> International > South America > Chile
UPDATE 1-Chile volcanic eruption at critical stage - expert
Reuters: [2008-05-09 23:00:00]
(Adds evacuee comment, details from Argentina)
By Antonio de la Jara
PUERTO MONTT, Chile, May 9 (Reuters) - A towering plume of ash from an erupting volcano in Chile's remote Patagonia could rain down on the surrounding area and cause devastating damage, a volcano expert warned on Friday.
Luis Lara, a scientist with the government's geology and mining agency, said the column, which has soared 7.5 miles (12 km) into the air, was at a critical stage.
An abrupt descent would blanket vast areas with deadly hot gas, ash and molten rock, he said.
Authorities have evacuated thousands of people from the immediate vicinity of Chaiten volcano, 760 miles (1,220 km) south of the capital Santiago, and are forcing people within a 30-mile (50-km) radius to leave.
Chaiten began erupting eight days ago for the first time in thousands of years.
"We are at a critical point of this phase given the characteristics (of the eruption) have remained the same for several days," Lara said.
"The volcano is now at its limit and one possibility is that the column could collapse quickly, generating flows of ... material down its ravines," he said.
The column might descend gradually and do little damage. But in the worst-case scenario, the ash and fiery material would engulf the town of Chaiten, just 6 miles (10 km) from the volcano, and the areas around it.
Lara said the volcano could rumble on for years and suggested that the town, which is now deserted, be moved.
SOUTH ARGENTINA ALSO HIT HARD
The cloud has also caked towns on the Argentine side of the border with ash. Satellite images show a white stripe smeared across the southern part of the continent.
Ash that had drifted as far as Buenos Aires dissipated on Friday, and some airlines that had canceled flights overnight resumed service.
But towns in Argentine Patagonia were badly affected, with residents complaining of sore throats due to ash inhalation and being forced to pay exorbitant prices for bottled water because ground water had been contaminated.
Views of dramatic Andean peaks that serve as a natural border between the two countries were obscured by clouds of ash in the Argentine settlement of Trevelin, a popular tourist spot about 60 miles (100 km) from the volcano.
Shop owners put wet cloths and cardboard on the doorsteps as doormats to stop prospective customers from tracking ash into their premises. But they were losing the battle.
Some residents wore masks, but many did not.
"We keep cleaning, but still everything gets dirty at the same time. The dust and ash gets everywhere," said a hotel employee named Alejandra.
Back in Chile, many evacuees had no idea when they might be able to return to their homes and lives, and their frustration was mounting.
"We've been here so many days and no one tells us anything," said Iluminada Ide, who was evacuated to the southern Chilean town of Puerto Montt. "We can't go on like this." (Additional reporting by Jorge Otaloa in Trevelin, Karina Grazina in Buenos Aires) (Writing by Simon Gardner; Editing by Xavier Briand) ((For more facts on Chile's volcanoes, click on [ID:nN06486660])) ((simon.gardner@thomsonreuters.com; +562 370 4250; Reuters Messaging: simon.gardner.reuters.com@reuters.net)) Keywords: CHILE VOLCANO/
Chile stocks fall eyeing oil; peso firms
Reuters: [2008-05-09 20:21:00]
SANTIAGO, May 9 (Reuters) - Chilean stock indexes traded lower on Friday afternoon, after oil prices spiked to another record high and news of additional U.S. subprime losses refueled global credit worries.
The peso rose from a three-month low versus the dollar, even as the central bank continued buying dollars to curb the peso.
The all-market IGPA index <.IGPA> slipped 0.38 percent to 13,702 points, while the blue-chip IPSA index <.IPSA> slipped 0.56 percent to 2,906 points.
Wall street and global markets slumped following news of a $7.8 billion quarterly loss linked to subprime loans at AIG <AIG.N>, the world's largest insurer, and as oil peaked above $126 on Friday in a fifth straight session of record gains.
"Global markets are down sharply. Corporate earnings have been weaker, but the main factor is oil. That's what's driving risk. Airlines have fallen significantly in recent days," said Andres Roman, an analyst with the BICE brokerage in Santiago.
Dominant air carrier LAN <LAN.SN> <LFL.N> saw its shares fall for a fifth day in a row, retreating 1.42 percent in afternoon trade.
Leading Endesa Spain <ELE.MC> regional electric utilities weighed, as shares in generator Endesa <END.SN> fell 1.82 percent and Enersis <ENE.SN> slipped 0.95 percent.
Losses by retailers were led by regional giant Cencosud <CEN.SN>, as its shares dipped 2.38 percent.
Blue-chip gains were led by sugar producer Iansa <IAN.SN>, up 1.64 percent and iron ore exporter CAP <CAP.SN>, with a gain of 0.52 percent.
Of Chile's 40 blue-chip stocks, 25 traded lower in afternoon trade, 9 traded higher and six were unchanged.
The Chilean peso <CHILJ> <CLP=CL> appreciated 0.53 percent to close at 469.20/469.50 per dollar compared with Thursday's close at 471.70/472.20.
The central bank has been buying $50 million worth of dollars a day as part of an $8 billion currency intervention to curb the strength of the peso against the greenback.
The finance ministry announced on Wednesday it would issue an additional $800 million in local peso bonds to support its currency intervention. The peso has appreciated close to 6 percent against the dollar this year. (Reporting by Manuel Farias; Writing by Lisa Yulkowski; Editing by Andrea Ricci) ((lisa.yulkowski@reuters.com; +56-2-370-4250))
Keywords: MARKETS CHILE/
Chile volcanic eruption at critical stage-Expert
Reuters: [2008-05-09 20:00:00]
By Antonio de la Jara
PUERTO MONTT, Chile, May 9 (Reuters) - A towering plume of ash from an erupting volcano in Chile's remote Patagonia could collapse back down to devastate the surrounding area, a leading expert warned on Friday.
Luis Lara, a geologist and volcano expert with the government's geology and mining agency Sernageomin, says his models show the vast column of ash, which has soared 7.5 miles (12 km) into the air, at a critical stage.
A sudden collapse would shroud vast areas with hot gas, ash and molten rock, killing anything in its way.
Authorities have evacuated thousands of people from the immediate vicinity of Chaiten volcano, 760 miles (1,220 km) south of the capital Santiago, and are forcibly removing people within a 30 mile (50 km) radius.
Chaiten began erupting eight days ago for the first time in thousands of years.
"We are at a critical point of this phase given the characteristics (of the eruption) have remained the same for several days," Lara said.
"The volcano is now at its limit and one possibility is that the column could collapse quickly, generating flows of pyroclastic material down its ravines," he added. "But there are also other scenarios, such as the energy of the eruption being released more gradually."
In a worst case scenario, the flows of ash and fiery material could reach the fjord Chaiten sits on, sending a series of small waves fanning out toward settlements up to 125 miles (200 km) away across the water.
Lara says the volcano could rumble on for years. He suggested the town of Chaiten, 6 miles (10 km) from the volcano and now deserted, should be moved.
"In an ideal world, I would move the town somewhere else more protected," Lara said. He would not risk living there.
The cloud has also caked towns on the Argentine side of the border with ash. Satellite images show a white stripe smeared across the continent.
However ash that had drifted as far as Buenos Aires dissipated on Friday, and some airlines which canceled flights overnight resumed service.
Chile is home to 2,000 volcanoes, 500 of which experts say are potentially active. Around 60 have erupted over the past 450 years. (With additional reporting by Karina Grazina in Buenos Aires, Writing by Simon Gardner, editing by Alan Elsner) ((For more facts on Chile's volcanoes, click on [ID:nN06486660])) ((simon.gardner@thomsonreuters.com; +562 370 4250; Reuters Messaging: simon.gardner.reuters.com@reuters.net))
Keywords: CHILE VOLCANO/
DIARY - Major Emerging Market Central Bank Events 2008
Reuters: [2008-05-09 15:47:00]
For other related diaries, please see;
DIARY - Major Central Banks [CEN/DIARY]
DIARY - U.S. Federal Reserve [FED/DIARY]
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DIARY - G7 Economic Indicators <ECON>
Please find below a list of dates of interest rate and other
major announcements in 2008 from emerging markets central banks
around the world.
===========================================================
LATIN AMERICA
=============
Brazil
Jun 3-4 - Central bank interest rate meeting.
Jul 22-23 - Central bank interest rate meeting.
Sep 9-10 - Central bank interest rate meeting.
Oct 28-29 - Central bank interest rate meeting.
Dec 9-10 - Central bank interest rate meeting.
===========================================================
Mexico
May 16 - Central Bank of Mexico - MPC
Jun 20 - Central Bank of Mexico - MPC
Jul 18 - Central Bank of Mexico - MPC
Aug 15 - Central Bank of Mexico - MPC
Sep 19 - Central Bank of Mexico - MPC
Oct 17 - Central Bank of Mexico - MPC
Nov 28 - Central Bank of Mexico - MPC
===========================================================
EUROPE
======
Czech Republic
Jun 26 - Central bank board monetary policy meeting.
Aug 7 - Central bank board monetary policy meeting.
Sep 25 - Central bank board monetary policy meeting.
Nov 6 - Central bank board monetary policy meeting.
Dec 17 - Central bank board monetary policy meeting.
===========================================================
Slovakia
May 27 - Central bank's policy-making board meeting.
Jun 24 - Central bank's policy-making board meeting.
Jul 29 - Central bank's policy-making board meeting.
Aug 26 - Central bank's policy-making board meeting.
Sep 30 - Central bank's policy-making board meeting.
Oct 28 - Central bank's policy-making board meeting.
Nov 25 - Central bank's policy-making board meeting.
Dec 30 - Central bank's policy-making board meeting.
The Slovak central bank's (NBS) monetary policy making Bank
Board usually holds a policy meeting on the last Tuesday of
every month. The board may change the date of its policy
meetings.
===========================================================
Hungary
May 26 - Monetary Council meeting on interest rates.
Jun 23 - Monetary Council meeting on interest rates.
===========================================================
Poland
May 27-28 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
Jun 24-25 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
Jul 29-30 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
Aug 26-27 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
Sep 23-24 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
Oct 28-29 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
Nov 25-26 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
Dec 22-23 - Two-day Monetary Policy Council meeting, with
interest rate decision to be announced on final day.
===========================================================
Turkey
May 15 - MPC monthly interest rate-setting meeting
Jun 16 - MPC monthly interest rate-setting meeting
Jul 17 - MPC monthly interest rate-setting meeting
Aug 14 - MPC monthly interest rate-setting meeting
Sep 18 - MPC monthly interest rate-setting meeting
Oct 22 - MPC monthly interest rate-setting meeting
Nov 19 - MPC monthly interest rate-setting meeting
Dec 18 - MPC monthly interest rate-setting meeting
============================================================
Latvia
May 15 - Monetary Policy Council meeting.
Jul 17 - Monetary Policy Council meeting.
Sep 11 - Monetary Policy Council meeting.
Nov 13 - Monetary Policy Council meeting.
==========================================================
Serbia
May 15 - Monetary Policy Council meeting.
May 29 - Monetary Policy Council meeting.
Jun 12 - Monetary Policy Council meeting.
Jun 30 - Monetary Policy Council meeting.
Jul 17 - Monetary Policy Council meeting.
Jul 31 - Monetary Policy Council meeting.
Aug 14 - Monetary Policy Council meeting.
Aug 28 - Monetary Policy Council meeting.
Sep 16 - Monetary Policy Council meeting.
Sep 30 - Monetary Policy Council meeting.
Oct 16 - Monetary Policy Council meeting.
Oct 30 - Monetary Policy Council meeting.
Nov 14 - Monetary Policy Council meeting.
Nov 28 - Monetary Policy Council meeting.
Dec 16 - Monetary Policy Council meeting.
Dec 30 - Monetary Policy Council meeting.
=========================================================
ROMANIA
Jun 26 - Board Meeting on interest rates.
Jul 31 - Board Meeting on interest rates.
Sep 25 - Board Meeting on interest rates.
Oct 30 - Board Meeting on interest rates.
2009
Jan 6 - Board Meeting on interest rates.
Feb 4 - Board Meeting on interest rates.
==========================================================
MIDDLE EAST & AFRICA
====================
Israel
May 26 - Monetary Policy meeting - announcement effective
from May 29.
Jun 23 - Monetary Policy meeting - announcement effective
from June 26.
Jul 28 - Monetary Policy meeting - announcement effective
from July 31.
Aug 25 - Monetary Policy meeting - announcement effective
from Aug 28.
Sep 22 - Monetary Policy meeting - announcement effective
from Sep 25.
Oct 27 - Monetary Policy meeting - announcement effective
from Oct. 30.
Nov 24 - Monetary Policy meeting - announcement effective
from Nov 27.
Dec 29 - Monetary Policy meeting - announcement effective
from Jan. 1, 2009
===========================================================
South Africa
Jun 11/12 Two-day monetary policy meeting, with results of
the meeting to be announced on final day.
Aug 13/14 Two-day monetary policy meeting, with results of
the meeting to be announced on final day.
Oct 8-9 Two-day monetary policy meeting, with results of
the meeting to be announced on final day.
Dec 10/11 Two-day monetary policy meeting, with results of
the meeting to be announced on final day.
=========================================================
Nigeria
Jun 3 - Monetary Policy Committee (MPC) meeting.
Aug 5 - Monetary Policy Committee (MPC) meeting.
Oct 7 - Monetary Policy Committee (MPC) meeting.
Dec 2 - Monetary Policy Committee (MPC) meeting.
=========================================================
Egypt
Jun 26-27 - Central bank's monetary policy committee meets
Aug 7-8 - Central bank's monetary policy committee meets
Sep 18-19 - Central bank's monetary policy committee meets
Nov 6-7 - Central bank's monetary policy committee meets
Dec 25-26 - Central bank's monetary policy committee meets
=========================================================
ASIA
========
India
Jul 29 - Reserve Bank of India (RBI) First Quarter Monetary
Policy Review.
Oct 24 - Reserve Bank of India (RBI) Mid-term Monetary
Policy Review.
========================================================
Philippines
Jun 5 - Central Bank of the Philippines - Monetary Board
meeting on monetary policy.
Jul 17 - Central Bank of the Philippines - Monetary Board
meeting on monetary policy.
Aug 28 - Central Bank of the Philippines - Monetary Board
meeting on monetary policy.
Oct 9 - Central Bank of the Philippines - Monetary Board
meeting on monetary policy.
Nov 20 - Central Bank of the Philippines - Monetary Board
meeting on monetary policy.
Dec 18 - Central Bank of the Philippines - Monetary Board
meeting on monetary policy.
========================================================
South Korea
Jun 12 - Monetary Policy Committee meeting.
Jul 10 - Monetary Policy Committee meeting.
Aug 7 - Monetary Policy Committee meeting.
Sep 11 - Monetary Policy Committee meeting.
Oct 9 - Monetary Policy Committee meeting.
Nov 7 - Monetary Policy Committee meeting.
Dec 11 - Monetary Policy Committee meeting.
========================================================
Taiwan
The Taiwan central bank holds its quarterly board meeting to
determine interest rates in the last week of each quarter.
The date is announced a few days beforehand.
========================================================
Thailand
May 21 - Monetary Policy Committee meeting.
Jul 16 - Monetary Policy Committee meeting.
Aug 27 - Monetary Policy Committee meeting.
Oct 8 - Monetary Policy Committee meeting.
Dec 3 - Monetary Policy Committee meeting.
=========================================================
Malaysia
May 26 - Monetary policy statement.
Jul 25 - Monetary policy statement.
Oct 24 - Monetary policy statement.
Nov 24 - Monetary policy statement.
==========================================================
INDONESIA
Jun 5 - Board of Governors meeting.
Jul 3 - Board of Governors meeting.
Aug 5 - Board of Governors meeting.
Sep 4 - Board of Governors meeting.
Oct 8 - Board of Governors meeting.
Nov 6 - Board of Governors meeting.
Dec 4 - Board of Governors meeting.
==========================================================
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Reuters: [2008-05-09 13:53:00]
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