Grau de cumprimento com as recomendações do Basel Committee on Banking Supervision e da Organisation of Securities Commissions, sobre divulgação de informação relacionada com instrumentos derivados - evidência empírica no sector bancário português

This study analyzes the level of disclosure on derivatives, in accordance with the recommendations issued by the Basel Committee on Banking Supervision and the Organization of Securities Commission, by Portuguese banks. We have analyzed individual annual reports related to 2009, using a disclosure index based on those recommendations. We concluded that the number of companies that provides information about derivative instruments is quite high, but the average value of disclosure is very low. The information disclosed more frequently is that related to general aspects, followed by information related to accounting and valuation methods.

Tribunal Constitucional Alemão: “reestruturação”?

Porque é que, do ponto de vista físico, o Tribunal Constitucional, o Supremo Tribunal de Justiça, a Procuradoria-Geral da República, a Provedoria da Justiça, entre inúmeras outras instituições nacionais, num terreno pequeno, têm que ser todas em Lisboa? (...). Aliás, v.g., “a PGR já aconselhou o Governo a levar os contratos-swap a tribunal” (Sol, 3/11/13). Abstract: Why, from the physical point of view, the Constitutional Court, the Supreme Court, the Attorney General's Office, the Office of the Ombudsman, among many other national, a small plot of land, they must all be in Lisbon? (...). Moreover, eg, "the PGR has advised the Government to take the swap contracts to court" (Sun, 11/03/13).

Há alternativas ao aumento de impostos? Sim, há.

“Procuradoria aconselha levar swaps a tribunal”. Referindo-se com maior especificidade: “A Procuradoria-Geral da República manteve contactos informais com o Ministério das Finanças para avaliar a possibilidade de o Estado levar a tribunal os contratos de alto risco assinados por empresas públicas de transporte. E deu indicações ao Governo de que há condições para conseguir a anulação dos swaps, se o Estado optar pela via litigiosa – o que ainda não aconteceu. Para isso, o Executivo tem de dar essa indicação ao Ministério Público”. Abstract: "Attorney advises swaps take the court." Referring with greater specificity: "The Attorney General's Office had informal contacts with the Ministry of Finance to evaluate the possibility of the state to prosecute high-risk contracts signed by public transport companies. And has directed the Government that there are conditions to achieve the cancellation of swaps if the state chooses the remedy litigation - which has not happened yet. For this, the Executive must provide that information to the prosecutor. "

Tribunal de Contas: defesa do dinheiro público também no caso-BES

Numa altura em que continuam em vigor uma série de misteriosos e injustos contratos de PPP’s, contratos futuros-swap e rendas artificiais outorgadas a lucrativos grupos económicos – e mais desfavoráveis às contas do Estado e contribuintes, como várias instituições e personalidades têm alertado em público incluindo a imprensa internacional -, a defesa dos dinheiros públicos assume cada vez maior importância. Abstract: At a time when still in force a series of mysterious and unjust PPP contracts, future swap contracts and artificial rents granted to profitable economic groups - and more unfavorable to the state and taxpayers of all, as several institutions and personalities have warned in public including the international press - the defense of public money is increasingly important.

Saúde versus Neoliberalismo

A pergunta é simples: para que é que afinal serve a Constituição? Será para fazer dos pobres cada vez mais pobres e dos ricos cada vez mais ricos? Será para deixar morrer os velhos na valeta, acabar com o Serviço Nacional de Saúde ou com a ADSE?; Abstract: The question is simple: what it is that ultimately serves the Constitution? Will be to make the poor poorer and the rich richer? Will be to let the old die in the gutter, end the National Health Service or the ADSE?

Studies of the Antiproliferative Activity of Ruthenium (II) Cyclopentadienyl-Derived Complexes with Nitrogen Coordinated Ligands

Four cationic ruthenium(II) complexes with the formula [Ru(eta(5)-C5H5)(PPh3)(2)](+), with L = 5-phenyl-1H-tetrazole (TzH) 1, imidazole (ImH) 2, benzo[1,2-b; 4,3-b'] dithio-phen-2-carbonitrile (Bzt) 3, and [5-(2-thiophen-2-yl)-vinyl]-thiophene-2-carbonitrile] (Tvt) 4 were prepared and characterized in view to evaluate their potentialities as antitumor agents. Studies by Circular Dichroism indicated changes in the secondary structure of ct-DNA. Changes in the tertiary structure of pBR322 plasmid DNA were also observed in gel electrophoresis experiment and the images obtained by atomic force microscopy (AFM) suggest strong interaction with pBR322 plasmid DNA; the observed decreasing of the viscosity with time indicates that the complexes do not intercalate between DNA base pairs. Compounds 1, 2, and 3 showed much higher cytotoxicity than the cisplatin against human leukaemia cancer cells (HL-60 cells).

On differentiability and analyticity of positive definite functions

We derive a set of differential inequalities for positive definite functions based on previous results derived for positive definite kernels by purely algebraic methods. Our main results show that the global behavior of a smooth positive definite function is, to a large extent, determined solely by the sequence of even-order derivatives at the origin: if a single one of these vanishes then the function is constant; if they are all non-zero and satisfy a natural growth condition, the function is real-analytic and consequently extends holomorphically to a maximal horizontal strip of the complex plane.

SbCl5—wet acetonitrile: a new system for chemoselective O-desilylation

Abstract—A new efficient method for deprotection of TBDMS derivatives of phenols, primary alcohols, carboxylic acids and secondary amines, consisting of SbCl5 and MeCN with 0.1% water (w/v), is reported. It effects inter alia desilylation of a CH2OTBDMS group in the presence of a ketal function.

Asymmetric synthesis of N-aryl aziridines

The reactions of a variety of N-arylhydroxamates as nitrogen transfer reagents to acryloyl derivatives of (−)-8-phenylmenthol, (−)-quinine and (−)-Oppolzer’s sultam acting as Michael acceptors was studied. Poor to modest diastereoselection was observed in the formation of aziridines. The absolute structure of one of the pure diastereomers secured from Oppolzer’s auxiliary was established by X-ray crystallography and hence the absolute configuration of the derived methyl-N-phenylaziridine-2-carboxylate could be assigned. Whilst only poor facial selectivity was observed for chiral hydroxamic acid prepared from dehydroabietic acid, moderate to good enantioselection of aziridines could be achieved with the chiral quaternary salts based on cinchona alkaloids, especially with that of cinchonine. A model is presented to explain the origin of enantioselection and a mechanism is proposed for the aziridination reaction.

Extraction of hemoglobin with calixarenes and biocatalysis in organic media of the complex with pseudoactivity of peroxidase

The present work involves the use of p-tert-butylcalix[4,6,8]arene carboxylic acid derivatives ((t)Butyl[4,6,8]CH2COOH) for selective extraction of hemoglobin. All three calixarenes extracted hemoglobin into the organic phase, exhibiting extraction parameters higher than 0.90. Evaluation of the solvent accessible positively charged amino acid side chains of hemoglobin (PDB entry 1XZ2) revealed that there are 8 arginine, 44 lysine and 30 histidine residues on the protein surface which may be involved in the interactions with the calixarene molecules. The hemoglobin-(t)Butyl[6]CH2COOH complex had pseudoperoxidase activity which catalysed the oxidation of syringaldazine in the presence of hydrogen peroxide in organic medium containing chloroform. The effect of pH, protein and substrate concentrations on biocatalysis was investigated using the hemoglobin-(t)Butyl[6]CH2COOH complex. This complex exhibited the highest specific activity of 9.92 x 10(-2) U mg protein(-1) at an initial pH of 7.5 in organic medium. Apparent kinetic parameters (V'(max), K'(m), k'(cat) and k'(cat)/K'(m)) for the pseudoperoxidase activity were determined in organic media for different pH values from a Michaelis-Menten plot. Furthermore, the stability of the protein-calixarene complex was investigated for different initial pH values and half-life (t(1/2)) values were obtained in the range of 1.96 and 2.64 days. Hemoglobin-calixarene complex present in organic medium was recovered in fresh aqueous solutions at alkaline pH, with a recovery of pseudoperoxidase activity of over 100%. These results strongly suggest that the use of calixarene derivatives is an alternative technique for protein extraction and solubilisation in organic media for biocatalysis.

The problem of estimating the volatility of zero coupon bond interest rate

Financial literature and financial industry use often zero coupon yield curves as input for testing hypotheses, pricing assets or managing risk. They assume this provided data as accurate. We analyse implications of the methodology and of the sample selection criteria used to estimate the zero coupon bond yield term structure on the resulting volatility of spot rates with different maturities. We obtain the volatility term structure using historical volatilities and Egarch volatilities. As input for these volatilities we consider our own spot rates estimation from GovPX bond data and three popular interest rates data sets: from the Federal Reserve Board, from the US Department of the Treasury (H15), and from Bloomberg. We find strong evidence that the resulting zero coupon bond yield volatility estimates as well as the correlation coefficients among spot and forward rates depend significantly on the data set. We observe relevant differences in economic terms when volatilities are used to price derivatives.

Solution enthalpies of hydroxylic compounds

Solution enthalpies of adamantan-1-ol, 2-methyl- butan-2-ol, and 3-methylbutan-1-ol have been measured at 298.15 K, in a set of 16 protogenic and non-protogenic solvents. The identification and quantification of solvent effects on the solution processes under study were performed using quantitative-structure property relationships. The results are discussed in terms of solute-solvent-solvent interactions and also in terms of the influence of compound's size and position of its hydroxyl group.

Bioatividade da quinoxalina 1,4-dióxido e seus derivados

O objetivo deste estudo consiste em avaliar a atividade antimicrobiana da quinoxalina 1,4-dióxido e alguns dos seus derivados em estirpes bacterianas e leveduras. Os compostos estudados foram a quinoxalina 1,4-dióxido (QNX), 2-metilquinoxalina-1,4-dióxido (2MQNX), 2-metil-3-Benzoilquinoxalina-1,4-dióxido (2M3BenzoilQNX), 2-metil-3-benzilquinoxalina-1,4-dióxido (2M3BQNX), 2-amino-3-cianoquinoxalina-1,4-dióxido (2A3CQNX), 3-metil-2-quinoxalinacarboxamida-1,4-dióxido (3M2QNXC), 2-hidroxifenazina–N-dióxido (2HF) e 3-metil-N-(2-metilphenil)quinoxalinacarboxamida-1,4-dioxido (3MN(2MF)QNXC). Os modelos procariotas selecionados para este estudo foram o Staphylococcus aureus ATCC 6538, Staphylococcus aureus ATCC 6538P, Staphylococcus aureus ATCC 29213, Escherichia coli ATCC 25922, Escherichia coli S3R9, Escherichia coli S3R22, Escherichia coli TEM CTX-M9, Escherichia coli TEM-1, Escherichia coli AmpC MOX-2, Escherichia coli CTX-M2 e Escherichia coli CTX-M9. A Candida albicans ATCC 10231 e a Saccharomyces cerevisiae PYCC 4072 constituíram os modelos eucariotas deste estudo. Para os compostos químicos que apresentem atividade pelo método de difusão em disco, será determinada a Concentração Mínima Inibitória (CMI), bem como a viabilidade e o crescimento (na presença e na ausência dos compostos químicos). Os resultados deste estudo mostram atividade antimicrobiana para a maioria dos compostos estudados em todos os modelos procariotas Gram negativos, à exceção da E.coli CTX-M2 e CTX-M9 e nenhuma atividade nos modelos eucariotas. O estudo da viabilidade/curvas de morte em bactérias e num modelo eucariota (S.cerevisiae) sugerem que alguns destes compostos constituem potenciais drogas para a quimioterapia antibacteriana.

Macrociclos tetrapirrólicos e produtos de contraste iodados: uma nova abordagem

O trabalho descrito no presente documento reporta a preparação de derivados tetrapirrólicos iodados de tipo porfirina tornando-os potenciais veículos a meio de contraste iodado, usado em radiodiagnóstico. Com os resultados deste trabalho irá ser realizado um pedido de patente das moléculas e portanto, o acesso a este trabalho será restrito nos termos do Código da Propriedade Industrial, aprovado pelo Decreto de Lei nº 36/2003 de 5 de Março. Na primeira fase do trabalho, foi sintetizado o derivado porfirínico simétrico, meso-substituído, contendo um total de 8 iodos. Este foi preparado por condensação do pirrol e do aldeído iodado em meio ácido e na presença de nitrobenzeno. Foram ainda preparados as respetivas metaloporfirinas contendo os iões metálicos de manganês e gadolínio. Posteriormente foi avaliada a capacidade destes derivados atenuarem o feixe de raio-X, através da mediação das Unidades de Hounsfield, após serem adquiridas imagens por Tomografia Computorizada. Na segunda fase do trabalho procedeu-se ao estudo da influência destes compostos na diferenciação celular, usando como modelo as células de pré-adipócitos 3T3-L1. Foi avaliada a diferenciação celular, através da quantificação de lípidos das células maduras, marcados com Red Oil O, por espectrofotometria de Visível 3 e 10 dias após a administração dos derivados em estudo.

Complexes of copper(II) with 3-(ortho-substituted phenylhydrazo)pentane-2,4-diones: syntheses,properties and catalytic activity for cyclohexane oxidation

Reactions of copper(II) with 3-phenylhydrazopentane-2,4-diones X-2-C6H4-NHN = C{C(= O)CH3}(2) bearing a substituent in the ortho-position [X = OH (H2L1) 1, AsO3H2 (H3L2) 2, Cl (HL3) 3, SO3H (H2L4) 4, COOCH3 (HL5) 5, COOH (H2L6) 6, NO2 (HL7) 7 or H (HL8) 8] lead to a variety of complexes including the monomeric [CuL4(H2O)(2)]center dot H2O 10, [CuL4(H2O)(2)] 11 and [Cu(HL4)(2)(H2O)(4)] 12, the dimeric [Cu-2(H2O)(2)(mu-HL2)(2)] 9 and the polymeric [Cu(mu-L-6)](n)] 13 ones, often bearing two fused six-membered metallacycles. Complexes 10-12 can interconvert, depending on pH and temperature, whereas the Cu(II) reactions with 4 in the presence of cyanoguanidine or imidazole (im) afford the monomeric compound [Cu(H2O)(4){NCNC(NH2)(2)}(2)](HL4)(2)center dot 6H(2)O 14 and the heteroligand polymer [Cu(mu-L-4)(im)](n) 15, respectively. The compounds were characterized by single crystal X-ray diffraction (complexes), electrochemical and thermogravimetric studies, as well as elemental analysis, IR, H-1 and C-13 NMR spectroscopies (diones) and ESI-MS. The effects of the substituents in 1-8 on the HOMO-LUMO gap and the relative stability of the model compounds [Cu(OH)(L-8)(H2O)]center dot H2O, [Cu(L-1)(H2O)(2)]center dot H2O and [Cu(L-4)(H2O)(2)]center dot H2O are discussed on the basis of DFT calculations that show the stabilization follows the order: two fused 6-membered > two fused 6-membered/5-membered > one 6-membered metallacycles. Complexes 9, 10, 12 and 13 act as catalyst precursors for the peroxidative oxidation (with H2O2) of cyclohexane to cyclohexanol and cyclohexanone, in MeCN/H2O (total yields of ca. 20% with TONs up to 566), under mild conditions.