Economy & Trade News

The company building the controversial mall in the island city of Castro were ordered to pay after failing to halt construction.

Paseo Chiloé, the mall currently under construction in the capital city on the Chilean island of Chiloé, has long been a controversial building project. Some say it’s an eyesore. Others say the traffic it will create will cause environmental problems. Most complain it just doesn’t look like it fits in the tiny island city.

UN economic commision announces surge in foreign direct investment despite global downturn, though raises doubts about benefit for Andean nation.

The U.N.’s Economic Commission for Latin America and the Caribbean (ECLAC) released its annual report on foreign direct investment (FDI) in the region Tuesday. Figures show that, despite an economic downturn in Europe and the United States, foreign investment in Chile continued to grow in 2012.

Chileans win compensations from state-owned bank as former Concertación members are blamed.

The Supreme Court ordered state-owned bank Banco Estado on Monday to return approximately US$12 million to about 575,000 customers who were unfairly charged fees to their accounts during Ricardo Lagos’ and Michelle Bachelet’s presidential administrations. The two ruled as part of the left-leaning Concertación coalition.

Supreme Court ruling could have dire implications for presidential candidate Laurence Golborne, the former general manager of Cencosud.

Judges from the Supreme Court ordered retail giant Cencosud on Wednesday to compensate customers affected by a raise the company unilaterally applied to the maintenance fee of its “Jumbo Más” credit card.

Chile’s economy continues to expand while Panama set to lead region in economic growth, according to the IMF. 

The International Monetary Fund (IMF) released the latest World Economic Outlook Report (WEO) last Tuesday, as Chile’s economy continued to buck global economic woes.

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