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Business | July 25, 2011 [ 9:58 ]

Peru and Mexico partner to promote Pisco worldwide

(Photo: Archive  Rolly Reyna/ El Comercio
Through the regulatory boards of Pisco and Tequila, on September 29th Peru and Mexico will sign an alliance that aims to enhance the promotion of the Peruvian national drink worldwide.

"One of the most successful regulatory boards that exist in Latin American is that of tequila, which has managed to position their product in the minds of consumers, both Mexican and foreign," said Jaime Marimon, Chairman of the Board of the Pisco Designation of Origin.

According to an article in Andina, Marimon said preliminary discussions for this agreement began earlier this year and documents had been sent to Mexico and would be signed in the next two months.

"We are confident that this alliance will strengthen us because we can learn about their successful experience of positioning their product in the minds of consumers. But above all, this will mark the way forward," Marimon told Andina.

Marimon said that to date there are 400 growers, with permission to use the Pisco name, which means an increase of 14.2% over that recorded for 2010 which amounted to 350 producers.

"There are about 650 brands that may use the Pisco denomination of origin classification," he said.

He noted that the cooperation with Mexico will involve technical and sales support, and will become effective after signed officially on 29 September, in the city of Guadalajara, Mexico.

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Business | July 21, 2011 [ 15:47 ]

WTO: Peru, model country for trade and development


Third Global Review of Aid for Trade, in Geneva (Photo: Andina)
The World Trade Organization (WTO) Thursday praised Peru's trade policy saying it is a model country in Latin America which has benefited from trade as a tool for development, proverty reduction, and employment growth, according to Peru's Ministry of Foreign Trade and Tourism (Mincetur).

The recognition was made during the Third Global Review of Aid for Trade, which took place on July 18-19 in Geneva, aimed to evaluate the six-year-old initiative’s progress in helping developing countries build their trade capacity.

The international body said Peru has undertaken important trade reforms and signed a number of FTA pacts since the 1990s.

For this review, Mincetur submitted three cases of study and a list of questions for Peru, which were included in the report "FTA at a Glance 2011” and attracted WTO's attention.

The WTO also praised Chin, which in the past decade has signed free-trade pacts with more than ten nations and regions in the world, including Peru, Pakistan, Chile, Singapore and New Zealand.

The report encourages members to consolidate multilateral trading systems while setting up free-trade areas. In the meantime, it says relevant rules should also be clarified so as to provide a better environment for FTA development.

Every year, the WTO releases a report after conducting in-depth research into world trade and trade policies. The annual World Trade Report 2011 looked at FTA development and said WTO members have made huge efforts to set up free-trade areas.

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Business | July 18, 2011 [ 16:13 ]

Peru stock update: Mines and banks surge ahead

By Alex Emery

The Lima Stock Exchange (Photo: Oscar Durand/ Andina )
The following companies had unusual price changes in Peru trading. Stock symbols are in parentheses and share prices are as of 4:10 p.m. New York time.

The Lima General Index rose 4.6 percent to 21,284.74. The MSCI All Peru Capped Index climbed 3.5 percent to 2,697.44.

Industrial and banking stocks gained after Peruvian President-elect Ollanta Humala said Central Bank President Julio Velarde will remain in his post, said Sebastian Blondet, a trader at Celfin Capital SAB.

Ferreyros SA (FERREYC1) (FERREYC1 PE), the Lima-based distributor for Caterpillar Inc., jumped 10.9 percent to 2.55 soles. Intergroup Financial Services Corp. (IFS) , owner of Peru’s fourth- largest bank Interbank, gained 8.4 percent to $27.

Banco Continental SA (CONTINC1) (CONTINC1 PE), the local unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, rose 6.6 percent to 6.30 soles. Scotiabank Peru SA (SCOTIAC1) (SCOTIAC1 PE), the local unit of Canada’s third-largest bank, climbed 6.3 percent to 51 soles. Cementos Lima SA (CEMLIMI1) (CEMLIMC1 PE), the country’s biggest cement maker, rose 6.3 percent to 2.55 soles.

Zinc and gold miners surged as the metals advanced in New York and London.

Alturas Minerals Corp. (ALT) , a Canadian copper and gold exploration company, jumped 13.3 percent to 17 cents. Panoro Minerals Ltd. (PML) , a Canadian copper and gold exploration company, rose 7.8 percent to 55 cents. Minsur SA (MINSURI1) (MINSURI1 PE), Peru’s largest tin producer, advanced 6.3 percent to 3.72 soles.

Rio Cristal Resources Corp. (RCZ) , a Canadian zinc exploration company, rose 5.6 percent to 19 cents. Minera IRL Ltd. (MIRL) , a U.K. minerals explorer with a gold mine in Peru, rose 4.2 percent to $1.25 after announcing it completed a pre-feasibility study for its Ollachea deposit.

To contact the reporter on this story: Alex Emery in Lima at

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Business | July 8, 2011 [ 7:55 ]

U.S. authorities allege $20 million Peru real estate scam

Niño de Guzmán (Photo: de Guzmán's LinkedIn profile)
Authorities in the U.S. have broken up an elaborate Ponzi scheme that centered on the Peruvian real estate market.

Jose L. Niño de Guzman Jr called himself a “a passionate entrepreneur with a proven ability to lead,” but according to the U.S. Attorney’s Office in Seattle, he was nothing other than a skillful exploiter of other people and their money. They allege that he bilked 160 investors out of $20 million through promises of profitable investments in land outside Lima, Peru.

De Guzman Jr., who began his investment group, NDG, shortly after he graduated from the University of Washington in 2005, has been arrested by federal authorities and charged with five counts of wire fraud, and is facing a possible 20 year sentence.

According to reports in the Seattle Times and Seattle Post-Intelligencer, investigators claim that investments allegedly going to high-earning real estate ventures in Peru were being directed by De Guzman Jr. to pay for his lifestyle. Expenditures included a $1.8 million home, a $365,000 diamond ring, a $600,000 yacht, a $250,000 suite at the Seahawk’s Qwest Field for baseball games, and a $200,000 Bentley automobile.

Furthermore, as is standard with pyramid schemes, a percentage of the investment was used to pay his highest ranking employees as an incentive for them bring on additional investors. However, in 2009, it was his own “lieutenants” who resigned and notified securities regulators of suspicious activity.

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Business | June 30, 2011 [ 8:59 ]

Peruvian chullos exported to 22 countries

Mexico imported more chullos than any other country. (Photo: La Républica)

The Exporters Association reported that Peruvian exports of chullos totaled $ 193,308 between January and May 2011, six percent more than the same period last year, when the amount increased to $181,872, La Républica reports.

The association's manufacturing manager, Ysabel Segura, said that the period shows that a good percentage of the exports of chullos were made from acrylic combined with alpaca fiber to be price competitively abroad.

Peru exported chullos of materials such as alpaca, baby alpaca, llama wool, synthetic wool and combinations of the materials (70 percent alpaca, 30 percent acrylic, for example) to a total of 22 countries.

Mexico was ranked as the top destination for the Peruvian chullos, earning $75,832 and representing 39 percent of the total sales abroad.

The second target is the United States, registering $41,110, accounting for 21 percent, and Argentina accounted for $20,512 in sales.

Other countries that demanded the chullo are Colombia, France, Costa Rica, Chile, Canada and Italy.

Accounting for less than $1,000 was Germany, Japan, Denmark, Guyana, Netherlands, Israel and Uruguay, among others.

The main companies in the business are Grupo Kealhe, accounting for $54,369, followed by Consorcio Artesanal El Cóndor ($20,512), Exportaciones Kenelma Peruvian, Kjantu Collection, Colecciones y Diseños y Classic Alpaca, among others.

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Business | June 30, 2011 [ 8:23 ]

Peruvian sells handicrafts, jewelry in the United States

Mercedes Esposito in her Connecticut shop. (Photo:

Mercedes Esposito, a native of Peru, opened Inka Arts last month to share her Peruvian culture with the residents of Simsbury, Connecticut, Andina reports.

Although Esposito moved to the United States from Peru 20 years ago, her connection to her native country is still strong, this is why she says opened a gift shop that features items that are either handmade in Peru or crafted by her, using Peruvian material.

“After my last trip to Peru in 2008 and living for many years in the United States, I have to admit that I took for granted the beautiful hand-crafted materials and products that artisans from the Land of the Incas make, which is an art style that has been handed down to them over generations and generations,” she stated.

Esposito said she believes that by selling Peruvian products, she is helping to improve the lives of artisans and suppliers in her native land, which remains poor and largely underdeveloped.

She makes some of the jewelry she sells, using stones and other items she imports from Peru. Pieces include bracelets, earrings, necklaces and rings.

“The stones are organic, not man-made. They are different from what you find in America, because of the soil in Peru.”

Other materials used to make the jewelry sold at Inka Arts include coconut, cow’s horn, fish scales, fish bones and orange peels, as well as butterfly wings.

The jewelry Esposito sells is made with Peruvian silver, which she said has a higher fineness rating than sterling silver.

Also at her gift shop, people can find leather handbags, wallets and hats, along with musical instruments, toys and dolls, among other products.

It wasn’t a strategic plan [to come to Simsbury]. We wanted to give it a try. We came here because God brought us here,” she told

While unsure if Simsbury will be interested in South American crafts, Esposito is sure that she enjoys the giving back aspect of her business. Ten percent of the gross sales at Inka Arts will go towards Esperantra, an organization in Peru that helps poor people cope with cancer.

Visit the shop's website

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Business | June 28, 2011 [ 9:59 ]

Makro opens Tuesday in Arequipa

Inside Makro in Lima. (Photo: Andina)

The Dutch chain Makro, a multinational company that sells wholesale food as well as other non-food items, announced Monday that it will open its first store in the city of Arequipa with an investment $10 million.

The expansion plan is to build 15 Makro stores by 2013 in Peru, with an investment of $100 million.

The company currently has five stores in the country, three in Lima in the districts of Independencia, Santa Anita and Surco, one in Callao and now one in Arequipa.

The company also plans to build a store in Chiclayo, to be the second chain store in the provinces.

The new Makro in Arequipa, located in the district of José Luis Bustamante y Rivero, "has a total area of 13,500 square meters and an exclusive area for strategic sales divided into fresh, dry and non-food items in order to make purchases quick and easy."

The general manager of Makro Peru, David Poussier, said the city of Arequipa "has the features conducive" to continue with its expansion plans in the country.

"Adding this store in Arequipa is a great opportunity not only because it is the second most important city in the country, but also thanks to its rich culture, its extensive tourism and its exquisite cuisine, it's attractive for any investor," he said.

Makro has operations in Asia with about 50 stores and in South America with about 150 stores in Argentina, Brazil, Colombia, Venezuela and Peru.

Its offerings are targeted at business owners, with a priority of offering quality products at wholesale prices.

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Business | June 28, 2011 [ 8:11 ]

Scotiabank offers banking services at newsstands in Lima, Peru

Scotiabank is the first in the country to offer banking services at streetside newsstands.

Scotiabank has become the first bank to offer banking services in the traditional kiosks selling newspapers and magazines found in the streets of Peru.

The first three kiosks that offered these banking services are in Surquillo and are operated by a business named Nutrial, reports Gestión.

In order to continue to meet the requirements of the bank's customers, it recently opened a fourth location at the intersection of Faucett and Venezuela Avenues, in Callao, installed by A3 Creativa. The company plans to install 15 more in Lima.

These kiosks have small credit card machines (called POS for short), and they can perform operations such as deposits, withdrawals, credit card payments, loan payments, utility payments (electricity, water, telephone, colleges, universities, clinics, financial, insurance, clubs and associations) and phone recharges, saving time and money.

This year A3 Creativa hopes to install a total of 60 kiosks. In the coming years, it will increase to 300 kiosks in Lima and 200 outside of Lima, thus developing a new banking channel.

These "smart kiosks" are also operated in cities like Tokyo, New York, Rio de Janeiro and Buenos Aires, and represent a solution that will formalize, streamline, provide more and better services to the community and promote the economic development of thousands of Peruvian families.

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Business | June 27, 2011 [ 15:42 ]

Use of cell phones increases 7 percent in rural areas of Peru

The use of cell phones grew 7 percent in rural areas of the country. (Photo: Living in Peru archive)

At the end of the first quarter of this year, 74.3 percent of households in Peru have a cell phone, representing an increase of 2.2 percentage points compared to the same period last year, according to the national satistics institute (INEI).

Mobile access increased by 7 percentage points in homes in rural areas, moving from 39.9 percent to 46.9 percent, reports Gestión.

In other urban areas (not including metropolitan Lima), growth was 1.5 percentage points, while metropolitan Lima had a slight reduction of 0.5 percent (from 85.8 to 85.3 percent).

The report compares data on ICT penetration between land lines and cell phones in Peruvian households classified by geographical area.

In towns with more than 2,000 inhabitants, the use of mobile telephones grew 1.5 percent, while land lines decreased by 1.9 percent.

In the first quarter of the year, in towns with fewer than 2,000 inhabitants, the presence of land lines was 2.7 percent, while 46.9 percent have cell phones.

Annualized data for 2010 shows a significant increase since 2004, especially in mobile telephones in metropolitan Lima, rising from 34.2 percent to 83.3 percent. In other urban areas it jumped from 14.7 percent to 81.3 percent and in rural areas from 1.3 percent to 46.2 percent. 

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Business | June 27, 2011 [ 7:43 ]

Lima airport passenger traffic to hit 11 million this year


Jorge Chavez International Airport. (Photo: Andina)

Lima Airport Partners, concessionaire of the Jorge Chavez International airport in Peruvian capital Lima, expects passenger traffic at the airport to reach 11 million by the end of this year.

"In recent years this indicator has grown at an annual rate of ten percent, and only in terms of transit passengers, the number grew 37 percent in the first quarter," general manager Juan Salmon told Andina.

He recalled that Lima's airport handled passenger traffic of 10.2 million in 2010 so there are great chances to achieve this year's target figure.

On the other hand, Salmon said that many foreign airlines are interested in entering the Peruvian market due to the efficiency and services at Jorge Chavez airport as well as the country's dynamic economy.

"We're talking to a number of airlines to which we have given full information about the movement and operation of the airport," he explained.

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