Thursday, August 12, 2004
Silva Ruete To IMF? Bloomberg reports that Javier Silva Ruete, Chairman of Peru's Central Bank, "may leave his post to take a job at the International Monetary Fund," according to Gestion which in turn cited Minister of Economy and Finance Pedro-Pablo Kuczynski who in turn mentioned possible replacements: Alfredo E. Thorne (Managing Director, J.P. Morgan Chase & Co., Mexico) and Luis Carranza Ugarte, one of the seven current Central Bank board members. NOTE: “Silva Ruete may leave for Washington by November."
Ambassador Ferrero to NYT: The New York Times publishes Ambassador Eduardo Ferrero Costas' response to the paper's article last week which left "an impression of uncertainty and political instability in Peru. In our opinion, this is not true. Although our country has challenges, President Alejandro Toledo and his government are managing our country through development and democratic stability." Ferrero notes that "on the day your article appeared, gas from the Camisea project reached Lima; this energy project will increase Peru's gross domestic product by 1 percent every year for the next 30 years." SEE ALSO: April 5's Peruvia also noted that reporter Juan Forero was reporting the story in from Caracas.
Trans Amazon Highway: The Miami Herald (last item), the Voice of America and Xinhua Net recount yesterday's border bridge inauguration with Toledo, Lula and Mesa and the Herald quotes Lula in Assis do Brasil saying, "the construction of a South American nation begins with the physical integration of the towns. We unite our hands in favor of integration and march together toward that goal." Xinhua includes several AFP photographs including one which included the Acre governor Jorge Viana. See 'Trans Amazon Highway' in yesterday's Peruvia.
New Canadian Ambassador: Canada's Foreign Affairs Office notes that Minister of Foreign Affairs Pierre Pettigrew has named Geneviève des Rivières to become the new Ambassador to the Republic of Peru, with concurrent accreditation to the Republic of Bolivia. She is currently the Minister-Counsellor for Commercial & Economic Affairs in Mexico. SEE ALSO: The August edition of the American and Canadian Association of Peru's newsletter has an interview with Ambassador Hugues R. Rousseau who just finished a three-year term in Lima.
Navy Learns Water Survival: The Pensacola News Journal reports on the crew of the USS Crommelin (FFG-37) which recently conducted port calls in Salaverry and Callao as part of UNITAS 45-04. "While in port, members of the crew participated in community relations projects ... with the goal to enable U.S. Sailors to act as goodwill ambassadors in the hemisphere." ALSO: Peruvian Naval Officers visited Norfolk, Jacksonville, and Pensacola "to study water survival equipment and training procedures. The Peruvian navy is planning to build their own water survival school based on what they have learned from the U.S. Navy schools." SEE ALSO: 'UNITAS Recaps' in August 5's Peruvia.
Tragedy Near Cuzco: Several updates report on yesterday's fatal bus accident near Urcos (going toward Cuzco) that involved a double-decker tour bus and killed at least seven passangers. The Associated Press TV offers a one-minute video report. (Warning: it includes graphic content.) According to the Associated Press, the accident happenned "around 4:30 a.m. at a bridge crossing the Cachimayo River." In addition to many Peruvians, the passengers were from Bolivia, Canada, Enland, France, Germany, Ireland, and Israel. Several sources note on the death of Irish citizen David Scollard; the Scotsman interviews the Scollard family priest in Ballybricken. London's Daily Standard includes a Reuters photo and adds a few details (or speculation?): The accident “happened when a minibus overtook the coach on a sharp bend. The smaller vehicle swerved to avoid an oncoming car, forcing the coach off the road." It also includes "the emergency numbers for worried relatives have both been changed. The Foreign Office should be contacted on 020 7008 1500 and Inghams on 020 8780 6600." A selection of other stories: the Associated Press from Canada; the BBC; Xinhua Press; the Irish Examiner; an update from Irelands RTE; Britain's Telegraph; and the UPI. None of the English language newspapers note that Bolivian citizen, Dora Encinas Gonzales, also died in the accident, among five other Peruvians. IN SPANISH: Cusco Noticias has a list of passenger names as well as other details. The bus, from the ‘Pony’ busline, was and was going from Juliaca to Cusco and crashed upon arriving at the Puente Cachimayo in the Quispicanchi province in a place known as Muñapata. The bus was not authorized to travel that route nor had it paid its SOAT taxes. SEE ALSO: 'Tragedy Near Cuzco' in yesterday's Peruvia.
Macro/Micro Economics:
Ambassador Ferrero to NYT: The New York Times publishes Ambassador Eduardo Ferrero Costas' response to the paper's article last week which left "an impression of uncertainty and political instability in Peru. In our opinion, this is not true. Although our country has challenges, President Alejandro Toledo and his government are managing our country through development and democratic stability." Ferrero notes that "on the day your article appeared, gas from the Camisea project reached Lima; this energy project will increase Peru's gross domestic product by 1 percent every year for the next 30 years." SEE ALSO: April 5's Peruvia also noted that reporter Juan Forero was reporting the story in from Caracas.
Trans Amazon Highway: The Miami Herald (last item), the Voice of America and Xinhua Net recount yesterday's border bridge inauguration with Toledo, Lula and Mesa and the Herald quotes Lula in Assis do Brasil saying, "the construction of a South American nation begins with the physical integration of the towns. We unite our hands in favor of integration and march together toward that goal." Xinhua includes several AFP photographs including one which included the Acre governor Jorge Viana. See 'Trans Amazon Highway' in yesterday's Peruvia.
New Canadian Ambassador: Canada's Foreign Affairs Office notes that Minister of Foreign Affairs Pierre Pettigrew has named Geneviève des Rivières to become the new Ambassador to the Republic of Peru, with concurrent accreditation to the Republic of Bolivia. She is currently the Minister-Counsellor for Commercial & Economic Affairs in Mexico. SEE ALSO: The August edition of the American and Canadian Association of Peru's newsletter has an interview with Ambassador Hugues R. Rousseau who just finished a three-year term in Lima.
Navy Learns Water Survival: The Pensacola News Journal reports on the crew of the USS Crommelin (FFG-37) which recently conducted port calls in Salaverry and Callao as part of UNITAS 45-04. "While in port, members of the crew participated in community relations projects ... with the goal to enable U.S. Sailors to act as goodwill ambassadors in the hemisphere." ALSO: Peruvian Naval Officers visited Norfolk, Jacksonville, and Pensacola "to study water survival equipment and training procedures. The Peruvian navy is planning to build their own water survival school based on what they have learned from the U.S. Navy schools." SEE ALSO: 'UNITAS Recaps' in August 5's Peruvia.
Tragedy Near Cuzco: Several updates report on yesterday's fatal bus accident near Urcos (going toward Cuzco) that involved a double-decker tour bus and killed at least seven passangers. The Associated Press TV offers a one-minute video report. (Warning: it includes graphic content.) According to the Associated Press, the accident happenned "around 4:30 a.m. at a bridge crossing the Cachimayo River." In addition to many Peruvians, the passengers were from Bolivia, Canada, Enland, France, Germany, Ireland, and Israel. Several sources note on the death of Irish citizen David Scollard; the Scotsman interviews the Scollard family priest in Ballybricken. London's Daily Standard includes a Reuters photo and adds a few details (or speculation?): The accident “happened when a minibus overtook the coach on a sharp bend. The smaller vehicle swerved to avoid an oncoming car, forcing the coach off the road." It also includes "the emergency numbers for worried relatives have both been changed. The Foreign Office should be contacted on 020 7008 1500 and Inghams on 020 8780 6600." A selection of other stories: the Associated Press from Canada; the BBC; Xinhua Press; the Irish Examiner; an update from Irelands RTE; Britain's Telegraph; and the UPI. None of the English language newspapers note that Bolivian citizen, Dora Encinas Gonzales, also died in the accident, among five other Peruvians. IN SPANISH: Cusco Noticias has a list of passenger names as well as other details. The bus, from the ‘Pony’ busline, was and was going from Juliaca to Cusco and crashed upon arriving at the Puente Cachimayo in the Quispicanchi province in a place known as Muñapata. The bus was not authorized to travel that route nor had it paid its SOAT taxes. SEE ALSO: 'Tragedy Near Cuzco' in yesterday's Peruvia.
Macro/Micro Economics:
- Dow Jones reports that "Peru's electricity production totaled 1,804.41 gigawatt-hours in July, a 4.28% increase compared with the same month a year earlier," according to the Ministry of Energy and Mines. NOTE: "The ministry said some smaller electricity producers increased production in July. The largest producer in July was state-owned Electroperu, which produced 512.29 gigawatt-hours, a decrease of 19.47% from the same month last year."
- BNAmericas reports that Epsel, Lambayeque's water utility, "plans to award a 30-year operator concession at the end of 2005 to obtain fresh capital to develop and improve water and sewerage services in the region," according Segundo Ramos Burga, the company's Board Chairman.
- AFX, Dow Jones and Reuters report that Telefonica del Peru "could slash its investment by up to 60% in the next four years because of a government cap on the price of its telephone services," according to the company. AFX says that this action comes because "the Peruvian government is obliging Telefonica to reduce its tariffs by an annual 10% to 2008." NOTE: “Telefonica had planned to add some 500,000 new fixed telephone lines to suburban areas of Peruvian cities, but now expects to put down 150,000 lines.” CITED: Javier Nadal Airiño (Telefonica's President). As a result, NewRatings notes that analysts at Ibersecurities have "issued a "buy" rating on Telefonica Moviles. SEE ALSO: These pieces from Regulate Online and from Caretas both from June.
- Dow Jones reviews Peru's largest financial holding company, Credicorp Ltd, which reported "a rise in second quarter and six month net income. The improved results were mainly due to decreased merger costs and lower loan loss provisions, which helped offset lower financial and nonfinancial income." NOTE: "The company's 2003 results were hurt to some extent by the ongoing costs tied with the merger with Banco Santander Central Hispano-Peru and SolucionFinanciera de Credito." ALSO: "Credicorp said that total assets at June 30, 2004 were $8.5 billion."
- The Associated Press reports that PayLess Shoes will be selling or disposing of "all 32 Payless ShoeSource stores in Peru and Chile." The company's "profit fell 29 percent in the latest quarter, hurt by a restructuring charge." The companies' press release notes CEO Steven Douglass' comments: "As we have previously disclosed, operations in Chile and Peru were notperforming up to our company standards." SEE ALSO: March 29 2002's Peruvia noted that PayLess was "opening a store in the Lima Jockey Plaza."
- NewRatings reports that John Tumazos (Prudential Financial) issued an “overweight” rating on Phelps Dodge as a result of the “recent adjustment made by the Peruvian government to the mining royalty bill.” NOTE: “Prudential Financial includes a $0.01 per pound cost in order to reflect the Peruvian and Chilean royalties.”
Mining:
- Reuters reports that Yanacocha "has begun exploration at its rich Cerro Quillish deposit and production could begin as early as 2007, overcoming local resistance that delayed the plans by two years," according to an anonymous project manager. NOTE: "Exploration at the Quillish deposit, which has proven and provable reserves of 3.7 million ounces of gold, had been held up by local farmers near the site in northern Peru who feared a new mine would contaminate water supplies."
- Reuters reports that Brazilian miner CVRD "confirmed on Thursday it will participate in the auction for Peru's Las Bambas copper project, and said that will not clash with its plans to develop Brazilian copper reserves," according to Fabio Barbosa, the finance director of Companhia Vale do Rio Doce.
Latin Democracy is ‘Deeper’: The Economist offers a new Latinobarómetro poll, an annual measure of "political and social attitudes in 18 Latin American countries published exclusively by The Economist. Latinobarómetro, a Chilean organisation, has carried out similar surveys each year since the mid-1990s, so the poll captures shifts in opinion in the region.” The Economist wants to rebut the ‘punditry suggesting that the region risks a return to authoritarianism” yet their concluding paragraph seems weak at best: “For democrats, there are glimmers of hope.” This last year “has seen sharp falls in support for democracy in Peru. … Peruvians [are among] the least satisfied with the way their democracies work.” Note: Chart 5 is labelled 'Pained in Peru'. ALSO: “The poll suggests that the unpopularity of Alejandro Toledo has discredited Peru's restored democracy and may have generated nostalgia for the strongman rule of Alberto Fujimori.” SEE ALSO: ‘Latin Democracy is Deeper’ in August 2’s Peruvia which includes Brookings' Carol Graham’s take on the Latinobarómetro poll.
People:
- Montoya Walks the USA: Maryland's Laurel Leader and the Univ. of Maryland's Diamondback catch up Julio Montoya in his trek from Boston to Miami. SEE ALSO: 'Montoya Walks the USA' in July 28's Peruvia.
- JThomas Wins Fulbright: The Nashville CityPaper reports that John Thomas III, a graduate of Morehouse College in Atlanta, won a Fulbright Scholarship to "study how minorities in Lima, where a significant amount of racial disparity still exists, relate to the Peruvian government."
- De Soto Questioned: The Filipino ABS/CBN network runs an op-ed questioning the President's unofficial adviser, Hernando de Soto and ends the article like this: "Was GMA listening to his Peruvian economic guru? What is his take on the text tax? A ver."
- DFlores Ascension: The Maryland Gazette profiles Dino Flores, a second generation Peruvian American who is the new vice chairman of the Frederick County Republican Central Committee.
Michigan Class to Peru: Michigan's Grand Rapids Press reports that a local Board of Education has approved a local high schools’ trip to Peru in June 2005. Teacher Tracy Wallace "said the trip is designed to immerse students in a different culture. In addition to exploring the rain forests, students will have an opportunity to complete a service project in Iquitos,” according toWallace. NOTE: Cost per student is estimated at $2,000 to $2,900.
Deepest, Darkest Peru …: The Orlando Sentinel (registration: peruvia/peruvia) includes this line in an article about advertising in the Athens Olympics: "The fear is "ambush advertising," where companies who didn't feel like ponying up $60 million to be official sponsors could sneak in an advertising message. That could mean somebody watching a women's lacrosse match on TV in Peru will see a spectator in Athens wearing a Burger King T-shirt, and will realize McDonald's hasn't used actual beef in its products since 1965."
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