Friday, May 07, 2004

Trouble Reading Peruvia? Press 'F11' key near top of your key board twice.

2 Ex-Ministers Charged: The Associated Press reports on the conviction of two of AFujimori's cabinet members, former Justice Minister Alberto Bustamante and former Interior Minister Fernando Dianderas, "for permitting the illegal search of the home of former president Alberto Fujimori's ex-spy chief." The court declared that "Police were looking for secretly taped videos made by Montesinos believed to tie Fujimori to crimes committed during his 1990-2000 regime. Officials believe the tapes were found and that they remain in Fujimori's possession." The piece notes that this would have also been AFujimori's first conviction but that Peruvian law "prohibits judgments in absentia" but he "could be convicted and sentenced immediately if he returns to Peru."

Rospigliosi Censured, cont: The New York Times finally lets its readers know about the lynching of Ilave's mayor with a two sentence Reuters piece that ties in Rospigliosi's resignation. The NYTimes bit says it was a "15,000-strong mob [who] kidnapped Cirilo Robles." The Washington Post informed their readers yesterday. The event happenned eleven days ago. Reuters offers another photograph of the ex-minister at his final ministerial press conference. To see the original reporting, see 'Mayor Lynched' in April 27's Peruvia.

CPI Polling, cont: Canada's Centre for Public Opinion and Democracy reviews the CPI poll by stating that "exiled former head of state Alberto Fujimori is the top presidential hopeful in Peru." NOTE: The poll is Lima-exclusive and thus, this poll shows AFF is the top candidate in Lima. The Numbers: Alberto Fujimori 20.2%; Alan García 17.9%; Valentín Paniagua 14.4%; Lourdes Flores Nano 13.4%.

De Soto Prized, cont: The Associated Press highlights the speech Hernando de Soto gave at the award ceremony of the Cato Institute's Milton Friedman Prize for Advancing Liberty. Said HdeSoto: "If Westerners don't become more engaged in the struggle of small-scale entrepreneurs in the developing world - from rickshaw drivers to street food vendors - terrorist groups, military dictators and corrupt demagogues will fill the void." Although de Soto "didn't directly address the U.S. invasion of Iraq and the war on terror, he emphasized that General Douglas MacArthur transformed Japan from a closed society into one of the most stable democracies and world's second largest consumer society. By breaking feudal system down, you transformed Japan. When Americans invaded Vietnam, they forgot about it, and they forgot about it in later countries. You Americans showed us the way, but you don't seem to repeat your successes very often. It means your foreign policy sometimes goes wrong." The version of this AP story that Dow Jones pushes excludes this criticism on the USA.

Pisco Rights: The Belfast Telegraph has the ignominy of running a story on Pisco and Pisco sours with thte headline: The Cocktail Cabinet: The Chilean way to take up flying. "When I heard recently that Pisco would be reaching the UK market soon, lots of pleasant memories came flooding back. Pisco is a grape spirit, aged in oak or clay containers (technically a brandy), found in Peru and Chile. Its origins are hotly disputed with both countries claiming ownership. Regardless of who is right, Chileans were the ones to bag the trademark in the earlier part of the 20th century, and the Pisco Sour has since become a national aperitif."

Inter-American Naval Conference: The USA government Navy Newstand includes Peru's participation at the 21st Inter-American Naval Conference, earlier this week. "Since the IANC's first conference in 1960, it has encouraged permanent professional contact among the navies of the participating nations in order to promote theater security cooperation and foster hemispheric solidarity." Keynote speaker, Secretary of the Navy Gordon England declared: "We are all countries of indigenous cultures and immigrants, rich in ethnic and racial diversity. Despite our individuality, we have much in common, and we will continue to strengthen the bonds that link us as we build upon our common interest and goals."

Sporting News:
- Reuters reports (on the last line) that "former French Open winner Albert Costa defeated Luis Horna "with an untroubled 6-2 6-3 victory" at the Telecom Italia Masters. Sportsline says that Luis Horna was "spanked."
- Reuters provides full details of the Apertura results including Sporting Cristal's win over Sport Boys 2-0.

GOLD CONFERENCE: Reuters continues their coverage of the gold conference and said that gold analysts "disagreed strongly over where the price of gold was headed, with one expert predicting a sharp drop to $350-$360 per ounce while others said it was on its way up to the $450 per ounce range." Cited: Leonard Harris (Veneroso Associates), Alberto Arias (Goldman Sachs) and Bruce Alway (Gold Fields Minerals Services). "Gold peaked in January at 15-year highs of $430.50 an ounce but has since retreated. On Thursday June gold on the COMEX metals division of the New York Mercantile Exchange closed at $388.40 an ounce."
- Reuters reports that "Peru aims to more than double manufacturing and exports of gold jewelry to $200 million a year by 2010, as part of a wider plan to boost exports," according to Giampiero Scotto, president of the jewelry committee at ADEX, the exporters association in Peru. Although Peru is the sixth largest producer of gold in the world, "only 4 percent of Peru's gold was transformed to jewelry last year in Peru." Also cited: Juan Carlos Mathews, director of international trade development for the Trade Ministry. A slightly different Reuters piece directs the point to a more global audience. "Flagging world demand for gold jewelry -- due in part to high prices for the precious metal -- has alarmed the world's top two gold miners, who on Friday called for a global marketing blitz to promote gold."
- Reuters reports that Monterrico Metals "plans to raise $400 million next year in debt and equity to put its large Rio Blanco copper project in Peru into operation," according to their Chief Operating OfficerRay Angus.
- Reuters reports that the Lima Stock Exchange "has widened entry requirements for junior miners interested in listing on its new venture capital exchange, and hopes to list between one and three companies this year," according to Federico Oviedo Vidal, general manager of the Lima Stock Exchange.
- Reuters reports that zinc and lead miner Atacocha "will issue $50 million in bonds to fund upgrades and expansion," according to Carlos Montori, a Board member of the company.
- Reuters reports that "Congress will discuss two proposals to slap royalties on mining companies on May 12," according to Congressman Javier Diez Canseco, who favors a mining royalty. The two sides are presented: "Supporters of a royalty argue that Peru should benefit more from rich mining companies that exploit a finite resource, especially at a time when international metal prices are high. Peruvian mining companies are fiercely against any kind of royalty because they say it will make ore less economically viable to mine and will send investors elsewhere." The unnamed report of the story states clearly: Mining is the motor behind Peru's $60 billion economy and brings in half of the country's foreign earnings."
- Reuters: "Barrick Gold Corp expects to spend $65 million on exploration this year and was 'always open' to acquisition and exploration opportunities, Chief Operating Officer John Carrington."
- Reuters reports that Gold Bullion Securities "saw renewed demand for its new investment instrument in April, after it relaunched a slightly revamped version of its shares, each of which represents 1/10 of an ounce of gold."
- Esperanza Silver put out a press release to announce that "it has acquired Estrella, a new exploration project in Peru. It consists of 400 hectares covering known outcrops of silver and copper bearing sandstones. Esperanza is also in the process of acquiring, through staking, an additional land which surround the new concessions."
- Reuters reports that the World Bank's International Finance Corporation "will sell a 1.25 percent stake in Yanacocha," according to Wayne Gurdy, Newmont Mining's CEO. Newmont Mining Co. owns a controlling stake in Yanacocha. The IFC had suggested in March they would be selling their 5% stake in the mine. Said Gurdy: "It's an opportunity for Peruvian institutions to invest in the project and we think that's good."

Other Econ News: BNAmericas reports that Telefónica del Peru is "satisfied with last week's public hearing over its request for a contract extension," acroding to telecoms manager José Juan Haro.

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