PISCO: Topa Spirits to bring Peru's Piscologia to West Coast US

Topa Spirits, a new importer and wholesaler of pisco, a South American brandy, has launched Piscologia, the company’s core brand, in West Coast US. Pisco is recognized as the national spirit of Peru.

Piscologia Pisco Acholado is a full-bodied brandy produced exclusively in Peru. It is made from a blend of Quebranta, Torontel and Italia grapes.

Topa Spirits currently oversees production, markets and distributes Piscologia Pisco, its core brand. Piscologia is currently sold in stores in Washington and California. Online purchasing is also available.

Topa Spirits vice president of operations Meg McFarland said the market is ripe for Piscologia pisco and the company looks forward to seeing how mixologists across the US will continue to put their own unique and creative spin on this classic, Peruvian brandy.

To help kick off the brand's west coast launch, Topa Spirits will hold Pisco Parties on 12 March at Pollo Inka in Gardena, California; and on 26 March at Pisco Latin Lounge in San Francisco, California. (Andina)

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Buenaventura to decide on big Peru copper mine output boost soon

Peruvian miner Compania de Minas Buenaventura SAA said Friday a decision on whether to double or triple copper production at the Sociedad Minera Cerro Verde SA mine will be taken in the next few weeks.

The Cerro Verde mine is majority controlled by Freeport-McMoRan Copper & Gold Inc., while Buenaventura has a 19.26% share.

According to Dow Jones Newswires, total copper production at Cerro in 2010 was 302,711 metric tons, virtually flat compared to 2009, said Buenaventura in its fourth-quarter report.

On a conference call Buenaventura said the Cerro Verde production decision would depend on financial and water usage issues, among others. It described Cerro Verde as a "huge resource."

Buenaventura also repeated its 2011 forecast that gold production at the huge Minera Yanacocha SRL mine would reach 1.3 million to 1.4 million ounces, but suggested this could be "closer to" 1.5 million ounces.

Buenaventura has a 43.65% stake in Minera Yanacocha, South America's largest gold mine, while Newmont Mining Corp. has a 51.35% stake, and the International Finance Corp has a 5.0% stake.

The company also said it plans to invest about $200 million in 2011 and 2012.

On Thursday Buenaventura said its fourth-quarter net income totaled $222.8 million, or $0.88 per share, up from $210.4 million, or $0.83 per share, in the same quarter a year earlier. (Andina)

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Peru's Sol Weakens for a Fourth Consecutive Day as Metals Prices Decline

Peru’s sol dropped for a fourth day after metal prices fell on speculation violence in North Africa and the Middle East will slow global growth.

The sol depreciated 0.2 percent to 2.7870 per U.S. dollar at 1:37 p.m. New York time, from 2.7805 yesterday. The currency last fell for four straight days in the period ending Nov. 30.

Copper fell to a four-week low, while lead and nickel prices also declined as Libyan leader Muammar Qaddafi vowed to fight a growing rebellion until his “last drop of blood.” Mineral exports account for almost two-thirds of Peru’s overseas sales. Crude oil climbed to $100 a barrel for the first time in two years.

“Commodity prices, especially metals, are coming down, and that’s a good excuse to cover short dollar positions,” said Pedro Tuesta, a senior economist in Washington with 4cast Inc. “Growth will slow with higher oil costs, and that affects commodity exporters.”

The yield on the nation’s benchmark 7.84 percent sol- denominated bond due August 2020 rose 3 basis points, or 0.03 percentage point, to 6.1 percent, according to Deutsche Bank AG’s local unit.

The central bank didn’t buy dollars in the foreign exchange market today or issue certificates of deposit payable in dollars.

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Vargas Llosa: Citadel of Caral is a reason to be proud

Nobel laureate Mario Vargas Llosa said he is really impressed by the architecture and beauty of the sacred citadel of Caral and added “it is far more beautiful than I thought it would be”.

Vargas Llosa visited Caral along with some close relatives, Culture Minister Juan Ossio, and a group of professionals and celebrities who were guided by Dr. Ruth Shady, Archaeologist and Head of Caral-Supe Archaeological Special Project.

“I wanted to come to here a long time ago and I just made that dream come true. It is far more beautiful than I thought it would be. The construction shows an incredible refinement, pyramids are impressive and its walls are well preserved. I believe tourism in this place will increase in the future”, Vargas Llosa noted.

One of the features that really impressed the Peruvian writer was the advanced level of social and economic organization reached by Caral five thousand years ago.

“They had a clear idea of a State”, noted Vargas Llosa while he listened to Dr. Shady Solis talking about the construction and the layout of buildings in the sacred city. (Andina)

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Merrill Lynch sees Peru's impressive growth continuing in 2011

American investment bank Merrill Lynch sees Peru's impressive GDP growth continuing in 2011 with an expected trade surplus of nearly US$8 billion.

In a recent report, Bank of America Merrill Lynch noted that December’s monthly economic activity indicator expanded 8.9% year on year as a whole.

"After a hiccup in 2009 due to the global financial crisis, 2010 growth was exactly in line with the 2006-08 average," said Merrill Lynch, which kept its 2011 growth forecast of 6.5% unchanged.

"Overall economic growth in 2010 was driven primarily by domestic demand, a trend we expect to continue. Domestic demand likely expanded over 12% in

2010, compared with 8.8% growth in overall activity," it added.

On a sector basis, Merrill Lynch said construction and manufacturing outperformed throughout the course of the year, noting that construction expanded 17.4% on the back of a 17.4% increase in cement consumption primarily used for infrastructure and civil projects.

The bank said that while domestic demand is the focus of most discussions on Peruvian growth, the external sector continues to perform well.

"In 2010 Peru posted a trade surplus of US$6.7bn, up from US$5.9bn in 2009. We expect the trade surplus to rise to nearly US$8bn in 2011, as terms of trade remain beneficial."

Finally, BofA Merrill Lynch mentioned that a promising global growth outlook bodes well for the external sector but policy tightening in China poses a risk for demand of Peruvian commodity exports. (Andina)

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Fitch sees Lima international airport as attractive, strategic hub

Leading global rating agency Fitch Ratings sees Jorge Chavez International Airport as an attractive and strategic hub due to the connectivity to main South American economic centers.

“Strong demographic fundamentals, connectivity to main South American economic centers, and limited viable competition make the airport an attractive and strategic hub”, it reported.

In 2010, the Jorge Chavez International Airport (JCIA), received over 90% of Peru's total international air traffic and serviced above 75% of total air traffic to the country.

“The rating agency recently upgraded Lima Airport Partner's (LAP) $164.8 million fixed-rate notes due 2022 to 'BBB' from 'BBB-'.

The rating upgrade reflects the strength of the transaction's underlying airport asset and its ability to generate sufficient cash flow to support debt obligations.

The rating upgrade also reflects the ring-fenced financing structure, which isolates the asset from the operator's solvency, and early termination risks. (Andina)

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Macedonian Foreign Minister pays first official visit to Peru

Macedonian Foreign Minister Antonio Milososki pays official visit to Peru on Februrary 20-21, which is the first ever visit by a senior Macedonian official to the Andean nation.

Milososki is scheduled to meet his Peruvian counterpart Jose Antonio Garcia Belaunde to discuss bilateral relations between the two friendly countries and the possibilities of their improvement, Macedonian Ministry of Foreign Affairs said in a press release.

The meeting will focus on several areas, especially the economic sphere, as well as inter-parliamentary cooperation, culture, education, tourism, and issues of mutual and global concern.

Milososki will also hold talks with Congress President Cesar Zumaeta, congress members and Peruvian Exporters Association (ADEX) President Jose Luis Silva Martino.

During his stay in Lima, Peru, the Honorary Consulate of the Republic of Macedonia will be opened under organisation of Macedonian Honorary Consul Dean Atanasovski. Event includes attendance of local political and business leaders. (Andina)

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Expo Peru lands in Hong Kong in October

Peru’s Export and Tourism Promotion Board (Promperu) reported that Expo Peru Trade Show will take place this year in Hong Kong (China) with the purpose of promoting Peruvian products, tourism and investments in the Asian market.

“This edition of Expo Peru, which will take place in Hong Kong, is quite a challenge for the institution and the companies who will be joining us”, said Promperu’s export director Alvaro Galvez.

Participation of companies from the fishing, agricultural and textile sectors will be promoted during the fair.

“This year Promperu will organize different editions of Expo Peru in Toronto (Canada) on May 9 and 10, and Los Angeles (United States) in August”, said Galvez to Andina news agency.

Galvez went on to add that Expo Peru Central America trade show will be held in Guatemala and Costa Rica from March 27 and April 1.

Expo Peru-Spain took place in January with the attendance of fourteen Peruvian food companies. (Andina)

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Nearly $40bln invested in Peru's mining sector since 1996

Peru’s mining and energy sector attracted $39.46 billion in investment between 1996 and 2010, which has greatly contributed to Peru's socio-economic development, according to the National Society of Mining, Petroleum and Energy (SNMPE).

SNMPE president Pedro Martinez said the mining sector lured $21.3 billion, while the power generation and hydrocarbon industries received $9.5 million and $8.6 million, respectively.

"A large proportion of investment was possible thanks to legal and tax stability agreements signed by Peru with investment companies," he said.

Martinez added that these agreements or contracts do not grant tax exemption or provide tax benefits such as the reduction and/or elimination of tax rates.

"It is necessary that the Peruvian government and the private sector continue to work together to ensure sustained economic growth that the country needs," he concluded. (Andina)

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Orchid specialists to visit Cusco for February conference

A four-day conference highlighting orchid conservation and education will be held on February 25-28 in Cusco, with the aim of promoting Peru as an ideal destination for orchidologists and orchid specialists.

Carlos Canales, president of Peru's National Chamber of Tourism (Canatur), said this first scientific conference on orchid conservation holds special significance as it coincides with celebrations marking the 100th anniversary of Hiram Bingham's discovery of Machu Picchu.

"We usually promote the Inca citadel as a cultural attraction, and now we want to offer added value with orchids, birds and spectacled bears," he continued.

Canales added the this added value will help attract tourists who are not sure where to go and spend up to 3,500 dollars on every trip.

Home to the largest collection of indigenous orchids in their natural habitat in a single facility (AOS), Inkaterra Machu Picchu Pueblo Hotel will play host to the event and will allow guests to participate in the various workshops and activities taking place in the hotel's meeting facilities and expansive orchid gardens.

In attendance and leading these workshops will be international orchidologists and personalities including Dr. Franco Pupulin, University of Costa Rica; Dr. Henry Oakeley, The Royal Botanical Gardens, Kew, London; Dr. Carlos Fighetti, former President of the American Orchid Society (AOS); Dr. Robert Pemberton, University of Florida; Mr. Benjamín Collantes, renowned Peruvian orchidologist; Carmen Soto, Peruvian biologist at Inkaterra Machu Picchu Pueblo Hotel; Dr. Robert Dressler, North American taxonomist; Dr. Günter Gerlach, German taxonomist; and Dr. Eric Hágsater, Mexican taxonomist.

In addition to viewing Inkaterra Machu Picchu Pueblo Hotel’s 60 to 70 orchid species in bloom, guests will also have the opportunity to take part in a special drawing workshop with celebrated orchid artist Angela Mirro. (Andina)

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Peruvian alpaca garments featured at Las Vegas show

Alpaca Collections, the exclusive North American distributor of the Kuna brand, announced the launch of the Kuna Fall-Winter 2011 Men's and Women's Apparel lines and Home line at the WWDMagic show in Las Vegas this weekend.

WWDMagic, a world-renowned trade show, is regarded as the place "where the voice of fashion comes to life." This event connects buyers, brands, trends and more, while recognizing designers, retailers, and lovers of fine fashion and upcoming trends.

The 2011 Collection includes, for the first time, knitwear with different combinations of Suri and Baby alpaca fibers, sometimes blended together with linen or silk.

The result is special new textures and color variations from the unique natural fiber combinations in the first class quality you've come to expect from Kuna. The offering also includes classic alpaca coats, sweaters, throws and scarves made of Royal and Baby alpaca.

The 2011 Fall-Winter collection includes the traditional and the modern in luxurious, well-crafted designs, fully expressing the amazing characteristics of natural alpaca fibers.

Kuna and Alpaca Collections in Las Vegas February 13, 14 and 15 are found at booth #74240.

Kuna, founded in Arequipa, Peru, now has more than 30 retail stores in Peru, Chile and Argentina, as the premier alpaca brand in South America.

As a part of Grupo Inca, Kuna has generations of expertise in alpaca production, design, and manufacture. Kuna's mission is to produce the highest quality garments using the art and science of Peru's deep and rich textile tradition.

Alpaca Collections is the exclusive distributor of the Kuna brand for the United States and Canada. Committed to introducing the luxurious Kuna brand to the US and Canada, Alpaca Collections is a bridge between the cultures and business practices of North and South America. A member of 1% For the Planet, the company also operates an e-commerce site and a blog about all things alpaca. (Andina)

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Peru Travel Mart 2011 Organizing Committee launched in Lima

The Organizing Committee for Peru Travel Mart 2011 (PTM 2011), the most important yearly event for tourism promotion in the country, was launched Wednesday in Lima, as the event is expected to run from May 16 to 18, reported Peru's National Chamber of Tourism (Canatur).

The committee will be chaired by Jorge Jochamowitz, who said this event will be focussed on the centennial celebration commemorating the scientific discovery of Machu Picchu.

"This event will mark an important milestone for our history to increase the cultural value of one of the biggest Inca citadels, now turned into a world heritage and wonder,” Jochamowitz said.

“Peru has the opportunity to take advantage of this big international tourist event, as Machu Picchu is one of the new seven wonders of the world and one of the most privileged tourist destinations in the world," he added.

Peru Travel Mart 2010 was held November 25-28 last year. Tourist companies attending the event closed deals worth up to US$20 million, higher than the US$16.92 million reported last year.

The PTM Organizing Committee is focused on bringing buyers and tourist operators from Latin America, Brazil and Colombia, and also from Chile, France, India, Venezuela, Mexico, Italy and Spain. (Andina)

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Peru’s total exports to exceed US$45.6 billion in 2011

Peru’s total exports are likely to exceed US$45.6 billion this year, Peru’s Trade and Tourism Minister Eduardo Ferreyros reported Tuesday.

In 2010 Peru’s total exports amounted to US$35 million, representing a 30 percent increase compared to 2009 and 13 percent more than in 2008.

Non-traditional exports exceeded US$7.6 billion in 2010, representing a 23 percent increase compared to 2009.

Ferreyros explained that the improved performance of Peru's export sector is based on the growth of Small and Medium Enterprises (SME), as well as market and product diversification.

Between 2001 and 2010, Peru's export destination markets rose from 155 to 178. In the same period, the number of Peruvian exported items increase from 3,521 to 4,442.

In addition, the number of Peruvian export companies rose from 4,086 in 2006 to 7,200, while nine of every 10 companies are Micro and Small-Sized Enterprises. (Andina)

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Peru’s International Reserves totaled US$ 44.51 billion in January

Peru’s Net International Reserves (NIR) amounted to US$44.51 billion as of January 31, US$ 406 million more than the close of December 2010, the Peruvian Central Reserve Bank (BCR) reported Saturday.

This evolution was mainly driven by swap operations for US$ 255 million, higher valuation of investments for US$ 119 million, as well as by increased deposits of the financial system for US$ 72 million.

Meanwhile, results were partially offset by decreased deposits of the public sector for US$ 72 million.

For its part, the BCR exchange position as of January 31 was US$ 32.81 billion, marking a US$ 389 million expansion over the last month’s close.

Between January 25 and February 1, the average interbank exchange rate went from 2.775 to 2.768 soles per US dollar. (Andina)

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Presidential poll: Toledo 28.6%, Fujimori 20.3% and Castañeda 17.5%

Alejandro Toledo, Keiko Fujimori and Luis Castañeda lead the public opinion polls for Peru’s presidential and parliamentary elections scheduled for April 10th.

The latest poll to be made public shows Perú Posible candidate Alejandro Toledo with 28.6% of vote intention followed by Fuerza 2011 candidate Keiko Fujimori 20.3% and Solidaridad Nacional's Luis Castañeda, 17.5%.

Gana Perú candidate Ollanta Humala came in fourth place with 12%, while Alianza por el Gran Cambio candidate Pedro Pablo Kuczynkski managed 3.6%. (Andina)

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Spanish king knights Mario Vargas Llosa

Spain's King Juan Carlos has given aristocratic titles to 2010 Nobel literature laureate Mario Vargas Llosa and Spanish national football team manager Vicente del Bosque, the state bulletin announced Friday.

Vargas Llosa and del Bosque will have the title of marquis, which is ranked below the title of duke, but above that of count.

Peruvian-born Vargas Llosa was granted the title for his 'extraordinary, universally appreciated contribution' to Spanish-language literature, reported DPA.

Del Bosque, whose team won the football World Cup in South Africa in 2010, had 'fostered sports values,' the bulletin said.

Vargas Llosa and del Bosque will now be addressed as 'your excellency.'

Vargas Llosa thanks Spanish king for marquis title

 

 Nobel Prize laureate Mario Vargas Llosa thanked Spain’s King Juan Carlos for giving him the aristocratic title of marquis and said he is really surprised as he never imagined being part of royalty since he will always be a commoner.

"I am really grateful as it is a kind gesture of the King of Spain, but at the same time I am surprised. I never thought I was going to be named a marquis," said the Peruvian writer.

The Nobel Prize winner even said that this is kind of funny as he comes from a republican country which does not give aristocratic titles or admits them.

"I want to thank the King of Spain and at the same time I want to say that I was born and will die as a commoner," noted Vargas Llosa.

Vargas Llosa went on to add that being a marquis is really fun as his children will even have that title for just being his family.

“The cholos are now part of the Spanish aristocracy” said the author of the Feast of the Goat and Conversation in the Cathedral. (Andina)

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Escaped to Latin America on inaugural flight from Lima to Easter Island

LAN airlines opened a new direct route from Lima, Peru to the remote Easter Island last week and tour operator Escaped to Latin America were on board.

Previously the main link to the most remote inhabited island in the world had been via the LAN flight from Santiago, Chile but the airline has now added a twice weekly direct flight from Lima.

The inaugural flight took off from the Peruvian capital on the 9th of January and carried a contingent of travel agents, operators and hoteliers as well as a large number of eager tourists taking advantage of discounted rates.

Gary Sargent, Managing Director of the travel companies Escaped to Latin America and Escaped to Peru was on board and explains "This new route is very exciting as it offers the chance to combine two ancient cultures in spectacular locations more easily. This five hour direct flight connects the ancient Inca culture with that of the Rapa Nui. Shorter travel times and no extra connections mean that clients can spend more time in each destination and less time in the air and waiting at airports".

Easter Island is famous for its huge stone heads which were carved and erected all over the island hundreds of years ago by the Polynesian culture that covered the South Pacific triangle. LAN will be flying to and from Lima on Sundays and Wednesdays allowing people to visit for a few days or a full week.

Gary also explains that "Easter Island is not just about the stone heads, although they are truly spectacular. Clients can also enjoy sports and active pursuits such as trekking, mountain biking, snorkeling, diving, surfing and deep sea fishing plus there is a picture perfect white sand beach to relax on. You should also try the traditional "Umu" food prepared in the ancient way and enjoy the tribal dancing and music".

LAN say that schedules may change after April so passengers should check with their tour operator or LAN airlines if they are interested in visiting this unusual destination. (Andina)

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Taca Airlines likely to launch new domestic flights in Peru

Taca Airlines plans to introduce new domestic flights across Peru in the second half of 2011, besides the newly launched flights to Trujillo (La Libertad), Tarapoto (SanMartin) and Juliaca (Puno) and in addition to the airline's existing service to Cusco, Aviaca-Taca Chairman Roberto Kriete reported Tuesday.

“We’re at the first stage of the implementation process of domestic routes in Peru and we seek to operate more domestic networks throughout the country in the short term. I believe that we’ll see a second wave of domestic flights in the middle of the year,” he stated.

He recalled that the first phase will begin on February 15 involves daily direct flights from Lima to Juliaca, Trujillo and Tarapoto.

Avianca-Taca executives attended this morning the presentation ceremony of the new Taca Airlines’ Embraer 190 aircrafts, which will be used to flight the new domestic routes across the country.

“Throughout the year, we’ll incorporate several planes to the fleet of Taca in Peru and, in the first stage, we’ll be flying two new aircrafts,” Kriete stated. (Andina)

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