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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Peru
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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