The global financial crisis and after: a new capitalism?

The 2008 global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on selfregulated and efficient markets. Although capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regulations that led to the “30 glorious years of capitalism” (1948–77) and that could have avoided a financial crisis as profound as the present one. It did not because a coalition of rentiers and “financists” achieved hegemony and, while deregulating the existing financial operations, refused to regulate the financial innovations that made these markets even more risky. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and “scientifically”, neoliberal ideology and deregulation. From this crisis a new capitalism will emerge, though its character is difficult to predict. It will not be financialized but the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, where professionals will have more say than rentier capitalists, as well as the tendency to improve democracy by making it more social and participative, will be resumed.

Grau de evidenciação da contabilidade de hedge nos maiores bancos brasileiros e europeus

Ao se reportar resultados voláteis e, sem a devida evidenciação contábil (disclosure), pode-se transmitir uma imagem negativa aos investidores e levantar dúvidas em relação aos resultados futuros, a transparência e a capacidade de gerenciamento do risco por parte dos gestores das instituições financeiras. Nas últimas décadas, a utilização da contabilidade de hedge para a gestão do risco e resultado tem estado em evidência nos grandes bancos do Brasil e do exterior. Isto ocorre pois é onde se dá a convergência das demonstrações financeiras tanto em 2005 na Europa quanto em 2010 no Brasil para o novo padrão contábil internacional (IFRS) aplicado pelo IASB. Este padrão tem exigido dos bancos grandes esforços para estar em conformidade com as novas regras estabelecidas. Nesta mesma lógica, enquanto a contabilidade de hedge nos bancos assume um papel de destaque na gestão dos riscos e resultados; a divulgação precisa e concisa das demonstrações financeiras fornece aos acionistas, investidores e demais usuários importantes informações sobre o desempenho e a condução do negócio. Isto proporciona ao mercado uma melhor condição de avaliar os riscos envolvidos e de estimar os resultados futuros para a tomada de decisão de investimento. Dentro deste contexto, foi avaliado a qualidade e o grau de evidenciação das demonstrações contábeis dos principais bancos brasileiros e europeus aos requisitos do IFRS 7, IFRS 9 e outros mais de elaboração do próprio autor. Todos esses requisitos referem-se à divulgação de informações qualitativas e quantitativas pertinentes a contabilidade de hedge. Portanto, estão associados a estratégias de gestão de risco e resultado. A avaliação do grau de evidenciação das demonstrações financeiras ao IFRS 7 e IFRS 9 foi feita através de um estudo exploratório onde se analisou as notas explicativas em IFRS dos dez maiores bancos no Brasil e na Europa pelo critério “tamanho dos ativos”. Os resultados obtidos neste estudo indicam que 59,6% das instituições analisadas cumprem as exigências do IFRS7. Outra descoberta é que o índice de cumprimento dos bancos brasileiros é maior que os bancos europeus; 68,3% vs. 50,8%. Em relação ao IFRS 9 o percentual é de apenas 23% o que é explicado pelo fato da norma ainda não estar em vigor em ambas as regiões onde poucas instituições tem se antecipado de forma voluntária para atendê-la. A avaliação da qualidade das notas explicativas referente ao hedge contábil foi feita de maneira discricionária através da observação das informações prestadas para atender aos requisitos do IFRS 7 e 9 e dos demais requisitos adicionados pelo autor. Os resultados obtidos indicam que as notas carecem de maior detalhamento dos instrumentos de hedge utilizados, bem como os objetivos de cada hedge, para dar maior transparência ao usuário da informação sobre os riscos protegidos nos respectivos balanços. O crescimento do volume de informações prestadas nas notas explicativas dos grandes bancos brasileiros e europeus após a adoção do IFRS não configurou um aumento proporcional do conteúdo informacional, prevalecendo, ainda, a forma sobre a essência. Este movimento abre espaço para discussões futuras com os agentes de mercado sobre o tamanho e o conteúdo informacional adequado nas notas explicativas, com o intuito de buscar um equilíbrio entre o custo e o benefício da divulgação da informação sob a ótica da relevância e da materialidade.

Fermentation and aerobic stability of corn silage inoculated with Lactobacillus buchneri

The characteristics of fermentation and aerobic stability were evaluated in corn silage inoculated with different doses of Lactobacillus buchneri. The whole corn plant (300 g/kg DM) was ensiled in quadruplicate laboratory silos (7L). L. buchneri 40788 was applied at 5×10(4), 1×10(5), 5×10(5) and 1×10(6) cfu/g of fresh forage. Silages with no additive were used as controls. After 130 d of ensiling, the silages were subjected to an aerobic stability evaluation for 12 days, in which chemical and microbiological parameters as well as the temperature of the silage were measured to determine the aerobic deterioration. The addition of L. buchneri resulted in increased acetic acid concentrations. The number of yeast colonies was low in all treated silages. The pH, lactic and propionic acid concentrations did not differ between silages. Under aerobic conditions, all the treated silages showed a low number of yeasts and a great aerobic stability. Therefore, L. buchneri is effective against yeasts and improves the aerobic stability of corn silage in laboratory silos. However, doses equal or superior to 1×10(5) cfu/g of fresh forage were more efficient in the control of aerobic spoilage.

THE EFFECT of CARBONIZATION on WOOD STRUCTURE of DALBERGIA VIOLACEA, STRYPHNODENDRON POLYPHYLLUM, TAPIRIRA GUIANENSIS, VOCHYSIA TUCANORUM, and POUTERIA TORTA FROM THE BRAZILIAN CERRADO

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Pediatric Antiphospholipid Syndrome: Clinical and Immunologic Features of 121 Patients in an International Registry

OBJECTIVES. The purpose of this study was to obtain data on the association of antiphospholipid antibodies with clinical manifestations in childhood and to enable future studies to determine the impact of treatment and long-term outcome of pediatric antiphospholipid syndrome.PATIENTS and METHODS. A European registry extended internationally of pediatric patients with antiphospholipid syndrome was established as a collaborative project of the European Antiphospholipid Antibodies Forum and Lupus Working Group of the Pediatric Rheumatology European Society. To be eligible for enrollment the patient must meet the preliminary criteria for the classification of pediatric antiphospholipid syndrome and the onset of antiphospholipid syndrome must have occurred before the patient's 18th birthday.RESULTS. As of December 1, 2007, there were 121 confirmed antiphospholipid syndrome cases registered from 14 countries. Fifty-six patients were male, and 65 were female, with a mean age at the onset of antiphospholipid syndrome of 10.7 years. Sixty (49.5%) patients had underlying autoimmune disease. Venous thrombosis occurred in 72 (60%), arterial thrombosis in 39 (32%), small-vessel thrombosis in 7 (6%), and mixed arterial and venous thrombosis in 3 (2%). Associated nonthrombotic clinical manifestations included hematologic manifestations (38%), skin disorders (18%), and nonthrombotic neurologic manifestations (16%). Laboratory investigations revealed positive anticardiolipin antibodies in 81% of the patients, anti-beta(2)-glycoprotein I antibodies in 67%, and lupus anticoagulant in 72%. Comparisons between different subgroups revealed that patients with primary antiphospholipid syndrome were younger and had a higher frequency of arterial thrombotic events, whereas patients with antiphospholipid syndrome associated with underlying autoimmune disease were older and had a higher frequency of venous thrombotic events associated with hematologic and skin manifestations.CONCLUSIONS. Clinical and laboratory characterization of patients with pediatric antiphospholipid syndrome implies some important differences between antiphospholipid syndrome in pediatric and adult populations. Comparisons between children with primary antiphospholipid syndrome and antiphospholipid syndrome associated with autoimmune disease have revealed certain differences that suggest 2 distinct subgroups. Pediatrics 2008; 122: e1100-e1107

In vitro algaecide effect of sodium hypochlorite and iodine based antiseptics on Prototheca zopfii strains isolated from bovine milk

Prototheca zopfii has been considered one of the most important causes of environmental mastitis in Brazil. These algae are refractory to conventional therapy and cause great damage to the mammary gland. The present study evaluated the in vitro algaecide effect of sodium hypochlorite and iodine based antiseptics on 27 P. zopfii strains isolated from the milk of cattle. Low concentrations of sodium hypochlorite (0.0390625-0.15625%) and iodine (0.15625-0.625%) were effective against the isolates. These antiseptics may be recommended for hygiene routines, pre and postdipping and cauterization of bovine mammary glands infected by P. zopfii. (C) 2009 Elsevier Ltd. All rights reserved.

Comments about some species abundance patterns: classic, neutral, and niche partitioning models

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Diversidade e ocorrência de peixes na área de influência da UHE Mogi Guaçu e lagoas marginais, bacia do alto rio Paraná, São Paulo, Brasil

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

The opportunistic feeding and reproduction strategies of the annual fish Cynopoecilus melanotaenia (Cyprinodontiformes: Rivulidae) inhabiting ephemeral habitats on southern Brazil

A maioria dos peixes da família Rivulidae são popularmente conhecidos como anuais por completarem todo seu ciclo biológico em pequenos corpos de água temporários que secam obrigatoriamente em determinados períodos do ano causando a morte dos indivíduos adultos. Possuem características biológicas peculiares como pequeno porte, maturação sexual precoce, reprodução contínua, um elaborado padrão de corte e uma grande capacidade reprodutiva entre os peixes. Os rivulídeos se encontram amplamente distribuídos nas Américas do Norte, Central e Sul. Este trabalho analisou a dieta e a biologia reprodutiva de Cynopoecilus melanotaenia. Foram coletados 263 exemplares e a análise de 233 conteúdos gastrointestinais revelou uma dieta invertívora composta principalmente por microcrustáceos (Cladocera, Amphipoda e Ostracoda) e insetos imaturos (Chaoboridae, Culicidae, Syrphidae, mas principalmente larvas de Chironomidae). Foi registrada a lepidofagia na dieta dos machos. A fecundidade foi estimada pela análise de 59 pares de ovários maduros e variou entre 2 a 157 ovócitos (média, 19 ± 26[DP]). A espécie apresentou desova parcelada, uma estratégia para aumentar a chance de sobrevivência a depleções prolongadas. Este trabalho apresenta a primeira investigação sobre a biologia reprodutiva de C. melanotaenia. Os resultados encontrados sugerem a estratégia reprodutiva oportunista de C. melanotaenia e fornecem novas informações biológicas que podem contribuir para pesquisas de conservação e manutenção da espécie em seu ambiente natural.

Limnogeology in Brazil's "forgotten wilderness": a synthesis from the large floodplain lakes of the Pantanal

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Corrosion and Wear Studies of Cr3C2NiCr-HVOF Coatings Sprayed on AA7050 T7 Under Cooling

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Effects of maturation and scarification on seed germination of Syagrus schizophylla (Mart.) glass. (Arecaceae)

Syagrus schizophylla (Mart.) Glass. belongs to the Arecaccae family. This palm is native of Brazil and presents great potential for use in gardens and cultivation in pot. Palms species, with relatively few exceptions, can only be propagated from seeds; even so, there are no reports in the literature about the germination of this palm seeds. The seed maturity is a factor that interferes in the success of the germination process. For some species, studies showed that palm seeds germinated better when the fruits were completely ripe (showing full color) and for other, when they were with green coloration. Several species of the Arecaccae family presents physical dormancy of seeds in varied degrees, demanding treatments for improve germination. The objective of this work was to study the effects of maturation and of the scarification on seed germination of S. schizophylla. The experimental design used was a factorial 3 x 2 (3 maturation stadiums: green, half-ripe - yellow and completely ripe - red; and mechanical scarification: with and without), entirely casualized, with four replications of 15 seeds per plot. The seeds (with 32,43% of humidity) were placed in plastic boxes with sand (60% of humidity, placing water according to weight in each three days), under controlled conditions of alternated temperature of 25-35 degrees C, photoperiod of 12 hours. The percentage of germination and the speed germination index (SGI) were evaluated until 79 days. It was observed that, so much for germination percentage as for SGI, there was not significant difference for the interaction among the two factors, maturation stadium and scarification, however, there were significant differences among the maturation stadiums and between seeds scarified or not. The seeds from green fruits presented lower germination percentage and slower germination when compared with seeds from yellow or red fruits; the seeds from yellow or red fruits didn't differ statistically to each other. To seeds scarificated, independently of the maturation stadium, presented germination percentage significantly larger and the germination was significantly faster when compared with the seeds without scarification.

Intercontinental transport of nitrogen oxide pollution plumes

We describe the first satellite observation of intercontinental transport of nitrogen oxides emitted by power plants, verified by simulations with a particle tracer model. The analysis of such episodes shows that anthropogenic NOx plumes may influence the atmospheric chemistry thousands of kilometers away from its origin, as well as the ocean they traverse due to nitrogen fertilization. This kind of monitoring became possible by applying an improved algorithm to extract the tropospheric fraction of NO2 from the spectral data coming from the GOME instrument.As an example we show the observation of NO2 in the time period 4-14 May, 1998, from the South African Plateau to Australia which was possible due to favourable weather conditions during that time period which availed the satellite measurement. This episode was also simulated with the Lagrangian particle dispersion model FLEXPART which uses NOx emissions taken from an inventory for industrial emissions in South Africa and is driven with analyses from the European Centre for Medium-RangeWeather Forecasts. Additionally lightning emissions were taken into account by utilizing Lightning Imaging Sensor data. Lightning was found to contribute probably not more than 25% of the resulting concentrations. Both, the measured and simulated emission plume show matching patterns while traversing the Indian Ocean to Australia and show great resemblance to the aerosol and CO2 transport observed by Piketh et al. (2000).

The Strengths and Difficulties Questionnaire overseas: Evaluations and applications of the SDQ beyond Europe

Background During the few years that have passed since it became available, the Strengths and Difficulties Questionnaire (SDQ) has been extensively evaluated and widely applied to assess behaviour disorders of children and adolescents in European countries. In contrast, relatively few reports have published SDQ results obtained in other parts of the world, although its briefness and availability in over 40 languages make this instrument particularly attractive for international collaborations and cross-cultural comparisons concerning clinical and epidemiological issues. Objectives This initial overview summarises some of these non-European experiences with the SDQ by presenting a selection of projects that have either psychometrically evaluated this novel questionnaire, applied it to screen for behaviour disorders, or employed its parent-, teacher- or self-rated versions as research tools. Since a large part of the mentioned studies are ongoing or have only recently been completed, much of the work reported here is still unpublished. Conclusions Across a huge variety of cultures and languages, experience gained with the SDQ in other continents has supported European evidence of good psychometric properties and clinical utility of this questionnaire. Since worldwide usage of the SDQ can be expected to increase in the future, more international coordination is encouraged, in order to fully exploit the promising potentials of this versatile assessment tool and systematically investigate cross-cultural differences and similarities in child and adolescent behaviour.

Sequence heterogeneity and phylogenetic relationships between the copia retrotransposon in Drosophila species of the repleta and melanogaster groups

Although the retrotransposon copia has been studied in the melanogaster group of Drosophila species, very little is known about copia dynamism and evolution in other groups. We analyzed the occurrence and heterogeneity of the copia 5' LTR-ULR partial sequence and their phylogenetic relationships in 24 species of the repleta group of Drosophila. PCR showed that copia occurs in 18 out of the 24 species evaluated. Sequencing was possible in only eight species. The sequences showed a low nucleotide diversity, which suggests selective constraints maintaining this regulatory region over evolutionary time. on the contrary, the low nucleotide divergence and the phylogenetic relationships between the D. willistoni/Zaprionus tuberculatus/melanogaster species subgroup suggest horizontal transfer. Sixteen transcription factor binding sites were identified in the LTR-ULR repleta and melanogaster consensus sequences. However, these motifs are not homologous, neither according to their position in the LTR-ULR sequences, nor according to their sequences. Taken together, the low motif homologies, the phylogenetic relationship and the great nucleotide divergence between the melanogaster and repleta copia sequences reinforce the hypothesis that there are two copia families.