Peruvian luxury hotels lower rates by up to 50 percent

As a result of the global financial crisis and in an attempt to stimulate demand throughout months that are usually considered Peru’s “peak tourist season,” the price of numerous luxury hotel rooms and flights has been sharply reduced in the Andean country. “This is an indication that the crisis is affecting tourists here and abroad,” [...]

Getulio Vargas Foundation: Peru has region’s best “economic climate”

Peru has the region’s best “economic climate” in Latin America, according to a report published by Brazil’s Getulio Vargas Foundation, or FGV. According to the report, Latin America’s Economic Climate Index, or ECI, surged from 2.9 points in January to 3.6 points in April 2009. The jump, according to FGV economists, suggests that “rock bottom” [...]

Alan García: Peru will beat global financial crisis by the end of 2009

Peruvians, working together, will beat the global financial crisis by the end of 2009, said Peru President Alan García on Tuesday. “We’re on the right track, our nation is moving forward, and you get rest assured that, of all the countries affected by the crisis, our country will save itself from the immense threat that [...]

Peru Congress seeks to mitigate effects of financial crisis, cuts taxes on workers’ bonuses for next two years

Hoping to mitigate the effects of the global financial crisis, Peru’s Congress has voted to eliminate all taxes on workers’ bonuses for the next two years. Peru President Alan Garcia is expected to sign the decree into law today, May 1, for International Workers’ Day. Peruvian workers typically receive bonuses twice a year, on Christmas [...]

Doe Run Peru gives more than 2,500 smelter workers month-long paid leave because of lack of supplies

Doe Run Peru gave more than 2,500 workers – or approximately 75 percent of its workforce – a month-long paid leave because it has insufficient supplies to operate its La Oroya ploy-metallic smelter at full steam, daily El Comercio reported Wednesday. “The company, according to article 2.3 of the collective agreement, has given workers a [...]

Peru posts $176 million trade deficit for Jan. 2009, exports fall 39 percent

Peru posted a $176 million trade deficit this January, as prices for primary commodities – such as fish meal, copper and other minerals exports – plummeted by 39 percent, daily El Comercio reported. “This (disappointing) result is due to the fact that Peru’s most important exporter regions, such as Ancash, La Libertad, Ica, Piura, Arequipa [...]

Spain’s OHL signs $400 million highway deal with Peru

Spain’s OHL, an international transport, pipeline, hydraulic infrastructure and construction firm, has signed a $400 million deal with Peru to build a 224-mile, or 360 kilometer-long highway along the Andean country’s northern coastline. “This project is an extraordinary example of faith and trust, and proof that Peru will continue to grow at one of the [...]

World Bank approves $330 million loan to help Peru mitigate climate change

The World Bank Board of Executive Directors approved a $330 million loan Tuesday to help Peru’s recently created Environment Ministry improve and strengthen the environmental management of key sectors such as mining, urban transport and biodiversity conservation. “The World Bank has decided to support Peru resolutely in the implementation of environmental policies permitting sustainable development,” [...]

Peru miners to vote on strike at the end of January over job cuts

Peru miners affiliated to the country’s National Federation of Mine Workers will vote Jan. 30 and 31 on whether to launch an indefinite nationwide strike over their claim that mining companies are using the global financial crisis as an “excuse” to massively and “arbitrarily” fire workers, reported daily Expresso Monday. “Recent mining conflicts are only [...]

Peru’s finance minister resigns, Luis Carranza sworn in for second stint

Six months after stepping down as finance minister, Luis Carranza was sworn in for a second stint in the post after his successor Luis Valdivieso stepped aside to accept President Alan Garcia’s offer of a high-level government position abroad.

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