A Peruvian court on Tuesday sentenced ex-President Ollanta Humala to 15 years in prison for receiving illicit campaign funds from a Brazilian construction firm, making him the nation's latest former leader to head behind bars, Reuters reported. Humala and his wife were accused of receiving funds from Brazilian builder Odebrecht, now known as Novonor, in his successful 2011 election campaign. Humala's wife, Nadine Heredia, was also sentenced to 15 years in prison on Tuesday.
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Telefónica has sold its Peruvian subsidiary, Telefónica del Perú, to Argentine company Integra Tec International for approximately US$ 992,000, marking its exit from the Andean country after three decades, MercoPress reported. The sale, part of Telefónica's strategy to reduce Latin American exposure, follows divestments in Argentina and Colombia. Telefónica del Perú, holding 99.3% of shares, faced a financial crisis, entering bankruptcy proceedings in February.
Peru’s new finance minister is pushing an array of tax incentives early in his tenure in a bid to boost economic growth to its fastest pace in seven years, excluding the pandemic rebound, Bloomberg News reported. Jose Salardi, who took over the finance ministry five weeks ago, is eyeing four key sectors for tax incentives: agriculture, forestry, fishing and the creation of a special economic zone near the recently inaugurated $1.3 billion Chancay port that is set to significantly boost commerce with China.
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Peru's gross domestic product (GDP) will likely expand by 4% this year and rank as the second-fastest growing economy in Latin America, a senior official told reporters on Monday, as inflation is seen holding for another year at around 2%, Reuters reported. The Andean economy is bouncing back from recession, with the government of President Dina Boluarte and the central bank forecasting positive prospects for 2025, including fewer inflationary pressures and more investment.
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Telefonica decided to start insolvency proceedings for its Peruvian subsidiary, aiming to achieve its restructuring, MarketWatch.com reported. The Spanish telecommunications company said late Friday that Telefonica Hispanoamerica--the group's unit that includes assets and operations in Argentina, Chile, Colombia, Ecuador, Peru, Mexico, Uruguay and Venezuela--has granted a credit facility of up to 1.55 billion Peruvian soles, equivalent to $403.8 million, and with a maturity of 18 months, to meet operational cash requirements of Telefonica del Peru.
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China has made a $1.3 billion bet that a new port in Peru will boost access to South America’s agricultural bounty. Cashing in on the investment may be harder than expected, Bloomberg News reported. China’s President Xi Jinping and Peruvian President Dina Boluarte officially inaugurated Chancay port during a ceremony at Peru’s presidential palace in Lima on Thursday. The move epitomizes Beijing’s ambitions to strengthen commerce with South America as the world braces for more restrictive trade measures under US President-elect Donald Trump.
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The board of ailing state-owned company Petroleos del Peru submitted its resignation on Tuesday, Bloomberg News reported. “As several days have passed without the government making a statement, the directors appointed by the general shareholders meeting, unanimously, have presented our resignation,” the members said in a statement.
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