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Latest News in Peru / Archive for Economy
Economy | 19 November, 2009 [ 17:38 ]
Peru to remain amongst the Top 3 markets for investments in the region
LivinginPeru.com
Isabel Guerra
Peru will remain among the three main Latin American markets for investment companies during 2010, since they don't have plans of leaving any of their current markets, according to a survey done by KPMG international firm, called "Out of Adversity."
The survey covered 165 executives from Argentina, Brasil, Chile, Colombia, México, Peru and Venezuela, According to the study, the financing of possible investments or strategic changes would mostly come from banks (70%) and only 20% from private capital funds.
The executives polled also mentioned that they would prefer that their governments cut tax rates, as their peers in Brazil, Mexico and Chile do.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Peru will remain among the three main Latin American markets for investment companies during 2010, since they don't have plans of leaving any of their current markets, according to a survey done by KPMG international firm, called "Out of Adversity." The survey covered 165 executives from Argentina, Brasil, Chile, Colombia, México, Peru and Venezuela, According to the study, the financing of possible investments or strategic changes would mostly come from banks (70%) and only 20% from private capital funds.
The executives polled also mentioned that they would prefer that their governments cut tax rates, as their peers in Brazil, Mexico and Chile do.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 12 November, 2009 [ 12:40 ]
Peru and Korea will sign soon their FTA, Alan Garcia says
LivinginPeru.com
Isabel Guerra
During his visit to Seoul, Peru's President Alan Garcia and his South Korean counterpart Lee Myung-Bak, agreed to strengthen bilateral cooperation in order to expand trade and investment between both countries.
"Our talks for an FTA with Korea are are progressing steadily, and I am sure that within a very short time we will have this treaty, which is a fundamental tool for Peru and Korea," said Garcia in a press conference in Seoul, according to a press release from the Peruvian presidency.
Garcia will participate in the forum for Asia Pacific Economic Cooperation (APEC) in Singapore, where he plans to meet with Chinese President Hu Jintao and with executives from the mining company Chinalco, which will start building one of the largest copper projects in Peru in 2010.
China, a voracious consumer of metals, has been betting heavily on Peru's mining development, and signed a bilateral FTA with that nation last April.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
During his visit to Seoul, Peru's President Alan Garcia and his South Korean counterpart Lee Myung-Bak, agreed to strengthen bilateral cooperation in order to expand trade and investment between both countries. "Our talks for an FTA with Korea are are progressing steadily, and I am sure that within a very short time we will have this treaty, which is a fundamental tool for Peru and Korea," said Garcia in a press conference in Seoul, according to a press release from the Peruvian presidency.
Garcia will participate in the forum for Asia Pacific Economic Cooperation (APEC) in Singapore, where he plans to meet with Chinese President Hu Jintao and with executives from the mining company Chinalco, which will start building one of the largest copper projects in Peru in 2010.
China, a voracious consumer of metals, has been betting heavily on Peru's mining development, and signed a bilateral FTA with that nation last April.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 11 November, 2009 [ 12:13 ]
Moody's gives good news to Peru's banking system
LivinginPeru.com
Isabel Guerra
The international consultant firm Moody announced that it has an “stable perspective” for Peruvian banking system, after local economy's stabilization.
Moody's had put its qualification of “Ba1” for Peru's debt in foreign currency last September, for a probably upgrade to grade investment.
“The conditions for business have stabilized after the 2008's global crisis, including a minor inflation and interest rates, and therefore leading to increase in the demand for credits,” says Moody's.
Last week, Banco de Credito, the largest bank in Peru, said that the sector might grow 15% or 20% annually during the next 5 years.
"The Peruvian banks have entered the global crisis with the strongest balance sheets and performance since the country's own financial crisis of 1999-2003," the report "Banking System Outlook: Peru" said.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
The international consultant firm Moody announced that it has an “stable perspective” for Peruvian banking system, after local economy's stabilization. Moody's had put its qualification of “Ba1” for Peru's debt in foreign currency last September, for a probably upgrade to grade investment.
“The conditions for business have stabilized after the 2008's global crisis, including a minor inflation and interest rates, and therefore leading to increase in the demand for credits,” says Moody's.
Last week, Banco de Credito, the largest bank in Peru, said that the sector might grow 15% or 20% annually during the next 5 years.
"The Peruvian banks have entered the global crisis with the strongest balance sheets and performance since the country's own financial crisis of 1999-2003," the report "Banking System Outlook: Peru" said.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 7 November, 2009 [ 23:15 ]
September trade had a surplus of US$ 566 million
LivinginPeru.com
Isabel Guerra
In September, the trade balance registered a US$566 millions surplus. Total exports amounted to US$ 2,408 million, a 3.9% increase compared to the previous month, reported the Central Reserve Bank (BCR).
The Central Reserve Bank explained that the increase in the trade balance is a consequence of the 4.5% increase in prices.
Meanwhile, import totals were US$ 1,842 million, a 6.1% increase from August. The purchase of consumer goods were US$ 368 millions; supplies totaled US$ 942 million and capital goods US$ 522 million.
In September, terms of trade increased 3.7% from August, and 25.2 compared to December 2008.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
In September, the trade balance registered a US$566 millions surplus. Total exports amounted to US$ 2,408 million, a 3.9% increase compared to the previous month, reported the Central Reserve Bank (BCR). The Central Reserve Bank explained that the increase in the trade balance is a consequence of the 4.5% increase in prices.
Meanwhile, import totals were US$ 1,842 million, a 6.1% increase from August. The purchase of consumer goods were US$ 368 millions; supplies totaled US$ 942 million and capital goods US$ 522 million.
In September, terms of trade increased 3.7% from August, and 25.2 compared to December 2008.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 29 October, 2009 [ 18:01 ]
China Development Bank interested in opening office in Peru
Andina
The China Development Bank (CDB) is interested in the Peruvian financial market and will evaluate the possibility of opening a representation office in the Andean country, said the head of Peru's Bank and Insurance Superintendency (SBS), Felipe Tam, who held a meeting with the Chinese bank's officials.
The Chinese delegation was led by the general vice-director of the International Cooperation Department, Tian Yunhai, and composed of the member of the board of directors, Li Xiaoming, and the manager of the CDB's board of directors Office, Wu Yuanzou.
Tian Yunhai said numbers showed by the SBS ratified CDB's interest in Peru, a country which has a strong financial system and positive economic indicators in the last years.
These factors have allowed the country to better overcome the international financial crisis compared to other Latin American countries.
He also praised Peru's non-discriminatory treatment for national and international investors, encouraging a strong competition in the local market.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
The China Development Bank (CDB) is interested in the Peruvian financial market and will evaluate the possibility of opening a representation office in the Andean country, said the head of Peru's Bank and Insurance Superintendency (SBS), Felipe Tam, who held a meeting with the Chinese bank's officials. The Chinese delegation was led by the general vice-director of the International Cooperation Department, Tian Yunhai, and composed of the member of the board of directors, Li Xiaoming, and the manager of the CDB's board of directors Office, Wu Yuanzou.
Tian Yunhai said numbers showed by the SBS ratified CDB's interest in Peru, a country which has a strong financial system and positive economic indicators in the last years.
These factors have allowed the country to better overcome the international financial crisis compared to other Latin American countries.
He also praised Peru's non-discriminatory treatment for national and international investors, encouraging a strong competition in the local market.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 24 October, 2009 [ 10:54 ]
Peru International Reserves totaled US$ 33.19 billion by October 20th
Andina
Peru’s Net International Reserves (NIR) amounted to US$ 33.19 billion by October 20, US$ 1.06 million more than September’s closing, the Central Reserve Bank of Peru (BCR) reported Saturday.
This increase is mainly explained by the BCR foreign currency purchases (US$ 910 million), higher valuation of investments (US$ 141 million), and higher deposits (US$ 42 million).
However the public sector deposits decreased by US$ 34 million in the mentioned period.
The BCR’s international investment position by October 20 was US$ 23.11 billion, US$ 1.05 billion higher than September’s closing.
Between October 13 and 20, the daily average of the 90-day corporate rate in domestic currency decreased from 1.76 to 1.73 percent, while this rate in dollars rose from 1.11 to 1.38 percent.
So far this month, the average daily interbank interest rate continued its downward trend dropping to 1.11 percent.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Peru’s Net International Reserves (NIR) amounted to US$ 33.19 billion by October 20, US$ 1.06 million more than September’s closing, the Central Reserve Bank of Peru (BCR) reported Saturday. This increase is mainly explained by the BCR foreign currency purchases (US$ 910 million), higher valuation of investments (US$ 141 million), and higher deposits (US$ 42 million).
However the public sector deposits decreased by US$ 34 million in the mentioned period.
The BCR’s international investment position by October 20 was US$ 23.11 billion, US$ 1.05 billion higher than September’s closing.
Between October 13 and 20, the daily average of the 90-day corporate rate in domestic currency decreased from 1.76 to 1.73 percent, while this rate in dollars rose from 1.11 to 1.38 percent.
So far this month, the average daily interbank interest rate continued its downward trend dropping to 1.11 percent.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 20 October, 2009 [ 10:47 ]
Peru: Scotiabank foresees a GDP of 1.4 percent for 2010
LivinginPeru.com
Isabel Guerra
Scotiabank reduced its expectatives of economic growth and now foresees a Gross Domestic Product of 1.4% for this year, instead of the 2.3% that was expected.
“This downward correction (in the annual projection) is explained by a settlement considering the rates registered in the past months, rather than a change in our expectations in relation to next months,” Analyst with Scotiabank Peru Juan Pablo Ramos said.
In addition, he said that during the fourth trimester of 2009 the economy will have a rebound in grow rates, increasing by 4% and 4.5%.
Scotiabank now foresees that the GDP is likely to grow by 4.2% in 2010.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Scotiabank reduced its expectatives of economic growth and now foresees a Gross Domestic Product of 1.4% for this year, instead of the 2.3% that was expected. “This downward correction (in the annual projection) is explained by a settlement considering the rates registered in the past months, rather than a change in our expectations in relation to next months,” Analyst with Scotiabank Peru Juan Pablo Ramos said.
In addition, he said that during the fourth trimester of 2009 the economy will have a rebound in grow rates, increasing by 4% and 4.5%.
Scotiabank now foresees that the GDP is likely to grow by 4.2% in 2010.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 19 October, 2009 [ 15:58 ]
Peru: coffee exports might amount US $1 billion this year despite crisis
LivinginPeru.com
Isabel Guerra
The National Board of Coffee's General Manager, Lorenzo Castillo, informed that coffee farming has been reduced by 25% this year due to climatic changes and the ageing of coffee fields.
Estimations foresee that Peruvian coffee exports will reach 3.4 million quintales (one quintal equals 64kg) this year.
However, the international demand for coffee remains growing despite global crisis, and might grow to 6 or 7 million quintales, which would allow Peruvian exports to reach US $1 billion.
"Peruvian coffee is high quality, but lacks a good marketing strategy, and that is the reason why many Peruvian products have low prices," Castillo pointed out.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
The National Board of Coffee's General Manager, Lorenzo Castillo, informed that coffee farming has been reduced by 25% this year due to climatic changes and the ageing of coffee fields.
Estimations foresee that Peruvian coffee exports will reach 3.4 million quintales (one quintal equals 64kg) this year.
However, the international demand for coffee remains growing despite global crisis, and might grow to 6 or 7 million quintales, which would allow Peruvian exports to reach US $1 billion.
"Peruvian coffee is high quality, but lacks a good marketing strategy, and that is the reason why many Peruvian products have low prices," Castillo pointed out.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 16 October, 2009 [ 12:04 ]
Peru's economy grew 2.53 percent, according to INEI
LivinginPeru.com
Isabel Guerra
Peru's economy grew 2.53% between September 2008 and August 2009, while under the effects of an international financial crisis, reported the National Institute of Statistics and Informatics (INEI).
Official data released by INEU show that the recovery of Peruvian's economy is growing, and that just in August it grew 0.25%, despite unfavorable circumstances.
Peru, with a Gross Domestic Product (GDP) of US $217,500 million, has had positive indicators in August, after registering drops in June and July.
The recovery has been led by construction, agriculture and mining sectors, which grew by 5.21%, 1.65% and 0.95%, respectively.
A total growth of 1.8% is expected by the end of 2009.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Peru's economy grew 2.53% between September 2008 and August 2009, while under the effects of an international financial crisis, reported the National Institute of Statistics and Informatics (INEI). Official data released by INEU show that the recovery of Peruvian's economy is growing, and that just in August it grew 0.25%, despite unfavorable circumstances.
Peru, with a Gross Domestic Product (GDP) of US $217,500 million, has had positive indicators in August, after registering drops in June and July.
The recovery has been led by construction, agriculture and mining sectors, which grew by 5.21%, 1.65% and 0.95%, respectively.
A total growth of 1.8% is expected by the end of 2009.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 9 October, 2009 [ 09:24 ]
Peru ranks 15th in bank stability
LivinginPeru.com
Isabel Guerra
Peru is currently in the 15th position, surpassing México, Brasil and Colombia, in the Banking System Stability Ranking made by the World Economic Forum (WEF) to elaborate its Financial Development Index 2009.
Meanwhile, Peru ranks 42th in the Financial Development Index, surpassing México (43), Colombia (46), Argentina (51) and Venezuela (55), but behind Panamá (29), Chile (31) and Brasil (34), according to the aforementioned WEF report.
The report also highlights Peru’s non-distortionary tax system (16th) and the fairly good disclosure of financial information (21st) within the country’s banking system.
Peru also ranks first in the agregate macropudential indicator, which measures the macroprudential soundness based on real Gross Domestic Product growth, deposit interest rate, inflation volatility, and inflation level.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Peru is currently in the 15th position, surpassing México, Brasil and Colombia, in the Banking System Stability Ranking made by the World Economic Forum (WEF) to elaborate its Financial Development Index 2009. Meanwhile, Peru ranks 42th in the Financial Development Index, surpassing México (43), Colombia (46), Argentina (51) and Venezuela (55), but behind Panamá (29), Chile (31) and Brasil (34), according to the aforementioned WEF report.
The report also highlights Peru’s non-distortionary tax system (16th) and the fairly good disclosure of financial information (21st) within the country’s banking system.
Peru also ranks first in the agregate macropudential indicator, which measures the macroprudential soundness based on real Gross Domestic Product growth, deposit interest rate, inflation volatility, and inflation level.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
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