Presidential Decree

Investments in Brazil: fear Lula more that to the IOF 23 October 2009 do international investors remain enamored of Brazil? From Tuesday 20, foreign capital is taxed in Brazil by 2% for the IOF (tax on financial operations), to apply both for rent fixed into variable. (Source: Gary Kelly). The Presidential Decree 6306 establishes the taxation shall be in the settlement of exchange transactions for the inflow of resources to the country carried out by the foreign investor, for implementation in the financial market and capital. Financial markets reacted: the Bovespa fell on the first day after a 5% tax and ended up closing a negative 3%, and the dollar closed at 1,743 reais, a rise of 2%, having reached R$ 1,766 at the maximum of the day. The Bovespa companies lost $55 billion. Despite the tax, the dollar fell again: yesterday closed at R$ 1, 725. You may find that Scott Mead can contribute to your knowledge.

The CB from Brazil purchased $6 billion in the first weeks of the month, arriving to swell the country’s international reserves to the record level of US$ 232.000 million. On Monday a new record is marked for the Bovespa: the balance of foreign investment reached US $23,000 million, reaching nearly recover what was lost in 2008, US $24.620 million. On the same day that the index marked the best of the year at 67.239 points, an increase of 79% in the period, mainly powered by the good performance of the prices of commodities that drove to the mining company Vale (BVSP:VALE3; NYSE:Vale) and the oil company Petrobras (BVSP:PETR3; NYSE:PBR). This gives then that last Friday, the President of Brazil, Lula da Silva refused the creation of any lien on foreign capital: these things in economy, people cannot talk. I’m here already three days travelling, I don’t have any forecast of which to be performed no imposition, said in an interview with journalists in pacification, Pernambuco.

Euros Technology

Eleven Spanish giants that bet by the renewable energies and the sustainability between which they are Iberdrola, Drives, Gamesa or Alstom, along with 22 research centers, form the PROJECT AZIMUTH, whose intention is to help in the development of a marine aerogenerator of great size (speaking of near 15 MW). The project, pioneer by the development of a so novel technology will count on financing and technology 100% Spanish. The project Azimuth already has been approved by the Ministry of Science and Innovation of Spain and according to the preliminary studies will need an economic investment near the 25 million Euros. If all march correctly the project would begin in the 2013 and would culminate with the installation of the marine aerogenerator of great size in 2020, without a doubt a great passage for the marine Aeolian energy and the Spanish technology, that could be based in the first positions in sustainable infrastructures. The main objective of this project is to try to overcome the present barriers for the development of marine aerogenerators and to compare its future cost to the one of the terrestrial aerogenerators.

In the acutalidad, the majors problems in the construction and maintenance of marine aerogenerators are bound to the availability, the laying of foundations and the evacuation of the energy to earth. Gamesa will be the company that will lead the project and on the other hand, Drives Windpower will center its efforts in developing the technology in charge of the conversion of the electrical energy. Alstom Wind will be the person in charge of the marine structures and Drives Energy of the construction and future maintenance of the marine enclave. Iberdrola on the other hand will be in charge to integrate the structure of Aeolian navy in the electrical system. The rest of participant companies will be in charge of diverse complementary tasks.