Peru: Morning News Roundup – Monday November 10

Peru posts first monthly trade deficit since ’03

Peru posted a $15 million trade deficit for September, compared with the $835 million surplus it posted in the same month a year ago, the central bank said on Friday. September marks the first month Peru has posted a trade deficit since April 2003. Skyrocketing domestic demand has pushed up imports in the fast-growing Andean country. (Reuters – click here to see article)

Peru to sue over Machu Picchu items

Peru has reportedly approved a plan to sue Yale University for thousands of Inca artefacts excavated nearly 100 years ago by a US scholar at Machu Picchu. State newspaper El Peruano said the Justice Ministry will assign a prosecutor to press the government’s case against the elite US university based in New Haven, Connecticut. It did not say when or where such a suit would be filed. Thomas Conroy, a Yale spokesman, said the university was aware of the news report. (The Press Association – click here to read complete article)

Japan agrees with Peru to ink investment treaty

Japan and Peru agreed in principle on Monday to sign a bilateral treaty at an early date to increase protection for their investment in each other, Japanese officials said. Japanese firms are showing interest in resource-rich Peru and the accord will pave the way for them to receive fair treatment when investing in the South American country. The signing of the treaty between the two countries may take place as early as next week in Lima on the sidelines of the Asia-Pacific Economic Cooperation forum, the officials said. (TMC – click here to read complete article)

Fitch Affirms Peru’s Ratings, Stable Outlook

Monday, Fitch Ratings affirmed Peru’s foreign and local currency Issuer Default Ratings and stable rating outlooks. Fitch said the affirmation of Peru’s ratings along with the stable outlook were based on the sovereign’s credit fundamentals, which were judged to be sufficient to withstand current pressures. Fitch noted that Peru’s key policy challenge would be managing the impact of lower commodity prices on external and fiscal accounts. (RTT News – click here to read complete article)

IFC aids BPZ to raise capital for Peru oil project

The World Bank’s International Finance Corp said on Monday it will lend $15 million to oil and gas exploration company BPZ Resources BZP.A and help raise $200 million from commercial banks for its Peruvian operations amid tight global credit markets. IFC, the World Bank’s private sector lender, said the loans will support BPZ’s drilling program in the offshore Corvina oil and gas field and the start-up of its Nueva Esperanza power plant, which will be fired with gas supplied from the Corvina field. (Reuters – click here to read complete article)

Peru loses under-20 tournament over domestic dispute

Peru was stripped of the right to host next year’s South American under-20 championship on Friday because of a long-running dispute between the government and the country’s football federation. South American Football Confederation (CSF) spokesman Nestor Benitez said the tournament would instead take place in Venezuela, which hosted last year’s senior Copa America. Benitez said the Peruvian government had refused to support the hosting of the tournament because of its row with the football federation (FPF). (Reuters – click here to read complete article)