971 resultados para Capital goods industry


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For six years, the global economy has been driven by the U.S. Federal Reserve’s policies of easy money. Liquidity has flowed from developed to developing economies, financing infrastructure and corporate investment and allowing consumers to indulge in credit-fuelled retail spending. Thus the effective ending of the Fed’s third round of asset purchases (QE3) at the end of October represents both a watershed and the beginning of a new stage in the world economy. The end of asset-purchases comes at a challenging time for emerging markets, with China’s economy slowing, the Euro zone struggling to avoid a recession and the Japanese economy already in recession. The unwinding of the U.S. monetary stimulus, while the European Central Bank and the Bank of Japan step up their monetary stimulus, has underpinned an appreciation by the U.S. dollar, in which most commodities are priced. An appreciated dollar makes dollar-denominated commodities more expensive to buyers, thereby creating pressure for sellers to lower their prices. Latin American markets ended the third quarter of 2014 under pressure from a stronger U.S. dollar. In this changing external context, there are many signs that a slowdown in Latin American and Caribbean (LAC) financial markets, particularly debt markets, which have been breaking issuance records for the past six years, may slowdown from now on. Commodity prices – including those of oil, base metals and some goods – are in a prolonged slump. The Bloomberg commodity price index, a benchmark of commodity investments, has fallen to a five-year low as China’s economy slows down, and with it the demand for commodities. Investment into the LAC region has decelerated, in large part because of a deceleration of mining investments. Latin American currencies have suffered depreciations, as current account deficits have widening for a number of countries. And LAC companies, having issued record amounts of foreign currency bonds may now struggle to service their debt. In October, credit-rating agency Moody’s downgraded the bonds of Brazil’s Petrobras to tow notches above speculative grade because of the impact of falling oil prices and the weaker real on its debt. Growth prospects look brighter in 2015 relative to 2014, but a strengthening U.S. dollar, uneven global growth and weakness in commodity prices are skewing the risk toward the downside for the 2015 forecasts across the region. The Institute of International Finance expects the strengthening of the dollar to have a divergent impact across the region, however, depending on trade and financial linkages. The Institute of International Finance, Capital Flows to Emerging Markets, October 2, 2014. A stronger dollar lifts U.S. purchasing power, supporting exports, growth and capital inflows in countries with close trade links to the U.S. economy. However, rising dollar financing costs will increase pressure on countries with weak external positions. Given the effects of falling oil prices and a stronger dollar, some companies in the region, having issued record amounts of foreign currency bonds, may now struggle to service their debts. Prospects of Fed rate hikes resulting in tighter global liquidity amid the rapid rise in the corporate external bond stock has indeed raised concerns over some companies. However, there is still a shortage of bonds at a global level and the region still enjoys good economic policy management for the most part, so LAC debt markets may continue to enjoy momentum despite occasional bursts of high volatility – even if not at the record levels of recent years.

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China has become a major player in world trade. Although it has not signed any trade agreements with the countries of the North American Free Trade Agreement (NAFTA), China has been gaining ground as a supplier of goods, making vigorous inroads into this area. One of the dominant trends in economic integration has been the development of intra-industry trade, which has flourished in the nafta signatory countries. This paper focuses on the analysis of intra-industry trade in the context of this free trade area, where the production structure of the countries involved has changed significantly since trade liberalization, revealing the internationalization of production chains. Lastly, changes in the trade structure induced by the growing presence of China in the nafta region are captured. Trade within this area works like a radiated wheel, with the United States acting as the axis, while China, Canada and Mexico operate as the spokes.

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Pós-graduação em Direito - FCHS

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Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

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Pós-graduação em Ciências Sociais - FFC

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O objetivo deste ensaio é apresentar elementos teórico-críticos para apreender o processo de terceirização como sendo um traço compositivo da nova configuração do capitalismo flexível no contexto da mundialização do capital. A terceirização visa racionalizar, sob as novas condições da concorrência e acumulação capitalista, a exploração da força de trabalho assalariado no interior de um novo modo de cooperação capitalista: a cooperação complexa, etapa superior da grande indústria sob as condições da revolução informacional.

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This paper aims to present a study on the development of the real state market in Brazil. The analysis starts from the historical perspective, since the establishment of bases in that market until today's perspective, initial public offering of real state companies. In addition to this analysis, is also intended to discuss the several forms of financing real estate currently available in the Brazilian real estate market. Finally, and perhaps the most important part, analyze the IPO of 15 companies in the industry, held in 2007, notably through comparative graphical analysis, noting the factors that influence stock returns of these companies

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Some of the factors that help to explain the Israeli success case on promoting high-tech start-ups backed by venture capital funds can be found in the risk-taking culture of the country, the vast technological know-how associated with the huge military development, the high offer of human intellectual capital due to the immigration processes, and finally also the FDI inflows, mainly from the United States. Even though, these factors would not have the same effects in the economy unless the right structures were founded by the public-private sectors partnerships for the high-tech industry development and the adaptation of the investment industry surpasses two of the deepest global financial crisis: the dot-com bubble in the 2000’s and the subprime in 2008

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Since product take-back is mandated in Europe, and has effects for producers worldwide including the U.S., designing efficient forward and reverse supply chain networks is becoming essential for business viability. Centralizing production facilities may reduce costs but perhaps not environmental impacts. Decentralizing a supply chain may reduce transportation environmental impacts but increase capital costs. Facility location strategies of centralization or decentralization are tested for companies with supply chains that both take back and manufacture products. Decentralized and centralized production systems have different effects on the environment, industry and the economy. Decentralized production systems cluster suppliers within the geographical market region that the system serves. Centralized production systems have many suppliers spread out that meet all market demand. The point of this research is to help further the understanding of company decision-makers about impacts to the environment and costs when choosing a decentralized or centralized supply chain organizational strategy. This research explores; what degree of centralization for a supply chain makes the most financial and environmental sense for siting facilities; and which factories are in the best location to handle the financial and environmental impacts of particular processing steps needed for product manufacture. This research considered two examples of facility location for supply chains when products are taken back; the theoretical case involved shoe resoling and a real world case study considered the location of operations for a company that reclaims multiple products for use as material inputs. For the theoretical example a centralized strategy to facility location was optimal: whereas for the case study a decentralized strategy to facility location was best. In conclusion, it is not possible to say that a centralized or decentralized strategy to facility location is in general best for a company that takes back products. Each company’s specific concerns, needs, and supply chain details will determine which degree of centralization creates the optimal strategy for siting their facilities.

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BACKGROUND Associations between social status and health behaviours are well documented, but the mechanisms involved are less understood. Cultural capital theory may contribute to a better understanding by expanding the scope of inequality indicators to include individuals' knowledge, skills, beliefs and material goods to examine how these indicators impact individuals' health lifestyles. We explore the structure and applicability of a set of cultural capital indicators in the empirical exploration of smoking behaviour among young male adults. METHODS We analysed data from the Swiss Federal Survey of Adolescents (CH-X) 2010-11 panel of young Swiss males (n = 10 736). A set of nine theoretically relevant variables (including incorporated, institutionalized and objectified cultural capital) were investigated using exploratory factor analysis. Regression models were run to observe the association between factor scores and smoking outcomes. Outcome measures consisted of daily smoking status and the number of cigarettes smoked by daily smokers. RESULTS Cultural capital indicators aggregated in a three-factor solution representing 'health values', 'education and knowledge' and 'family resources'. Each factor score predicted the smoking outcomes. In young males, scoring low on health values, education and knowledge and family resources was associated with a higher risk of being a daily smoker and of smoking more cigarettes daily. CONCLUSION Cultural capital measures that include, but go beyond, educational attainment can improve prediction models of smoking in young male adults. New measures of cultural capital may thus contribute to our understanding of the social status-based resources that individuals can use towards health behaviours.

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Se propone problematizar cómo afectan a la burguesía vitivinícola de Argentina los cambios producidos en la actividad a partir de la década de los '90, en el marco de los procesos de globalización. Una de las conclusiones principales es que, aunque el ingreso de capitales extranjeros a la actividad vitivinícola ha sido importante, la burguesía cuyos capitales son nacionales y/o locales logra conservar posiciones no desventajosas en la estructura económica de esta agroindustria. Se trabajó principalmente con fuentes estadísticas de organismos oficiales; y con datos obtenidos de páginas web de las empresas, de consultoras especializadas y de entrevistas a informantes calificados. Asimismo, se realizó una exhaustiva revisión bibliográfica sobre la temática