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Francisco Sagasti
Francisco Rafael Sagasti Hochhausler OSP (American Spanish: [franˈsisko rafaˈel saˈɣasti xoˈxawzler] (About this soundlisten); born 10 October 1944) is a Peruvian engineer, academic, and author, who is the current President of Peru since 17 November 2020.
Tuesday, August 2, 2011
Peru Stocks Buenaventura, Cerro Verde, Panoro, Southern Copper
Foreign Minister Rafael Roncagliolo said Monday that the Peruvian government will honor its commitment to develop a "multilateral foreign policy," on the basis of consultation and regional integration.
Roncagliolo said this issue will be one of the priorities in the Ministry's international activity, seeking to achieve consensus and open dialogue with the countries of the region.
Roncagliolo added that "there will be changes and new emphasis" on the foreign policy, outlined by the government and the address to the nation of President Ollanta Humala.
He pointed out that a major goal in his new position will be to strengthen integration within the Union of South American Nations (UNASUR) and the Andean Community of Nations.
In this regard, he emphasized that the UNASUR and CAN summits held in Lima on the ocassion of President Humala's inauguration "allowed to focus on the Andean integration and the fight against inequality.
The Lima General Index was little changed at 21,959.67. The MSCI All Peru Capped Index fell 0.4 percent to 2,722.20.
Miners and industrial stocks declined after U.S. shares and metals slumped in New York, Jose Luis Bustamante, head of trading at Cartisa SAB, said in a telephone interview.
Southern Copper Corp. (SCCO) , Peru’s biggest copper producer, fell 3.7 percent to $34.30 Panoro Minerals Ltd. (PML) , a Canadian copper and gold exploration company, dropped 3.5 percent to 55 cents. Sociedad Minera Cerro Verde SA (CVERDEC1 PE), a unit of Freeport-McMoRan Copper & Gold Inc., slid 1.4 percent to $43.80. Cia. de Minas Buenaventura SAA (BVN PE), the country’s biggest precious-metals miner, fell 1.3 percent to $40.70.
Casa Grande (CASAGRC1 PE), Peru’s largest sugar producer and a unit of Gloria SA, declined 1.2 percent to 16.40 soles after futures fell for a third day in New York.
Peru to beef up state energy companies
LIMA - Peru Finance Minister Luis Miguel Castilla said Monday that the government is advancing in talks with mining companies on how best to increase taxes without affecting the sector's competitiveness.
"It is an important topic that requires a quick resolution," Castilla said in an interview with Radio Programas.
President Ollanta Humala took office on July 28 with promises to raise taxes on mining companies, which have been posting strong profits, thanks to record metals prices.
Investors have expressed concern that the initiative could affect planned investments of $42.5 billion in the sector this decade.
Members of Humala's Gana Peru party began discussions with the National Mining, Oil and Energy Society, or SNMPE, before the new government took office, Castilla said. "We are now in a technical phase and defining the different formulas to be able to reach the objectives that we have as a country," he said.
The government plans to use resources from the new tax to finance public works in areas that don't receive a regional mining tax. Half the income tax paid by mining companies goes to the governments of the regions in which they operate.
Mining companies contribute millions of dollars as a result of the tax every year, although about 80% of the funds are distributed to only eight of Peru's 24 regions, Castilla said. "It's going to be a tax regime that maximizes the state's resources, but without compromising the future of important investment projects," he added.
In early July, SNMPE President Pedro Martinez said that the mining society was willing to talk with the incoming Humala government, but that he didn't believe a windfall tax would be feasible. Instead, he pointed to an existing voluntary contribution program as a good model.
On Friday, Southern Copper Corp.'s (SCCO, SCCO.VL) parent company, Grupo Mexico SAB (GMEXICO.MX), said it is confident the Peruvian government will "maintain and provide its international competitiveness within the worldwide mining industry."
He spoke hours after Finance Minister Luis Miguel Castilla said modernizing public companies was important and state oil and gas company PetroPeru could be opened to private investment.
Peru's state-owned energy companies do not have the market share or international importance that Brazilian energy giant Petrobras or Chile's miner Codelco enjoy, and most Peruvian companies were privatized in the 1990s.
"When you look at economies like Colombia, Chile or Brazil you see a totally different situation," said Herrera at a press conference. "What we're looking at is allowing state companies to have a greater involvement in the management of the state."
Companies that could be reformed or expanded, possibly with the introduction of private capital, include PetroPeru and ElectroPeru, the state electricity company.
President Ollanta Humala swears in Cabinet
Ollanta Humala has taken office as Peru's president, pledging in his inaugural address to ensure that all Peruvians will benefit from the country's economic growth.
Addressing Congress after being sworn in Thursday in Lima, President Humala said “economic progress” and “social inclusion” must work together.
Mr. Humala was elected on promises he would more evenly distribute the country's mining wealth and the profits of the country's recent economic growth. Thirty percent of Peruvians currently live below the poverty line.
In the campaign, however, Mr. Humala downplayed his former leftist economic stance. He has sought to reassure foreign investors he will govern as a moderate, retaining two members from the administration of his predecessor, Alan Garcia. Julio Velarde stays on as central bank chief. A deputy finance minister, Luis Miguel Castilla, has been named finance minister. Both men are seen as closely tied to Peru's recent economic growth.
A number of South American leaders attended Thursday's inauguration ceremony, including the presidents of Argentina, Brazil, Chile, Colombia, and Ecuador. The secretary-general of the Organization of American States, Jose Miguel Insulza, and the U.S. ambassador to Peru were also expected to attend.
Mr. Humala's former mentor, Venezuela's leftist President Hugo Chavez, currently undergoing treatment for cancer, did not attend the ceremony.
Prime Minister Salomon Lerner Ghitis, 65, is a businessman who studied industrial engineering at Lima-based Universidad Nacional de Ingeniería. He was named general manager of Empresa Pública de Comercialización de Harina y Aceite de Pescado (Fishmeal and Fish Oil Marketing Authority) during the 1968-1975 government of Juan Velasco.
He served as deputy trade minister during the 1975-1980 administration of Francisco Morales. He became a leading member of the Transparencia election-watch association in 2001 and was president of Peru's Corporación Financiera de Desarrollo (Cofide) during the government of Alejandro Toledo.
Minister of Foreign Affairs, Rafael Roncagliolo Orbegoso, 67, is a sociologist and journalist who has been a professor at Peru's Diplomatic Academy and at Lima's Pontificia Universidad Catolica. Between 1982 and 1986, Roncagliolo was vice president of the association of investigations in mass communications and a member of the executive board of the world radio and television council.
He was also secretary general of Transparencia and has been a consultant to the InterAmerican Institute of Human Rights, UNESCO, UNDP, the OAS, IADB, and the Washington, DC-based International Foundation for Electoral Systems and the National Democratic Institute for International Affairs.
Minister of Economy and Finance, Luis Miguel Castilla, 42, was deputy finance minister during the 2006-2011 administration of Alan Garcia. He holds doctoral and master’s degrees in economics from Johns Hopkins University in the United States and graduated with honors from Montreal's McGill University.
He has worked at the Latin American Development Bank (CAF), the World Bank, Peru's Private Investment Commission (Copri), and the Inter-American Investment Corporation.
Minister of Energy and Mines, Carlos Herrera Descalzi, 66, is an engineer who held this post during the 2000-2001 transition government of Valentin Paniagua. He signed the initial contracts for the exploitation of the Camisea gas. He graduated from the Universidad Nacional de Ingeniería and was most recently dean of Peru's Colegio de Ingenieros.
Minister of Women and Social Development, Aida Garcia Naranjo, 60, studied education at Lima's Pontificia Universidad Catolica and has a master’s degree in political science and government from the same university. She worked at the Lima city council between 1990 and 1993.
She has been advisor to the Peasant Confederation of Peru, the Secretariat on Women's Affairs, and the National Center for Women Miners. She is author of a number of books on women in urban and rural settings.
Minister of Defense, Daniel Mora Ballon, 66, is a retired army general elected to Congress representing the province of Callao. He studied at the Ecole Militaire in Paris and led the Peruvian team for the Declaration of Itamaraty, in the peace negotiations led by Brazil following the Peru-Ecuador (Cenepa) war in 1995.
He has served as secretary general of Peru's Ministry of Transport and Communications and head of the National Intelligence Council (CNI) during the 2001-2006 administration of Alejandro Toledo.
Minister of Environment, Ricardo Giesecke Sara Lafosse, is a physicist and specialist in environmental issues. He has been deputy energy minister, coordinator for the Andean Community (CAN) in Peru and head of the Climate Change and Air Quality Unit of the National Environment Council (CONAM).
Minister of Production, Kurt Burneo Farfan, 50, studied economics at the Universidad Nacional Mayor de San Marcos and holds master's degrees from the University of São Paulo and Lima's Pontificia Universidad Catolica.
Burneo also has a doctoral degree in business administration from the ESADE Ramon Llull University. He has been deputy finance minister, central bank director and president of state-run Banco de la Nacion during the Toledo administration.
Minister of Foreign Trade and Tourism, Jose Luis Silva Martinot, is a former president of the Peruvian Exporters' Association (Adex) who recently said that he planned to "take full advantage of the free trade agreements signed by Peru with various countries around the globe, including the United States, China and the European Union. Silva ran Adex twice from 2007-2008 and from 2009-2010.
Minister of Interior, Oscar Valdes Dancuart, 62, is a former army colonel who retired in 1991 and since then has been in private business in the southern Tacna region, active in the local Chamber of Commerce and on the board of the Tacna-based Industrial Training Institution (Senati).
Minister of Justice, Francisco Eguiguren Praeli, is a constitutional lawyer who has a master's degree from Lima's Pontificia Universidad Catolica. He has been a professor and legal adviser on human rights and justice.
Minister of Health, Alberto Tejada Noriega, 54, is a physician and a former football referee. He was mayor of Lima's San Borja district from 2003 to 2010.
Minister of Labor and Employment Promotion, Rudecindo Vega Carreazo, 48, is a lawyer who served as minister of housing in the Toledo administration. He is a consultant on issues relating to decentralization, poverty reduction, regional development, water and sanitation, housing, urban development and environment.
Minister of Housing, Construction and Sanitation, Rene Cornejo Diaz is a businessman and former director of Peru's Private Investment Promotion Agency (ProInversion). He also served as executive secretary of mortgage lending fund Mivivienda from 2002 to 2004.
Minister of Agriculture, Miguel Caillaux Zazzali, is an engineer and livestock entrepreneur who recently headed the National Dairy Farmers Association.
Minister of Transport and Communications, Carlos Paredes Rodriguez, is a businessman who has a master's degree in business administration from ESAN. He also studied at the J.L. Kellogg Graduate School of Management in the United States. He is general manager of the Arequipa-based company Alprosa and director of the Arequipa Chamber of Commerce.
Minister of Education, Patricia Salas O’Brien, is a sociologist and member of the National Education Council. She has a master's degree in development strategies and social policies from Arequipa's Universidad San Agustín. She is a researcher at the Education Policies Institute of the Jesuit university Antonio Ruiz Montoya.
Minister of Culture, Susana Baca de la Colina, 67, is a singer of Afro-Peruvian descent. She has won global acclaim for her music, which mixes African and Andean rhythms, and for her work in preserving the cultural heritage of Peruvians descended from slaves.
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