Living in Peru : your everyday companion

Peru's cabinet offers to resign over scandal

Sixteen Cabinet ministers offered their resignations to Peruvian President Alan Garcia on Thursday in the wake of an oil-kickback scandal. Opposition lawmakers had called for the officials to step down, but it is not known if Garcia will accept the offer, which comes just days after the resignations of Peru's energy minister and the president of the state-run oil company. (AP - click here to read complete article)


Peru's cabinet in turmoil over scandal

Peru's entire cabinet offered their resignations on Thursday following a scandal that has linked president Alan Garcia's party with the granting of oil concessions to a favoured bidder. Jorge del Castillo, prime minister, made the promise as he left Congress, after members of the opposition walked out in protest. Mr del Castillo said he felt it necessary to make the offer to defend "the honour of this Cabinet, which has worked with honesty, austerity and dedication". (FT - click here to read complete article by Naomi Mapstone)


Peru's Central Bank Holds Rate at 6.5% Amid Turmoil

Peru's central bank left its benchmark rate unchanged as concerns over the global financial crisis tempered worries about rising consumer prices. The central bank's board, led by President Julio Velarde, voted to maintain the benchmark rate at 6.5 percent. Nine economists surveyed by Bloomberg predicted the bank would leave rates steady; eight others expected a quarter-point increase. (Bill Faries - click here to read complete article by Bill Faries)


Can Free Trade be Fair? Lessons from the Peru-U.S. Free Trade Agreement

The U.S.-Peru Free Trade Agreement has provided President Alan García with an excuse to dismantle the nation's environmental and labor standards. The President's approval ratings have sunk as popular support for his policies continues to vanish. The United States has been complicit in Peru's legal and economic deterioration, a fact which must be taken into account before further FTAs are signed. (CHA - click here to read complete article)


PERU: Banking sector remains optimistic

Peru is considered one of the most promising banking markets in Latin America, as about half of all working Peruvians still do not have bank accounts. As the economy continues to perform well, loans to the small- and medium-sized business sector in Peru are seen as a driver of growth. About 80% of all the country's exporters are classed as small companies and many are in need of loans. Global banks HSBC, Citibank, Scotiabank and BBVA are all present in Peru. Development of financial products such as derivatives, corporate bonds and exchange-traded funds tracking local and regional indexes has allowed banks to serve corporate clients. (IHT - click here to read complete article)


Del Solar Confident In Peru's Chances

Jose del Solar affirmed to the press on Thursday, that "when playing in La Paz, Bolivia are the favourites, even when they face Brazil or Argentina", but he hopes this changes with a victory for his side when they meet Bolivia on Saturday. "We have prepared ourselves to change history, and to pick up a positive result that will allow us to stay alive in the qualifiers", the coach stated only hours after travelling to Tacna with his national side. (Goal - click here to read complete article)


Peru work on the altitude

Peru must face Bolivia in La Paz in round 9 at the South American Qualifiers. Due to the fact that the altitude is always something that affects all players seriously, the team coached by Jose del Solar work hard on the physical aspect. Moreover, one of the exercises done by the players were kicking the ball from any point of the field; it proves that will be Peru's main weapon for the ball goes faster in the altitude. (Sports Ya - click here to read complete article)