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Peru: Morning News Headlines – August 3

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Key U.S. leaders to review FTA in Lima

(LIP-ir) — Democratic chairman of the House Ways and Means Committee, Charles Rangel and Sander Levin, member of the Commerce sub-committee are to come to Lima, Peru next week to evaluate terms related to the ratification of the Free Trade Agreement (FTA) between the U.S. and Peru. Communications Director Matthew Beck stated that it is planned for the two U.S. leaders to be in Lima from August 5 – 7. Beck explained that there were no plans to discuss the FTA this week, but that the U.S. government would look over the agreement in September.

– related articles –
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Peru’s President Alan Garcia Declares FTA is in U.S. Congress Hands (by LIP, Jul 31, 2007)
U.S. Democrat & Republican Leaders to Discuss FTA in Peru (by LIP, Jul 25, 2007)
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Fujimori will have a fair trial

President of Peru’s Judicial Power, Francisco Távara, in response to the comments written in a local newspaper, explained that Fujimori would receive a fair trial in Peru. He added that the former President would be treated like any other Peruvian and that the statements that Fujimori’s life would be in danger in Peru were only the newspaper’s opinion.

– related articles –
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Despite Senate Loss, Fujimori Plans to Work for Peru’s Welfare (by LIP, Jul 30, 2007)
Argentina Extradites Fujimori’s Economy Minister to Peru (by LIP, Jul 26, 2007)
U.S. Begins Extradition Process on Pedro Fujimori (by LIP, Jul 24, 2007)
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Deutsche Bank requests admission to Peru

Peru’s Bank Superintendency announced that German bank, Deutsche Bank has requested permission to begin operations in Peru. Peru’s SBS reported that this was evidence of Peru’s economic expansion, stability and solidity. Deutsche Bank AG was founded in Berlin in 1870. It is currently Germany’s biggest bank having, 82,000 employees and 12 million customers in 75 different counties.

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Peru to be Next Country in Latin America to Reach Investment Grade (by LIP, Jul 26, 2007)
Moody’s – Standard & Poor’s Raise Ratings in Peru to Ba2 and BB+ (by LIP, Jul 25, 2007)
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Peru’s new soccer coach has signed a contract

Despite the fact that Peru’s Soccer Federation is suspended, José del Solar has signed a contract agreeing he will be Peru’s new soccer coach. Peru’s World Cup Commission President, Juvenal Silva said, "This is a sad situation (suspension of Federation). I think that for the good of Peruvian soccer we should look to the future. If FIFA has approved the contract there is no problem." Silva stated that del Solar’s performance would be evaluated in December and it would then be decided if "Chemo" is to stay for more years.

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Peru’s New Soccer Coach to Work on Qualifying for FIFA World Cup (by LIP, Jul 31, 2007)
Peru’s National Soccer Team’s New Coach has been Selected (by LIP, Jul 23, 2007)
World Cup Commission Fires Uribe, New Coach to Earn $36k a Month (by LIP, Jul 20, 2007)
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Fitch rates Peruvian Insurer Pacifico Vida

Fitch Ratings has assigned an international scale insurer financial strength (IFS) rating of BBB- to El Pacifico Vida Compania de Seguros y Reaseguros (Pacifico Vida), one of Peru’s leading companies in the life, accidents, disability and survivor and annuities business. The rating outlook is stable. “Pacifico Vida’s rating reflects its controlled loss ratio, above average profitability, and a conservative asset and liability management”, said Fitch. At end-2006, Pacifico Vida managed 7% of the total Peruvian insurance market and 24% of its relevant business niche, being the second largest company that offers life products in the country. (Latin Finance)

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