Peru

Peru’s New Finance Chief Is Betting on Tax Cuts to Boost Growth to 4%

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 Economy Seen Growing 4% This Year with Stable Inflation

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's Peruvian Subsidiary Starts Insolvency Procedure

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’s $1.3 Billion Gamble on Peru Port Faces Snags From Andes to Amazon

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.
China
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Petroperu Board Resigns as Liquidity Crunch Continues

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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