Foreign investment and the Brazilian real estate market

This article discusses the main aspects of the Brazilian real estate market in order to illustrate if it would be attractive for a typical American real estate investor to buy office‐building portfolios in Brazil. The article emphasizes: [i] — the regulatory frontiers, comparing investment securitization, using a typical American REIT structure, with the Brazilian solution, using the Fundo de Investimento Imobiliário — FII; [ii] — the investment quality attributes in the Brazilian market, using an office building prototype, and [iii] ‐ the comparison of [risk vs. yield] generated by an investment in the Brazilian market, using a FII, benchmarked against an existing REIT (OFFICE SUB‐SECTOR) in the USA market. We conclude that investing dollars exchanged for Reais [the Brazilian currency] in a FII with a triple A office‐building portfolio in the São Paulo marketplace will yield an annual income and a premium return above an American REIT investment. The highly aggressive scenario, along with the strong persistent exchange rate detachment to the IGP‐M variations, plus instabilities affecting the generation of income, and even if we adopt a 300‐point margin for the Brazil‐Risk level, demonstrates that an investment opportunity in the Brazilian market, in the segment we have analyzed, outperforms an equivalent investment in the American market. First published online: 18 Oct 201

Poder Judiciário: reforma e política de acesso à justiça

- Divulgação dos SUMÁRIOS das obras recentemente incorporadas ao acervo da Biblioteca Ministro Oscar Saraiva do STJ. Em respeito à Lei de Direitos Autorais, não disponibilizamos a obra na íntegra.- Localização na estante: 342.56(81) T231

Poder Judiciário: reforma e política de acesso à justiça

- Divulgação dos SUMÁRIOS das obras recentemente incorporadas ao acervo da Biblioteca Ministro Oscar Saraiva do STJ. Em respeito à Lei de Direitos Autorais, não disponibilizamos a obra na íntegra.- Localização na estante: 342.56(81) T231

Private finance initiative for investments in multi-purpose arenas - Arena Pernambuco case study

O Brasil vem experimentando um momento singular no mercado de arenas esportivas. Escolhido como sede da Copa do Mundo de 2014 e com a maioria de seus estádios fora dos padrões internacionais, o país se viu na urgência de renovar sua infraestrutura esportiva. Dado o volume de recursos necessários, a participação da iniciativa privada tem se mostrado essencial para a realização destes investimentos e pode provocar uma quebra de paradigma no cenário nacional, onde a arena passa a ser vista não mais como apenas uma provedora de entretenimento, construída para atender a anseio popular, mas como um ativo capaz de gerar retorno financeiro a seus acionistas, explorando seus diferentes potenciais de uso. Neste contexto, este trabalho buscou analisar a qualidade do \ud investimento de uma das sedes da Copa de 2014, a Arena Pernambuco, através da construção de premissas próprias embasadas nos resultados operacionais do estádio Cícero Pompeu de Toledo (Morumbi), estudos do histórico de jogos dos principais times do Recife e de potenciais provedores de shows e concertos em sua região metropolitana. O resultado foi comparado com o apresentado no edital de licitação. Adicionalmente, também foi analisada a influência da contratação sob o regime de Parceria Público Privada (PPP), modalidade que vem ganhando destaque nos investimentos em infraestrutura. Os resultados obtidos indicam uma expectativa otimista por parte do edital de licitação em relação ao estudo apresentado por este trabalho. No entanto, a possível frustração de tal expectativa não afeta significativamente o investidor privado, uma vez que os mecanismos previstos no contrato de PPP garantem um nível mínimo de rentabilidade por meio do compartilhamento de riscos com o Governo de Pernambuco.Brazil has been facing a singular moment in sports arena market. After it was announced to host the 2014 FIFA World Cup and the 2016 Olympics, the country saw the urgent need of renew its sport’s infrastructure, once most stadia are out of the international standards. Given the necessary amount of investment for this, the partnership with the private sector has been seeing as a key factor and \ud may represent a break in old paradigms as national stadia are no longer only an entertainment provider, built in order to meet public claim, but an asset able to provide financial return to its shareholders. Within this context, this paper sought to elaborate an independent feasibility study of one of the 2014 World Cup host-arenas, the Arena Pernambuco, through assumptions based on local data of soccer games and concerts, and using the Cícero Pompeu de Toledo stadium (Morumbi) as benchmark. The result was compared to the released within the public bidding. In addition, this paper also analyzes the influence of the Private Finance Initiative (PFI) on the profit and risk allocation of the private partner. The results indicate an optimistic expectation in the public bidding documents when compared to this paper. However, the frustration of such assumptions does not entail significant losses to the private partner, once, through the PFI’s risk sharing mechanisms, the Government of Pernambuco guarantees a minimum return to the entrepreneur

Auto-compasión en practicantes religiosos : evidencia de validad de criterio para la Escala de Auto-Compasión – Brasil

The construct of self-compassion is based on Buddhist’s teachings on compassion towards oneself. This study provides criterion validity evidence for the Self-Compassion Scale – Brazil. A comparison on self-compassion in Buddhist and Catholic practitioners may contribute to support the Brazilian version of the scale, as well as shed light into religious differences on the matter. Participated in the study 59 Catholics and 59 Buddhists, all self-declared a religious practitioner. We administered a socio-demographic questionnaire and the Self-Compassion Scale – Brazil. Buddhist practitioners presented significantly higher score in self--compassion (M = 4.45, SD = .51) than Catholic practitioners (M = 2.98, SD = .63): t(116) = 13.78, p < .001 (d = 2.56). In addition, there was a significant positive correlation between frequency of religious practice and self-compassion (r = .39, p = .003). Future studies may investigate the relationship between self-compassion and neo-Pentecostal practitioners, which has been increasing in number in Brazil.O construto de autocompaixão está baseado em ensinamentos budistas sobre a compaixão direcionada a si. Este estudo fornece evidência de validade de critério para a Escala de Autocompaixão – Brasil. Uma comparação da auto-compaixão em praticantes budistas e católicos contribui para apoiar a versão brasileira da escala, bem como sobre diferenças religiosas associadas ao tema. Participaram 59 católicos e 59 budistas, todos autodeclarados como praticantes de sua religião. Foi administrado um questionário sociodemográfico e a Escala de Autocompaixão – Brasil. Os praticantes budistas apresentaram escore signifi-cativamente maior em autocompaixão (M = 4.45, SD = .51) do que os católicos (M= 2.98, SD = .63): t(116) = 13.78, p < .001 (d = 2.56). Ademais, encontrou-se correlação positiva significativa entre frequência da prática religiosa e autocompaixão (r = .39, p = .003). Futuros estudos podem investigar a relação entre autocompaixão e praticantes de religiões neopentecostais, que vêm crescendo em número no Brasil.El constructo de auto-compasión está basado en enseñanzas budistas sobre compasión direccionada a uno mismo. Este estudio tiene como finalidad aportar evidencia de validad de criterio para la Escala de Auto-compasión – Brasil. Una comparación del auto-compasión en practicantes budistas y católicos apoya la versión brasileña de la escala, así como evidencia diferencias religiosas en el tema. Participaron del estudio 59 católicos y 59 budistas, todos autodeclarados practicantes de su religión. Se administró una encuesta sociodemográfico y la Escala de Auto-compasión – Brasil. Los practicantes budistas presentaron puntuaciones más altas en auto-compasión (M = 4.45, SD = .51) que los católicos (M = 2.98, SD = .63): t(116) = 13.78, p < .001 (d = 2.56). Fue detectada correlación positiva entre frecuencia de práctica y auto-compasión (r = .39, p = .003). Futuros estudios pueden investigar la relación entre auto-com-pasión y practicantes de religiones neo-pentecostales, que crecen en número en Brasil

FACTORS RELATED TO MOTOR DEVELOPMENTAL DELAY OF NEWBORNS

Introduction: Studies on the association between motor developmental delay and events observed during the neonatal period are performed after discharge. In such cases, the associations found may be interfered by factors occurring between discharge from the NICU and evaluation. Evaluate newborns before hospital discharge can prevent these effects.The purpose of this study is to identify factors related to motor developmental delay of newborns when being discharged from Neonatal Intensive Care Unit. The method chosen to carry out this investigation was a prospective cohort, populationbased and analytic-descriptive study, and 178 newborns were assessed through the Test of Infant Motor Performance. Binomial logistic regression has been developed for analyzing the associated factors. Among the results obtained, 58.4% of them were premature, 56.2% were low weight newborns and 59.0% were male. The participants were selected among those with the following characteristics: Birth Weight (BW) 2304.3 g, Gestational Age (GA) 35.33 weeks. Morbidity occurred in 23.6% of the participants and 34.8% showed changes in the motor performance (64.7% in the ones below 1501g and 27.8% in the ones above 1500g). Upon completion of the TIMP, it was possible to conclude that the factors associated with motor developmental delay in the binomial logistic regression were prematurity, seizures, being female

Osteitis in a female infant after vaccination with BCG Moreau in the neonatal period

Secretaria de Estado da Saúde do Estado de São Paulo Instituto Clemente FerreiraHospital Israelita Albert EinsteinUniversidade Federal de São Paulo (UNIFESP) Departamento de PediatriaUNIFESP, Depto. de PediatriaSciEL

Use of cerebrospinal fluid and serum samples impregnated on FTA (TM) Elute filter paper for the diagnosis of infections caused by Neisseria meningitidis, Streptococcus pneumoniae and Haemophilus influenzae

BACKGROUND:The lack of information regarding the burden of acute bacterial meningitis in Latin America leads to a reduction in the estimated incidence rates of the disease, and impairs public health decisions on the use and follow-up of preventive interventions, particularly, the evaluation of existing vaccination policies. The use of the real-time PCR in diagnostic routine procedures has resulted in a substantial increase in confirmed bacterial meningitis cases. However, in resource-poor countries, these assays are only available in reference laboratories. Sample transportation to these laboratories is a critical constraint, as it requires specialized, high cost courier services. To overcome this barrier we evaluated the use of FTATM Elute filter paper cards for the conservation and processing of samples under normal environmental conditions, as they would be when transported from remote and under-equipped healthcare facilities to the reference centers. A total of 401 samples received in 2015 as part of Sao Paulo's national surveillance for routine diagnosis were selected for this study. METHODS:The sensitivity and specificity of real-time PCR were evaluated using fresh serum and cerebrospinal fluid (CSF) samples processed using our laboratory's standard DNA extraction, and processing the same samples after being dried and stored on FTATM card, and DNA extracted following the manufacturer's instructions. RESULTS:The sensitivities for detection of Neisseria meningitidis, Streptococcus pneumoniae, and Haemophilus influenzae from CSF dried and stored on FTATM cards were 98%, 92%, and 100%, respectively, and with serum samples were 73%, 88%, and 100%, respectively. When compared to our laboratory's standard methodology, results showed high concordance, with Kappa index ranges of 0.9877-1.00 for CSF, and 0.8004-1.00 for serum samples. CONCLUSION:The use of FTATM cards for CSF and serum conservation and transport represents a rapid, reliable, and cost-effective alternative that will allow obtaining valuable epidemiological information that would otherwise be lost

Adaptabilidade e estabilidade como critério de seleção de cultivares de trigo no Estado do Paraná

<p> </p><p class="Pa7" style="margin-right: 28pt;"><span style="font-family: Verdana; color: black; font-size: 8pt;">O objetivo deste trabalho foi comparar métodos de adaptabilidade e a estabilidade como critérios de seleção para cultivares de trigo no Paraná. Os dados de rendimento de grãos foram obtidos de ensaios de Valor de Cultivo e Uso, avaliados em 44 ambientes distribuídos em diferentes locais e época de semeadura. O estudo de adaptabilidade e estabilidade foi realizado com base nos métodos de Eberhart e Russell (1966), de Lin e Binns (1988) modificado por Carneiro (1998), de Porto, Carvalho e Pinto (2007) e de Rocha et al. (2005). Os métodos de Eberhart e Russell (1966), Lin e Binns (1988) modificado por Carneiro (1998) e o método de Porto, Carvalho e Pinto (2007) apresentaram resultados similares. Estes métodos foram superiores ao método de Rocha et al. (2005), que foi pouco rigoroso no processo seletivo. O método de Porto, Carvalho e Pinto (2007) teve a vantagem de simplificar as análises de adaptabilidade e estabilidade. </span></p