How currency crises impact on stock markets: a cointegration analysis

This dissertation aims to study the impact of currency crises on stock markets and to conclude on the existence of cointegration relationships through the estimation of cointegrating equations using VECM models. Taking into account the currency crises of the Russian Ruble, Chinese Yuan, British Pound and the Turkish Lira, different samples were collected for each currency and subsequently divided in three time periods: the period before, during and after the currency depreciation. The dissertation analyses the connection between the daily results of the exchange rates and the stock indexes chosen from each country where the crisis occurred and from each continent (American, European and Asian indexes) in order to understand whether there is cointegration between the stock markets and the currencies studied. The results suggest the existence of interdependence between currency crises and stock markets, concluding that currency crises strengthened and reinforced the markets comovements. There is a greater proximity of Russia to European markets, the growth of the American and British markets lead to a strengthening of the Chinese Yuan against the Dollar and the Dollar against the Pound, respectively, Brexit had a greater impact on European markets than on British, most currencies had a slow recovery, currency crises had an impact on global markets and finally the FTSE 100 and Shanghai Composite Index after the currency crisis showed better results than in the period before the crisis, coming out stronger.Esta dissertação tem como objetivo estudar o impacto das crises cambiais nas bolsas de valores e concluir sobre a existência de relações de cointegração ao estimar as equações de cointegração usando modelos VECM. Tendo em conta as crises cambiais do Rublo Russo, Yuan Chinês, Libra Britânica e Lira Turca, foram recolhidas amostras para cada moeda e subsequentemente divididas em três períodos temporais: período antes, durante e depois da depreciação da moeda. A dissertação analisa a conexão entre os resultados diários das moedas e índices de ações escolhidos de cada país onde a crise ocorreu e de cada continente (índices americanos, europeus e asiáticos) de forma a compreender se existe cointegração entre os mercados de ações e as moedas estudadas. Os resultados sugerem a existência de interdependência entre as crises cambiais e os mercados de ações, concluindo que as crises cambiais fortaleceram e reforçaram os comovimentos dos mercados. Existe maior proximidade da Rússia aos mercados europeus, o crescimento do mercado americano e britânico levam ao refortalecimento do Yuan Chinês em relação ao Dólar e do Dólar em relação à Libra, respetivamente, o Brexit teve maior impacto no mercado europeu que no britânico, a maioria das moedas tiveram uma recuperação lenta, as crise cambiais tiveram impacto nos mercados globais e finalmente o FTSE100 e Shanghai Composite Index depois da crise cambial apresentaram melhores resultados do que no período antes da crise, saindo refortalecidos

Are ecosystem services provided by insects “bugged” by micro (nano)plastics?

Although the study of the effects of microplastics increased in the last years, terrestrial ecosystems remain less studied. In fact, the effects of microplastics in insects, the most abundant group of animals and major providers of key Ecosystem Services, are not well known despite the potential cascading negative effects on the ecosystems functioning in the habitats where they occur. In this paper, a revision on available studies on microplastics contamination is provided and potential consequences to major Ecosystem Services provided by insects are discussed, using the Common International Classification of Ecosystem Services (CICES) methodology. The revision underpinned probable and potential impacts for all tree CICES divisions, i.e.: Provision, Regulation and Maintenance and Cultural Services. The available studies seem to show that different groups react differently to microplastics contamination, which clearly indicates that the effects in Ecosystem Services provided by insects need a more empirical and targeted approach.publishe

Influência da dotação de rega na produção de sorgo sacarino

Esta dissertação foi elaborada com base em resultados de um ensaio realizado no Centro de Estudos e Experimentação da Mitra, da Universidade de Évora. A experimentação teve por objectivo avaliar a influência da dotação de rega na produção de sorgo sacarino (Sorghum bicolor (L.) Moench ssp. saccharatum), tendo-se utilizado a variedade "Índia". As modalidades de rega ensaiadas foram as seguintes: 1500, 2500, 3500 e 4500 m3lha. Para avaliar o desempenho das plantas, sujeitas às diferentes dotações, foram determinados os seguintes parâmetros: produção de matéria verde e seca em caules; concentração de sólidos solúveis; produção de sumo; concentração de sacarose, frutose e glucose nos caules; e produção total de açúcares. Em termos de concentração de açúcares totais os valores oscilaram à medida que a dotação aumentou, não se tendo verificado um decréscimo gradual. No que diz respeito à produção total de açúcares, verificou-se que o valor mais elevado (5,1 t/ha) foi obtido a partir da dotação de 4500 m3/ha. - ABSTRACT: The present dissertation was elaborated from the results of an essay that took place at Mitra Experimental Research Station of the University of Évora. The research was carried out with the objective of evaluating the influence of the amount of irrigation water in the production of a variety (Índia) of sweet sorghum (Sorghum bicolor (L.) Moench ssp. saccharatum). The amounts of water tested were: 1500, 2500, 3500 and 4500 m3/ha. ln order to evaluate plant response to the different amounts of water applied the following parameters were evaluated: fresh and dry matter production of the stalks; concentration of soluble solids; production of juice; concentration of sucrose, fructose, and glucose in the stalks; and total amount of sugars produced. With respect to sugars concentration the values oscillated as the amount of water provided increased and no gradual decrease was observed. ln what concerns the total sugar production, there was a tendency for the best results (5,1t/ha) to be obtained when 4500m3 of water per hectare were provided

Compostos fenólicos em aparas de madeira para uso enológico

O envelhecimento de vinhos em madeira é cada vez mais uma prática comum e obrigatória em enologia, permitindo enriquecer sensorialmente os vinhos devido à libertação de compostos a partir da madeira, sendo o carvalho a principal espécie usada para este fim. Neste ensaio, as madeiras de cerejeira, acácia, carvalho nacional e castanheiro, submetidas a quatro tratamentos térmicos, foram colocadas numa solução hidroalcoólica (12% etanol , pH=3.2). Mediu-se espectofotometricamente o teor de polifenóis totais, a absorvância a 280 nm e os espectros de absorvância (λ:250-450nm) e os extractos foram analisados por HPLC-DAD, tendo sido quantificados 12 compostos fenólicos. Em relação aos parâmetros analisados, as madeiras de carvalho e de castanheiro cederam maiores teores de compostos fenólicos ao meio do que as madeiras de cerejeira e acácia. Relativamente à tosta, esta alterou significativamente a composição química das madeiras, provocando a degradação de alguns compostos e o aparecimento ou enriquecimento de outros; ### Abstract: Ageing wine in wood is an increasingly common and mandatory practice in winemaking, allowing sensorial enrichment of wines due to the release of compounds from the wood, being oak the main specie used for this purpose. In this work, cherry, acacia, portuguese oak and chestnut woods, subjected to four toasting levels, were placed in a hydroalcooholic solution (12% ethanol, pH = 3.2). Total polyphenol content, absorbance at 280 nm and absorbance spectra (λ:250-450nm) were determined by spectrophotometry and extracts were analyzed by HPLC-DAD, allowing quantification of 12 phenolic compounds. Regarding the analyzed parameters, oak and chestnut woods released higher levels of phenolic compounds into solution than cherry and acacia woods. Toasting level changed significantly the chemical composition of woods, causing the degradation of some compounds and the appearance or enrichment of others

Melhoria do processo produtivo de uma fundição do ramo automóvel

A presente Dissertação foi desenvolvida no âmbito da unidade curricular Dissertação/ Tese do 2º ano do Mestrado em Engenharia Eletrotécnica e de Computadores, ramo de Sistemas e Planeamento Industrial, no Instituto Superior de Engenharia do Porto. O presente trabalho prevê a melhoria do processo produtivo de uma fundição do ramo automóvel, e foi desenvolvido numa produtora de componentes automóveis em ferro fundido nodular, de origem Indiana, sediada na Maia e denominada de Sakthi Portugal S.A. Sendo a industria automóvel um dos mais importantes e exigentes setores da atividade industrial, é imprescindível que todos os recursos e respetivo sistema produtivo sejam capazes de responder ás solicitações de um mercado cada vez mais competitivo. A crescente competitividade do setor industrial exige que as organizações sejam capazes de servir os seus clientes quando necessário, nas quantidades necessárias e com níveis de qualidade para lá do satisfatório. Vetores como qualidade, segurança e ergonomia, melhoria contínua ou produtividade são chave para que as organizações atinjam fluxos e performances produtivas satisfatórias. Este trabalho pretende avaliar e analisar o setor de acabamentos da Sakthi Portugal, antes e depois de melhorias implementadas, com o propósito de aumentar a produtividade e eficiência global do setor. Primeiramente foram analisados e identificados os desperdícios e ineficiências do setor. Em resultado da implementação de melhorias no produto, no processo e diretamente no setor foi possível atingir os objetivos definidos. O retorno foi positivo ao nível de indicadores como a produtividade, OEE e não qualidade interna. Estes fatores tornaram a Sakthi Portugal mais competitiva e com níveis de satisfação do cliente muito superiores.The present dissertation was developed as a part of the curricular unit Dissertation/ Thesisof the 2nd year of Masters in Electrical and Computer Engineering, specialization in Industrial Planning and Systems, by the Instituto Superior de Engenharia do Porto. This work predicts the improvement in production process of an automotive foundry and it was developed in a producer of automotive components in nodular cast iron, of Indian origin, wich is based in Maia called Sakthi Portugal S.A. As the automotive industry is one of the most important and demanding markets in the industrial activity, it is indispensable that all the resources and respective productive apparatus are able to respond to the needs of a market that is more competitive every day. The increasement of the competitiveness on the industrial sector demands that the organizations are able to serve their clients when necessary, in the right quantities and with quality levels beyond satisfactory. Vectors like quality, security, ergonomics, continuous improvement and productivity are key-words for organizations to reach satisfactory productive flows and performances. It is the intent of this work to evaluate and analyze Sakthi’s finishing sector situation, before and after the implementation of the improvement measures, with the intent of increasing the sector’s productivity and global efficiency. Initially the sector’s wastes and inefficiencies were identified and analyzed. As a result of the implementation of product improvement, in the process and directly in the sector, it was possible to achieve the goals defined. The return was positive when it comes to productivity indicators, OEE and levels of internal scrap. These factors made Sakthi Portugal more competitive and with better client satisfaction levels

Editorial

UIDB/00417/2020 UIDP/00417/2020Revista de História da Arte - Serie W, issue 11, brings together updated and expanded versions of selected papers presented at the Times and Movements of the Image international conference, held in Caldas da Rainha and Lisbon on 15 and 16 November 2018. Resulting from a call for papers and invitational participations of internationally recognized keynote speakers, the event intended to discuss the contemporary meanings, functions and temporalities of the image, probed in their limits and potentialities across different media and disciplines.publishersversionpublishe

Times and Movements of the Image

UIDB/00417/2020 UIDP/00417/2020publishersversionpublishe

Engineering Saccharomyces cerevisiae for the production of sugaralcohols

Excess sugar intake contributes to weight gain, obesity, and related diseases [1]. Considering the growing demand for healthier products, most food manufacturers are focused on the reformulation of foods and beverages to reduce added sugar, using natural sweeteners and combinations of these ingredients. Arabitol is a sugar alcohol presenting similar properties to its isomer xylitol, a well-established sugar substitute [2]. The microbiological production of these sugar alcohols has received growing interest as an alternative to the expensive chemical synthesis that involves negative environmental effects. The yeast Saccharomyces cerevisiae considered a platform cell factory for sustainable biorefineries [3], encodes in its genome an NADPH-dependent aldose reductase that converts aldoses into their corresponding alcohols [4]. Taking advantage of its broad substrate specificity, we demonstrate the feasibility of using an engineered industrial yeast strain for the simultaneous conversion of arabinose and xylose to arabitol and xylitol. In addition, the recombinant strain was further engineered to improve arabinose transport capacity, improving the arabinose to arabitol conversion yield. This strategy for the simultaneous production of sugar alcohols is a step forward in the development of a multi-chemical yeast production platform capable to convert bulk sugars present in agro-food residues, contributing to the establishment of a bioeconomy.This study was supported by the Portuguese Foundation for Science and Technology (FCT) - UID/BIO/04469/2020 unit; Ph.D grant SFRH/BD/132717/2017 to Sara L. Baptista and Ph.D. grant SFRH/BD/146367/2019 to Pedro O. Soares This study was also supported by BioVino project (0688_BIOVINO_6_E), funded by INTERREG España - Portugal and European Regionalinfo:eu-repo/semantics/publishedVersio