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May 31, 2012

“This is not Lehman:” Peru central banker says of European woes

LIMA (Reuters) – Fallout from debt woes in Europe will pale in comparison to the meltdown of Lehman Brothers in 2008 and intense market volatility could force policymakers to agree on fixes faster, Peru’s central banker said on Thursday.

Strong and liquid Latin American banks have opportunistically responded to the turmoil by buying loan portfolios from their European peers at deep discounts, like in a “Persian bazaar,” Central Bank President Julio Velarde told the Reuters Latin America Investment Summit.

May 30, 2012

Peru arrests mayor leading protests against Xstrata

LIMA, May 30 (Reuters) – Peruvian police on Wednesday
arrested the mayor leading a protest against global miner
Xstrata, as President Ollanta Humala cracks down hard to end
conflicts over natural resources.

In an unusual display of force, dozens of riot police in
helmets and carrying plastic shields stormed the municipal
building in the town of Espinar in the mountainous southern
region of Cusco to pull Mayor Oscar Mollohuanca from his office.

May 29, 2012

Cutting extreme poverty a piece of Peru conflict puzzle

LIMA (Reuters) – Peru’s expanding social programs will sharply cut extreme poverty, but will not be enough to promptly end debilitating social conflicts in provinces rich in natural resources, a Cabinet official said Tuesday.

Minister of Development and Social Inclusion Carolina Trivelli, who is building up a social safety net in rural areas long ignored by the state, said ensuring people have access to basic goods like food, healthcare and water will provide a baseline of relief before development and conflict resolution can occur.

May 29, 2012

Peru uses emergency rules to try to end anti-mining protest

LIMA, May 28 (Reuters) – Two people were killed and 50 were
injured in protests against Xstrata’s Peruvian copper mine
Tintaya on Monday, prompting the government to suspend freedom
of assembly in a bid to break roadblocks isolating the mine.

At least 30 of the injured were police and one judicial
official was detained by protesters in the mountainous southern
region of Cusco, officials said.

May 29, 2012

Peru uses emergency rules to end anti-mining protest

LIMA (Reuters) – Two people were killed and 50 were injured in protests against Xstrata’s Peruvian copper mine Tintaya on Monday, prompting the government to suspend freedom of assembly in a bid to break roadblocks isolating the mine.

At least 30 of the injured were police and one judicial official was detained by protesters in the mountainous southern region of Cusco, officials said.

Apr 10, 2012

Exclusive: Peru’s president faces claim at Americas rights commission

LIMA (Reuters) – A lawsuit Peruvian President Ollanta Humala successfully fought in courts before being elected has been filed to the main human rights body in the Americas – potentially reopening a case that cost him politically in the past.

Documents reviewed by Reuters show that lawyers for a relative of two people who were disappeared in 1992, when Humala was an army officer battling Maoist guerrillas, have sent a claim against the Peruvian state to the Inter-American Commission on Human Rights.

Mar 27, 2012

Peru president’s kin causes headaches for leader

LIMA (Reuters) – Oh, brother!

It’s apparently not enough that Peruvian President Ollanta Humala has to solve mining protests and figure out how to keep the Latin American country’s economy booming. Now his own highly eccentric family is adding more trouble with their antics.

One of his brothers was recently shown on television smoking pot in prison. Another brother told the media that Humala’s wife actually runs the country. And a third embarrassed him by negotiating gas deals with Russia without permission.

Mar 19, 2012

Analysis: Nimble neighbors outshine Brazil on growth

MONTEVIDEO (Reuters) – Swift growth by nimble Latin American countries like Chile, Colombia and Peru has put renewed focus on regional heavyweight Brazil, whose relatively closed, high-tax economy is now sputtering below its potential.

The three Andean countries grew more than twice as fast as Brazil last year and are expected to outpace it again this year. Brazil has also lagged its peers in the BRIC club of emerging market heavyweights that includes China, India and Russia.

Mar 17, 2012

IADB plans natural disaster fund for Latin America

MONTEVIDEO, March 17 (Reuters) – The Inter-American
Development Bank has proposed allowing member countries to tap
loans in case they need to respond to natural disasters, the
multilateral lender’s president said on Saturday.

Luis Alberto Moreno said the disaster funding would be
financed by credits normally set aside for counter-cyclical
spending in sharp economic downturns.

Mar 14, 2012

Exclusive: Peru’s Merino to push for payment of defaulted bonds

LIMA (Reuters) – Beatriz Merino, arguably the most respected public figure in Peru, is taking on a new role as the advocate for holders of the country’s infamous land bonds who want the government to finally pay billions of dollars in old debts.

Merino, a lawyer by training and Peru’s first woman prime minister, told Reuters in an interview on Tuesday that the time has come for the executive branch to end a 40-year-old controversy and take care of a liability estimated at $1 billion to $3 billion, or nearly 2 percent of gross domestic product, by paying off the bonds issued to people whose land was seized for redistribution.

    • About Terry

      "I lead our coverage in Peru, where I have been since August 2007. Before that, I worked in Brazil for seven years covering all things under the sun."
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