MARCH
18





In case you haven't been following Peru's recent economic ascent to the second best for business in Latin America; let's begin with a brief review of the facts. 

Economy


Peru's country risk indicator decreased from 173 to 162 basis points between March 4 and 11, as measured by the EMBIG Peru spread, the Central Reserve Bank (BCR) said today.

Likewise, the EMBIG Latin America spread fell 7 bps amid labor market recovery in the United States and European Central Bank's decision to keep the interest rate.



The average monthly salary for individuals in Peru's capital, Lima, increased 6.6% in the latest three-month period versus the year-ago period, the National Statistics Institute, INEI, said on Saturday. 

Trade Promotion


Two Expo Peru trade fairs are expected to be held in China and the United States this year to showcase the country's image abroad, Peru's export and Tourism Promotion board reported. 

Expo Peru is a new strategy promoted by Peru's Foreign Trade and Tourism Ministry (Mincetur) and PromPeru to boost business and tourism of Peru in international markets. 



Peruvian firms set to attend international trade fairs, business road shows and meetings this year are expected to ink business deals totaling US$ 1.33 billion, Peru's export and tourism promotion board PromPeru reported Monday, 

Finance


Tomoyuki Sugiyama, a former Lloyds Banking Group Plc  bond trader, plans to start a fund that will invest in non-performing subprime loans in Peru as early as April to meet rising demand among retail investors in Japan. 



Miami-based Advanced Capital Securities acquired Peruvian brokerage firm and investment fund manager Andes Securities SAFI.

A Latin America-focused investment bank, Advanced Capital Securities also has offices in Argentina, Uruguay and Colombia. This new deal in Peru adds more than 2,000 clients to its books. 

 

Mining & Energy


Five major copper mines, with an estimated investment of $13 billion, are expected to begin production in Peru before 2016, upping the country's output of the red metal from 1.3 million tonnes last year to 2.8 million tonnes.

According to data provided by the Minister of Energy and Mines (MEM), and quoted by Gesti�n (in Spanish), the first one to begin mining is Hudbay Minerals' $1.55bn Constancia project in Cusco, scheduled to start in August.



Peruvian state-owned petroleum firm Petroperu is planning to sign a contract with Spain-based engineering company Tecnicas Reunidas to expand the Talara refinery.

The contract, which is expected to be signed in April 2014, will allow to commence work on a $3.5bn refinery upgrade.

The Talara refinery is located in northern Peru and the expansion project intends to increase the facility's output by 50% to about 96,000 barrels per day.



Commodities and mining giant Glencore Xstrata Plc is close to reaching a deal on the sale of its Las Bambas Peruvian copper project to a Chinese consortium led by China Minmetals Corp for more than $5 billion.

The management of both Glencore and state-controlled China Minmetals met yesterday for a final meeting in London to sign an agreement, The Wall Street Journal yesterday reported.



Contract workers at Uchucchacua, a Peruvian silver mine, have ended a strike that began last week, the mine's owner Buenaventura said on Monday.

Operations resumed on Sunday after unions at Uchucchacua concluded the stoppage that begun on March 11, Buenaventura said.

Politics


Peru's Congress on Monday voted to ratify President Ollanta Humala's new cabinet, averting a crisis that could have hurt investor confidence in the economy.

Lawmakers had on Friday refused to ratify the 19-member cabinet appointed by Mr. Humala, as some members of Congress complained that first lady Nadine Heredia has taken on too large of a role in affairs of state and put up road blocks for the president in protest.

On Monday however Congress approved the cabinet with 66 votes in favor, 52 against and with nine abstentions.

  

 

Diplomacy


Peru is planning to strenght its presence in the Asia-Pacific region through new prospective missions and opening of embassies, Peruvian Deputy Foreign Minister, Fernando Rojas said Monday.  

 




Tourism




Just a few minutes outside of Lima, you can visit what was the chief ceremonial center of the central coast during the pre-hispanic period. This ancient city is right outside of Lima, and is the perfect place for a daytrip from the capital. 



Peru's export and tourism promotion board PromPeru will participate in the 2014 Expo Mayoristas 2014, the leading tourism and largest travel fair in Mexico.

This year's edition of the travel show will take on March 20-21, 2014, in the cities of Mexico D.F. and Merida.

 At the event the government agency will promote the main tourist Peruvian destinations among the most important Mexican tour operators.
Gastronomy


 

The flavors of Peru's world-renowned cuisine made a splash during the just-held Savour Food Festival in Singapore, the largest gourmet event in the Southeast Asian country.

Representing Peru for the first time at the March 5-9 event was a group of Peruvian chefs led by Daniel Chavez, chef-owner of the successful Ola Cocina del Mar restaurant in Singapore. 

Top 10 News TV Edition

Friday March 14 Edition
 

Miscellaneous


Max Tomlinson, author of "Sendero" (awarded by Kirkus Reviews as the Best of 2012) is back with a new action thriller novel "Lethal Dispatch".

Although listed in the Young Adult category, "Lethal Dispatch" will entertain adult readers who enjoy international mystery thrillers. The story not only entertains, it gives readers a peek into the political and social turmoil in Latin American countries particularly in Peru and Argentina.

Through the eyes of his young female teen protagonist who has seen her share of pain and death, Tomlinson's writing adeptly guides the reader through the story weaving in teen angst while subtly revealing socio-cultural and political aspects of the region. He does this like a seasoned pro, spinning his tale in the style of an action suspense thriller.


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