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Peru: Morning News Headlines – August 1

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Two people commit suicide in Lima

(LIP-ir) — A young mother living in Huaycan and a police officer living in Lince have both ended their lives, adding to the already high suicide rate in Lima. Since the beginning of the year, it is reported that over 250 people have killed themselves. 18 year-old Catherine Jesenia Vera Torres hung herself from one of the beams in her parents home after having killed her 8 month-old child with rat poison. The mother left a note apologizing to her husband and requesting her parents look after her siblings. In Lince, José Luis Espinola Salas – an officer for Peur’s National Police, was found by his mother after he had shot himself in the head.

Family members sue TAM Airlines after death of their loved one

Family of Ricardo Tazoe, one of the 200 people that died due to an airplane accident in Brazil, have decided to sue the airline and other companies in the airline business. The family’s lawyers have stated that the company is being sued for negligence. The lawyers stated that TAM Airlines was aware of certain problems before the plane took off.

– related articles –
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Peruvian Man Leaves Wife and Children Behind After Tragic TAM Accident in Brazil (by LIP, Jul 18, 2007)
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Peru’s U-18 volleyball team is defeated in first match

Peru’s under-18 girl’s volleyball team managed to qualify among the top 16 countries in the world to play in the 2007 Fédération Internationale de Volleyball (FIVB) Girls’ Youth Volleyball World Championship. In the first of a series of matches being held in Tijuana, Mexico, the girls lost to the Dominican Republic. The game lasted the entire 5 sets but Peru’s girls couldn’t manage to get the win, losing the last set 16 – 18. Their next game is Wednesday against Italy.

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Peru’s Women’s U – 18 Volleyball Team plays in World Finals (by LIP, Jul 31, 2007)
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Analysts say fuel stabilization fund could run out by August

Analysts have stated that Peru’s fuel stabilization fund, a fund which keeps Peru’s people from being affected by the international increase in fuel prices, could run out by August. Currently 15 million soles a week are deposited into the fund. Specialist, Aurelio Ochoa has stated that no fund will be able to handle the constant increase in fuel prices. Ochoa suggested that taxes, which account for 50 percent of fuel prices, be reduced.

Citi Bullish on Peru Banks

Peruvian banks have the most exciting industry dynamics in LatAm, says Citi, which has initiated coverage of Credicorp (buy/medium risk) and Intergroup (hold/medium risk). The bank says Peru has Asian levels of GDP growth combined with US levels of inflation, "creating almost the ideal macroeconomic backdrop for financial services to flourish and develop rapidly." Meanwhile, penetration of deposits and loans in Peru is among the lowest in the EM, suggesting high sustainable growth for Peruvian banks for years to come, Citi adds. In addition, the late 1990s banking crisis prompted a cleanup process that deepened the concentration level in the Peruvian banking sector, which bodes well for ROE. "Peruvian banks have re-emerged with good asset quality, world-class profitability, adequate capitalization, excellent liquidity, and low vulnerability to shocks. In addition, the sector now enjoys one of the best preventive supervisory systems in the region," says Citi. (Latin Finance)

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