Hope for poverty reduction in Peru

Peru’s Prime Minister Jorge del Castillo yesterday announced that half a million Peruvians have “escaped from the shadow of poverty” thanks to the country’s sustained economic development.
He stated that the country’s overall level of poverty has dropped from 48% to 44% of the population, while recognizing that some regions are harder hit – for instance, [...]

Machu Picchu train company fined under monopoly law

The Trans-Andean Railway Company, responsible for rail transport to Machu Picchu, has been fined over $185,000 for operating an illegal monopoly. The company has also been ordered to cease its practice of refusing to sublet trains and other equipment that it rents from the state.
According to its contract, it is obliged to rent these units [...]

Cusco airport modernizations to “triple connectivity”

Modernization work to Cusco airport will triple its connectivity and allow enhanced connections with international flights into Lima, according to Chamber of Tourism chairman Daniel Ratti.
He said that the installation of new runway lights and a satellite-linked landing system will allow aircraft to land during conditions of poor visibility and at night time.
The improvements, scheduled [...]

Juan Diego Flores receives Peru’s highest honor

 
Today Peru’s President Alan Garcia awarded the order of the Sun of Peru at the level of the Grand Cross, the nation’s highest honor, to Peruvian tenor Juan Diego Flores.
The ceremony took place in the Gilded Room of the Palace of Government, where the president recognized Flores for his outstanding contributions to Peru’s worldwide [...]

Peru’s economic risk hits new low

Peru’s economic risk rating dropped on Friday from 1.00% to 0.97%, as calculated on the JPMorgan EMBI+ rating. This is the first time in the nation’s history that its rating has dropped below 1%.
The Emerging Markets Bond Index Plus is a rating of the difference in value between a Peruvian government issued bond and an [...]

Peru Reserve Bank chief: stock exchange volatility down to inexperienced investors

Julio Velarde, the President of Peru’s Central Reserve Bank (BCRP) yesterday blamed recent instabilities of the Lima Stock Exchange (BVL) on the influx of a large number of inexperienced investors, drawn in by the indices’ high yield this year, who then panicked when prices started to drop. He estimated their total investment at around US$500 [...]

June Festival Calendar

FEATURE
Qoyllur Rit’I – June 1st
Quispicanchi, Cuzco

The biggest indigenous pilgrimage in the Americas, Qoyllur Rit’I sees upwards of 10,000 people walking to the foot of the Ausangate Mountain (6,362m, or 20,870 feet) to pay homage to a painting of the infant Christ. The ceremony commemorates an Inca festival.

Chachapoyas Tourist Week – June 1st to 7th
Chachapoyas

An array [...]

Lima Stock Exchange breaking records for growth

By midday today the Lima Stock Exchange (BVL) had already broken records for growth on a single day, with the General Index (IGRA or IGBVL) increasing by over 7.8% — more than enough to offset yesterday’s catastrophic fall. The Selective Index (ISEL or ISBVL) rose by 8.25% in the same time.
On a day that seems [...]

President Garcia: economy as solid as a rock

President Alan Garcia stated today that he expect the Peruvian economy to grow by 7-8% this year, due to an increase in local consumption and foreign investment, rather than due to the increases in world metal prices that have bolstered the economy in the first quarter but which are due largely to external factors.
Calling the [...]

Lima stock exchange back in the black, with furious trading and staggering increases

In the first few hours of today’s trading on the Lima Stock Market (BVL), a powerful rallying of investors has led to an increase in the indices that effectively wipes away yesterday’s spectacular losses. By noon the General Index (IGRA or IGBVL) was up 7.26% on yesterday’s close, while the Selective Index (ISEL or ISBVL) [...]