Fermentation of fruit juices by the osmotolerant yeast Candida magnoliae

This study focuses on the assessment of the fermentation conditions required to modulate the metabolic flux in the osmotolerant yeast Candida magnoliae and evaluate its potential to produce low-alcoholic and low-caloric fermented beverages. For that purpose, two strains, PYCC 2903 and PYCC 3191, were used and fermentation conditions as oxygenation, sugar concentration and the ratio of glucose to fructose were studied using synthetic culture media. Candida magnoliae PYCC 2903 was subsequently used to ferment real industrial fructose-rich substrates such as fruit juices. Sugar consumption profiles for C.magnoliae PYCC 2903 incubated aerobically in the presence of high fructose and glucose concentrations (15%, 10% and 5%) showed a selective utilization of fructose, denoting a preference for this sugar over glucose. The lower ratio between ethanol and sugar alcohols yield was obtained for both strains incubated under oxygen limitation simulating industrial fructose-rich substrates, confirming the ability of this yeast to direct fermentation towards alternative products. Enzymatic assays for hexokinase activity in terms of capacity and affinity for glucose and fructose were performed, aiming to elucidate its contribution to the fructophilic behaviour of this yeast. Enzymatic assays for both strains showed that the Vmax is two to threefold higher for fructose than for glucose but Km is also 10-20-fold higher for this sugar than for glucose. Hence, hexokinase kinetic properties do not explain fructophily in C.magnoliae. This indicates that fructose transport is probably determining in this respect, as observed for other fructophilic yeasts. Fruit juice fermentations with C.magnoliae PYCC 2903 revealed a potential for the production of beverages with interesting sensorial properties. Pear and peach fermentations exhibited the best results with the lowest ratio between ethanol and sugar alcohols yield and the most pleasant organoleptic features.

Chimpanzees Share Forbidden Fruit

PLoS ONE - www.plosone.org, V.9, e886

Biochemistry of grape berries: post-genomics approaches to uncover the effects of water deficits on ripening

Dissertation presented to obtain the Ph.D degree in Biochemistry, Plant Physiology

Principal component analysis of the yield curve

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Fitting the yield curve

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Inflation forecasts using the tips yield curve

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

The fitting of the German yield curve: A dynamic approach using latent, macroeconomic and stock market variables

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Government bond yield spreads in EMU countries: The story of an ephemeral convergence

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Determinants of the Portuguese government bond yield spread

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Can the Yield Spread predict economic growth? An assessment for European countries

Double Degree. A Work Project presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA- School of Business and Economics and a Masters Degree in Management from Louvain School of Management

Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.

Fruta com cheiro: The implementation of a new brand of fruit in the Portuguese market

‘’Fruta com Cheiro’’ is an idea for a new brand of fruit that would be introduced in the Portuguese market that would differentiate itself from the brands already in the market and from other non-branded fruit producers. In order to prove that the idea was valid and would have a place in the market, two methods of exploratory research were used – in-depth interviews and focus groups – to understand attitudes and behaviors regarding fruit selection and purchase and also people’s perceptions to ‘’Fruta com Cheiro’’. After these two steps, several considerations were made in relation to preliminary marketing aspects such as brand creation and positioning. There was also a final remark on the fact that this thesis is not a business plan and its purpose was to show how viable would the project be.

Shrinking shrinkage:How and why is fruit shrinkage being caused in Sonaemc's convenience stores? Finding opportunities of improvement envisioning its optimization

This work project regards a challenge presented by a Portuguese organization on the retail sector, SONAEMC, which is a case study of how and why fruit shrinkage occurs in the fruit supply chain within their convenience stores. A qualitative research methodology enabled to infer in which stages throughout the chain shrinkage’s causes occur and, to conclude that internal rules for procedures and processes are not always followed and whose compliance would be enough to reduce fruit shrinkage. The key conclusion is that if fruit stock loss is reduced by as much as 15% the category’s profitability could increase about 8%.

Lucuma as an exotic high quality fruit imported into Portugal and the UE

This project has two different goals, one of them is to promote the consumption of exotic fruits with high quality. The other goal of the project is to look for the viability of turning this work project into a real business, focusing in two different channels to diversify its revenues: B2B and B2C. In order to achieve this second goal, this project aims to see the best way to commercialize this product (Lucuma powder and Pulp of Lucuma) and how to make it in an efficient way with right companies. Therefore, the project aims to create a company to commercialize the product between the producers in Peru and possibly small businesses interested in acquire the processed fruit and also individuals interested in own consumption in small quantities. This project, if successful, tries to diversify the consumption into other good organic healthy products in the long-term.

Saeta Yield utilities

Equity research report