On project finance and the first road concession in Portugal

In broad sense, Project Financing1 as a mean of financing large scale infrastructural projects worldwide has had a steady growth in popularity for the last 20 years. This growth has been relatively unscathed from most economic cycles. However in the wake of the 2007 systemic Financial Crisis, Project Financing was also in trouble. The liquidity freeze and credit crunch that ensued affected all parties involved. Traditional Lenders, of this type of financial instrument, locked-in long-term contractual obligations, were severely hit with scarcity of funding compounded by rapidly increasing cost of funding. All the while, Banks were “rescued” by the concerted actions of Central Banks and other Multi-Lateral Agencies around the world but at the same time “stressed” by upcoming regulatory effort (Basel Committee). This impact resulted in specific changes to this type of long-term financing. Changes such as Commercial Banks’ increased risk aversion; pricing increase and maturities decrease of credit facilities; enforcement of Market Disruption Event clauses; partial responsibility for project risk by Multilateral Agencies; and adoption of utility-like availability payments in other industrial sectors such as transportation and even social infrastructure. To the extent possible, this report is then divided in three parts. First, it begins with a more instructional part, touching academic literature (theory) and giving the Banks perspective (practice), but mostly as an overview of Project Finance for awareness’ sake. The renowned Harvard Business School professor – Benjamin Esty, states2 that Project Finance is a “relatively unexplored territory for both empirical and theoretical research” which means that academic research efforts are lagging the practice of Project Finance. Second, the report presents a practical case regarding the first Road Concession in Portugal in 1998 ending with the lessons learned 10 years after Financial Close. Lastly, the report concludes with the analysis of the current trends and changes to the industry post Financial Crisis of the late 2000’s. To achieve this I’ll reference relevant papers, books on the subject, online articles and my own experience in the Project Finance Department at a major Portuguese Investment Bank. Regarding the latter, with the signing of a confidentiality agreement, I’m duly omitting sensitive and proprietary bank information.

Ants obtained from trees of a "Jacareuba" (Calophyllum brasiliense) forest plantation in Central Amazonia by canopy fogging: first results

Canopies of the locally occurring Amazonian tree species Calophyllum brasiliense. Camb. (Guttiferae, height 10 m) were fogged after dawn on the same day at five adjacent localities in a 20-year-old plantation at the Adolpho Ducke Forest Reserve near Manaus/Brazil, using natural pyrethrum (0.5%, 1.0%, 1.5%), Baythroid (0.3%) and diesel oil, respectively. The 1152 ants collected represented 52 species, 17 genera and five subfamilies. The highest number of ant species was obtained with the synthetic pyrethrum Baythroid 0.3% and with natural pyrethrum 1.5%. About 46% of the total ant species were only collected in the first hour after fogging, and 17% only during the second hour, after trees had been heavily shaken. About 73% of the total ant specimens dropped in the first hour. Data on alpha-diversity, eveness and frequency of ants indicated a rapidly decreasing knock-down effect of both the synthetic and natural pyrethrum after application. The ant fauna in the canopy of C. brasiliense is somewhat distinct compared with that of Goupia glabra Aubl. (Celastraceae, height 45 m) from the primary forest of the reserve.

Hand gesture recognition system based in computer vision and machine learning

"Lecture notes in computational vision and biomechanics series, ISSN 2212-9391, vol. 19"

Generic system for human-computer gesture interaction: applications on sign language recognition and robotic soccer refereeing

Hand gestures are a powerful way for human communication, with lots of potential applications in the area of human computer interaction. Vision-based hand gesture recognition techniques have many proven advantages compared with traditional devices, giving users a simpler and more natural way to communicate with electronic devices. This work proposes a generic system architecture based in computer vision and machine learning, able to be used with any interface for human-computer interaction. The proposed solution is mainly composed of three modules: a pre-processing and hand segmentation module, a static gesture interface module and a dynamic gesture interface module. The experiments showed that the core of visionbased interaction systems could be the same for all applications and thus facilitate the implementation. For hand posture recognition, a SVM (Support Vector Machine) model was trained and used, able to achieve a final accuracy of 99.4%. For dynamic gestures, an HMM (Hidden Markov Model) model was trained for each gesture that the system could recognize with a final average accuracy of 93.7%. The proposed solution as the advantage of being generic enough with the trained models able to work in real-time, allowing its application in a wide range of human-machine applications. To validate the proposed framework two applications were implemented. The first one is a real-time system able to interpret the Portuguese Sign Language. The second one is an online system able to help a robotic soccer game referee judge a game in real time.

First record of the bushy-tailed opossum, Glironia venusta, Thomas, 1912, (Didelphimorphia) from Manaus, Amazonas, Brazil

A new record of a very rarely observed mammal, the bushy-tailed opossum, Glironia venusta (Didelphimorphia), was obtained for the Adolpho Ducke Forest Reserve, Manaus, Amazonas state, Brazil. Only 17 other records existed of this species, most from the 1980s. There were only three previous records of the species from Brazil (in the states of Pará, Amazonas and Rondônia). This new record supports the notion that G. venusta is a locally rare species throughout its range, but widely distributed in Brazilian Amazonia.

A first evaluation on the use of Ardea albus feathers as bioindicators of mercury burden in Amazonian ecosystems

We evaluated in this study the total mercury concentration in feathers of Ardea albus collected in a colony located in the city of Belem-PA, Brazil in a prospective trial for its use as bioindicators of mercury burden in Amazonia ecosystems. An Atomic absorption spectrophotometry with gold amalgamation was used for the metal determination. The total mercury average concentration in body feathers was 2.2 ± 1.5 µg.g-1 and 1.3 ± 0.9 µg.g-1 in wing feathers. No correlation was observed between total mercury concentration and the length of body or wing feathers. Total mercury concentration was above 5 µg.g-1 dry weight in only one body feather sample.

Melhoria de desempenho da área de pintura numa empresa de mobiliário

Dissertação de mestrado integrado em Engenharia e Gestão Industrial

First record of Trichodina heterodentata (Ciliophora: Trichodinidae) from Arapaima gigas cultivated in Peru

This study characterized morphologically Trichodina heterodentata Duncan, 1977 from cultivated fingerlings of "pirarucu" Arapaima gigas in Peru. Body and gill smears were air-dried at room temperature, impregnated with silver nitrate and/or stained with gomori trichromic. Prevalence was 100%. Trichodina heterodentata was considered a medium-sized trichodinid with mean body diameter of 56.0+ 5.25 (47.3-76.0) μm, denticulate ring 28.21± 2.71 (20-34.7) μm, adhesive disc 45.7±3.8 (37.1-57.3) μm diameter and number of denticles of 20.7± 2.6 (12-24). The present study reports not only the first occurrence of T. heterodentata in Peru but also the first record of this trichodinid infesting A. gigas. Camparative tables of all reports of T. heterodentata are also presented.

Hand gesture recognition system based in computer vision and machine learning: Applications on human-machine interaction

Tese de Doutoramento em Engenharia de Eletrónica e de Computadores

Prodromal Questionnaire: translation, adaptation to Portuguese and preliminary results in ultra-high risk individuals and first episode psychosis

OBJECTIVE: The Prodromal Questionnaire (PQ) is a 92-item self-report screening tool for individuals at ultra-high risk (UHR) to develop psychosis. This study aims to present the translation to Portuguese and preliminary results in UHR and first episode (FE) psychosis in a Portuguese sample. METHODS: The PQ was translated from English to Portuguese by two bilingual researchers from the research program on early psychosis of the Instituto de Psiquiatria HCFMUSP, São Paulo, Brazil (ASAS - "Evaluation and Follow up of Adolescents and Young Adults in São Paulo") and back translated by two other researchers. The study participants (n = 11-) were evaluated through the Portuguese version of the Prodromal Questionnaire (PQ) and SIPS. RESULTS: The individuals at UHR (n = 7) presented a lower score than first episode patients (n = 4). The UHR mean scores and standard deviation on Portuguese version of the PQ were: 13.0 ± 10.0 points on positive symptoms subscale, and FE patients: 33.0 ± 10.0. CONCLUSION: The UHR and FE patients' of this study presented PQ scores similar to the ones found in the literature; what suggests that it is possible to use the PQ in Brazilian help-seeking individuals as a screening tool.

Detection of functional changes of the fetal heart in the first trimester of gestation

The authors consider the possibility of using color Doppler of the ductus venosus and the measurement of nuchal translucency as a screening test for alterations in fetal cardiac functions in the first trimester of gestation. Review of the literature suggests that the combination of the ultrasonographic measurement of nuchal translucency and Doppler at 10 and 14 weeks of gestation can be effective in detecting certain cardiac abnormalities. This conclusion, however, is preliminary and needs to be further investigated.

Influence of the elevation of the left ventricular diastolic pressure on the values of the first temporal derivative of the ventricular pressure (dP/dt)

PURPOSE: To assess the effects of the elevation of the left ventricular end-diastolic pressure (LVEDP) on the value of the 1st temporal derivative of the ventricular pressure (dP/dt). METHODS: Nineteen anesthetized dogs were studied. The dogs were mechanically ventilated and underwent thoracotomy with parasympathetic nervous system block. The LVEDP was controlled with the use of a perfusion circuit connected to the left atrium and adjusted to the height of a reservoir. The elevation of the LVEDP was achieved by a sudden increase in the height of a reservoir filled with blood. Continuous recordings of the electrocardiogram, the aortic and ventricular pressures and the dP/dt were performed. RESULTS: Elevation of the LVEDP did not result in any variation of the heart rate (167±16.0bpm, before the procedure; 167±15.5bpm, after the procedure). All the other variables assessed, including systolic blood pressure (128±18.3mmHg and 150±21.5mmHg), diastolic blood pressure (98±16.9mmHg and 115±19.8mmHg), LVEDP (5.5±2.49 and 9.3±3.60mmHg), and dP/dt (4,855 ± 1,082 mmHg/s and 5,149±1,242mmHg/s) showed significant increases following the expansion of the ventricular cavity. Although the elevation of the dP/dt was statistically significant, 6 dogs curiously showed a decrease in the values of dP/dt. CONCLUSION: Sudden elevation of the LVEDP resulted in increased values of dP/dt; however, in some dogs, this response was not uniform.

Percutaneous handling of coronary lesions >20mm through stents. Is there a first choice strategy?

OBJECTIVE - This study compared the early and late results of the use of one single stent with those of the use of multiple stents in patients with lesions longer than 20mm. METHODS - Prospective assessment of patients electively treated with stents, with optimal stent deployment and followed-up for more than 3 months. From February '94 to January '98, 215 patients with lesions >20mm were treated. These patients were divided into 2 groups as follows: Group A - 105 patients (49%) with one stent implanted; Group B - 110 patients (51%) with multiple stents implanted. RESULTS - The mean length of the lesions was 26mm in group A (21-48mm) versus 29mm in group B (21-52mm) (p=0.01). Major complications occurred in one patient (0.9%) in group A (subacute thrombosis, myocardial infarctionand death) and in 2 patients (1.8%) in group B (one emergency surgery and one myocardial infarction) (p=NS). The results of the late follow-up period (>6 months) were similar for both groups (group A = 82% vs group B = 76%; p=NS), and we observed an event-free survical in 89% of the patients in group A and in 91% of the patients in group B (p=NS). Angina (group A = 11% vs group B = 7%) and lesion revascularization (group A = 5% vs group B = 6%; p=NS) also occurred in a similar percentage. No infarction or death was observed in the late follow-up period; restenosis was identified in 33% and 29% of the patients in groups A and B, respectively (p=NS). CONCLUSION - The results obtained using one stent and using multiple stents were similar; the greater cost-effectiveness of one stent implantation, however, seems to make this strategy the first choice.

Relaxamento, correção postural e respiração na prática da flauta transversal: aplicação de exercícios de Técnica de Alexander

Relatório de estágio de mestrado em Ensino de Música