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Latest News in Peru / Archive for Economy
Economy | 6 October, 2009 [ 22:44 ]
Peru's BCP buys more stock of Edyficar
LivinginPeru.com
Isabel Guerra
Banco de Crédito (BCP), the biggest bank in Peru, reached an agreement with International Financial Corporation (CFI) to purchase the 5.4% stake that the latter owns in Peruvian finance company Financiera Edyficar, for US$5.19mn,
BCP announced in September that they were to acquire a 77.2% stake in Edyficar from NGO CARE, and no they will buy an additional 8.5% stake in the finance company from US-based Microvest.
BCP will pay for with its own funds, and will take control on 91.1% of Edyficar's total stock after the transaction.
Edyficar (which has 195,000 clients) will continue to operate independently, focusing on low-income earners.
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
Banco de Crédito (BCP), the biggest bank in Peru, reached an agreement with International Financial Corporation (CFI) to purchase the 5.4% stake that the latter owns in Peruvian finance company Financiera Edyficar, for US$5.19mn, BCP announced in September that they were to acquire a 77.2% stake in Edyficar from NGO CARE, and no they will buy an additional 8.5% stake in the finance company from US-based Microvest.
BCP will pay for with its own funds, and will take control on 91.1% of Edyficar's total stock after the transaction.
Edyficar (which has 195,000 clients) will continue to operate independently, focusing on low-income earners.
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 | 6 October, 2009 [ 13:00 ]
Peru's Country-Risk Index drops to 2.00 points
LivinginPeru.com
Isabel Guerra
Following the regional tendency, Peru's country risk index dropped 14 basic points, from 2.14 percentage points to 2.00, according to Peru's EMBI + calculated by the investment bank JP Morgan.
The EMBI + Peru is measured by the difference in the average performance of Peruvian sovereign bond yields versus U.S. Treasury bonds.
This is a way to estimate the political risk and the possibility that a country may not be able to comply with its payment obligations to international creditors.
That is, this index asseses the degree of "danger" that a country poses to foreign investment.
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
Following the regional tendency, Peru's country risk index dropped 14 basic points, from 2.14 percentage points to 2.00, according to Peru's EMBI + calculated by the investment bank JP Morgan. The EMBI + Peru is measured by the difference in the average performance of Peruvian sovereign bond yields versus U.S. Treasury bonds.
This is a way to estimate the political risk and the possibility that a country may not be able to comply with its payment obligations to international creditors.
That is, this index asseses the degree of "danger" that a country poses to foreign investment.
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 | 2 October, 2009 [ 13:33 ]
Peru's Nuevo Sol amongst the currencies which value has risen in the region
LivinginPeru.com
Isabel Guerra
Peru's currency, Nuevo Sol, is one of the four ones which value has risen in the region against the US. dollar, behind Brazil, Chile and Colombia, according to a study by consultant firm Economática.
The Peruvian currency has increased its value in 7.99% against the dollar from January 1st to September 30th this year, lower than Brazilian real (which rose) 31.44%, the Chilean peso (17.01%) and Colombian peso (16.73%).
During the first nine months of the year, these four countries accumulated a revaluation against the dollar even higher than the euro (5.22%), according to this study.
The only currencies which increased their exchange rates between July and September were the Colombian peso (12.31%), the Brazilian real (9.76%) and the Peruvian Nuevo Sol (3.48%).
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 currency, Nuevo Sol, is one of the four ones which value has risen in the region against the US. dollar, behind Brazil, Chile and Colombia, according to a study by consultant firm Economática. The Peruvian currency has increased its value in 7.99% against the dollar from January 1st to September 30th this year, lower than Brazilian real (which rose) 31.44%, the Chilean peso (17.01%) and Colombian peso (16.73%).
During the first nine months of the year, these four countries accumulated a revaluation against the dollar even higher than the euro (5.22%), according to this study.
The only currencies which increased their exchange rates between July and September were the Colombian peso (12.31%), the Brazilian real (9.76%) and the Peruvian Nuevo Sol (3.48%).
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 | 1 October, 2009 [ 16:49 ]
Peru likely to grow most among Latin America's top economies the next two years
LivinginPeru.com
Isabel Guerra
According to the International Monetary Fund's latest “World Economic Outlook," Peru will have the fastest-growing Gross Domestic Product in the region this year and next.
The IMF figures foresee that Peru's GDP will expand by 1.5% this year and 5.8 percent next year.
Brazil's economy is expected to fall by 0.7%, while Mexico will likely see a 7.3% percent decline this year, before recovering next year with a 3.3% growth. Argentina, will see a GDP decline of 2.5%, but is expected to recover 1.5% next year.
Venezuela will see a decline of 2.0% this year and a further fall of 0.4% next, which will make it the only country among the nine that will continue in recession into 2010.
In general, Latin America's economies are expected to see 2.5 percent fall this year and a 2.9 percent expansion next year.
(Condensed from LatinBusinessChronicle.com – Joachim Bamrud)
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
According to the International Monetary Fund's latest “World Economic Outlook," Peru will have the fastest-growing Gross Domestic Product in the region this year and next. The IMF figures foresee that Peru's GDP will expand by 1.5% this year and 5.8 percent next year.
Brazil's economy is expected to fall by 0.7%, while Mexico will likely see a 7.3% percent decline this year, before recovering next year with a 3.3% growth. Argentina, will see a GDP decline of 2.5%, but is expected to recover 1.5% next year.
Venezuela will see a decline of 2.0% this year and a further fall of 0.4% next, which will make it the only country among the nine that will continue in recession into 2010.
In general, Latin America's economies are expected to see 2.5 percent fall this year and a 2.9 percent expansion next year.
(Condensed from LatinBusinessChronicle.com – Joachim Bamrud)
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 | 30 September, 2009 [ 12:42 ]
Peru has the best business conditions for microfinance, according to a global research
LivinginPeru.com
Isabel Guerra
Peru has been appointed as the country with the best business conditions for microfinance in the world, according to the results of the "Microscope Index 2009."
The results were released by the Multilateral Investment Fund (FOMIN) from the Inter-American Development Bank (BID), Andean Corporation for Development (CAF), the International Finance Corporation (IFC), the World Bank and the Economist Intelligence Unit (EIU).
Peru has reached this qualification for the second year in a row, as the country best qualified in the “Microscope 2009” in Latin America and the Caribbean.
This year, the “Microscope Index 2009” has expanded and covers 55 countries worldwide, so Peru's leadership has evolved from regional only to global.
Bolivia was second in the overall index, and four other Latin American countries were among the first ten positions (Ecuador, Nicaragua, Colombia and El Salvador).
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 has been appointed as the country with the best business conditions for microfinance in the world, according to the results of the "Microscope Index 2009."The results were released by the Multilateral Investment Fund (FOMIN) from the Inter-American Development Bank (BID), Andean Corporation for Development (CAF), the International Finance Corporation (IFC), the World Bank and the Economist Intelligence Unit (EIU).
Peru has reached this qualification for the second year in a row, as the country best qualified in the “Microscope 2009” in Latin America and the Caribbean.
This year, the “Microscope Index 2009” has expanded and covers 55 countries worldwide, so Peru's leadership has evolved from regional only to global.
Bolivia was second in the overall index, and four other Latin American countries were among the first ten positions (Ecuador, Nicaragua, Colombia and El Salvador).
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 September, 2009 [ 11:17 ]
BID and CAF to create a US $600 million fund for infrastructure projects in Peru
LivinginPeru.com
Isabel Guerra
The Inter American Development Bank (BID) and the Andean Development Corporation (CAF) announced the creation of a US $600 million fund, intended to invest in infrastructure projects in Peru.
The BID and the CAF will add each US $50 million for this fund, while Peru's government will contribute with US $100 through its Financial Corporation for Development (COFIDE).
Representatives of the aforementioned multilateral organisms told the press that the Canadian firm Brookfield Asset Management will manage the fund, along with the Peruvian AC Capitales.
“The fund is aimed to boost high-rentability infrastructure projects,” said Ana María Rodríguez, from the BID, and the projects that will be prioritized are related to roads, highways, airports, sewage, electricity generation and gas.
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 Inter American Development Bank (BID) and the Andean Development Corporation (CAF) announced the creation of a US $600 million fund, intended to invest in infrastructure projects in Peru. The BID and the CAF will add each US $50 million for this fund, while Peru's government will contribute with US $100 through its Financial Corporation for Development (COFIDE).
Representatives of the aforementioned multilateral organisms told the press that the Canadian firm Brookfield Asset Management will manage the fund, along with the Peruvian AC Capitales.
“The fund is aimed to boost high-rentability infrastructure projects,” said Ana María Rodríguez, from the BID, and the projects that will be prioritized are related to roads, highways, airports, sewage, electricity generation and gas.
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 September, 2009 [ 10:56 ]
Peru: 56% of Limenians consider that the international crisis has affected them "very little"
LivinginPeru.com
Isabel Guerra
According to a recent survey published today in El Comercio, 56% of the Limenians consider that the international financial crisis has affected their financial situation “very little.”
The survey, conducted by LatinPanel, also shows that optimism has grown, since according to the 2008's report 62% believed that the economic situation would improve or remain stable during the next 12 months, while this year the figure rose to 71%.
Another interesting figures from this survey reveal that 70% of households declared that they were going to be able to assign a portion of family income for savings, and the domestic consumption of items like soft drinks and personal care products have significantly increased.
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
According to a recent survey published today in El Comercio, 56% of the Limenians consider that the international financial crisis has affected their financial situation “very little.” The survey, conducted by LatinPanel, also shows that optimism has grown, since according to the 2008's report 62% believed that the economic situation would improve or remain stable during the next 12 months, while this year the figure rose to 71%.
Another interesting figures from this survey reveal that 70% of households declared that they were going to be able to assign a portion of family income for savings, and the domestic consumption of items like soft drinks and personal care products have significantly increased.
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 September, 2009 [ 08:54 ]
Pension plans in dollars in Peru "should disappear," BCR says
LivinginPeru.com
Isabel Guerra
Peru's President of the Central Reserve Bank (BCR) Julio Velarde, said yesterday that pensions in US dollars should disappear and be substituted by pension plans in soles, because of the high volatility of the dollar these days.
“If the dollar keeps on dropping, many people could turn into impoverished pensioners in 25 years for having their pensions in dollars. The worry in the world is not Peruvian inflation, but U.S. inflation," he said.
He noted that at present almost all pension plans in Peru are set in dollars, and that people should turn to soles instead.
“There's not any other country in the world, except the US, that has pension plans in dollars,” remarked Velarde.
Peru's private system, modeled after the one implemented by Chile in 1981, began in 1993.
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 President of the Central Reserve Bank (BCR) Julio Velarde, said yesterday that pensions in US dollars should disappear and be substituted by pension plans in soles, because of the high volatility of the dollar these days. “If the dollar keeps on dropping, many people could turn into impoverished pensioners in 25 years for having their pensions in dollars. The worry in the world is not Peruvian inflation, but U.S. inflation," he said.
He noted that at present almost all pension plans in Peru are set in dollars, and that people should turn to soles instead.
“There's not any other country in the world, except the US, that has pension plans in dollars,” remarked Velarde.
Peru's private system, modeled after the one implemented by Chile in 1981, began in 1993.
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 | 23 September, 2009 [ 12:02 ]
LivinginPeru.com
Katrina Heimark
The general index of Lima’s Stock Market advanced 132.6% this year, which moved it up to the first place in the world. The stock market grew faster than the respective markets from Brazil (advanced 106.1%), Russia and Indonesia.
The Lima Stock Exchange is the Most Profitable in the World
LivinginPeru.com
Katrina Heimark
The general index of Lima’s Stock Market advanced 132.6% this year, which moved it up to the first place in the world. The stock market grew faster than the respective markets from Brazil (advanced 106.1%), Russia and Indonesia. According to the ranking issued by the Bloomberg Agency, Lima’s Stock Exchange is the most profitable in the planet. The advances made by the stock market began on the first of January of this year, and as of today, the market continues to grow.
Lima’s Stock Exchange closed yesterday with a 2.07 increase in the general index, which was the fifth consecutive increase. This puts the stock market at a level that had not been seen since July 2 of 2008.
According to Peru21, the inversion of mining companies in Southern Peru accounts for much of the growth in the Peruvian Economy.
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.
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 | 21 September, 2009 [ 12:46 ]
LivinginPeru.com
Katrina Heimark
Rising metals prices have sparked the aggressive investment of mining companies in resource-rich Peru, which is a marked change from last year. These investments are the first in the sector since the onslaught of the economic crisis, which caused a collapse in metals prices last year.
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.
Mining Investments in Peru signal end of Economic Crisis
LivinginPeru.com
Katrina Heimark
Rising metals prices have sparked the aggressive investment of mining companies in resource-rich Peru, which is a marked change from last year. These investments are the first in the sector since the onslaught of the economic crisis, which caused a collapse in metals prices last year.Miners are expected to plow $30 billion in projects over the next decade. A $2.2 billion copper project in Chinalco and a $5.1 billion Antapaccay project are set to start next year.
These investments “affirm Peru’s position as an attractive place to invest,” says Pedro Sanchez, Peru’s Mining and Energy Minister. However, as investments increase in mining areas, so does community opposition. These conflicts often delay production, and, sometimes, have caused projects to be abandoned. These conflicts and protests stem from the perception of many locals in the poorer areas of Peru that they are not receiving their fair share, or that their resources are being exploited.
Last week Arequipa hosted the 29th biannual Perumin Mining Convention, and many of the proposed developments were on display. Investments in the mining sector are soaring, which provoked many at the conference to believe that the economic crisis is dissipating, at least within Peru.
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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