Category Archives: Peru

Peru approves net neutrality regulation

Peruvian regulator Osiptel has approved the country’s net neutrality regulation, following consultations over more than a year. Under the new rules, operators can not arbitrarily block or restrict access to certain applications, domains, IP addresses or services in order to favor the use of their own products. The regulation takes effect from 02 January 2017.

Osiptel said the rules establish the principles of freedom of access and equal treatment in the use of networks, as well as transparency in information to end-users. The regulation also covers traffic management by ISPs and what is allowed to preserve the security and integrity of networks.

Odebrecht selling 55 percent stake in $5 billion natgas Peru pipeline

Odebrecht SA, the engineering company at the center of a massive graft probe in Brazil, is selling its 55 percent stake in a $5 billion natural gas pipeline project in Peru, the pipeline manager told Reuters on Friday.

David San Frutos said international creditors interested in financing $4.1 billion of the project had asked that it have no links to Odebrecht or the corruption probe in Brazil, known as “Operation Car Wash.”

Spanish utility Enagas SA, which now controls 25 percent of the project, is interested in buying 6 percent of Odebrecht’s stake, said San Frutos, who heads Enagas’ Peru unit.

“The remaining 49 percent will be acquired by another company or other companies” but must be approved by both Enagas and the project’s other junior partner Grana y Montero SAA, San Frutos said in an email.

Odebrecht Latinvest, the company’s investment unit for Latin America, said in a statement that it was evaluating proposals and declined further comment.

Enagas and Grana y Montero, which owns 20 percent in the pipeline concession, took over management of the project last month to distance it from the probe in neighboring Brazil, where the former head of Odebrecht has been convicted of bribery, money laundering and organized crime.

Odebrecht is selling billions in global assets, including a hydroelectric dam and a road concession in Peru, to raise capital as it grapples with rising debt in the wake of the corruption scandal, its chief executive told Brazilian newspaper Folha de S.Paulo in an interview published April 1.

Read the full article on Reuters.

Moody’s: Peru’s GDP to grow 4% this year, 4.5% in 2017

Moody1Moody’s Investors Service Sovereign Risk Group Vice-President Jaime Reusche estimates the Peruvian economy will expand by 4% this year and 4.5% in 2017, surpassing International Monetary Fund (IMF) and World Bank Group (WBG) projections.

The International Monetary Fund (IMF) on Tuesday rose Peru’s economic growth projection from 3.3% to 3.7% for this year; while the World Bank Group raise its projection from previous 3.3% to 3.4%, although it affirmed that Latin America and the Caribbean will remain mired in recession with contraction of 0.9% this year.

Reusche claims that, according to the latest report on Peru and election results, GDP growth in real terms bottomed out in 2014 after a growth rate of 2.4% that year, reached a turning point at the beginning of 2015, and then saw a rebound to 3.3% last year.

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Peru’s economy grows 6.39 percent in December

Peru’s economy grew 6.39 percent in December from a year earlier, the strongest rate of growth in two years, the government said. The country’s economy grew 3.2 percent in all of 2015, a figure that beat forecasts, according to the Andean nation’s statistics agency INEI. In December, economic activity was boosted by higher mining output thanks to the start of production at new copper mines.

Read the full article on MarketWatch