Peru and the European Union have concluded negotiations for a bilateral Free Trade Agreement (FTA) after intensive working sessions that lasted into the early hours of Sunday in Brussels, Belgium, announced Peruvian Trade and Tourism Minister Martin Perez.
The ninth and last round of negotiations began in Brussels on Monday, Feb. 22, and was scheduled to be completed on Friday but talks continued until early Sunday, Minister Perez told Andina news agency.
Martin Perez and his counterparts from the European Union and Colombia –that is also negotiating a trade agreement with the EU – participated in this last round with the aim of giving a political push to the process and resolving outstanding issues.
In that respect the most contentious issues cover market access and rules of origin, which included a debated topic concerning FTA-related fishery negotiations. (Andina)
A huge magnitude-8.8 earthquake struck Chile early on Saturday, killing at least 82 people, knocking down homes and hospitals, and triggering a tsunami that rolled menacingly across the Pacific.
TV Chile reported that a 15-storey building collapsed in the hardest-hit city of Concepcion, where buildings caught fire, bridges collapsed and cracks opened up in the streets. Cars turned upside down lay scattered on one damaged highway bridge.
Residents huddled in streets full of rubble of masonry and glass from destroyed homes. Many were terrified by powerful aftershocks and desperately trying to call friends and family.
Tsunami warnings were posted around the Pacific, including the U.S. state of Hawaii, Japan and Russia.
Interior Minister Edmundo Perez said 82 people were confirmed dead, and that more deaths were possible, but he didn't expect the toll to rise much higher. Telephone and power lines were down, making it difficult to assess the full extent of the damage close to the epicenter.
Chile is the world's No. 1 copper producer, and the quake halted operations at two major mines.
"Never in my life have I experienced a quake like this, it's like the end of the world," one man told local television from the city of Temuco, where the quake damaged homes and forced staff to evacuate the regional hospital.
The U.S. Geological Survey said the earthquake struck 70 miles northeast of Concepcion at a depth of 22 miles at 3:34 a.m. (1:34 a.m. EST).
The capital Santiago, about 200 miles north of the epicenter, was also badly hit. The international airport was closed for at least 24 hours as the quake destroyed passenger walkways and shook glass out of doors and windows.
Chile's main copper producing region and some of the world's largest copper mines are in the far north of the country near its border with Peru, but there are also major copper deposits near Santiago.
Production was halted at the Los Bronces and El Soldado copper mines, owned by Anglo American Plc following the quake, but Chile's biggest copper mine, Escondida, was operating normally.
Chile produces about 34 percent of world supply of copper, which is used in electronics, cars and refrigerators.
TSUNAMI
Bachelet said a huge wave hit the Juan Fernandez islands. Radio stations reported serious damage on the archipelago, where Scottish sailor Alexander Selkirk was marooned in the 18th Century inspiring the novel Robinson Crusoe.
Bachelet, who flew over the worst-affected area, said residents were also being evacuated from coastal areas of Chile's remote Easter Island, a popular tourist destination in the Pacific famous for its towering Moai stone statues.
The Pacific Tsunami Warning Center issued a Pacific-wide tsunami warning for countries in Latin America, and as far away as the U.S. state of Hawaii as well as Japan, Russia, Philippines, Indonesia and the South Pacific. French Polynesia was also put on alert.
"Chile probably got the brunt force of the tsunami already. So probably the worst has already happened in Chile," said Victor Sardina, geophysicist at the warning center.
"The tsunami was pretty big too. We reported some places around 8 feet. And it's quite possible it would be higher in other areas," he added.
An earthquake of magnitude 8 or over can cause "tremendous damage," the USGS says. The quake that devastated Haiti's capital Port-au-Prince on January 12 was measured as magnitude 7.0.
Bachelet urged people to stay calm and to remain at home to avoid road accidents. "With a quake of this size we undoubtedly can't rule out more deaths and probably injuries," she said.
FLAMES, LOOTING
Local television showed a building in flames in Concepcion, one of Chile's largest cities with around 670,000 inhabitants. Some residents looted pharmacies and a collapsed grains silo, hauling off bags of wheat, television images showed.
Broken glass and chunks of concrete and brick were strewn across roads and several strong aftershocks rattled jittery residents in the hours after the initial quake.
In the moments after the quake, people streamed onto the streets of the capital, hugging each other and crying.
"My house is completely destroyed, everything fell over ... it has been totally destroyed. Me and wife huddled in a corner and after hours they rescued us," said one elderly man in central Santiago.
There were blackouts in parts of Santiago and communications were still down in the area closest to the epicenter. Emergency officials said buildings in the historic quarters of two southern cities had been badly damaged and local radio said three hospitals had partially collapsed.
In 1960, Chile was hit by the world's biggest earthquake since records dating back to 1900. The 9.5 magnitude quake devastated the south-central city of Valdivia, killing 1,655 people and sending a tsunami which battered Easter Island 2,300 miles off Chile's Pacific seaboard and continued as far as Hawaii, Japan and the Philippines.
Saturday's quake shook buildings as far away as Argentina's Andean provinces of Mendoza and San Juan. A series of strong aftershocks rocked Chile's coastal region from Valdivia in the south to Valparaiso, about 500 miles to the north.
Reuters - Alonso Soto (Additional reporting by Doina Chiacu in Washington, Helen Popper, Kevin Gray and Guido Nejamkis in Buenos Aires; Editing by Kieran Murray)
Peru's official gazette El Peruano has published a decree confirming that the Peru-China Free Trade Agreement (FTA) will come into full effect from Monday, March 1 2010.
The full text of this bilateral trade pact will be published on the website of the Ministry of Foreign Trade and Tourism (www.mincetur.gob.pe).
The Supreme Decree 005-2010, published today in El Peruano's legal provisions supplement, provides that Mincetur will inform concerned government authorities about the necessary measures ensuring effective implementation of the FTA.
The document was signed by President Alan Garcia Perez and Production Minister Jose Gonzales Quijano, who is temporarily in charge of the Ministry of Foreign Trade and Tourism.
Following the implementation of the trade deal and a recovery in world trade, Peru's exports to China are expected to increase 17% to $4.7 billion from $4.0 billion.
Mining at the Coricancha mine in Peru, suspended since May 2008, is expected to resume by the end of the first half of 2010, its owner Nyrstar SA said Thursday.
The mine, in which Nyrstar acquired an 85% stake in November 2009 for $15 million, is expected to produce gold dore, as well as lead and zinc concentrates.
The lead concentrates will be high in silver content and therefore suitable for treatment at the Port Pirie lead smelter in Australia, while the zinc concentrates will be suitable for treatment at the Hobart smelter in Australia as well as at European smelters, Nyrstar said.
Operations were suspended following localized ground displacement caused by a third party irrigation system. While further ground displacement was stabilized in July 2008, the mine requires a new tailings facility prior to restarting operations.
Nyrstar said it has an "aggressive" ramp up plan and is progressing the construction of the new tailings facility and commissioning of the mine and plant.
The mine, located about 90 kilometers east of Lima, has a 600-tons a day ore processing facility, underground mine and reserves and resources containing zinc, lead, copper, gold and silver.
According to a Dow Jones Newswires report, the company said it has also initiated a detailed exploration program that is expected to "significantly increase mine resources and allow for an expansion of the scope and scale of operations in 2011." (Andina)
Li3 Energy, Inc. announced it has recently executed a definitive agreement thereby acquiring 100% of the assets of the Loriscota, Suches, and Vizcachas Projects located respectively in the Provinces of Puno, Tacna and Moquegua, Peru.
The projects are prospective for lithium and potassium and comprise 9 claims that cover a total area of 19,500 acres (approximately 7,900 hectares) at an elevation of 14,000 feet (approximately 4,300 meters) above sea level.
The Projects are in recently reinterpreted areas previously studied by the Peruvian Mining Ministry in 1981, whose survey concluded that the Projects contain high lithium and potassium values.
Subsequent to the Mining Ministry's survey, preliminary sampling was conducted on the Projects and found to contain similar values to other more advanced South American operations that are currently under development for commercial production.
The mineralization is similar to salt deposits in evaporitic lakes that are recognized producers of lithium.
The Projects offer a typical potential production scenario based on evaporative brine techniques, which are recognized as the lowest-cost source of extraction and as the most environmentally friendly and energy efficient production process.
As previously announced, Li3 Energy has signed a definitive agreement to acquire options on a 100% interest in up to 170,000 acres of a strategically located lithium brine mineral property located in Big Smoky Valley near Tonopah, Nevada.
The company has signed a letter of intent to acquire options on up to an 80% interest in 123,000 acres of prime salar (salt flat) prospects located across nine Chilean salars, including the producing Salar de Atacama, and an option to acquire up to 85% of 90,000 acres of salar property in Argentina, in the Centenario, Rincon, Pocitos and Cauchari salars.
The completion of the Peruvian agreements, together with the company's ongoing acquisition efforts in Argentina, Chile and the United States, position Li3 Energy as one of the largest option holders of prospective lithium acreages in the world.
Luis Saenz, CEO of Li3, commented that the diligent efforts made by the company's dedicated geological assessment team have paid off once again in identifying these significant holdings.
"We are very pleased to have this opportunity in Peru. We believe our growing portfolio of lithium landholdings and options clearly positions us as an important player in this sector, and we look forward to leveraging that status as we close the options on those properties which we believe truly define and offer the best opportunities for successful development and advancement for our company." (Andina)
Latin American specialist Air Europa has officially launched the new London Gatwick to Lima service, via Madrid.
The programme of three weekly departures to the Peruvian capital follows the successful introduction of the summer and winter schedules, as well as twice daily flights from London Gatwick to Madrid in March 2009.
“Following a positive 2009, we are happy to have established this exciting new route from London to Lima, via Madrid” says Colin Stewart, UK General Manager, Air Europa.
“Competitive pricing and a commitment to excellent customer service has facilitated the expansion of our destination portfolio in South America. Something we hope to build on in 2010”.
With prices starting from as little as £555.30 per person, return, onward flights to South America and the Caribbean are more affordable than ever before for UK passengers. (Andina)
Peruvian-Spanish company Energía Eólica announced Sunday it will invest approximately US$ 280 million to build two wind power plants in Peru, which would start operations by mid 2012.
According to the Wind Energy Resource Atlas of Peru, the country has a wind-power potential of around 77,394 MW and has 28 of the 32 climates appropriate for wind power generation.
Estimates suggest that wind turbines could produce around 65,152 MW in the country’s coastline alone, 15 times the country's current energy needs.
In mid-February, Peru’s government approved wind, solar, micro hydro, and biomass energy projects that will add 500 megawatts of clean, renewable energy, meeting 12% of the current electricity needs of the country.
Energía Eólica’s general manager Juan Coronado said that their US$-210-million wind farm of Cupisnique, located 90 Km north of Trujillo in La Libertad region, will have a generating capacity of 80 MW.
"While the company’s wind farm of Talara in Piura region will have a capacity of 30 MW and will require an investment of US$ 70 million," said Coronado, who added that both wind power projects would start operations by July 2012. (Andina)
Peru's metal exports in 2009 totaled US$16.36 billion, which represented 60.9 percent of the total value of Peruvian exports registered last year, Peru's Energy and Mines Ministry (MEM) reported Thursday, according to a study made by the Central Reserve Bank of Peru (BCR).
Only in December, the value of minerals sold was US$1.78 billion, which exceeded the amount of sales in the previous 11 months.
According to MEM, the global financial crisis affected last year the industrial production in the world and had a negative impact on the metal demand in different sectors, starting the recovery at the end of 2009.
In the annual balance, gold exports registered a positive trend reaching a value of US$6.80 billion, which is higher by 21.7 percent to the figure registered the previous year (US$5.58 billion).
The total volume of gold exported in 2009 was 7, 010.8 million ounces, which represented 9.2 percent more than the figure of 2008 (6.418 million ounces). (Andina)
Government representatives of the United States and Peru convened Thursday the first meeting of the Free Trade Commission (FTC) of the U.S.-Peru Trade Promotion Agreement (PTPA), evaluating progress on the heels of its one year anniversary of entry into force.
Everett Eissenstat, Assistant U.S. Trade Representative for the Americas, led the U.S. delegation and Vice Minister of Foreign Trade and Tourism Eduardo Ferreyros led the Peruvian delegation.
At the FTC meeting, officials discussed bilateral trade, investment and economic issues of mutual interest, as well as the administration of the PTPA, reported the Office of the US Trade Representative.
Both governments acknowledged the progress over the last year to implement the commitments under the agreement, and discussed a plan to effectively monitor implementation of, and compliance with environment and labor obligations.
Officials also discussed commitments under the Intellectual Property Rights Chapter of the agreement.
In addition, the parties formally established the Committee on Agricultural Trade to provide a forum for monitoring and promoting cooperation on the implementation of the agricultural trade provisions in the Agreement.
Both governemnts also established the Standing Committee on Sanitary and Phytosanity Matters to promote cooperation and consultation on sanitary and phytosanitary issues.
Additionally, officials discussed the importance of the PTPA to small- and medium-sized businesses (SMEs) in both parties' economies, and established a working group to develop ideas on how to further enhance the ability of SMEs to capitalize on the benefits of the PTPA.
"The United States is pleased to host the first Free Trade Commission meeting of the U.S.-Peru Trade Promotion Agreement on the heels of its one year anniversary of entry into force. This is a historic agreement that has strengthened U.S. ties with Peru and created new economic opportunities for workers, businesses, farmers and ranchers," said Eissenstat.
He added that during the FTC meeting both countries reaffirmed their commitments to working towards the effective implementation of the agreement and to ensuring that workers and businesses, including small- and medium-sized enterprises, can have the opportunity to take advantage of the benefits created by the agreement.
"The United States looks forward to continue working with Peru to further enhance our bilateral trade relationship as well as advance the Trans Pacific Partnership Agreement and other multilateral trade initiatives," Eissenstat said. (Andina)
Canadian Alturas Minerals Corp. announced that it has increased its share in the Huajoto zinc-gold-rare earth element project in central Peru to 100%.
The company has earned this share after having completed a minimum exploration expenditure of US$1.5 million to earn an initial 65%.
Joint Venture partner Teck Cominco Peru subsequently has opted to pass the remaining 35% share to Alturas in consideration for 1 million Alturas shares plus a 1% NSR royalty on gold and a 0.5% NSR on all other metals extracted from the property.
The issue of shares to Teck is subject to approval by the TSX Venture Exchange and the agreement is expected to be closed within one month.
The Huajoto Project is situated 22 kilometers northwest of the historical mining town of Huancavelica in Central Peru. The project is comprised of eight contiguous mineral concessions with a totalling 3,700 hectares.
Alturas is a Canadian corporation and is the parent of Alturas Minerals (Alturas Peru). Alturas Peru has been actively exploring various mineral projects in Peru since January 2004. (Andina)
Peru full-year 2009 growth totaled 1.12% driven by a 6.38 percent rise in December, reported Monday the National Statistics Institute (INEI).
The country's Gross Domestic Product (GDP) grew for the fifth consecutive month in December after having experienced two consecutive falls in June and July 2009.
Growth in the last month of the year was led by the Construction and Government Services sectors. (Andina)
More than 300 executives -including airport managers, airline representatives from all over the world and officials of tourism promotion agencies- are meeting today in Lima for the first time at the Third Annual Routes Americas 2010.
Routes Americas, taking place today and tomorrow, is the only network planning event for all of the Americas and the world.
It is the only airline/airport marketing event that recognizes the vital interdependence of the North, South and Central America markets.
In effect, it is a 'one stop shop' for air services to, from and within the Americas, saving you valuable time and money.
This meeting aims to get more airlines flying to and from Lima, improve commercial aviation connectivity and position Peru as a tourist and shopping destination.
The 3rd Routes Americas is hosted by Peru’s Ministry of Foreign Trade and Tourism (Mincetur), Peru’s Export and Tourism Promotion Board (PromPerú) and Lima Airport Partners (LAP).
In these difficult times, the air links between North, South and Central America are now where some of the greatest opportunities lie. This year, dialogue between airlines and airports has never been more important; route expansion is still on the agenda for many but, for others, route efficiency will dominate discussions.
This is the ranking of best airports in the world, according to Skytrax Research "Jorge Chavez" Airport: The Best Airport in South America in 2009.
The Jorge Chavez International Airport has been named the Best Airport in South America in 2009, by Skytrax Research, a market study consultant which specializes in airport matters, based in London, and which carries out, every year, an Online Internet survey to more than 8.6 million passengers of 95 different nationalities and users of at least 190 Air Terminals worldwide, in order to choose the winners of the World Airport Awards.
On this occasion, Second Place was awarded to the International Airport of Santiago, Chile and Third Place was achieved by the International Airport of Ezeiza, Buenos Aires.
The aforementioned Online survey measures 39 different criteria, among which, Airport Access, Transit Passenger Availability, Comfort in the Air Terminal, Atmosphere and Cleanliness, Waiting times and Migration Services, Air Terminal signage, Luggage Handling, Security Controls, Quality and Kindness of Airport personnel, the ease with which one connects for another flight and the variety of the products and services that are on offer, are all included.
In addition to this, the "Jorge Chavez" International Airport has also won the category of Best Service from Airport Personnel in South America.
Currently, the "Jorge Chavez International Airport" has new facilities and new equipment, which have helped positioned it as the best airport in the region. (Andina)
Peru's Net International Reserves(NIR) amounted to US$ 34.83 billion by February 9, US$ 487 million more than January’s closing, the Central Reserve Bank of Peru (BCR) reported Saturday.
According to BCR, so far this year, international reserves have totaled 1.6 billion dollars.
The results over the first days of February are mainly explained by increased deposits in the Financial system for a total of US$ 590 million.
This evolution was partially offset by public sector deposits for US$ 51 million and by the lower valuation of investments (US$ 52 million).
By February 9, the BCR foreign exchange position was US$ 24.23 billion, US$ 52 million less than January’s closing.
Between February 2 and 9, the daily average of the corporate interest rate, on 90-day term, increased from 1.61 to 1.64 percent in the domestic currency and from 1.23 to 1.32 in the foreign currency.
So far this month, the daily average of interbank interest rate in national currency has been 1.19 percent. (Andina)
Peru is seeking about $5 billion of private investment to develop the country’s infrastructure, including $2.3 billion in energy projects.
The government plans to seek bids for $2 billion of energy, transport, and irrigation projects this year, said Jorge Leon, the head of the country’s private investment promotion agency, Proinversion.
Projects include a 500-kilovolt transmission line in southern Peru that may require $450 million of investment, and two 200-kilovolt lines that may total $70 million, he said.
The government is also studying a $1.3 billion pipeline to supply natural gas to cities between Ayacucho in the central Andes and the northern port of Chimbote. The government plans to secure the gas for the pipeline from the Camisea fields in the southern Amazon jungle, Leon said.
“We could offer the pipeline contract this year, depending on how the studies go,” Leon told reporters today in Lima. “Infrastructure is the primary vehicle for Peru’s development.”
The government is seeking private investment in 50 projects, including $461 million in ports, $371 million in telecommunications, $237 million in airports and $609 million in irrigation, Leon said.
The sol weakened 0.1 percent to 2.8541 per dollar at 12:06 p.m. New York time from 2.8525 yesterday.
Bloomberg - John Quigley To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net
Peru will attract investments worth $35.47 billion in the execution of mining projects during the next seven years, Peru's National Mining, Petroleum & Energy Society (SNMPE) president Hans Flury said today.
“According to the information handled by some of our associates and Peru’s Energy and Mines Ministry (MEM) in the next few years we have an important investment portfolio in the mining sector,” he said.
He mentioned that $4.3 billion belong to expansion projects, 3.2 billion to new projects about to begin their production and 27.8 billion to projects in their study, pre-feasibility, feasibility or environment impact phase.
Among the main expansion projects are the ones carried by Southern Copper Corporation (600 million), Antamina (1,1 billion), Votorantim (500 million), Shougang Hierro Perú (1,0 billion), Sociedad Minera El Brocal (180 million) and Sociedad Minera Cerro Verde (1,0 billion).
While the projects that are near to their execution are Tía María of Southern in Arequipa (950 million), Toromocho of Chinalco in Junín (2,2 billion), La Zanja of Compañía de Minas Buenaventura in Cajamarca (60 million). (Andina)
After the effects of the world crisis, Peruvian economy recovery would generate the demand of electricity and fuel consumption to increase in six percentand three percent respectively, reported Wednesday the National Mining, Petroleum & Energy Society (SNMPE).
The SNMPE’s Electric Committee president Carlos Ariel Naranjo said that for this year a raise between five and six percent in the electric demand is expected, which would be a similar leve to the growth of Peru’s Gross Domestic Product (GDP).
He said that according to the investments of electric generation, distribution and transmission, this increase of the demand is certainly covered.
The energy supply will grow to 30 percent towards midyear, which will guarantee the demand coverage even more.
Naranjo highlighted that the electric rates in Peru are really low and very competitive in regards to other countries of the region since there is an excessive offer of electric generation of low cost during the last years. (Andina)
Peru has become the world's second largest copper producer with an annual production of 1’273,000 metric tons (MT), Peru's National Mining, Petroleum & Energy Society (SNMPE) president Hans Flury said Tuesday.
Peru displaced the United States as the world's second-largest copper producerafter Chile. In 2009 the United States produced 1.19 million metric tonnes of copper, representing a huge drop compared to 2008's 1.3 million.
“Peru is, after Chile, the second largest copper producer in the world and we hope to maintain this important position as a mining country," Hans Flury said during his speech at SNMPE-sponsored First Mining-Energy Dialogue.
Flury pointed out that the country's mining production in 2009 remained flat compared with 2008 figures, but a recovery is expected this year.
Peru achieved a zinc production of 1.50 million of MT in 2009, while silver and gold production raised 3.85 million of kilograms and 182 MT respectively. (Andina)
After five years of operating in Latin America, U.S. Internet search giant GoogleInc.has decidedto flag off commercial operations in Peru shortly and to that end it is recruiting the finest personnel available from local market.
Peru’s high Internet penetrationrate, economic stability and the development of e-commerce platforms in the country were some important factors that influenced Google’s decision.
"When we saw growth opportunities in Latin America, we found out that Peru offered many opportunities. We are pleased to focus this year in Peru. It was always our interest to help users, including customers and advertising agencies in other countries," said Google executive Dan Gertsacov in an interview with Andina from Buenos Aires, Argentina.
He added that 2010 is the perfect year since “we are coming out of a crisis where the companies realize that they have to measure the results of their advertising and when think of digital marketing we have a great opportunity”.
The number of Internet users in Peru grows significantly and according to the company’s calculations, it will reach 35% for 2011, while electronic commerce -known as E-commerce- obtains 4% within the habits of consumption.
Professionals
Gertsacov, responsible of the team in charge of the Google’s growth businesses with Latin American clients and agencies, indicated that they are looking for “a Peruvian professional that knows the market and can be seen as one of the users”.
“Our plans are to hire someone local to run the operations in Peru. The idea is that this person be the local image of Google”, highlighted Gertsacov. This new member of the Google team will be responsible of educating the Peruvian market spreading the benefits of digital marketing.
Potential
Gertsacov said that the Peruvian talent would help them to analyze new products and other concepts that could take to the local market in the future.
“I was in Peru in the last two months and there’s a new member of the team that will go there this week. We are very interested in the Peruvian market and how we can help our customers and the advertising companies”.
Peru’s imports of tires, chassis and bodyworkcomponents for buses will grow by 5.1, 7.6 and 4.1 percent, respectively, this year, Maximixe consulting firm reported Friday.
This is due to increased passenger land transport demand, as well as technical inspections of vehicles and reduced restriction on credits for consumer spending on travel.
In 2009, imports of tires, chassis and bodywork fell by 4.4 percent over the previous year.
Tire imports dropped 9.9 percent and chasiss’11.9 percent. However, the increased sales of bodywork components (449.5%) prevented a sharper fall
Regarding chassis imports, Modasa company led the market, rising from 19.9 percent in 2008 to 62.1 percent last year.
Such an increase was observed after the company was awarded a contract to assemble 500 buses to be circulating throughout the urban mass transit system in Lima (known as Corredor Metropolitano), which will start operations in April in the capital city. (Andina)
The Peruvian capital, Lima, is ranked among the top Latin American cities offering the best travel experience for business travelers, according to a survey by AméricaEconomía Intelligence.
The ranking is led by Miami (USA), followed by Santiago (Chile) with 33.7%, Buenos Aires (Argentina) in third place with 31.8%, Sao Paulo with 25.6%, and Ciudad de Panama (Panama) with 22.4%.
The survey shows that Lima has the sixth best financial district, San Isidro, with 17%, and the third best bohemian district called Miraflores with 22.1%.
Likewise, the Water Magic Circuit is considered one of the best tourist attractions for executives to spend a day off (11.1%).
While the Museo Larco in Pueblo Libre is also considered one of the best cultural sites for business people during their stay.
The Peruvian pisco sour is the fourth best drink for business travelers, and Lima is the second best city to eat in Latin America. (Andina)
Peruvian Finance Minister Mercedes Araoz said that in an optimistic scenario the Gross Domestic Product (GDP) in Peru may grow by around 6 percent this year.
She pointed out that although the government maintains cautious growth projections for this year, with an initial estimate of five percent, there are possibilities to achieve better growth.
“We believe we can register better economic growth because there are indicators that allow the possibility of achieving greater expansion,” she said.
Minister Araoz highlighted that growth projections for Peru are between 6 and 6.5 percent for this year, according to some international authorities such as the International Monetary Fund (IMF), which projects that Peru will grow 6.5 percent this year.
After the meeting with consulting economists of the Monitoring Committee of the Economic Crisis of Peruvian Congress, she said that they discussed issues to improve the tax burden. (Andina)
US Olympic Peru and Ramshorn International will will drill exploratory hydrocarbon wells in Peru, after the Ministry of Energy and Mines (MEM) approved their Environmental Impact Assessment (EIA).
"With the approval of these studies, both companies can commence exploratory work," said Iris Cardenas, head of the Ministry's Environmental and Energy Affairs Department.
Olympic Peru will drill six exploratory wells and 42 development wells in the northern Piura region.
"Olympic's EIA stipulates the company will earmark 10 percent of its well-drilling budget to the environmental-management plan," Cardenas said to Andina.
Ramshorn International, a Bermuda-based subsidiary of the US oil and gas land-drilling contractor Nabors Drilling USA, will drill six exploratory wells in the northeastern Loreto region. (Andina)
Tapping into a niche market for organic cocoa, some Peruvian farmers have turned away from growing cocaine in favour of cultivating beans for high-end chocolatiers in Europe and the US.
In October, chocolate made from the cacao beans in the south American country’s rain forest was named the most aromatic in the world by the prestigious Salon du Chocolat in Paris.
The seal of approval from the annual summit of the world's master chocolatiers is enough to be the start of something special in Peru and perhaps a lesson for other narcostates such as Afghanistan and Colombia.
San Martin has a wilder reputation. For years it was a haven for terrorist groups MRTA and the Shining Path. With the surrounding countryside perfect for growing coca, used to make cocaine, drug trafficking also became rife.
"We used to be known for making cocaine paste, but now we are known for chocolate," said Elena Rios, 52, secretary of Tocache Agroindustrial, a small farming cooperative in San Martin.
Ms Rios gave up growing coca leaves 10 years ago, joining a program to replace her plants with cacao. "There were only 12 of us when we started; now we have hundreds. Our success is contagious,” she told Time magazine.
“No one wants to grow coca in Tocache. Everyone is thinking about chocolate."
The sea change has taken years of coordinated effort by the United Nations, US and Peruvian governments, foreign aid groups, local leaders, and the farmers.
Peru's drug traffickers have moved into more remote areas, and growers from across the world are visiting the area to compare notes.
"We are working to identify Peru with chocolate, the way Colombia is identified with coffee. We have the world's best beans," said Blanca Panizo, who works for a US international development promoting crops to replace coca.
There is also work in progress to identify the DNA of cocoa, which is hoped to lead to the creation of a Peru-specific chocolate that could be marketed the way countries sell wine.
Peru is the world's second largest coca producer after Colombia, with nearly 139,000 acres covered by the crop. While land set aside for coca has shrunk noticeably in San Martin, it has increased nationwide throughout the last decade. (Andina)
The government of Spain expressed thankfulness to Peru for evacuating in a "timely and safe manner" Spanish citizens and European tourists, who were trapped by landslides and floods in Machu Picchu town in southern Peru.
In a statement addressed to Peru's Minister of Foreign Affairs, Jose Antonio Garcia Belaunde, the Minister of Foreign Affairs and Cooperation of Spain, Miguel Angel Moratinos, expressed sincere condolences and deep sympathy to people in Peru over the devasting landslides in Cuzco.
"I would like to express the gratitude of the Government of Spain and my staff for the huge efforts made under difficult conditions to evacuate in a quick and safe manner Spanish citizens and other European tourists," said Moratinos.
Moratinos called on to transmit this message of gratitude to all Armed Forces, Police officers and civilian staff who worked in the rescue tasks, and particularly to the Minister of Foreign Trade and Tourism, Martin Perez, who has effectively led this rescue operation.
The Spanish minister highlighted that his country was very interested in the news about the heavy rains in Cuzco and casualties in the area.
In the letter, dated Monday February 1, Moratinos highlighted that as in other natural disasters that have tested the Peruvian people strength, "all the Spanish are close to those who have suffered the most." (Andina)
Peru's Berlinale Golden Bear winner La Teta Asustada (The Milk of Sorrow), have been nominated in the Best Foreign Language Film category for the 82nd Academy Awards.
The final results were announced on February 2 after a thorough evaluation in which the Peruvian film was competing with other nine films.
The shortlist was winnowed down to the five nominees by specially invited committees in New York and Los Angeles.
"The Milk of Sorrow" shares the nomination with four other films: "El Secreto de Sus Ojos" from Argentina, "Un Prophete" from France, Golden Globe winner "The White Ribbon" from Germany and Israel's "Ajami".
Peruvian director Claudia Llosa's film, which won the Golden Bear at the Berlin Film Festival, is the story of an indigenous woman suffering from a mysterious illness.
Claudia Llosa: The Milk of Sorrow’s Oscar nomination is wonderful
The director of the Peruvian movie The Milk of Sorrow, Claudia Llosa, showed her happiness this morning for the historic nomination of the film to the Academy Awards among the top 5 foreign movies. “I’m very happy, it’s wonderful,” Llosa told America Television from Barcelona, Spain.
She mentioned that she followed the ceremony on the internet and got really excited when she saw the name of the Milk of sorrow among the chosen films.
She said that the important thing is to enjoy this success in her career, which she shared with all Peruvians.
“I want nothing more,” said the touched Peruvian director. (Andina)
In March or April this year, Peru and Israel will hold a second round of negotiations for the signing of an Agreement on the Mutual Promotion and Protection of Investments, the Israeli Embassy to Peru said Monday.
The agreement aims to promote bilateral investment by strengthening the legal framework that protects investment and to stimulate Israeli investment in Peru as well as encourage Peruvian investors to place their capital in Israel.
It is worth noting that both countries held the first round of negotiations between January 25 and 27.
The Israeli combined delegation of the Ministries of Finance, Justice and Foreign Affairs was led by Ilan Sosnitsky, Director of Bilateral Division at the Finance Ministry.
On the other hand, the Peruvian delegation was led by Carlos Herrera, a Peruvian negotiator on investment matters.
According to the Embassy, Israeli investment in Peru amounts to 700 million dollars and is concentrated in the electricity, pharmaceutical and telecommunication sectors.
Because of the increasing interest in energy-realted, desalination and water treatment projects, it is expected that Israel will increase its investment in Peru to 1.1 billion dollars by 2012. (Andina)
