A native of San Francisco, Christian Molinari has lived and worked in Chile for over 20 years, after having arrived in Santiago as a volunteer and falling in love with the culture and its people. He covered business news in Latin America for over a decade, worked in communications at IBM Chile, and currently freelances in strategic communications and reporting.
Author Archive
Chinese foodservice group Joyvio, which owns Chilean salmon-farming firm Australis, recently suffered a second setback in its legal proceedings against Isidoro Quiroga, a Chilean businessman who used to own Australis and who Joyvio has accused of committing one of the “greatest frauds in the history of Chile.”
Quiroga sold Australis to Joyvio in 2018 for USD 921 million (EUR 843 million); however, following the sale, Joyvio alleged
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Ecuador’s aquaculture, fishing, and agricultural sectors suffered around 900 extortion attempts in just 45 days, the Ecuadorian National Aquaculture Chamber (CNA) recently reported.
About 20 extortion alert calls a day were placed along Ecuador’s coast between 15 July and 31 August, the CNA said, but 75 percent of those cases were not handed to a prosecutor’s office. As a result, authorities did not initiate a formal complaint
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Puerto Montt, Chile-based salmon-farming firm Multi X saw its financial performance dip in the second quarter of 2024 as lower harvests and sales took a toll on revenues.
Multi X’s revenues were down 16 percent in Q2 2024 to USD 175 million (EUR 158 million) from USD 207 million (EUR 187 million) in the same quarter of 2023. The firm’s EBITDA fell 31 percent year over year to USD 15.6 million (EUR 14.1 million), while net losses
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Financially challenged Chilean salmon-farming firm Nova Austral continued to post losses in the second quarter of 2024, following a trend of several quarters of losses that was briefly interrupted in Q1 when the company turned a net profit of USD 400,000 (EUR 362,000).
During the second quarter of the year, Nova Austral’s top-line revenues reached USD 13.8 million (EUR 12.5 million), a 53 percent drop when compared to the USD 29.4 million
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An algae bloom and a fire at one of its processing plants negatively affected Chilean salmon farmer and fishing firm Blumar’s results during the first half of 2024.
An algae bloom at the beginning of the year at Blumar’s Victoria and Chivato I grow-out centers, located in the southern Aysén region, reduced projected harvests by more than 4,000 metric tons (MT) of salmon, the company said in its first half results. Meanwhile,
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