Skip to main content

Santander Chile Extends Rally as Credit Concern Eases

By Nathan Gill
     Oct. 14 (Bloomberg) -- Banco Santander Chile, the country's
biggest lender, extended its biggest gain in a decade in Santiago
as analysts recommended buying the shares on valuation and as the
U.S. bank bailout plan eased credit concerns.
     Santander gained 12 percent to 21 pesos, after surging 14
percent yesterday in the steepest rally since shares started
trading in May 1997.
    ``The only reason the bank is going up so much is that it was
too discounted,'' Javier Pizarro, an analyst at Larrain Vial SA,
said by phone from Santiago today. ``It's a good buy and a good
price.''
     Banco Santander's price-to-earnings ratio fell to 10 at the
end of last week from a multiple of 17 a year ago. Financial
stocks also rallied today after European and U.S. governments
pledged to buy stakes in banks to halt a credit freeze.
     The London interbank offered rate, or Libor, that banks
charge each other for three-month dollar loans slid 12 basis
points to 4.64 percent, the biggest drop since March 17,
according to the British Bankers' Association. It was at 4.82
percent on Oct. 10, the highest level since December.
     Rival Banco de Chile climbed 7.5 percent to 32.5 pesos,
extending yesterday's 16 percent gain.

Comments

Popular posts from this blog

Moving to the Suburbs: Reducciones in Recent Latin American Historiography

In 1503, the Spanish monarchy issued its first decree for the resettlement of indigenous groups in the Caribbean so that they would “live together” and “not remain or wander separated from each other in the backcountry.”[1]

As the European conquest spread to North, Central, and South America, these new settlements – known as reducciones and congregaciones in Spanish and descimentos in Portuguese – became sites of forced labor, evangelism, experimental agricultural, and refuge. Through a series of imperial policies decreed over the next decades and centuries of colonial rule, Spanish and Portuguese officials attempted to reshape the New World, including its human and natural landscapes. How colonial historians explain this process and indigenous peoples’ reactions to it is the focus of this essay.

In a review of the recent historiography of reducciones, several trends emerge that signal a shift in our understanding of the practice. As this paper will show, one common element is that …

77-Year-Old Wall Street Favorite to Face Fujimori in Peru Runoff

By Nathan Gill and John Quigley April 12, 2016 (Bloomberg) -- The victory by Pedro Pablo Kuczynski, a former finance minister, for second place in Sunday’s Peruvian president elections sets up a showdown between two business-friendly candidates, part of a regional backlash against left-wing politicians.
Kuczynski, a 77-year-old Oxford-trained political economist who’s spent more than 50 years championing debt control and free trade, won 21 percent of vote with 96 percent of the ballots counted, according to the electoral office. He will face Keiko Fujimori, who won 39.8 percent, in a second-round vote on June 5.
Click here to read the full story on Bloomberg News.

Bailout Risk Grows for Ecuador After Worst Earthquake in Decades

By Nathan Gill April 19, 2016 (Bloomberg) -- Before a 7.8-magnitude earthquake struck Ecuador on Saturday, the South American nation’s finances were already in tatters as the government struggled to meet payments to municipal authorities, oil companies and even cancer hospitals. Cut off from global bond markets, President Rafael Correa must now find enough money to rehouse thousands.
As volunteers continue to rescue victims from the rubble of collapsed homes and buildings on Ecuador’s Pacific coast, doubts are growing about the country’s ability to pay for the reconstruction. The nation is already in its worst recession since the financial system collapsed in the late 1990s, and international reserves are at their lowest levels in almost seven years.
Click hereto read the full story on Bloomberg News.