Antioxidant and fatty acid profile of gabiroba seed (Campomanesisa Xanthocarpa Berg)

This study aimed to evaluate the antioxidant potential and fatty acid profile of gabiroba (Campomanesia xanthocarpa Berg) seeds. In order to obtain the extract, the seeds were dried, crushed, and subjected to sequential extraction by maceration and percolation in a modified soxhlet extractor using solvent polarity gradient composed of hexane, chloroform, ethyl acetate, and alcohol, respectively. The extraction time was six hours. The ethanol extract showed the highest antioxidant potential, given by the EC50 value and the amount of total phenolic compounds. High amounts of unsaturated fatty acids were found in the oil studied, especially the oleic acid.

Stability and microbiological quality of rice bran subjected to different heat treatments

Rice bran is a byproduct commonly used for animal feeding; however its nutritional value and potential application in human diet have attracted market interest. Its preservation for safe use is still a challenge, so the objective of this study was to determine the quality of commercially available rice bran samples subjected to different heat treatments (extruding, parboiling, toasting, and microwave oven heating) in order to promote stabilization during storage under room temperature. Rice bran samples were collected from two industries, and each treatment was divided in three parts, each corresponding to three repetitions. All samples were evaluated for moisture content, total microorganisms, mold and yeast counting, hydrolytic rancidity, and lipase activity during 90 days of storage. Most of the heat treatments, including domestic and thermoplastic extrusion, generated products which may be used for human consumption under the tested conditions in terms of physicochemical and microbiological quality. The domestic treatments were more efficient in eliminating microorganisms or keeping them within acceptable limits. The toasted rice bran showed satisfactory results in terms of moisture, hydrolytic rancidity control, and lipase activity.

Chemical characterization of the flour of peel and seed from two papaya cultivars

Papaya is among the currently most important tropical fruits grown in Brazil and in the world. The fruit is mainly consumed fresh although it offers many industrial products. The processing of this fruit, as well as its fresh consumption, results in large amounts of waste, such as peels and seeds. Papaya consumption is one of the causes of significant loss of food value; therefore, new aspects on the use of its waste as by-products, or in the production of food additives, or even the incorporation of its flour in food have aroused great interest because these are products of high nutritional value, and their use may be economically viable. The objective of this study was to produce and characterize peel and seed flours from two papaya cultivars (Havai and Calimosa) for their chemical constituents focusing on possible use in foods. The proximate and mineral composition, titratable acidity, soluble solids, pH, contents of vitamin C, and phenolic compounds were determined. According to the results obtained, the papaya peel and seed flours had high contents of protein and fiber and therefore can be used as alternative sources of nutrients and can also be added in foods avoiding waste and adding value to the fruit.

Stability of porridge pre-mixture made with Brazil nut flour and green banana flour with and without milk powder

The mixture of Brazil nut flour and green banana flour can improve the nutritional value of school meals, allowing for the use of regional ingredients derived from family agriculture. This study aimed to assess the stability of porridge pre-mixtures made with Brazil nut flour and green banana flour during six months of storage. Two types of pre-mixture were evaluated: with and without milk powder. These mixtures were packed in polyethylene/metallized polyester film, vacuum-sealed, and stored at room temperature. The products were evaluated for physicochemical composition, and every 30 days for moisture content, water activity, titratable acidity, pH, peroxide value and acidity of the lipid phase, total and thermotolerant coliforms, yeasts and molds, and sensory acceptance. There was no difference between the mixtures for the parameters evaluated. Moisture content, water activity, acidity of the lipid phase, and the yeast and mold count increased with storage time. The growth of yeasts and molds was more pronounced after 90 days of storage, when water activity reached the limit of 0.60. Although both products had good sensory acceptance throughout the period of study, it is recommended that the shelf life does not exceed 90 days.

Characterization of blueberry fruits (Vaccinium spp.) and derived products

The objectives of this study were to physicochemically characterize and determine the antioxidant activities and anthocyanin contents of organic Rabbiteye blueberries grown in Southern Brazil and its derived products, in order to investigate the utility of food processing wastes as raw materials for developing products with beneficial health properties. The antioxidant capacity of the blueberries was superior to that of other fruits and juices. The pomace exhibited high activity, albeit lower than that of the fruit, while the flour and the dried blueberries lost 66% and 46% of the original antioxidant activity, respectively. The average anthocyanin contents of the fruits were moderate compared to other sources and species of blueberries. The pomace contains a large amount of anthocyanins while the flour and dried blueberries exhibited a 32% and 42% loss in anthocyanin content, respectively. The use of agro-industrial residues, in addition to adding value and minimizing the impact caused by the accumulation in the environment, can be directed toward the development of new products with bioactive properties.

Peroxidase activity and sensory quality of ready to cook mixed vegetables for soup: combined effect of biopreservatives and refrigerated storage

Enzymatic senescence processes and browning of fresh cut vegetables negatively affect their sensory properties and nutritional value and finally result in the rejection of affected products by consumers. In order to prevent quality decay, the combined effects of natural antioxidants and storage temperature on peroxidase activity and sensory attributes (overall visual quality, browning and odor) of individual and mixed vegetables for soup (butternut squash, leek and celery) were evaluated. Fresh cut vegetables were treated with antioxidant solutions as tea tree essential oil (15 μl/mL), propolis extract (15 μl/mL) and gallic acid (2 mg/mL) and stored at optimal (5 °C) and abusive (15 °C) temperature for a maximum of 14 days. The application of natural preservatives, plus optimal storage conditions, exerted significant inhibitory effects in peroxidase activity of squash, celery and mixed vegetables throughout the storage. Furthermore, propolis treatment applied on mixed vegetables retarded browning appearance and preserved the visual quality for a longer period when compared to untreated product.

Physical, chemical and sensory properties of gluten-free kibbeh formulated with millet flour (Pennisetum glaucum (L.) R. Br.)

Pearl millet flour was utilized in kibbeh formulations instead of whole-wheat flour. Physicochemical properties, oxidation stability and sensorial characteristics of control kibbeh made with whole-wheat flour (CT) were compared with kibbehs prepared with millet flour (roasted or wet) and stored for 90 days (–18 °C). Kibbeh prepared with millet flour presented good oxidation stability (TBARS concentration). Baked kibbehs (with roasted millet flour) presented good acceptability and kibbeh samples did not differ significantly (p > 0.05) from the whole-wheat flour sample, when global appearance, texture and flavor were evaluated. Millet flour could be a suitable ingredient for kibbeh formulations, maintaining their nutritional value and sensorial quality in addition to being a gluten-free product.

Study of the physical and physicochemical characteristics of fruits of the licuri palm (Syagrus coronata (Mart.) Becc.) found in the Atlantic Forest of Minas Gerais, Brazil

AbstractThe Atlantic Forest has species of native fruits, consumed fresh and processed, which have an important contribution to food sovereignty of families that consume it. This study examined the physical and physicochemical characteristics, proximate composition, concentration of carotenoids, vitamin C, vitamin E and minerals in the pulp and kernels of fruits of licuri (Syagrus coronata (Mart.) Becc.). Titratable acidity was analyzed by volumetric neutralization, soluble solids by refractometry, proteins by the micro-Kjeldahl method, lipids by gravimetry using soxhlet, dietary fiber by non-enzymatic gravimetry, carotenoids and vitamin C by HPLC-DAD, vitamin E by HPLC-fluorescence, and minerals by ICP-AES. Pulp were a source of Zn (0.95 mg 100–1), a good source of fiber (6.15 g 100–1), excellent source of provitamin A (758.75 RAE 100–1), Cu (0.69 mg 100–1), Fe (3.81 mg 100–1), Mn (3.40 mg 100–1) and Mo (0.06 mg 100–1). The kernel were a source of Fe (3.36 mg 100–1) and excellent source of Mn (6.14 mg 100–1), Cu (0.97 mg 100–1) and Mo (0.07 mg 100–1). The nutritional value and wide availability of licuri fruit make it an important resource for reducing food insecurity and improving nutrition of the rural population and other individuals who have access to it.

Effects of orange by-product fiber incorporation on the functional and technological properties of pasta

AbstractThe incorporation of fiber into products consumed every day by the general population is important and viable. The aim of the present work was to evaluate the impact of incorporating orange juice industry dietary fiber byproducts in fettuccini of fresh pasta. Three different fiber concentrations were added to fresh pastas (25 g/kg, 50 g/kg and 75 g/kg). The results showed a significant increase in solid loss content when the incorporation of orange fiber was greater than 50 g/kg. This difference did not occur regarding weight increase values and color parameters. The pasta with 75 g/kg orange fiber can be considered a “high fiber” product, with the total dietary fiber content of the pasta increasing by 99% compared to control pasta. The carotenoid and phenolic contents of pasta increased significantly with the incorporation of fiber at 75 g/kg, but only the pasta formulation with 25 g/kg of orange fiber did not differ from control pasta in relation to all of the sensory attributes and presented an acceptance greater than 75%. The addition of orange fiber byproducts to pastas is an interesting alternative because fiber has a high nutritional value and an abundance of antioxidants.

Stability of gluten free sweet biscuit elaborated with rice bran, broken rice and okara

Abstract A challenge to the food sector has been the development of new products incorporating co-products from the food processing industry with minimal impact on their pre-determined structures and adding nutritional quality. In order to add value and develop alternatives for the use of co-products generated during the agroindustrial processing, this work aimed to study the stability of gluten-free sweet biscuits developed with soybean okara, rice bran and broken rice. The formulations were elaborated with increasing percentages of these ingredients and compared with the standard (commercial sweet biscuit) for ten months. The analyses were: weight, diameters (internal and external), thickness, specific volume, instrumental parameters of color, texture, scanning electron microscopy, water activity, proximal composition and isoflavones. The experimental sweet biscuits had characteristics of color, weight, volume and diameters (internal and external) very similar to the commercial, whereas texture, lipids and energy value decreased, and aw, moisture and protein increased during storage. The sweet biscuits showed the same stability when compared to the standard, and the

Item-level life-cycle model for maintenance network – from cost to additional value

The importance of industrial maintenance has been emphasized during the last decades; it is no longer a mere cost item, but one of the mainstays of business. Market conditions have worsened lately, investments in production assets have decreased, and at the same time competition has changed from taking place between companies to competition between networks. Companies have focused on their core functions and outsourced support services, like maintenance, above all to decrease costs. This new phenomenon has led to increasing formation of business networks. As a result, a growing need for new kinds of tools for managing these networks effectively has arisen. Maintenance costs are usually a notable part of the life-cycle costs of an item, and it is important to be able to plan the future maintenance operations for the strategic period of the company or for the whole life-cycle period of the item. This thesis introduces an itemlevel life-cycle model (LCM) for industrial maintenance networks. The term item is used as a common definition for a part, a component, a piece of equipment etc. The constructed LCM is a working tool for a maintenance network (consisting of customer companies that buy maintenance services and various supplier companies). Each network member is able to input their own cost and profit data related to the maintenance services of one item. As a result, the model calculates the net present values of maintenance costs and profits and presents them from the points of view of all the network members. The thesis indicates that previous LCMs for calculating maintenance costs have often been very case-specific, suitable only for the item in question, and they have also been constructed for the needs of a single company, without the network perspective. The developed LCM is a proper tool for the decision making of maintenance services in the network environment; it enables analysing the past and making scenarios for the future, and offers choices between alternative maintenance operations. The LCM is also suitable for small companies in building active networks to offer outsourcing services for large companies. The research introduces also a five-step constructing process for designing a life-cycle costing model in the network environment. This five-step designing process defines model components and structure throughout the iteration and exploitation of user feedback. The same method can be followed to develop other models. The thesis contributes to the literature of value and value elements of maintenance services. It examines the value of maintenance services from the perspective of different maintenance network members and presents established value element lists for the customer and the service provider. These value element lists enable making value visible in the maintenance operations of a networked business. The LCM added with value thinking promotes the notion of maintenance from a “cost maker” towards a “value creator”.

Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

How Is Credit Risk Estimated? Discussion and Evidence based on Cross-Industry Sample Utilizing the KMV Model

The purpose of this thesis is to focus on credit risk estimation. Different credit risk estimation methods and characteristics of credit risk are discussed. The study is twofold, including an interview of a credit risk specialist and a quantitative section. Quantitative section applies the KMV model to estimate credit risk of 12 sample companies from three different industries: automobile, banking and financial sector and technology. Timeframe of the estimation is one year. On the basis of the KMV model and the interview, implications for analysis of credit risk are discussed. The KMV model yields consistent results with the existing credit ratings. However, banking and financial sector requires calibration of the model due to high leverage of the industry. Credit risk is considerably driven by leverage, value and volatility of assets. Credit risk models produce useful information on credit worthiness of a business. Yet, quantitative models often require qualitative support in the decision-making situation.

Notas críticas sobre a macroeconomia novo-Keynesiana

This article shows that, in spite of its great steps towards reality, new-Keynesian macroeconomics seems to be a non-systematic construction with problems originated from "ad hoc" hypothesis required to explain the non neutrality of money and the existence of disequilibria in the short run. In particular, it seems that prices and wages rigidities stand in sandy bases and that the derivation of the IS and LM curves from neoclassical fundamentals is problematic. Even disregarding the apparent difficulties of the neoclassical theory of value and distribution, the new-Keynesian connections between interest rate, money, and output do not seem fully consistent.

Public-private partnership investments in dry ports – Russian logistics markets and risks

The investments have always been considered as an essential backbone and so-called ‘locomotive’ for the competitive economies. However, in various countries, the state has been put under tight budget constraints for the investments in capital intensive projects. In response to this situation, the cooperation between public and private sector has grown based on public-private mechanism. The promotion of favorable arrangement for collaboration between public and private sectors for the provision of policies, services, and infrastructure in Russia can help to address the problems of dry ports development that neither municipalities nor the private sector can solve alone. Especially, the stimulation of public-private collaboration is significant under the exposure to externalities that affect the magnitude of the risks during all phases of project realization. In these circumstances, the risk in the projects also is becoming increasingly a part of joint research and risk management practice, which is viewed as a key approach, aiming to take active actions on existing global and specific factors of uncertainties. Meanwhile, a relatively little progress has been made on the inclusion of the resilience aspects into the planning process of a dry ports construction that would instruct the capacity planner, on how to mitigate the occurrence of disruptions that may lead to million dollars of losses due to the deviation of the future cash flows from the expected financial flows on the project. The current experience shows that the existing methodological base is developed fragmentary within separate steps of supply chain risk management (SCRM) processes: risk identification, risk evaluation, risk mitigation, risk monitoring and control phases. The lack of the systematic approach hinders the solution of the problem of risk management processes of dry port implementation. Therefore, management of various risks during the investments phases of dry port projects still presents a considerable challenge from the practical and theoretical points of view. In this regard, the given research became a logical continuation of fundamental research, existing in the financial models and theories (e.g., capital asset pricing model and real option theory), as well as provided a complementation for the portfolio theory. The goal of the current study is in the design of methods and models for the facilitation of dry port implementation through the mechanism of public-private partnership on the national market that implies the necessity to mitigate, first and foremost, the shortage of the investments and consequences of risks. The problem of the research was formulated on the ground of the identified contradictions. They rose as a continuation of the trade-off between the opportunities that the investors can gain from the development of terminal business in Russia (i.e. dry port implementation) and risks. As a rule, the higher the investment risk, the greater should be their expected return. However, investors have a different tolerance for the risks. That is why it would be advisable to find an optimum investment. In the given study, the optimum relates to the search for the efficient portfolio, which can provide satisfaction to the investor, depending on its degree of risk aversion. There are many theories and methods in finance, concerning investment choices. Nevertheless, the appropriateness and effectiveness of particular methods should be considered with the allowance of the specifics of the investment projects. For example, the investments in dry ports imply not only the lump sum of financial inflows, but also the long-term payback periods. As a result, capital intensity and longevity of their construction determine the necessity from investors to ensure the return on investment (profitability), along with the rapid return on investment (liquidity), without precluding the fact that the stochastic nature of the project environment is hardly described by the formula-based approach. The current theoretical base for the economic appraisals of the dry port projects more often perceives net present value (NPV) as a technique superior to other decision-making criteria. For example, the portfolio theory, which considers different risk preference of an investor and structures of utility, defines net present value as a better criterion of project appraisal than discounted payback period (DPP). Meanwhile, in business practice, the DPP is more popular. Knowing that the NPV is based on the assumptions of certainty of project life, it cannot be an accurate appraisal approach alone to determine whether or not the project should be accepted for the approval in the environment that is not without of uncertainties. In order to reflect the period or the project’s useful life that is exposed to risks due to changes in political, operational, and financial factors, the second capital budgeting criterion – discounted payback period is profoundly important, particularly for the Russian environment. Those statements represent contradictions that exist in the theory and practice of the applied science. Therefore, it would be desirable to relax the assumptions of portfolio theory and regard DPP as not fewer relevant appraisal approach for the assessment of the investment and risk measure. At the same time, the rationality of the use of both project performance criteria depends on the methods and models, with the help of which these appraisal approaches are calculated in feasibility studies. The deterministic methods cannot ensure the required precision of the results, while the stochastic models guarantee the sufficient level of the accuracy and reliability of the obtained results, providing that the risks are properly identified, evaluated, and mitigated. Otherwise, the project performance indicators may not be confirmed during the phase of project realization. For instance, the economic and political instability can result in the undoing of hard-earned gains, leading to the need for the attraction of the additional finances for the project. The sources of the alternative investments, as well as supportive mitigation strategies, can be studied during the initial phases of project development. During this period, the effectiveness of the investments undertakings can also be improved by the inclusion of the various investors, e.g. Russian Railways’ enterprises and other private companies in the dry port projects. However, the evaluation of the effectiveness of the participation of different investors in the project lack the methods and models that would permit doing the particular feasibility study, foreseeing the quantitative characteristics of risks and their mitigation strategies, which can meet the tolerance of the investors to the risks. For this reason, the research proposes a combination of Monte Carlo method, discounted cash flow technique, the theory of real options, and portfolio theory via a system dynamics simulation approach. The use of this methodology allows for comprehensive risk management process of dry port development to cover all aspects of risk identification, risk evaluation, risk mitigation, risk monitoring, and control phases. A designed system dynamics model can be recommended for the decision-makers on the dry port projects that are financed via a public-private partnership. It permits investors to make a decision appraisal based on random variables of net present value and discounted payback period, depending on different risks factors, e.g. revenue risks, land acquisition risks, traffic volume risks, construction hazards, and political risks. In this case, the statistical mean is used for the explication of the expected value of the DPP and NPV; the standard deviation is proposed as a characteristic of risks, while the elasticity coefficient is applied for rating of risks. Additionally, the risk of failure of project investments and guaranteed recoupment of capital investment can be considered with the help of the model. On the whole, the application of these modern methods of simulation creates preconditions for the controlling of the process of dry port development, i.e. making managerial changes and identifying the most stable parameters that contribute to the optimal alternative scenarios of the project realization in the uncertain environment. System dynamics model allows analyzing the interactions in the most complex mechanism of risk management process of the dry ports development and making proposals for the improvement of the effectiveness of the investments via an estimation of different risk management strategies. For the comparison and ranking of these alternatives in their order of preference to the investor, the proposed indicators of the efficiency of the investments, concerning the NPV, DPP, and coefficient of variation, can be used. Thus, rational investors, who averse to taking increased risks unless they are compensated by the commensurate increase in the expected utility of a risky prospect of dry port development, can be guided by the deduced marginal utility of investments. It is computed on the ground of the results from the system dynamics model. In conclusion, the outlined theoretical and practical implications for the management of risks, which are the key characteristics of public-private partnerships, can help analysts and planning managers in budget decision-making, substantially alleviating the effect from various risks and avoiding unnecessary cost overruns in dry port projects.