Assessing competition in the banking industry: a multi-product approach

This paper investigates the competitive aspects of multi-product banking operations. Extending Panzar and Rosse (1987)’s model to the case of a multi-product banking firm, we show that the higher the economies of scope in multi-product banking are, the lower Panzar-Rosse’s measure of competition in the banking sector is. To test this empirical implication and determine the impact of multi-production/conglomeration on market power, we use a new dataset on Brazilian banking conglomerates. Consistent with our theoretical prediction, we find that banks offering classic banking products (i.e., loans and credit cards) and other banking products (i.e., brokerage services, insurance and capitalization bonds) have substantially higher market power than banks that offer only classic products. These results suggest a positive bias in the traditional estimates of competition in which multi-output actions are not considered.

Banco Central e a administração de crises bancárias

Crises bancárias podem implicar uma alta redistribuição de recursos em uma sociedade. O interesse público em manter os bancos em funcionamento demanda o desenho de regimes eficazes de resolução, pois a falência desordenada desses intermediários pode ser uma fonte de risco sistêmico. O Banco Central, autoridade responsável por zelar pela higidez do sistema financeiro, pode se valer de diversos instrumentos para reestruturar ou liquidar um banco em dificuldade financeira. De modo a prevenir a propagação do risco sistêmico, as regras jurídicas conferem ao Banco Central uma ampla margem de discricionariedade no julgamento de quais bancos merecem receber assistência financeira e na escolha dos métodos de resolução bancária. O caráter globalizado das finanças exige uma maior coordenação entre autoridades domésticas na resolução de bancos que operam em múltiplas jurisdições. Algumas iniciativas de órgãos internacionais no período pós-crise de 2007-2008 têm buscado instituir, em nível global, um marco normativo para gerenciamento de crises bancárias, através da harmonização de regimes domésticos de resolução. O histórico de crises do sistema financeiro brasileiro levou ao desenvolvimento de uma rede de proteção bancária em momentos anteriores à crise financeira global de 2007-2008. Assim, o sistema financeiro brasileiro apresentou bom funcionamento mesmo nas fases mais agudas. Não tendo experimentado uma crise sistêmica no período recente, o Brasil não está passando por reformas profundas na estrutura institucional do seu sistema financeiro, a exemplo de países como Estados Unidos e Reino Unido. No entanto, desafios impostos pela crescente globalização das finanças e peculiaridades locais motivam reformas e mudanças discretas nos padrões de governança da rede de proteção brasileira. Através da reconstituição da atuação do Banco Central em três momentos de crise no Brasil, o presente trabalho busca analisar criticamente a rede de proteção bancária brasileira e os mecanismos jurídicos de accountability da autoridade financeira no exercício da supervisão e administração de crises bancárias.

A indústria de fundos de investimento no Brasil : um estudo teórico e empírico sobre a relação fiduciária entre o administrador-gestor e os respectivos cotistas de fundos de investimentos

De acordo com dados de 07.10.2014 da Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais – ANBIMA, no acumulado em 12 meses, entre aplicações, resgates e captações, a indústria de fundos movimentou mais de 11 bilhões de reais no Brasil. É um volume financeiro considerável, fazendo dos fundos de investimento importantes instrumentos de captação de poupança e de direcionamento de recursos para os mais diversos projetos de financiamento da economia. Além disso, as quebras de determinados conglomerados financeiros no Brasil nos últimos anos envolvendo fundos administrados e geridos por sociedades pertencentes a esses conglomerados colocou em evidência a importância de regras e estudos direcionados à relação entre o administrador-gestor e o cotista de fundos de investimento. De fato, pesquisa conduzida ao longo dos anos de 2013 e 2014 demonstrou que acadêmicos, reguladores e demais participantes do mercado de valores mobiliários possuem poucos estudos que possam assisti-los na solução de problemas relativos a essa relação, inclusive diante de situações envolvendo conflitos de interesses entre administradores-gestores e cotistas. Assim, diante da importância econômica dos fundos de investimento para o Brasil, da relevância dos direitos dos investidores dentro da indústria de fundos, e também em razão da escassez de estudos, este trabalho tem por finalidade realizar investigação teórica e empírica sobre a relação fiduciária entre o administrador, o gestor e os respectivos cotistas dos fundos de investimento. Dessa forma, o objetivo será identificar a origem, as características essenciais dessa relação, os riscos que ela pode trazer para o investidor e os deveres que ela impõe aos administradores e gestores. Para tanto, propõe-se avaliar a origem histórica da relação fiduciária e os fundamentos teóricos que a suportam aplicados aos fundos de investimento nos Estados Unidos e no Brasil. Com base nesse conhecimento teórico e sob o enfoque dos deveres fiduciários aplicáveis aos administradores e gestores, parte-se para a avaliação das normas de conduta contidas nas instruções da Comissão de Valores Mobiliários (CVM), visando testar as características da relação fiduciária diante das regras da CVM. Por fim, realiza-se estudo sobre casos em que administradores e gestores foram condenados por quebra na relação fiduciária e por inobservância de deveres específicos embutidos nas normas de conduta avaliadas anteriormente. Com fundamento nos estudos teóricos e empíricos descritos, conclui-se que existem características essenciais na configuração de uma relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento e que, uma vez formada essa relação, administradores e gestores obrigam-se a observar o cumprimento de deveres de diligência e de lealdade perante o cotista. Igualmente, ainda é possível afirmar que as normas da CVM de fato instituem a relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento, bem como os deveres fiduciários conexos a essa relação.

Relação entre hábitos bucais, alterações oronasofaringianas e mal-oclusões em pré-escolares de Vitória, Espírito Santo, Brasil

O objetivo deste estudo foi estimar a prevalência das mal-oclusões e variáveis a elas associadas, como hábitos deletérios (HD) e as alterações oronasofaringianas (AO), respiração bucal, deglutição atípica e fonação atípica, em crianças com idade de três anos, no Município de Vitória, Espírito Santo, Brasil. A amostra constituiu-se de 291 crianças de ambos os sexos, matriculadas nos Centros de Educação Infantil, selecionadas por meio de amostragem probabilística por conglomerados. A análise de regressão logística indicou maior risco relativo (RR) de crianças com sobressaliência alterada, mordida aberta e mordida cruzada, em apresentar: respiração bucal (RR = 1,89; IC: 1,56-2,03), (RR = 2,46; IC: 2,00-3,02), (RR = 1,45; IC: 1,23-1,72); deglutição atípica (RR = 2,57; IC: 1,87-3,52), (RR = 3,49; IC: 2,53-4,81), (RR = 1,86; IC: 1,46-2,39) e fonação atípica (RR = 2,25; IC: 1,66-3,05), (RR = 3,18; IC: 2,38-4,25), (RR = 1,71; IC: 1,32-2,22), respectivamente. Foi mostrado haver associação entre sucção de dedo e de chupeta com sobressaliência alterada (p < 0,001) e sucção de chupeta e mordida aberta (p < 0,001). Esses resultados indicam que a prevalência das mal-oclusões está associada aos HD e às AO.

Evolução tectono-estrutural do Campo de Xaréu (Sub-bacia de Mundaú, Bacia do Ceará - NE do Brasil: abordagem multiescala e pluriferramental

The Xaréu Oil Field, located in the center-southern portion of the Mundaú Sub-Basin (eastern portion of the Ceará Basin), is characterized by a main Iramework of NW-trending and NE-dipping faults. The faults in the Xaréu Oil Field, among which the Xaréu Fautt stands out, are arranged according to an extensional-listriclan, rooted on a detachment surface corresponding to the Mundaú Fault, the border fautt of Mundaú Sub-Basin. During the tectonic-structural evolution of the Xaréu Oil Field and the Mundaú Sub-Basin, the Mundaú Fault played a crucial role on the control of the geometry of both compartments. The main carbonatic unit in the Xaréu Oil Field, named the Trairí Member(Paracuru Formation of Late Aptian to Early Albian age), contains the largest oil volume in the field, concentrated in structurally-controlled accumulations. The Trairí Member is composed by a variety of carbonatic rocks (massive, bedded or laminated calcilutites, ostracodites, calcarenites and carbonatic rudites, all of them presenting variable degrees of dolomitization). The carbonatic rocks are interbedded into thick packages of black shales and marls, besides local beds of siliciclastic conglomerates, sandstones, siltnes and argillites. From the spatial association and the genetic relationships between the carbonatic and siliciclastic units, it is possible to group them in three lithofacies associations (Marginal Plain, Ramp and Lacustrine Interior) that, together, were developed in a lacustrine system associated to a marginal sabkha. Structural studies based on drill coresthat sample the Trairí Member in the Xaréu Oil Field allowed to characterize two generations of meso- to microscale structures: the D1 group presents a typical hydroplastic character, being characterized by intra/interstratal to oblique-bedding shear zones. The hydroplastic character related to these structures allowed to infer their development at an early-lithilication stage of the Trairí Member, leading to infer an Early Cretaceous age to them. The second group of structures identified in the drill cores, nominated D2 and ascribed to a Neogene age, presents a strictly brttle character, being typilied by normal faults and slickenfibers of re-crystallized clayminerals, ali olthem displaying variable orientations. Although the present faults in the Xaréu Oil Field (and, consequently, in the Mundaú Sub-Basin) were classically relerred as struetures of essentially normal displacement, the kinematics analysis of the meso-to microscaie D1 struetures in the drill cores led to deline oblique displacements (normal with a clockwise strike-slip component) to these faults, indicating a main tectonic transport to ENE. These oblique movements would be responsible for the installation of a transtensive context in the Mundaú Sub-Basin, as part of the transcurrent to translormant opening of the Atlantic Equatorial Margin. The balancing of four struetural cross-sections ofthe Xaréu Oil Field indicates that the Mundaú Fault was responsible for more than 50% of the total stretching (ß factor) registered during the Early Aptian. At the initial stages of the "rifting", during Early Aptianuntil the Holocene, the Mundaú Sub-Basin (and consequently the Xaréu Oil Fleld) accumulated a total stretching between 1.21 and 1.23; in other words, the crust in this segment of the Atlantic Equatorial Margin was subjeeted to an elongation of about 20%. From estimates of oblique displacements related to the faults, it ws possible to construct diagrams that allow the determination of stretching factors related to these displacements. Using these diagrams and assuming the sense 01 dominant teetonictransport towards ENE, it was possible to calculate the real stretching lactors related to the oblique movement 0 of the faults in the Mundaú Sub-Basin. which reached actual values between 1.28 and 1.42. ln addnion to the tectonic-structural studies in the Xaréu Oil Field, the interpretation of remote sensing products, coupled wnh characterization of terrain analogues in seleeted areas along the northern Ceará State (continental margins of the Ceará and Potiguar basins), provided addnional data and constraints about the teetonic-structural evolution of the oil lield. The work at the analogue sites was particularly effective in the recognition and mapping, in semidetail scale, several generations of struetures originated under a brittle regime. Ali the obtained information (from the Xaréu Oil Field, the remote sensor data and the terrain analogues) were jointly interpreted, culminating with the proposnion of an evolutionary model lor this segment of the Atlantic Equatorial Margin; this model that can be applied to the whole Margin, as well. This segmentof the Atlantic Equatorial Margin was delormedin an early E-W (when considered lhe present-day position of the South American Plate) transcurrent to transform regime with dextral kinematics, started Irom, at least, the Early Aptian, which left its record in several outcrops along the continental margin of the Ceará State and specilically in the Xaréu off Field. The continuous operation of the regime, through the Albian and later periods, led to the definitive separation between the South American and African plates, with the formation of oceanic lithosphere between the two continental blocks, due to the emplacement off spreading centers. This process involved the subsequent transition of the transcurrent to a translorm dextral regime, creating lhe Equatorial Atlantic Oceano With the separation between the South American and African plates already completed and the increasing separation between lhe continental masses, other tecton ic mechanisms began to act during the Cenozoic (even though the Cretaceous tectonic regime lasted until the Neogene), like an E-W compressive stress líeld (related to the spreading olthe oceanic floor along lhe M id-Atlantic Ridge and to the compression of the Andean Chain) effective Irom the Late Cretaceous, and a state of general extension olthe horizontal surface (due to the thermal uplift ofthe central portion of Borborema Province), effective during the Neogene. The overlap of these mechanisms during the Cenozoic led to the imprint of a complex tectonic framework, which apparently influenced the migration and entrapment 01 hydrocarbon in the Ceará Basin

Geologia, Geocronologia, Geoquímica e Petrogênese das Rochas Ígneas Cretácicas da Província Magmática do Cabo e suas Relações com as Unidades Sedimentares da Bacia de Pernambuco (NE do Brasil)

The area studied forms a thin NNE-directed belt situated south of Recife town (Pernambuco state), northeastern Brazil. Geologically, it comprises the Pernambuco Basin (PB), which is limited by the Pernambuco Lineament to the north, the Maragogi high to the south and the Pernambuco Alagoas massif to the west, all of them with Precambrian age. This thesis reports the results obtained for the Cabo Magmatic Province (CMP), aiming the characterization of the geology, stratigraphy, geochronology, geochemistry and petrogenesis of the Cretaceous igneous rocks presented in the PB. The PB is composed of the Cabo Formation (rift phase) at the base (polymictic conglomerates, sandstones, shales), an intermediate unit, the Estiva Formation (marbles and argillites), and, at the top, the Algodoais Formation (monomictic conglomerates, sandstones, shales). The CMP is represented by trachytes, rhyolites, pyroclastics (ignimbrites), basalts / trachy-andesites, monzonites and alkali-feldspar granite, which occur as dykes, flows, sills, laccoliths and plugs. Field observations and well descriptions show that the majority of the magmatic rocks have intrusive contacts with the Cabo Formation, although some occurrences are also suggestive of synchronism between volcanism and siliciclastic sedimentation. 40Ar/39Ar and zircon fission tracks for the magmatic rocks indicate an average age of 102 r 1 Ma for the CMP. This age represents an expressive event in the province and is detected in all igneous dated materials. It is considered as a minimum age (Albian) for the magmatic episode and the peak of the rift phase in the PB. The 40Ar/39Ar dates are about 10-14 Ma younger than published palynologic ages for this basin. Geochemically, the CMP may be divided in two major groups; i) a transitional to alkaline suite, constituted by basalts to trachy-andesites (types with fine-grained textures and phenocrysts of sanidine and plagioclase), trachytes (porphyrytic texture, with phenocrysts of sanidine and plagioclase) and monzonites; ii) a alkaline suite, highly fractionated, acidic volcano-plutonic association, formed by four subtypes (pyroclastic flows ignimbrites, fine-to medium-grained rhyolites, a high level granite, and later rhyolites). These four types are distinguished essentially by field aspects and petrographic and textural features. Compatible versus incompatible trace element concentrations and geochemical modeling based on both major and trace elements suggest the evolution through low pressure fractional crystallization for trachytes and other acidic rocks, whereas basalts / trachy-andesites and monzonites evolved by partial melting from a mantle source. Sr and Nd isotopes reveal two distinct sources for the rocks of the CMP. Concerning the acidic ones, the high initial Sr ratios (ISr = 0.7064-1.2295) and the negative HNd (-0.43 to -3.67) indicate a crustal source with mesoproterozoic model ages (TDM from 0.92 to 1.04 Ga). On the other hand, the basic to intermediate rocks have low ISr (0.7031-0.7042) and positive HNd (+1.28 to +1.98), which requires the depleted mantle as the most probable source; their model ages are in the range 0.61-0.66 Ga. However, the light rare earth enrichment of these rocks and partial melting modeling point to an incompatible-enriched lherzolitic mantle with very low quantity of garnet (1-3%). This apparent difference between geochemical and Nd isotopes may be resolved by assuming that the metasomatizing agent did not obliterate the original isotopic characteristics of the magmas. A 2 to 5% partial melting of this mantle at approximately 14 kbar and 1269oC account very well the basalts and trachy-andesites studied. By using these pressure and temperatures estimates for the generation of the basaltic to trachy-andesitic magma, it is determined a lithospheric stretching (E) of 2.5. This E value is an appropriated estimate for the sub-crustal stretching (astenospheric or the base of the lithosphere?) region under the Pernambuco Basin, the crustal stretching probably being lower. The integration of all data obtained in this thesis permits to interpret the magmatic evolution of the PB as follows; 1st) the partial melting of a garnet-bearing lherzolite generates incompatible-enriched basaltic, trachy-andesitic and monzonitic magmas; 2nd) the underplating of these basaltic magmas at the base of the continental crust triggers the partial melting of this crust, and thus originating the acidic magmas; 3rd) concomitantly with the previous stage, trachytic magmas were produced by fractionation from a monzonitic to trachy-andesitic liquid; 4th) the emplacement of the several magmas in superficial (e.g. flows) or sub-superficial (e.g. dykes, sills, domes, laccoliths) depths was almost synchronically, at about 102 r 1 Ma, and usually crosscutting the sedimentary rocks of the Cabo Formation. The presence of garnet in the lherzolitic mantle does not agree with pressures of about 14 kbar for the generation of the basaltic magma, as calculated based on chemical parameters. This can be resolved by admitting the astenospheric uplifting under the rift, which would place deep and hot material (mantle plume?) at sub-crustal depths. The generation of the magmas and their subsequent emplacement would be coupled with the crustal rifting of the PB, the border (NNE-SSW directed) and transfer (NW-SE directed) faults serving as conduits for the magma emplacement. Based on the E parameter and the integration of 40Ar/39Ar and palynologic data it is interpreted a maximum duration of 10-14 Ma for the rift phase (Cabo Formation clastic sedimentation and basic to acidic magmatism) of the PB

Análises estratigráfica e estrutural da Seção Rifte (Valanginiano ao Barremiano) na área do levantamento sísmico 3D de baixo vermelho, Bacia Potiguar emersa

Baixo Vermelho area, situated on the northern portion of Umbuzeiro Graben (onshore Potiguar Basin), represents a typical example of a rift basin, characterized, in subsurface, by the sedimentary rift sequence, correlated to Pendência Formation (Valanginian-Barremian), and by the Carnaubais fault system. In this context, two main goals, the stratigraphic and the structural analysis, had guided the research. For this purpose, it was used the 3D seismic volume and eight wells located in the study area and adjacencies. The stratigraphic analysis of the Valanginian-Barremian interval was carried through in two distinct phases, 1D and 2D, in which the basic concepts of the sequence stratigraphy had been adapted. In these phases, the individual analysis of each well and the correlation between them, allowed to recognize the main lithofacies, to interpret the effective depositional systems and to identify the genetic units and key-surfaces of chronostratigraphic character. The analyzed lithofacies are represented predominantly by conglomerates, sandstones, siltites and shales, with carbonate rocks and marls occurring subordinately. According to these lithofacies associations, it is possible to interpret the following depositional systems: alluvial fan, fluvio-deltaic and lacustrine depositional systems. The alluvial fan system is mainly composed by conglomerates deposits, which had developed, preferentially in the south portion of the area, being directly associated to Carnaubais fault system. The fluvial-deltaic system, in turn, was mainly developed in the northwest portion of the area, at the flexural edge, being characterized by coarse sandstones with shales and siltites intercalated. On the other hand, the lacustrine system, the most dominant one in the study area, is formed mainly by shales that could occur intercalated with thin layers of fine to very fine sandstones, interpreted as turbidite deposits. The recognized sequence stratigraphy units in the wells are represented by parasequence sets, systems tracts and depositional sequences. The parasequence sets, which are progradational or retrogradational, had been grouped and related to the systems tracts. The predominance of the progradation parasequence sets (general trend with coarsening-upward) characterizes the Regressive Systems Tract, while the occurrence, more frequently, of the retrogradation parasequence sets (general trend with finning-upward) represents the Transgressive System Tract. In the seismic stratigraphic analysis, the lithofacies described in the wells had been related to chaotic, progradational and parallel/subparallel seismic facies, which are associated, frequently, to the alluvial fans, fluvial-deltaic and lacustrine depositional systems, respectively. In this analysis, it was possible to recognize fifteen seismic horizons that correspond to sequence boundaries and to maximum flooding surfaces, which separates Transgressive to Regressive systems tracts. The recognition of transgressive-regressive cycles allowed to identify nine, possibly, 3a order deposicional sequences, related to the tectonic-sedimentary cycles. The structural analysis, in turn, was done at Baixo Vermelho seismic volume, which shows, clearly, the structural complexity printed in the area, mainly related to Carnaubais fault system, acting as an important fault system of the rift edge. This fault system is characterized by a main arrangement of normal faults with trend NE-SO, where Carnaubais Fault represents the maximum expression of these lineations. Carnaubais Fault corresponds to a fault with typically listric geometry, with general trend N70°E, dipping to northwest. It is observed, throughout all the seismic volume, with variations in its surface, which had conditioned, in its evolutive stages, the formation of innumerable structural features that normally are identified in Pendencia Formation. In this unit, part of these features is related to the formation of longitudinal foldings (rollover structures and distentional folding associated), originated by the displacement of the main fault plan, propitiating variations in geometry and thickness of the adjacent layers, which had been deposited at the same time. Other structural features are related to the secondary faultings, which could be synthetic or antithetic to Carnaubais Fault. In a general way, these faults have limited lateral continuity, with listric planar format and, apparently, they play the role of the accomodation of the distentional deformation printed in the area. Thus, the interaction between the stratigraphic and structural analysis, based on an excellent quality of the used data, allowed to get one better agreement on the tectonicsedimentary evolution of the Valanginian-Barremian interval (Pendência Formation) in the studied area

Aspectos Morfo-Dinâmicos daComplexo Lagunar Nísia Floresta-Papeba-Guaraíras, Região Costeira Sul Oriental Do RN

This dissertation presents the results of research developed in the Nísia Floresta-Papeba-Guaraíras Lagoon Complex, located on the south coast of the Rio Grande do Norte State. The main objectives of this dissertation were the stratrigraphic characterization, in detail scale, of the and the coastal dynamics study of the lagoonal deposits sedimentation, as well as the morpho-dynamic analysis of the area. Therefore, an interdisciplinary methodology was adopted, in which all sedimentological, morpho-tectonic and geomorphological data were integrated. Vibracore up to 4m in length were carried out in the lagoons. The referred lagoon complex made of a system of three lagoons that interact through two artificial channels, named Boqueirão and Surubajá. The Guaraíras lagoon, the largest one in the system, corresponds to the estuary zone of the Trairi and Jacu rivers. The sedimentary load brought by these rivers is strongly reworked by tide currents, forming an important net-work of channels and sandy bars inside this lagoon and close to its channel connection with the sea. The stratigraphic units of the area are Cenozoic in age, and are represented by sedimentary rocks of the Barreiras Formation (sandstones, mudstones and conglomerates) and by rocks beach, as well as by siliciclastics sediments related with the fluvial dynamics of tide plain (clay and sandy bars), and coast (sand dunes and beaches). Among the recognized geomorphologic aspects, there are the elements associated with continental enviroments (drainage basins of the Trairi, Baldum and Jacu rivers, coastal tableland supported by the Barreiras Formation), and transitional environments (lagoon complex, dune fields, cliffs, tidal channels and beach rocks lines). The morphotectonic analysis indicates that fauts affect Barreiras Formation sedimentary rocks, with two sets of main lineaments: SW-NE and SE-NW. The anomalies in the drainage net are directly associated with these fault/fracture system, which control and subdivede the low courses of the Trairi and Jacu rivers, at least a tail of their flowing principal courses. The Nísia Floresta, Papeba and Guaraíras lagoons present strong morphological control according to the lineament directions. Taking into account the lagoonal deposits, the sedimentological analyses reflect a sediment distribution related to the interaction of the fluvial and sea processes that act in the study area. The correlated deposits show textural mainly microclastic characteristics of shallow waters, and of currents of low to moderate energy.In general, the Nísia Floresta-Papeba-Guaraíras lagoon Complex, constitutes a very intrinsec group, that undewent important changes in historical times that are reflected in the currents clays. Inaddition to the natural processes that act in this system, we should take into account the antrohopic intervention, which have increased in the past years

Arquitetura, litofácies e evolução tectonoestratigráfica da bacia do rio do peixe, nordeste do Brasil

The Rio do Peixe Basin is located in the border of Paraíba and Ceará states, immediately to the north of the Patos shear zone, encompassing an area of 1,315 km2. This is one of the main basins of eocretaceous age in Northeast Brazil, associated to the rifting event that shaped the present continental margin. The basin can be divided into four sub-basins, corresponding to Pombal, Sousa, Brejo das Freiras and Icozinho half-grabens. This dissertation was based on the analysis and interpretation of remote sensing products, field stratigraphic and structural data, and seismic sections and gravity data. Field work detailed the lithofacies characterization of the three formations previously recognised in the basin, Antenor Navarro, Sousa and Rio Piranhas. Unlike the classical vertical stacking, field relations and seismostratigraphic analysis highlighted the interdigitation and lateral equivalency between these units. On bio/chrono-stratigraphic and tectonic grounds, they correlate with the Rift Tectonosequence of neocomian age. The Antenor Navarro Formation rests overlies the crystalline basement in non conformity. It comprises lithofacies originated by a braided fluvial system system, dominated by immature, coarse and conglomeratic sandstones, and polymict conglomerates at the base. Its exposures occur in the different halfgrabens, along its flexural margins. Paleocurrent data indicate source areas in the basement to the north/NW, or input along strike ramps. The Sousa Formation is composed by fine-grained sandstones, siltites and reddish, locally grey-greenish to reddish laminated shales presenting wavy marks, mudcracks and, sometimes, carbonate beds. This formation shows major influence of a fluvial, floodplain system, with seismostratigraphic evidence of lacustrine facies at subsurface. Its distribution occupies the central part of the Sousa and Brejo das Freiras half-grabens, which constitute the main depocenters of the basin. Paleocurrent analysis shows that sediment transport was also from north/NW to south/SE

Deglaciation sequences in the Permo-Carboniferous Itarare Group, Parana Basin, southern Brazil

The Late Carboniferous-Early Permian Itarare Group is a thick glacial unit of the Parana Basin. Five unconformity-bounded sequences have been defined in the eastern outcrop belt and recognized in well logs along 400 km across the central portion of the basin. Deglaciation sequences are present in the whole succession and represent the bulk of the stratigraphic record. The fining-upward vertical facies succession is characteristic of a retrogradational stacking pattern and corresponds to the stratigraphic record of major ice-retreat phases. Laterally discontinuous subglacial tillites and boulder beds occur at the base of the sequences. When these subglacial facies are absent, deglaciation sequences lie directly on the basal disconformities. Commonly present in the lowermost portions of the deglaciation sequences, polymictic conglomerates and cross-bedded sandstones are generated in subaqueous proximal outwash fans in front of retreating glaciers. The overlying assemblage of diamictites, parallel-bedded and rippled sandstones, and Bouma-like facies sequences are interpreted as deposits of distal outwash fan lobes. The tops of the deglaciation sequences are positioned in clay-rich marine horizons that show little (fine-laminated facies with dropstones) or no evidence of glacial influence on the deposition and likely represent periods of maximum ice retreat. (c) 2006 Elsevier Ltd. All rights reserved.

Caracterização e classificação de solos desenvolvidos de arenitos da formação Aquidauana-MS

A formação Aquidauana é constituída por um conjunto de sedimentos com até 500 m de espessura, predominando arenito de granulometria fina a média, intercalado com conglomerado arenoso. Nesse ambiente, o relevo é um dos principais fatores condicionantes na formação de solos. Objetivou-se, neste trabalho, caracterizar e classificar os solos desenvolvidos desses arenitos. Para isso, foram estudados quatro perfis ao longo de uma topossequência, de uma pendente representativa das colinas suaves onduladas verificadas na área de estudo. Os perfis localizavam-se no terço superior (P1), terço médio (P2), terço inferior (P3) e sopé de encosta (P4). Eles foram morfologicamente descritos, e os horizontes, caracterizados quanto às propriedades físicas e químicas. Os solos estudados apresentaram predomínio da fração areia (> 680 g kg-1), com textura variando de franco-arenosa (P4) a franco-argiloarenosa. Os valores de pH em água variaram de 4,2 a 6,5. Os valores de capacidade de troca catiônica variaram de 1,6 cmol c kg-1 no P4 a 10,3 cmol c kg-1 no P2, com predomínio dos íons H+ no P1 e P4 e Ca2+ no P2 e P3. Os horizontes subsuperficiais do P1 e P4 são distróficos, enquanto em P2 e P3 verificou-se elevada saturação por bases, evidenciando caráter eutrófico. À exceção do P2, os demais apresentaram argila de baixa atividade. em todos os perfis verificaram-se atributos morfológicos, físicos, químicos e mineralógicos condicionados pelo material de origem e relevo, demonstrando a influência desses fatores na pedogênese.

Mesozoic tectonic evolution of the south Orkney microcontinent, Scotia arc, Antarctica

The South Orkney Islands are the exposed part of a continental fragment on the southern limb of the Scotia are. The islands are to a large extent composed of metapelites and metagreywackes of probable Triassic sedimentary age. Deformation related to an accretionary wedge setting, with associated metamorphism from anchizone to the greenschist facies, are of Jurassic age (176-200 Ma). on Powell Island, in the centre of the archipelago, five phases of deformation are recognized. The first three, associated with the main metamorphism, are tentatively correlated with early Jurassic subduction along the Pacific margin of Gondwana. D-4 is a phase of middle to late Jurassic crustal extension associated with uplift. This extension phase may be related to opening of the Rocas Verdes basin in southern Chile, associated with the breakup of Gondwanaland. Upper Jurassic conglomerates cover the metamorphic rocks unconformably. D-5 is a phase of brittle extensional faulting probably associated with Cenozoic opening of the Powell basin west of the archipelago, and with development of the Scotia are.

Diamondiferous deposits in the Jequitai area (Minas Gerais, Brazil): a consequence of neotectonic processes

Diamonds obtained from small scale mining near Jequitai and surrounding villages are extracted from Tertiary conglomerates and Quaternary gravels of the Rio Jequitai. Eocretaceous conglomerates, which are locally poorly diamondiferous, cover parts of the Serra da Agua Fria and Serra do Cabral. They are of no economic importance. Analyses of neotectonic, post-Miocene features support a transpressive regime that gave rise to N-S to N25&DEG; E transcurrent faults, and WNW normal faults. The main evidence for neotectonic processes are inclined Tertiary sediments, drainage captures, striated laterites of Miocene age, and tilting of blocks that form the Rio Jequitai graben. Diamonds in the Tertiary terraces derived from the Eocretaceous conglomerates, which were affected by neotectonic processes, followed by erosion and concentration during redeposition of sediments.

Aspectos microestruturais e texturais dos metassedimentos da formacao eleuterio

This work describes the primary and tectonic-metamorphic structures of the Eleuterio Formation, cropping 1 km NW of the village of Eleuterio, State of Sao Paulo. The structural feature have been studied chiefly in low grade metamorphic siltites, arkoses and conglomerates. The textural evolution is marked by fragmentation, clay minerals reaction, pression solution with silica recrystallization, mechanical rotation in minerals, fluid circulation and dissolution, mica beards, the possibily crystallization of biotite and epidote, and so on. The tectonic metamorphic foliation now described is supposed to be formed by simple shear with a possible pure shear component. -English summary