Vinegar rice (Oryza sativa L.) produced by a submerged fermentation process from alcoholic fermented rice

Considering the limited availability of technology for the production of rice vinegar and also due to the potential consumer product market, this study aimed to use alcoholic fermented rice (rice wine (Oryza sativa L.)) for vinegar production. An alcoholic solution with 6.28% (w/v) ethanol was oxidized by a submerged fermentation process to produce vinegar. The process of acetic acid fermentation occurred at 30 ± 0.3°C in a FRINGS® Acetator (Germany) for the production of vinegar and was followed through 10 cycles. The vinegar had a total acidity of 6.85% (w/v), 0.17% alcohol (w/v), 1.26% (w/v) minerals and 1.78% (w/v) dry extract. The composition of organic acids present in rice vinegar was: cis-aconitic acid (6 mg/L), maleic acid (3 mg/L), trans-aconitic acid (3 mg/L), shikimic + succinic acid (4 mg/L), lactic acid (300 mg/L), formic acid (180 mg/L), oxalic acid (3 mg/L), fumaric acid (3 mg/L) and itaconic acid (1 mg/L).

Production of a product similar to gelatin from chicken feet collagen

Chicken feet can be used as an alternative source of collagen for the development of new products. In this sense, the aim of this study was the production of a product similar to gelatin from collagen extracted from chicken feet and the evaluation of sensory quality. The products were produced in two distinct flavors, with grape flavor called GU and pineapple flavor called GA. Subsequently, we compared these formulations with gelatin of a trademark established in the market. We used in the verification of sensory acceptability of products a hedonic scale of 9 points and the availability of consuming the product by 30 untrained tasters. According to the results, all formulations showed good levels of acceptability, indicating the collagen from chicken feet as an alternative source of high quality in the production of gelatin.

Production of yeast extracts from whey for food use: market and technical considerations

Whey is produced in large amounts by cheese industries. This by-product can be used for biomass production by yeast cultivation, resulting in commercially attractive products. The use of yeast extracts as source of flavour enhancer consists of an expansible market, encouraged by costumer's choice for natural additives. The development of a suitable and economically viable project for the generation of valued-added by-products, may allow the dairy industry to diversify their portfolio and increase their rentability.

Monascus pigment production in bioreactor using a co-product of biodiesel as substrate

The study and use of natural pigments in food industries have increased in recent years due to the toxicity presented by artificial pigments. Monascus ruber is a filamentous fungus that produces red, orange, and yellow pigments under different growing conditions. The growth of health food market has increased in parallel with the growth in biofuels production, such as biodiesel, which generates a concomitant increase in the production of glycerin that can be used in bioprocesses. The objective of this study was to use glycerin and glucose as substrates in the production of natural pigments in a bioreactor. The culture of Monascus ruber was carried out in a Bioflo III reactor with 4 L of working volume and pH, temperature, aeration, and agitation control. The highest pigment production was observed after 60 hours of fungal culture with 8.28 UA510 of red pigment. The pH range remained from 5.45 to 6.23 favoring the release of red pigment in the medium. This study shows the feasibility of the production of natural pigments by Monascus ruber in a bioreactor using a co-product of biodiesel without previous treatment as a substrate.

Physicochemical and sensory characteristics of pan bread samples available in the Brazilian market

Pan bread samples available in the Brazilian market were evaluated for their physicochemical and sensory characteristics. Twelve pan breads, seven white and five whole grain breads, were evaluated. Moisture, water activity (Aw), firmness, and color (L*, a*, b*) of the crumb were evaluated on the first, fourth, seventh, and tenth days after purchasing the breads. Specific volume was evaluated on the first day of analysis with averages of 4.72 and 4.70 mL/g for the white and whole grain breads, respectively. The average results on the first day of analysis were: 37.03% and 41.23% moisture, 0.954 and 0.966 Aw, 276.27 and 267.83 gf firmness, 74.73 and 64.45 L* values, 0.37 and 3.85 a* values, and 15.51 and 18.98 b* values for the white and whole grain breads, respectively. The samples showed an increase in firmness, reduction in moisture and Aw, and no color changes over time. A survey conducted prior to the acceptance test showed that the three most important factors influencing purchase were taste (19.6%), tenderness (16.8%), and expiration date of the product (14.3%). The results showed that 37.2% of the panelists preferred white bread, 62.8% preferred bread with fibers, and 82.6% would probably or definitely buy white bread with fibers.

The tale of a Trojan horse or the quest for market access? China and the World Trade Organization

In 2001, China finally joined the WTO. The accession of China was looked forward to by many WTO members and China itself. However, observers had some fears that the Chinese accession would prove to be a Trojan horse, disrupting the working of the WTO. This paper looks into the Chinese accession and its involvement in the WTO Dispute Settlement and argues that these fears seem so far to be unfounded.

Options listing and the volatility of the underling asset: a study on the derivative market function

There are basic misunderstandings on derivative markets. Some professionals believe that they are a kind of casinos and have no utility for the investors. This work looks at the effects of options introduction in the Brazilian market, seeking for another benefit for this introduction: changes in the stocks risk leveI. Our results are the same found in the US and other markets: the options introduction reduces the stocks volatility. We also found that there is a slight indication that the volatility becames more stochastic with this alternative.

An optimal level of technology reliance on foreign partners in a global sourcing partnership: components procurement, technology management and market performance

Existing studies on global sourcing strategy have implicitly adopted a cJosed-systems perspective in which sourcing activities are managed within a multinational company across national boundaries. Produd and process innovations and components procurement that are jointly managed by a consortium of cooperating firms have not been examined. In this paper, we empiricallyexamine the issues concerning sourcing partnerships in an open-systems perspective. Findings suggest that even in a sourcing partnership arrangement with a foreign supplier, the principal firm's ability to procure and control the supply of major components has a positive bearing on its market performance.

Market timing e avaliação de desempenho dos fundos brasileiros

Este trabalho avalia o desempenho de fundos de investimento brasileiros pelo seu market timing, ou seja, pela capacidade de os gestores anteciparem diferenças de retorno das ações em relação a um ativo de renda fixa. Utilizam-se testes - paramétrico e não-paramétrico - desenvolvidos por Henriksson e Merton para a análise do desempenho de 243 fundos, no período de setembro de 1998 a outubro de 2003. Encontra-se evidência de habilidade de market timing para uma minoria de gestores de fundos, resultado que aparentemente se deve à maior facilidade de se preverem grandes diferenças de retorno entre o mercado acionário e a taxa de juros livre de risco.

Key factors in working capital management in the Brazilian market

Many studies have been conducted in corporate finance regarding long-term investment and financing decisions. However, short-term asset investments play a significant role in the balance sheet of companies. Moreover, financial managers dedicate significant amounts of time and effort to the subject of working capital management, balancing current assets and liabilities. This paper provides insights regarding the key factors of working capital management by exploring the internal variables of a number of companies. This study used data from 2,976 Brazilian public companies from 2001 to 2008, and found that debt level, size and growth rate can affect the working capital management of companies.