Peru stock exchange takes heavy loss, but analyst remain optimistic

Heavy selling on the Lima Stock Exchange (BVL) today brought about its biggest fall in the past 18 months, with a drop of 3.25% as against yesterday’s close leaving the General Index (IGRA or IGBVL) at 20,066 points.
The Selective Index (ISEL or ISBVL), composed of the 15 most traded shares, fared even worse: it dropped [...]

Peru to repay foriegn debt through bond issue, not with currency reserves

Finance Minister Luis Carranza said today that while net international currency reserves will become larger than foreign debt “some time this year”, they will not be used to pay the debt off early.
He said that the foreign reserves, which stand at around US$21 billion, are for protection against the possibility of external effects damaging [...]

Lima ranked 15th best city for Latin American business

Lima has moved up from 27th to 15th position in America Economia magazine’s annual listing of the region’s best cities to do business in. This makes it one of the year’s biggest gainers.
As was the case last year, Miami and Santiago de Chile occupy the two top spots given their safety, quality of life, excellent [...]

Investors bearish as Lima Stock Exchange drops over 2%

The Lima Stock Exchange (BVL) closed today with negative indicators, as investors cashed in the gains they have made in a climate of increasing share values.
The General Index (IGRA or IGBVL), most representative of the market as a whole, dropped 2.38% to 20,741 points, while the Selective Index (ISEL or ISBVL), composed of the 15 [...]

Public spending to increase 30% despite proposed drop in customs tariffs

The council of ministers today began evaluation of a plan to reduce customs tariffs on goods entering Peru. Finance minister Luis Carranza hailed this as a good move for boosting the economy, more productive than reductions in other forms of tax.
On the other hand, he acknowledged that the government’s plans to increase public spending by [...]

Garcia happy about economic outlook

President Garcia made a speech today praising Peru’s economic growth of 7.5% in the first quarter, and claiming that this in due not only to rises in metals prices on the world market but also to an increase in local consumption.
At a ceremony to congratulate interior minister Luis Alva Castro and police leaders following the [...]

Peru’s economy one grade away from ‘investment level’

Credit risk assessment agency Fitch Ratings today released a report indicating that Peru stands an increased chance of reaching a level of credit that will attract heavy foreign investment, in the wake of last week’s renegotiation of debt with the Club de Paris.
Last August Fitch raised its rating of Peru from BB to BB+, leaving [...]

Canadian mining company lists on the Lima Stock Exchange

Panoro Minerals, a new ‘junior’ mining company based in Canada, has listed its shares on the Lima Stock Market (BVL), attracted by the favorable environment in Peru’s finance world and high metals prices on the international market.
BVL Director General Federico Oviedo told press that ‘junior’ companies are those that have recently started their development [...]

As stock exchange keeps rising, Peru prepares for a “flood” of foreign investors

The combined value of all shares on the Lima Stock Exchange (BVL) has risen by 300% in the last two years, going from US$25 billion to $100 billion, according to Ernesto Higueras, chairman of the Intercapital brokers’ firm.
He said that the value of the mining sector on the BVL has risen spectacularly in the last [...]

Coca growers may turn away from cocaine and towards biofuel

Peruvian national anti-drugs group Devida has stated that crops such as sugar cane and oil palm, used for making ecologically safe biofuel, may prove an alternative crop to replace coca in the country’s mountains. Although coca can be grown legally in Peru, over 90% of the annual crop is siphoned off for the illegal production [...]