This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chile Port Strikes Block Copper, Fruit Exports

"This can mean bankruptcy for many of them," Agriculture Minister Luis Mayol said in a joint press conference with the finance minister on Thursday.

Unionists at the Angamos port said in a statement that the stoppage is due to "labor neglect" by Ultraport, a company that specializes in freight handling and management at 20 Chilean ports.

Meanwhile, companies are running out of space to store cargo and fruit could start to rot with no end in sight for the lingering strikes.

Ronald Bown, the president of Chile's Export Association, told local radio Thursday that growers will temporarily stop harvesting in the central-south region Friday because there's no more space to store fruit.

"This is affecting medium and small-scale farmers," Bown said. "Many of them have their future on the line this season."

Fruit trade group Fedefruta said 1,600 containers are grounded at the San Antonio port. The company losses there total about $50 million up to now but could rise to $400 million if the stoppage continues throughout April.

"The year's work of more than 30,000 growers is being lost in a few days," said Fedefruta President Cristian Allendes.

Several timber companies have also suspended shipments.

Analysts and government officials fear the strike could dent Chile's image as a stable economy with a productive workforce that takes pride in meeting its obligations.

"It's not only these jobs that are directly in danger," Lavin said. "But future investment in the exporting sector and also meeting supplies abroad because the ships are paralyzed."


Luis Andres Henao on Twitter:

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.07 0.46%
FB $117.91 -0.56%
GOOG $695.78 -0.35%
TSLA $233.55 -3.40%
YHOO $36.09 -1.20%


Chart of I:DJI
DOW 17,702.11 -189.05 -1.06%
S&P 500 2,060.02 -21.41 -1.03%
NASDAQ 4,762.9150 -54.6790 -1.14%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs