AGP Executive Report

Ski Season: Valle Nevado has extended operations to December 1 after an unusually snowy winter, a potential record for Chile’s resort. Insurance: Everest agreed to sell its Chilean insurance business to AIG, with the deal expected to close in the first half of 2027 pending approvals. Online Gambling: The debate is intensifying, with senators proposing a ban as the government considers a 3% tax and restrictions on advertising. Mining and Investment: Codelco and BHP agreed on exploration terms for Chile’s Anillo project, while Capstone Copper plans to invest $3 billion to expand production. Telecoms: Chile’s Subtel rejected WOM’s request to renew its 800 MHz spectrum concession. Foreign Policy: Chile abstained in the UN vote on a resolution calling for an end to the US embargo on Cuba.

Winter Tourism: Valle Nevado will keep its lifts running through Dec. 1 after an unusually snowy season, setting a new closing-date record for the Chilean resort. Community & Sport: A Santiago phone-buddy program is connecting older residents with younger volunteers to ease loneliness as Chile’s population ages. The 2027 Special Olympics World Games will bring more than 6,000 athletes to Santiago, while San Pedro de la Paz hosts a World Triathlon Cup race on Sunday. Policy & Economy: Chile has declared a preventive emergency over the threat of harmful algal blooms and approved a bill to help first-time homebuyers save for mortgages. China and Chile also renewed their currency-swap deal for five years. Mining & Oceans: Codelco and BHP agreed on exploration terms for the Anillo project, while Chileans are pressing for greater protection of waters affected by intensive salmon farming.

Banking: Banco Santander Chile reported an 11.9% year-on-year rise in nine-month profit to 893 billion pesos, though third-quarter earnings fell from the previous quarter as inflation-linked income eased. Trade and Finance: China and Chile renewed a 50-billion-yuan currency swap for five years, aimed at supporting trade and investment. India also says talks on a trade pact with Chile are nearing completion. Environment: Chile declared a preventive emergency over the threat of harmful algal blooms, while communities in the south are pressing for stronger protection of oceans affected by intensive salmon farming. Digital Policy: Senators are weighing tighter online gambling rules, including a proposed 3% tax and a ban on advertising. Housing: Chile approved a bill to establish savings accounts for first-home buyers. Mining: Codelco and BHP agreed on exploration terms for Chile’s Anillo project, while Capstone Copper plans a $3 billion investment to expand production.

China-Chile Ties: The two countries renewed a 50 billion yuan currency-swap deal for five years, aiming to support trade, investment and financial stability. Jobs Proposal: Chile’s Communist Party proposed creating 500,000 jobs from 2027 to 2029, with a projected cost of 16.4 trillion pesos; the plan would rely partly on more state borrowing and a tax on the ultra-wealthy. Shipbuilding: Chilean shipyard ASENAV’s hybrid-electric expedition ship Magellan Discoverer has left the yard for final trials, ahead of planned delivery in December. Telecoms: Subtel rejected WOM’s request to renew its 800 MHz spectrum concession. Public Safety: The government declared a preventive emergency amid concerns about harmful algal blooms.

Telecoms: Chile’s Subtel rejected WOM’s request to renew 800 MHz spectrum concessions, saying the operator had not used the frequencies since 2016. Public Safety: The government declared a preventive emergency as it prepares for possible harmful algal blooms. Housing: Lawmakers approved a bill to help people save for a first-home mortgage. Online Betting: Debate is intensifying over tighter gambling rules, including a proposed 3% tax and a ban on betting ads. Oceans: Communities in southern Chile are pressing to protect waters affected by intensive salmon farming, while Blumar has proposed a $20 million upgrade to a Los Lagos fish farm. Mining: Teck reported strong third-quarter earnings amid record copper prices, though severe weather cut production at its Andacollo mine in Chile.

Algal Bloom Alert: Chile has declared a preventive emergency across 15 regions from Nov. 1 through June 2027, preparing for harmful algal blooms that could threaten health, fishing and aquaculture as El Niño conditions develop. First-Home Support: The Chamber of Deputies approved a mortgage-savings bill that would let the state help cover down payments for people who save regularly; the measure now goes to the Senate. Online Gambling: The government’s proposed rules would license private operators, tax gambling revenue and restrict advertising, while senators are weighing proposals to ban private betting or limit it to established lotteries. Los Lagos Investment: Blumar has proposed a $20 million upgrade to its Puyehue fish farm, including water-recycling technology and an estimated 75 direct and indirect jobs; the project is under environmental review. Space Discovery: The Chile-based Vera C. Rubin Observatory has spotted a possible new dwarf planet beyond Pluto. More observations are needed to confirm its status.

UN Diplomacy: Chile did not join the usual support for a UN resolution condemning the U.S. embargo of Cuba, as 130 countries backed the measure and 17 opposed it. Patagonia’s Coast: Shellfish harvesters in the Guaitecas Archipelago are working to restore local marine life after years of damage they attribute to intensive salmon farming. Space Discovery: Chile’s Vera C. Rubin Observatory spotted a possible dwarf planet beyond Pluto in data collected over a decade; scientists are now assessing the icy object. Copper Investment: Codelco and BHP agreed on exploration terms for Chile’s Anillo project, while Capstone Copper plans to invest $3 billion to double its output.

Digital Agriculture: Researchers tested a new tool with 68 potato farmers in south-central Chile to assess their readiness for digital change and how far they have adopted technology. Copper Investment: Capstone plans to invest $3 billion in Chile to double copper production, a major expansion as demand for the metal grows. Wages and Inequality: A Fundación SOL study found half of Chilean workers take home less than 680,000 pesos a month; only 28% earn more than 1 million pesos. Trade and Technology: India says trade talks with Chile are nearing completion, while Chile ranked first in Latin America’s latest artificial intelligence index.

Mining Investment: Capstone Copper plans to invest $3 billion in Chile’s Atacama Region, aiming to double its Chilean copper output by 2031. Most of the spending is earmarked for the Santo Domingo project, with expansions also planned at Mantoverde. Trade: India says negotiations on a trade agreement with Chile are nearing conclusion, potentially widening market access for businesses on both sides. Technology: Chile ranked first among 20 countries in the latest Latin American AI index, ahead of Brazil and Uruguay; the report also found that 11 countries now include AI in school curricula. Migration Policy: Chile passed a bill to speed up deportations of undocumented migrants. Regional Politics: Brazil’s Lula won a fourth presidential term, bucking Latin America’s recent rightward shift and keeping the region’s largest economy under left-wing leadership.

Brazil’s Election: Lula won a fourth term with 51.79% of the vote, reversing a first-round deficit and bucking the region’s rightward shift. Flávio Bolsonaro says he will challenge the result, while Donald Trump called the election “rigged” without offering evidence. Chile’s Kast congratulated Lula. Chile’s Digital Economy: A regional study puts the sector at 12.6% of Chile’s GDP in 2025, level with Argentina and behind Colombia, Peru and Mexico. Cross-Border Transfers: Colombia’s transfers through Global66 tripled year over year in the third quarter, while Chile’s share of the company’s business fell from 63% to 48%. Fruit-Tech Investment: Ag-tech firm Hectre is developing sensors to detect internal fruit defects, with Chilean cherry growers emerging as a major market.

Agricultural Ties: A Chilean irrigation delegation explored technology, investment and trade opportunities during a visit to the Dominican Republic, including possible cooperation on water-efficient systems. Regional Politics: Brazil’s Lula won a historic fourth term with 51.8% of the vote, while defeated challenger Flávio Bolsonaro vowed to contest the result. Chilean President José Antonio Kast congratulated Lula and pledged to work together; Argentina’s Javier Milei had yet to recognize the win. Mining: Capstone Copper is expanding its northern Chile holdings with the San Pietro project, though its shares have fallen sharply in recent weeks. Migration: Chile passed a bill to speed up deportations of undocumented migrants.

Regional Politics: Brazil’s Lula won a fourth presidential term with 51.78% of the vote, while Flávio Bolsonaro said he would seek to annul the result over a two-hour voting extension. Chilean President José Antonio Kast congratulated Lula and pointed to a shared agenda on trade and regional ties. Security and Migration: Kast’s government is advancing a package of more than 30 security bills and a constitutional reform; separately, Chile passed a bill to speed up deportations of undocumented migrants. Sport: Santiago hosted the World Climbing Series, where Indonesia’s Putra Tri Ramadani won silver in men’s lead. Culture: Chilean actress Mariana di Girólamo discusses her first American production, Wild Horse Nine, set on a remote Chilean island before the 1973 coup.

Severe Weather: Record October downpours flooded homes and streets in Chile, while a mudslide in Santiago’s San Carlos de Apoquindo damaged neighbourhoods and raised concerns about building near ravines. Diplomacy: President José Antonio Kast and UK Prime Minister Andy Burnham discussed closer cooperation on defence, security, science and trade; Burnham also reiterated Britain’s position on Falkland Islanders’ self-determination. Environment: Chile was among six countries whose projects won Premios Verdes awards for environmental and social impact, with winners addressing challenges including water scarcity and biodiversity loss. Migration: Chile has passed a bill to speed up deportations of undocumented migrants. Regional Politics: Brazilians are voting in a close presidential runoff between incumbent Luiz Inácio Lula da Silva and Flávio Bolsonaro, a result that could shape the region’s political direction.

Aviation: A LATAM flight from Antofagasta to Santiago was struck by lightning shortly before landing. The aircraft landed safely, with no injuries reported. Migration Policy: Chile passed a bill to speed up deportations of undocumented migrants, a significant shift in how authorities can handle removals. Chile and Palestine: A new law establishes an annual day of friendship and solidarity with Palestine on January 7, reaffirming Chile’s commitment to human rights. Space Science: A Chile-based astronomer led a study identifying a possible moon-like object orbiting a brown dwarf; if confirmed, it would be the first moon found beyond our Solar System. Regional Politics: Brazilians vote Sunday in a close runoff between President Luiz Inácio Lula da Silva and Flávio Bolsonaro, a contest that could reshape political alliances across Latin America.

Pension Pressure: Chile’s private pension funds suffered steep losses this year, with the conservative Fund E down 10.39% through September. Reported losses on overseas interest-rate derivatives have renewed scrutiny of AFP investment risks. Migration Policy: Congress passed a bill to speed up deportations of undocumented migrants, a major change as immigration remains a focus of national debate. Environmental Oversight: The government has requested the resignation of Sernapesca’s director as its proposed budget includes cuts to environmental inspections. Chile is also preparing for potentially harmful algal blooms.

Diplomacy: UK Prime Minister Andy Burnham raised Falklands self-determination with President José Antonio Kast. They also agreed to modernize defense ties and explore trade opportunities, as Washington watches Argentina’s sovereignty bill. Pension System: Chile’s private pension funds are under scrutiny after Fund E fell 10.39% in real terms from January to September. A Diario Financiero estimate put losses tied to foreign interest-rate swaps at about US$11.6 billion. Regional Ties: Kast’s visit to La Paz—the first Chilean presidential state visit in more than 70 years—produced agreements with Bolivian President Rodrigo Paz and a pledge to work toward normalizing ties, with mining and critical minerals on the agenda. Migration: Chile passed a bill to speed up deportations of undocumented migrants, advancing the new government’s tougher migration agenda. Climate: El Niño-related rains are battering parts of Latin America, including Chile, raising concerns about the effects of extreme weather.