FOREIGN INVESTMENT AND THE BRAZILIAN REAL ESTATE MARKET

This article discusses the main aspects of the Brazilian real estate market in order to illustrate if it would be attractive for a typical American real estate investor to buy office-building portfolios in Brazil. The article emphasizes: [i] - the regulatory frontiers, comparing investment securitization, using a typical American REIT structure, with the Brazilian solution, using the Fundo de Investimento Imobiliario - FII; [ii] - the investment quality attributes in the Brazilian market, using an office building prototype, and [iii] - the comparison of [risk vs. yield] generated by an investment in the Brazilian market, using a FII, benchmarked against an existing REIT (OFFICE SUB-SECTOR) in the USA market. We conclude that investing dollars exchanged for Reais [the Brazilian currency] in a FII with a triple A office-building portfolio in the Sao Paulo marketplace will yield an annual income and a premium return above an American REIT investment. The highly aggressive scenario, along with the strong persistent exchange rate detachment to the IGP-M variations, plus instabilities affecting the generation of income, and even if we adopt a 300-point margin for the Brazil-Risk level, demonstrates that an investment opportunity in the Brazilian market, in the segment we have analyzed, outperforms an equivalent investment in the American market.

PERFORMANCE OF THE MODEL CALLED ACQUANETXL IN THE ALLOCATION OF WATER IN COMPLEX WATER RESOURCE SYSTEMS

This article presents a tool for the allocation analysis of complex systems of water resources, called AcquaNetXL, developed in the form of spreadsheet in which a model of linear optimization and another nonlinear were incorporated. The AcquaNetXL keeps the concepts and attributes of a decision support system. In other words, it straightens out the communication between the user and the computer, facilitates the understanding and the formulation of the problem, the interpretation of the results and it also gives a support in the process of decision making, turning it into a clear and organized process. The performance of the algorithms used for solving the problems of water allocation was satisfactory especially for the linear model.

Development of Control Systems for Safety Instrumented Systems

Safety Instrumented Systems (SIS) are designed to prevent and / or mitigate accidents, avoiding undesirable high potential risk scenarios, assuring protection of people`s health, protecting the environment and saving costs of industrial equipment. The design of these systems require formal methods for ensuring the safety requirements, but according material published in this area, has not identified a consolidated procedure to match the task. This sense, this article introduces a formal method for diagnosis and treatment of critical faults based on Bayesian network (BN) and Petri net (PN). This approach considers diagnosis and treatment for each safety instrumented function (SIF) including hazard and operability (HAZOP) study in the equipment or system under control. It also uses BN and Behavioral Petri net (BPN) for diagnoses and decision-making and the PN for the synthesis, modeling and control to be implemented by Safety Programmable Logic Controller (PLC). An application example considering the diagnosis and treatment of critical faults is presented and illustrates the methodology proposed.

Characterization and application of the solid waste generated in the production of calcium carbonate precipitate as a corrective for the soil acidity

The calcium carbonate industry generates solid waste products which, because of their high alkaline content (CaO, CaCO(3) and Ca (OH)(2)), have a substantial impact on the environment. The objectives of this study are to characterize and classify the solid waste products, which are generated during the hydration process of the calcium carbonate industry, according to ABNT`s NBR 10.000 series, and to determine the potential and efficiency of using these solid residues to correct soil acidity. Initially, the studied residue was submitted to gross mass, leaching, solubility, pH. X-ray Diffractometry, Inductive Coupled Plasma - Atomic Emission Spectrometry (ICP-AES), granularity and humidity analyses. The potential and efficiency of the residue for correcting soil acidity was determined by analysis of the quality attributes for soil correctives (PN, PRNT, Ca and Mg contents, granularity). Consequently, the results show that the studied residue may be used as a soil acidity corrective, considering that a typical corrective compound is recommended for each different type of soil. Additionally, the product must be further treated (dried and ground) to suit the specific requirements of the consumer market.

Colloidal Processing of Glass-Ceramics for Laminated Object Manufacturing

Green tapes of Li(2)O-ZrO(2)-SiO(2)-Al(2)O(3) (LZSA) parent glass were produced by aqueous tape casting as the starting material for the laminated object manufacturing (LOM) process. The rheological behavior of the powder suspensions in aqueous media, as well as the mechanical properties of the cast tapes, was evaluated. According to xi potential measurements, the LZSA glass powder particles showed acid surface characteristics and an IEP of around 4 when in aqueous media. The critical volume fraction of solids was about 72 wt% (27 vol%), which hindered the processability of more concentrated slurries. The glass particles also showed an anisometric profile, which contributed to an increase in the interactions between particles during flow. Therefore, the suspensions could not be processed at high solids loadings. Aqueous-based glass suspensions were also characterized by shear thickening after the addition of dispersants. Three slurry compositions were formulated, suitable green tapes were cast, and tapes were successfully laminated by LOM to a gear wheel geometry. A higher tensile strength of the green tapes corresponded to a higher tensile strength of the laminates. Thermal treatment was then applied to the laminates: pyrolysis at 525 degrees C, sintering at 700 degrees C for 1 h, and crystallization at 850 degrees C for 30 min. A 20% volumetric shrinkage was observed, but no surface flaws or inhomogeneous areas were detected. The sintered part maintained the curved edges and internal profile after heat treatment.