Economy

Peru Leader Names Ex-Central Bank Official as Economy Minister

Published

2 years ago

December 10, 2022

(Bloomberg) — Peru’s new President Dina Boluarte named a US-educated economist who has spent most of his career at the central bank as economy minister, as she tries to restore calm after the turmoil of recent days.

Alex Contreras was deputy economy minister under former President Pedro Castillo, who was ousted on Dec. 7. Contreras worked at the central bank between 2007 and 2019, according to his resume on the ministry’s website. He has also taught Macroeconomics, Monetary Theory, Statistics and Econometrics in local universities.

Read more: Backers of Ousted Peru President Block Roads as Protests Spread

Boluarte is trying to seek allies and establish her authority after the chaos triggered by Castillo’s attempt to dissolve congress. Peru’s stocks, bonds and currency initially slumped as the constitutional crisis unfolded, then rebounded when Castillo was impeached and then arrested hours later.

Boluarte named Oscar Vera as her Mining and Energy Minister. Vera is a chemical engineer who previously worked at the state oil company Petroperu, according to newspaper La Republica. She also named Pedro Angulo, a former prosecutor, to be her prime minister.

Supporters of Castillo are blocking highways in some regions, according to the nation’s transport authority, to demand his release from detention and new elections. These include a strategically important road that links southern provinces where agro-industrial exports such as blueberries and grapes are produced, with Callao, Peru’s biggest port, as well as with the capital.

The demonstrations pose a challenge to Boluarte as she tries to reimpose order. Since the new president doesn’t have a party in congress, she is also at risk of being ousted before her term expires in 2026, if she is unable to get a grip on the situation. Boluarte is the nation’s sixth leader since the start of 2018.

Read more: Peru Castillo Risks 20-Year Sentence as Mexico Offers Asylum

Castillo’s approval ratings had fallen to about 25% by the time he was impeached, but he did still enjoy significant backing among the poorest farmers and some other groups such as teachers.

Read more: Impeached, Jailed, Wanted: President Is a Dangerous Job in Peru

(Corrects spelling of Prime Minister’s first name in fourth paragraph.)

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

13 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

20 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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