PERU’S ECONOMY GREW 3.4% IN 4Q 2009

LIMA, Feb 28 (NNN-ANDINA) — Peru’s economy expanded 3.4 percent in the fourth quarter of 2009 from a year earlier, following a 0.6 percent fall in the third quarter, the country?s National Statistics Institute(INEI) announced Saturday.

Peru?s economy expanded at the fastest pace since 2008 in the fourth quarter, as higher government spending fueled construction output.

Government spending rose 22 percent in the fourth quarter while private demand increased 2.8 percent as families spent more on consumer goods, the statistics institute said.

Infrastructure outlays spurred a 15 percent rise in construction output. Retail sales climbed 2.2 percent, agriculture production expanded 1.9 percent while manufacturing contracted 2.4 percent.

The government last year spent as much as 80 percent of a $3 billion fiscal stimulus plan, Finance Minister Mercedes Araoz said Feb. 22. The government will continue the stimulus package this year to propel economic output, she said.

Peru?s economy grew at the fastest pace in 14 months in December. Government services accounted for 2.47 percentage points of December?s 6.4 percent rise in GDP, the statistics office said in a statement on its Web site.

The National Statistics Institute (INEI) reported that Peru’s construction industry grew by 14.8% in the fourth quarter of 2009, while the electricity and water sector rose by 3.4%, boosted by favorable results in the electricity sub-sector (3.6%).

According to INEI, the variation of the GDP of the construction sector was sustained by the bigger domestic consumption of cement (10.9%) and the increase in works (97.3%).

?This is thanks to the investments made by the public and private sectors in the execution of many infrastructure works,? it mentioned.

Likewise, it also said that the sub-sector water showed an increase of 1.5% determined by the greater activity in the water treatment plants.

Meanwhile, it highlighted that the trade activity showed a growth of 2.2% in the fourth quarter of 2009 regarding the same period the prior year.

Financial managers and mine managers have the highest wages in Peru, according to a study “Wages and Benefits” issued by the consultant Deloitte on Friday.

This study shows that the average salary of these professionals reaches 30,000 Peruvian soles per month (10,500 U.S. dollars), which means 330,000 Peruvian soles per year (118,250 U.S. dollars), Xinhua reported.

Similarly, consumer sector and telecommunication sector are also well paid. The first one reaches 327,000 Peruvian soles per year (114,738 U.S. dollars), while the second one gets 284,000 soles per year (99,649 U.S. dollars).

Moreover, among juniors, better jobs are in finance, marketing, accounting sectors as well as lawyers and production supervisors.

According to the study, Peruvian companies seek to obtain young people with high potential through training programs, in order to introduce them into the company and give them the opportunity to make career. — NNN-ANDINA

ASEAN ON TRACK TO LIBERALISE ANOTHER 15 SERVICES SUB-SECTORS

PUTRAJAYA, Malaysia Feb 28 (NNN-Bernama) — Asean is on track to liberalise another 15 services sub-sectors in health, telecommunications and tourism under the 8th Package of the Asean Free Trade Agreement (AFTA) on Services.

The 10-member regional grouping will also improve the offers in 65 sub-sectors under the 7th Package of the agreement which came into effect on Jan 1 this year.

Under the improved packages, companies in the Asean region can take up 70 per cent equity in companies in the liberalised sub-sector in member countries, said International Trade and Industry Minister Mustapa Mohamed.

Negotiations are underway to improve offers in the 65 sub-sectors and liberalised another 15 new sub-sectors, he told reporters on the sidelines of the 16th Asean Economic Ministers’ Retreat here Saturday.

Mustapa said it was not Malaysia alone that was opening up but other Asean countries were also doing the same.

Asean member countries have finalised seven packages of liberalisation in the services sector between 1995 and 2009 involving 65 sub-sectors.

Overall, Asean plans to liberalise a total of 128 services sub-sectors under 11 packages by 2015, when it is expected to create the Asean Economic Community.

While Asean appears to accept liberalisation, there are calls to slow down the free trade agreements with third parties although all have pledged that they would fulfil their commitment under the agreements.

There have been complaints about the FTA, particularly on the influx of cheaper goods from China, following the signing of the Asean-China FTA.

The AEM retreat is expected to endorse a study to be commissioned by the Asean Secretariat on the free trade agreements it had signed so far and this will partly determine Asean’s future strategic direction in the regional architecture.

A Philippine official was quoted by the country’s media calling for less haste in negotiating for new trade deals to allow existing ones to be digested first.

The official said his country will call for slower pace in regional bloc’s negotiations for a service pact with India and a cooperation deal with the Gulf states.

As for Malaysia, up to now there is no strong proof that the FTA with China had affected local industries.

China is Malaysia’s biggest trade partner after Singapore, the United States and Japan.

Last year, total trade with China amounted to RM127.9 billion or 12.9 per cent of Malaysia’s external trade.

– NNN-BERNAMA

MALAYSIA: TANJONG AGAS INDUSTRIAL PARK TO BE EQUIPPED WITH HIGH-SPEED BROADBAND

PEKAN, Malaysia Feb 28 (NNN-Bernama) — The Tanjong Agas Oil & Gas and Logistics Industrial Park here will be equipped with high-speed broadband facilities to ensure speedy connectivity from every corner of the world.

Chairman Tengku Abdul Rahman Sultan Ahmad Shah said Tanjong Agas Technology Sdn Bhd was established to help implement the plan by creating a data centre to serve Tanjong Agas Industrial Park which is known as Tanjong Agas Realtime Broadband (TARB).

“The data centre is a state-of-the-art neutral carrier exchange, thrusting more than sufficient bandwidth to the park, enabling fast connectivity,” he said at the launch of the TARB project by Prime Minister Najib Tun Razak.

In the coming months, users in Tanjong Agas would enjoy doing business or banking transactions with partners from all over the world, said Tengku Abdul Rahman.

He said the data centre, located at the Pekan Umno building, served as the data storage for investors and surrounding areas within the East Coast Economic Region development zone.

“Although the data centre complex is relatively small as compared with the data centre in Cyberjaya, it has significant value while awaiting for the permanent complex to be ready at the industrial park in mid-2011,” he said.

He said based on a survey, most of the big corporations, especially in the Klang Valley, preferred to build their data centres away from their main base of operations as part of their risk management effort.

“Having data centres within the same vicinity of the main operations base poses certain risk and that is why some big corporations have expressed the need to relocate their data centres away from the Klang Valley,” he said.

Therefore, Tanjong Agas Technology was offering the facility at its complex to house data centres for big corporations, he said.

Tengku Abdul Rahman said the data centre complex was strategically located with a future design to create a cutting edge marine fiber linkage which is resilient for connectivity around the globe.

Tanjong Agas Technology has already invested five per cent of the total investment of US$150 million, he added.

– NNN-BERNAMA

ASEAN ECONOMIC MINISTERS HOLD INFORMAL TALKS AT GOLF COURSE

PUTRAJAYA, Malaysia Feb 28 (NNN-Bernama) — The 27-hole Equatorial Golf Course in Bangi is the “venue” for Asean economic ministers here for the 16th Asean Economic Ministers’ (AEM) Retreat to have informal talks on issues of mutual concern.

They gathered at the golf course, about 10km from the meeting venue at Putrajaya Marriott Hotel, for a round of golf ahead of the working dinner on Saturday’s night.

Under the cloudy weather with temperatures hovering at 32 degrees celsius, the ministers and senior officials will play 18 holes at the lush greenery course amid quiet ambience.

The ministers are Cambodia’s Senior Minister and Minister of Commerce Cham Prasidh, Indonesia’s Minister of Trade Dr Mari Elka Pangestu, Myanmar Minister for National Planning and Economic Development U Soe Tha, Thailand Vice-Minister of Commerce Alongkorn Ponlaboot and Vietnam Minister of Industry and Trade Nguyen Camtu.

Senior officials playing are Malaysia’s International Trade and Industry Ministry secretary-general Abdul Rahman Mamat, senior director Abdul Ghafar Musa, Malaysian External Trade Development Corporation chief executive officer Noharuddin Nordin, Malaysia-Cambodia Business Council president Mohd Ramli Kushairi, Malaysian Industrial Development Authority senior director Phang Ah Tong and DRB-Hicom Bhd Auto Solutions chairman Bahar Ahmad.

Except Thailand, which is represented by a vice-minister, all other Asean countries are represented by ministers at the two-day retreat beginning Saturday.

Among issues discussed at the retreat are the effects of several free trade agreements (FTAs) signed with major trading partners over the years, particularly on the impact on domestic industries.

Asean has inked FTAs with Australia, China, India, Japan and South Korea.

The ministers will also deliberate on the future direction of Asean after the creation of Asean Economic Community (AEC) in 2015.

Earlier, International Trade and Industry Minister Mustapa Mohamed said the main challenge for the Asean Retreat is to find ways to boost intra-Asean trade to surpass the 25 per cent annual percentage from the total trade to at least 30 to 35 per cent in the near future.

Other issues to feature prominently are ensuring Asean countries are steadfast in their commitments as stipulated in the AEC Blueprint and on the new economic integration model after realisation of the AEC in 2015.

– NNN-BERNAMA

ALGERIA: SONATRACH ANNOUNCES THREE HYDROCARBON FINDS

ALGIERS, Feb 28 (NNN-APS) — National oil group Sonatrach announced Saturday it had made in own efforts three hydrocarbon finds in the basins of Berkine and Oued Mya.

These findings, which are the first made by Sonatrach during the year of 2010, were made following the drilling of three wells, the national oil company said in a statement.

The company worked in wells of Garet El Khatem (GRK-1) located within the perimeter Zemoul El Kbar II (block 403d), the wells of El Kheit Tessekha extension -1 (EKT ext-1) located within the perimeter Ledjmat Menzel (block 405a) in the basin of Berkin, and wells of Guellala west (GLO-1), located within the Southern El M’Zaid (block 438c) in the Oued Mya basin, according to Sonatrach. — NNN-APS

MALAYSIA: POSITIVE GROWTH IN SEVERAL SECTORS FUELLED ECONOMIC RECOVERY, SAYS MINISTER AHMAD HUSNI

IPOH, Malaysia Feb 28 (NNN-Bernama) — Malaysia’s recovery from the global economic crisis were fuelled by positive growth registered by various sectors and not solely due to the accelerated implementation of the RM67 billion economic stimulus package, says Second Finance Minister Ahmad Husni Hanadzlah.

He said the Opposition claims that Malaysia’s 2009 “better than expected” fourth quarter economic performance was the direct result of the whopping RM67 billion stimulus package was totally baseless.

“The economic recovery in the United States and Europe also provided the advantage to Malaysia. While we did not reduce our exports to Europe, we also increased our exports to Asian countries.

“Previously, our country registered a trade deficit with China, but it was no longer the case now as within a two-year period, we have recorded a trade surplus,” he told reporters after launching the “Pintar MAS” programme at Sekolah Kebangsaan Manjoi Dua here on Thursday.

Ahmad Husni said the high growth rate recorded by several economic sectors provided the impetus for the country to recover from the economic crisis that plagued the world.

For instance, he said, the manufacturing sector recorded a negative growth in the first, second and third consecutive quarters last year, but rebounded in the fourth quarter, with a positive growth.

“In the first quarter, the sector registered -17.9 per cent growth, second quarter -14.5 per cent, third quarter -8.6 per cent and in the fourth quarter 5.3 per cent. All these contributed to the nation’s economic growth,” he added.

Prime Minister Najib Tun Razak, when announcing the 2009 fourth quarter economic performance on Wednesday, said the worst was over for the country.

The 4.5 per cent economic growth registered in the fourth quarter of last year was beyond expectation, amid strengthened domestic and external demand, said Najib, who is also Finance Minister.

For the year 2009, the economy contracted by 1.7 per cent, lower than the -3 per cent projected earlier, he added.

– NNN-BERNAMA

PERU: PRES GARCIA PLEDGES SUPPORT TO QUAKE-HIT CHILE

LIMA, Feb 28 (NNN-ANDINA) — Peruvian President Alan Garcia Perez has expressed his solidarity and support to the Chilean people and government following an 8.8-magnitude earthquake off the coast of Chile earlier Saturday.

“We extend our solidarity and we are at the service of the Chilean government and people for what they need from us,? he said.

President Garcia also stressed the need to take preventive measures against earthquakes such as those which struck Haiti, Japan and Chile.

Garcia Perez added that so far there are no reports of Peruvian casualties.

President Garcia also passed a supreme ordinance, setting March 1 as a national mourning day in solidarity with the Chilean government and people affected by a strong earthquake earlier today.

The document states that the quake which has caused the death of Chilean citizens and considerable material damage is not only a tragedy for the Republic of Chile, but also for humanity.

Therefore, the Peruvian national flag will be hoisted half mast on March 1 at all public buildings, military installations, bases, ships, police stations and other state buildings throughout the country.

Moreover, this ordinance will be effective in diplomatic and consular missions as well as Peru permanent representatives in foreign countries.

Prime Minister Javier Velasquez Quesquen also said that, so far, there are no reports of casualties among Peruvian residents in Chile.

“We will contact Chilean authorities to know the state of Peruvian citizens who are in Chile and to see how we can help them,” he said.

Meanwhile, a 4.2-magnitude earthquake hit Saturday the southern Peruvian department of Ica, Peru?s Geophysical Institute (IGP) reported.

The quake struck at 09:33 hours (14:33 GMT) and there were no immediate reports of injuries or damage.

According to the IGP report, the epicenter of the quake was 2 km west of Ica, at a depth of 65 km.

Peru is located on the Pacific’s Ring of Fire, an intensely seismic region of the planet. — NNN-ANDINA

MALAYSIAN PM NAJIB: BN’S OPEN MEMBERSHP NEEDS APPROVAL OF SUPREME COUNCIL FIRST

PEKAN, Malaysia Feb 28 (NNN-Bernama) — Prime Minister Najib Tun Razak said the proposal for the implementation of an open membership system for the Barisan Nasional (BN) must get the approval of the BN Supreme Council beforehand.

He said a special committee to amend the BN constitution, chaired by Hishammuddin Tun Hussein, would present various concrete proposals including the implementation of the BN open membership to rebuild BN’s strength.

“This is because it involves amendments to the (party) constitution, so the amendments to the constitution must be approved by the Supreme Council beforehand.

“In conjunction with the BN convention this year, I propose that we amend the constitution,” he told reporters after launching the Tanjung Agas Real-Time Broadband, here Saturday.

Also present were Pahang Menteri Besar (Chief Minister) Adnan Yaakob and Tanjung Agas Technology chairman, Tengku Muda Pahang Tengku Abdul Rahman Sultan Ahmad Shah.

Najib, who is also the BN chairman, said all the proposals would be discussed at the BN management committee before they were accepted by the BN Supreme Council.

On the BN convention, Najib said the date for the convention had yet to be decided.

Friday, Umno Youth head Khairy Jamaluddin said the BN open membership must be speeded up in order to increase support for the BN.

– NNN-BERNAMA

THAILAND: THAKSIN’S LAWYERS LIKELY TO APPEAL SUPREME COURT’S ASSETS SEIZURE VERDICT

BANGKOK, Feb 28 (NNN-Bernama) — The legal team of Thailand’s ousted, fugitive prime minister Thaksin Shinawatra have begun assessing the verdict by the Supreme Court in seizing Bt46.37 billion of his frozen assets and are most likely to contest the case, Thai News Agency said.

According to Noppadon Pattama, Thaksin’s legal adviser said “the lawyers began studying the verdict early Saturday and would seek to make an appeal under either the Thai or international legal framework”.

Under Thai court procedures defence attorneys may present new evidence on to the case within 30 days, starting from the date the verdict was handed down, Noppadon, a former Thai foreign affairs minister, said.

On Friday, the court ordered the seizure of Bt46.37 billion of the total Bt76.6 billion in frozen assets claimed by the Thaksin family. The court ruled that Thaksin and his former wife had concealed their declarable assets and that the ex-premier had abused his position as premier to enrich their businesses.

Noppadon said Thaksin’s lawyers will issue a statement within one or two days and expected to initially seek justice in Thailand because there remain several issues to be presented to the court.

He added that the legal team also considered the option of taking the case to the international arena.

Noppadon read Thaksin’s statement saying that the deposed premier and his family did not receive justice and were against the verdict because it was “against the law and the facts”.

Stressing that the seized assets were derived from his previous work before he entered politics, the statement said that the assets belong to his family and children so it was unfair to them.

– NNN-BERNAMA

PARIS CLUB CUTS DR CONGO’S DEBT BY HALF

PARIS, Feb 28 (NNN-AFROLNEWS) — The Democratic Republic of Congo could see half of its debt to the Paris Club of creditors written off, according to an agreement announced by the members.

The agreement follows on the International Monetary Fund’s (IMF) approval in December of a loan arrangement for the DRC, making the country eligible for an IMF debt relief programme.

According to the announcement, of $3 billion covered in the new agreement, $1.3 billion will be cancelled and almost $1.7 billion rescheduled, while debt service payments have been deferred until after July 1, 2012.

The Club said repayments had also been deferred taking into consideration of the DRC?s financial capacity to repay. More relief has also been promised on the DRC if the country meets some of its obligations under the Highly Indebted Poor Countries (HIPC) initiative.

“The Democratic Republic of Congo is committed to devote the resources that otherwise would have gone to Paris Club creditors to priority areas identified in the country’s poverty reduction strategy paper,” the statement by the Paris Club said.

The DRC is said to have a debt of $6.9 billion with the Paris Club as at the end of June last year. — NNN-AFROLNEWS