By Samuel George of the Bertelsmann Foundation
They come by it honestly. Much like their European relatives, Latin American leaders have a sweet tooth for the summit, the annual meeting and the commission. Lofty goals and promises of solidarity are sealed with vigorous handshakes, bear hugs and kisses on the cheek. But beyond the ubiquitous photos of smiling presidents, few concrete achievements emerge from these gatherings.
In theory, inchoate integration projects abound, from the regional Mercosur to the continental Unasur. In fact, the dream of a more unified Latin American has progressed little since Simon Bolívar crisscrossed the Andes in the early 19th century. This could be changing. Continue reading »
As Google, Starbucks and Amazon have learned to their detriment, companies that take advantage of legal tax-avoidance schemes such as the “Dutch sandwich” and the “double Irish” are right up there with bankers in the public’s estimation.
Peru’s tax office, Sunat, has found a way to help make the medicine go down, it seems, giving companies the option of paying part of their tax bill in the form of regional infrastructure works in some of the countries’ poorest regions. Continue reading »
Spain’s economic crisis is writ large in the Inter-American Development Bank’s latest statistics on remittance flows to Latin America.
For years, thousands of Bolivians, Ecuadoreans and Colombians have been among those to seek work in Spain, legally or illegally. Whether young educated professionals, or poor maids, cleaners and construction labourers, these workers could see the advantages of saving Euros that would magically multiply back home into pesos or dollars or bolivianos. Continue reading »
One day Ollanta Humala, Peru’s president, is unnerving investors with a hankering for state-run enterprise, the next he is making it easier for miners to push through projects despite community opposition.
According to Reuters, Humala is on the verge of reneging on his key election pledge to give Andean indigenous communities the right to better consultation over mining projects near their homes. Continue reading »
Ollanta Humala, Peru’s president, likes to keep everyone on their toes when it comes to his ideology.
Having swapped his Hugo Chávez-esque rhetoric for an electorally palatable, Brazilian-inspired centre-left script as easily as if he was changing t-shirts, Humala has once again rattled investors with the suggestion that state-run PetroPeru should get back into oil and gas production by buying Repsol’s assets. Continue reading »
Grupo Sura of Colombia has acquired a 50 per cent stake in Peru’s BBVA Horizonte pension fund for $514m.
Sura, which snapped up ING’s Latin American pensions assets in 2011 for $3.85bn and already controls another Peruvian pension fund, Integra, named Profuturo AFP, controlled by Scotiabank, as its strategic partner in the deal. Continue reading »
By Jude Webber and Naomi Mapstone
Another mining project in a minerals-rich Andean country has been hit by another environmental/indigenous complaint. Digging up precious metals as a way of achieving economic prosperity, especially in areas of outstanding natural beauty, has never been so fraught.
The latest casualty is the Chilean side of Barrick Gold’s Pascua-Lama project, which promises to be one of the world’s biggest gold mines. Continue reading »
By Jorge Rosenblut of Endesa Chile
In January I had the honor to attend a summit of the European Union and the Community of Latin-American and Caribbean Nations in Santiago, Chile. As with many such meetings, the 45 heads of state and prime ministers captured the attention of the international media. But what went almost unnoticed was a seismic shift in Latin American integration — a group of four countries that stood together in what promises to be a historic breakthrough for the region. Continue reading »
For the eighth time in 10 months, Peru’s central bank has raised deposit requirements on dollar-denominated accounts to stem the flow of hot money into its fast-growing economy and dampen currency appreciation. Continue reading »
“Chocolate” and “shortage” should never appear in the same sentence.
But as the Chinese say, in every crisis, there is opportunity.
And as Chinese taste buds are one of the biggest new drivers of global cocoa demand, it’s apt that a merchant bank focused on trade between China and Latin America has identified cocoa as a “very good bet” for long-term investors. Continue reading »
Peru is typically grouped with Mexico, Panama, Colombia and Chile as one of Latin America’s high-growth economies, a darling of international investors. But how easy is it to invest in? Not easy at all, says Luis Miguel Castilla, Peru’s finance minister.
“Our diagnosis is that our own capital market is poorly developed; not deep; scarcely liquid,” he tells beyondbrics. Continue reading »
Peru’s Grupo ACP, the non-profit majority owner of Mibanco, has continued its aggressive regional expansion with the opening of its first bank in Mexico.
Forjadores de Negocios, a Mexican microlender targeting women, opened its doors as a bank for the first time this month, with ACP as a majority shareholder. Continue reading »
A president could use up a lot of time making the rounds of ambassadors’ national day celebrations.
But there is one diplomatic soirée that Ollanta Humala, Peru’s president, and his wife Nadine, never miss – that of South Korea. While much has been made of sizeable investments in resource-rich Peru by China, South Korea, too, has been rapidly increasing its footprint here. Continue reading »
Source: Jockey Plaza
Millionaires might seem like chump change in this age of trillion-dollar deficits and billion-dollar bailouts.
But in Peru, new millionaires are just another indicator of the kind of strong economic growth that prompted the International Monetary Fund to brand the Andean economy shock-resistant. A reverse canary-down-the-mine, if you will. Continue reading »