the FTX crypto scandal. This is Tristan Yver, who until August of this year was the director of strategy for the bankrupt company and is considered a legend in the world of cryptocurrencies. He’s also part of founder Sam Bankman-Fried’s iron circle. He was also part of the Serum team, which many critics claim is one of the tokens used by FTX to manipulate its balance sheet.

  • “A significant portion of FTX’s assets have been stolen or we haven’t found them yet.” said the lawyer representing the firm in the bankruptcy case.

  • If you want to know more about the role of this Chilean, subscribe to Join El Mostrador Semanal and our community.


– The bad feeling between La Moneda and Andrés Velasco could cost Chile’s IDB presidency. Sources familiar with the process that resulted in the election of Brazilian Ilan Goldfajn as the new chairman of the party with more than 80% support confirm that President Gabriel Boric must have nominated the former finance minister of the first government. Michelle Bachelet would be the winner of the selection. Velasco had the support of the USA, Canada, the European Union and some other governments in the region, which was more than 50% overall (the USA only got 30% of the vote). Goldfajn was not the White House’s first choice, and they suddenly began to support him.

  • If you want to read the full analysis, subscribe to Join El Mostrador Semanal and our community.


– Three women participated in the Honor Circle of the Faculty of Economics and Business at the University of Chile. These include Gabriela Salvador, commercial engineer and executive director of VanTrust Capital, recognized as one of the world’s 100 leading women by the 100 Global Women’s Leader Group (G100) in 2021; Marcela Bravo, general manager of Acción Empresas; and Olga Fuentes, Regulatory Inspector and head of the Pensions Inspectorate’s Studies Division.

  • Admissions were made on 17 November.. The winners were highlighted for their great work and professional careers in front of the entire community. Other award-winning professionals corresponding to the FEN 2021 Honor Circle were Sebastián Arana, Luis Flores and Claudio Soto.


– The derivatives market is taking a giant leap forward in transparency. This Wednesday, Central Bank governor Rosanna Costa launched the new Integrated Derivatives Information System (SIID-TR). The platform will increase market transparency, support financial stability and facilitate regulatory oversight.

  • how it will work In the system, banks, institutional investors and other residents who make derivative transactions will report their transactions in line with best practices and international recommendations. The specially designed web portal will include the daily registration of participants, the amounts traded and in effect, and the contractual terms of the executed transactions.


– The Central Bank of Chile will be the world’s most aggressive bank in reducing interest rates in 2023. an analysis Bloomberg Looking at the swap, derivatives and futures market, it shows that the market has internalized over 5 percent cuts in the next 12 months. The aggressive policy of increase is paying off, and inflation has been falling for three months while the economy is on the verge of recession.

  • If you want to read the full analysis, subscribe to Join El Mostrador Semanal and our community.

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5- EL SEMANAL INVITE YOU TO A NEW WORKSHOP ON FINANCIAL HOLDING

We invite you to the second meeting of the new series of El Semanal Workshops on financial inclusion as a tool to combat inequality. The focus of next Wednesday’s workshop will be banking as a change agent.

  • We’re going to talk about open finance, the technological boom, competition and the paradigm shift in data use and ownership.

Guests are former Finance Minister Ignacio Briones and Banks Association General Manager Luis Opazo.


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