BRAZIL<br />COUNTRY ANALYSIS<br />TEAM MEMBERS : <br />AKANKSHA TIKKU<br />ANUJ JINDAL<br />AMANDEEP SINGH<br />ABHIJIT SI...
Important facts –<br /><ul><li>Agricultural areas in production account for more than 19% of the world’s arable land
Agriculture is a major sector of the Brazilian economy, and is key for economic growth and foreign exchange. Agriculture a...
 Brazil is the world's largest producer of sugarcane, coffee, tropical fruits, frozen concentrated orange juice (FCOJ), an...
 Major imports - machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics</li>...
Relations between Brazil and India have grown considerably and co-operation between the two countries has been extended to...
GDP [purchasing power parity] <br />$1.993 trillion (2008 est.) <br />(Country comparison to the world: 10)<br />The then ...
ABOUT THE REPORT<br /> <br />The report aims to evaluate Brazil’s standing as an investment destination by studying the co...
Financial market maturity
Stock markets
Corporate governance
Insurance sector maturity
Regulatory framework/Institutions
Competition Law</li></ul>BASIC REQUIREMENTS<br /><ul><li>Health & Education
Land & Labor market efficiency
Macroeconomic stability
Currency regulation
Taxation & government revenue</li></ul>TECHNOLOGICAL READINESS<br /><ul><li>Technology level
Intellectual Property Rights</li></li></ul><li>EVALUATION<br />
BRAZIL - COUNTRY ANALYSIS<br /><ul><li>Labor & Land
 Education
 Healthcare
 Administrative barriers to business
 Corporate governance
 Stock market
 Competition Law
 Currency regulation
 Taxation
 Insurance
 Technology
 Intellectual property rights </li></li></ul><li>Land and Labor<br />
Land – Some facts<br />Land in divided into 5 major areas<br />North including the Amazon basin<br />Semi arid Northeast r...
Land – Some facts<br />The clearing of rain forests in the Amazon Basin  has caused severe criticism from environmentalist...
Land Reforms<br />Land reform consist of a government-initiated or government-backed real estate property redistribution, ...
Land Reforms contd..<br />Various land reforms are State led land reform (SLLR), Land Credit National Program (PNCF), cedu...
Real Estate Market<br />Last 25 years were stagnant because of high interest rates, lack of financing, high inflation and ...
Real Estate Market contd…<br />Foreigners can purchase land and property in Brazil in their own names on a 100 percent fre...
Labor<br />
Labor – Some facts<br />As per Global Competitiveness Index, Brazil has been ranked at 80 in terms of labor market efficie...
Labor – Some facts<br />Minimum wage – 465 Brazil Reals or 201 US $ per month.<br />The Brazilian national minimum wage is...
Labor – Some facts<br />Employees are entitled to a weekly rest of at least 24 hours.<br />All employees are entitled to u...
Median salary by Job Experience<br />
Median Salary by Job<br />
Labor – Some Stats<br />Ranked at 87 in terms of Cooperation in labor-employer relations.<br /><ul><li>As per the Global C...
Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Ranked at 110 in terms of Flexibility of wage determinati...
Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Ranked at 78 in terms of Female participation in labor fo...
Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Ranked at 68 in terms of Firing costs (in weeks of wages)...
Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Unemployment Rate (% of economically active population) i...
The Vargas government created a government-supervised trade union structure in 1931.
In 1950, pressure for a central labor organization.
CLO legalized in 1985.
During the 90’s, thousands of trade unions came up.
Central Union of Workers and the General Confederation of Workers.</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><l...
 Education
 Healthcare
 Administrative barriers to business
 Corporate governance
 Stock market
 Competition Law
 Currency regulation
 Taxation
 Insurance
 Technology
 Intellectual property rights </li></li></ul><li>EDUCATION<br />A MACRO ECONOMIC PERSPECTIVE<br />
STRUCTUTRE OF EDUCATION<br /><ul><li>Pre-School Education</li></ul>              For age below 6 years.<br />             ...
Literacy (Total Population): 88.6%<br />GDP per capita(US $):  7605<br />Public expenditure per student as % of GDP per ca...
EDUCATION PROGRAMS<br />The Ministry of Education and Sports does not establish nationwide educational programs . <br />Fo...
CHALLENGES <br />Brazil has a public university system and technical schools that meet international standards and a basic...
 The minimum conditions for each school;
Resources from the federal government.</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
 Education
Healthcare
 Administrative barriers to business
 Corporate governance
 Stock market
 Competition Law
 Currency regulation
 Taxation
 Insurance
 Technology
 Intellectual property rights </li></li></ul><li>HEALTHCARE<br />
Brazilian Health System<br />Government managed system, the SUS (Sistema Único de Saúde).<br />Private sector, managed by ...
Health Indicators<br />Sources: WHO Statistical Information System , 2006<br />               World Health Report 2000<br />
Health expenditures as a percentage of total government expenditures, 2006<br />Source: World Health Organization, availab...
Impact of Health on Earnings in Brazil<br />Health status affects the wage-hour rate,  productivity and labor supply<br />...
Challenges<br />Aging population (9.7% of population over 60yrs by 2010).<br />Public system underfinanced.<br />Least fai...
BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
 Education
 Healthcare
Administrative barriers to business
 Corporate governance
 Stock market
 Competition Law
 Currency regulation
 Taxation
 Insurance
 Technology
 Intellectual property rights </li></li></ul><li>ADMINISTRATIVE BARRIERS TO BUSINESS<br />
AGENDA<br /><ul><li>Major stages of Doing Business
 Compare these stages with Brazil   Economy
 Overall Brazil Economy Ranking
 Administrative barriers to business with the perspective of investors
 Recommendations for improving </li></li></ul><li>Major stages of Doing Business<br />-Incorporate and register the new fi...
Overall Brazil Ranking <br />
Administrative Barriers to business <br />-Business Regulations <br />-Labor law is inflexible and raises employer  costs<...
Land acquisition is difficult
Significant administrative capacity </li></ul> differences among municipalities.<br /><ul><li>The tax system is very compl...
Decentralize the country’s labor system
Handle all company registrations at the State Commercial Registry Offices
Prepare accurate and detailed real estate surveys</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
 Education
 Healthcare
 Administrative barriers to business
Corporate governance
 Stock market
 Competition Law
 Currency regulation
 Taxation
 Insurance
 Technology
 Intellectual property rights </li></li></ul><li>Corporate Governance<br />
Why Corporate Governance?<br />
Regulatory Bodies<br />
Goal-Instill the importance of disclosure within a company’s  management, emphasize fairness amongst partners and illustra...
CVM, Securities Market Regulator<br />Comissão de ValoresMobiliários, CVM is the federal agency linked to the Ministry of ...
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  • -State led land reform (SLLR)-Land Credit National Program or Programa Nacional doCrédito Fundiário (PNCF)
  • -State led land reform (SLLR)-Land Credit National Program or Programa Nacional doCrédito Fundiário (PNCF)Despite some recognition of improvements, living conditions in the Cédula areas surveyed have been shown to be very precarious. Families have been unable to produce enough to survive, forcing family members to take outside jobs. Many of the parcels bought were on poor-quality soils because betterquality areas were beyond the means provided by the Cédula. Spending more on better land would have meant less money for investments, making the funding ceiling an insoluble problem. The hardships, however, have gone far beyond natural problems like soil quality and drought and have involved causes inherent to the project’s own internal logic. The problems of people fighting to survive under serious limitations (lack of education and skills, poor health, etc.) will not be solved merely by gaining a piece of land (although this is the underlying dream of families included). High-quality, long-term technical assistance needs, which were not included in the project design, will never be met through market mechanisms. Problems are further aggravated when the release of funds is delayed or denied, both for infrastructure projects (World Bank funds) and for production (public funds for agricultural credit). In all the projects surveyed these delays occurred, seriously compromising the families’ capacity for production. The difficulties highlighted a precarious situation for the settlements (no production, inadequate basic infrastructure, etc.) and revealed why interviewees were unanimous in stating that they would not be able to pay their debts (not even their first installment).In conclusion, this dramatic situation of poverty will not be overcome by any kind of market mechanism, much less through a credit line to buy a piece of land. It is crucial that the struggle for a broad agrarian reform be strengthened, to invert the political balance of forces and the dynamic of social exclusion, making true social development into a viable pathway.
  • Under this scenario, the real estate market experienced slow or no growth at all, and existing properties could not find sufficient interested buyers. All this, added to a chronic lack of liquidity in the markets resulted in property prices remaining depressed and in many cases undervalued
  • The government first granted legal recognition to labor organizations in 1907. In 1931 President Getúlio Vargas created a government-supervised trade union structure. Strikes were forbidden, but labor courts assessed workers’ grievances. The Vargas government also instituted social legislation that was advanced for its time, regulating hours of work and establishing a minimum wage, worker training, and health care. By 1944 there were 800 unions, with over 500,000 members. During the 1950s labor became more militant, and there was pressure for a central labor organization and moves to unionize rural labor. Following the 1964 military coup, the government purged the leadership of unions and placed many unions under direct government control. However, continued union activism at the factory level and strikes organized by workers were factors in ending the military regime. Unions reemerged following the return of civilian rule in 1985, and central labor organizations were legalized. During the 1990s the number of unions grew into the thousands and included factory and rural workers, employers, and professionals. In addition to umbrella organizations such as the Central Union of Workers and the General Confederation of Workers, both formed in 1983, there are unions for specific industries, such as metal workers, and for sectors of the economy, such as commerce, transport, and education.
  • There are many definitions of corporate governance. Among them, IBGC spread that corporate governance is the system by which companies are managed and monitored, involving the relationships between investors / shareholders, board and management, management, audit and tax advice. Good corporate governance practices are designed to increase the value of the company, facilitating their access to capital and contribute to its sustainability.the Corporate Governance has emerged to overcome the conflict &quot;agency&quot; as a result of separation between ownership and management. In this situation, the owner (shareholder) delegates to an agent for (executive) power to decide on their property. However, the manager&apos;s interests will not always be aligned with the owner, resulting in a conflict of agency or principal-agent conflict. provides the owners (shareholders or unitholders) the strategic management of your company and monitoring of executive management. The main tools that ensure control of property management are the board of directors, independent audit and the supervisory board.
  • Goal- Instill the importance of disclosure within a company’s management, emphasize fairness amongst partners and illustrate the importance of accountability and corporate responsibilityA link between voting rights and equity favors the alignment of interest between all members.to participate in corporate profits;II. to participate in the assets of the corporation in the event of liquidation;III. to supervise the management of corporate business;IV. first refusal in the subscription of shares, convertible founder shares, convertible debentures, and subscription warrants;V. to withdraw from the corporation (appraisal rights).
  • expand shareholder rights, require greater transparency, and mandate more comprehensive disclosures.Companies can issue only common stock.Novo mercadoOn a monthly basis, disclose information about the company’s securities and its derivatives traded by the insiders and the controlling group.100% tag alaong
  • All of the items above are disclosed by corporations. Financial information is provided quarterly and items b to g are normally disclosed annually through the Annual Information Form, which is due each year on May 31. Disclosure is made to the CVM and to the market. CVM currently discloses such information through the Internet within 24 hours it receives it, making it accessible for a vast number of investors worldwide.With regard to item c, CVM Instruction 69/87 requires that the acquisition of a certain percentage of shares must be disclosed. Whenever a person or group of persons reaches or acquires 10% of equity ownership, a public statement must be made, informing on the purpose of the acquisition and the number of shares held. Further announcements must be made whenever such ownership increases 5% (please also refer to question 14 item &quot;b-iii&quot;)
  • Are segments of listing for trading of shares of companies that voluntarily commit to the adoption of corporate governance practices and additional level of transparency about what is required by law. Were imposed in late 2000 by BOVEPA. They are divided into three levels of governance, in increasing order of demand: Level 1, Level 2 and Novo Mercado. Level 1 requires additional practice of share liquidity and disclosure.Level 2 requires additional practice on the rights of shareholders and board of directors. The Novo Mercado, finally, differs from the Level 2 requirement for the issuance of shares with sole voting rights. For more information, visit the website of the BOVESPA. Click on &quot;business&quot; and then &quot;corporate governance&quot;.
  • The creation of special listing segments was an attempt to make the business case for good corporate governance. There are now signs that this effort is paying off – out of the seven initial share sales in 2004, five companies listed on the highest corporate governance segment (Novo Mercado); and the remainder on Level II (in both cases granting 100 percent tag along rights to minority shareholders).
  • Main

    1. 1. BRAZIL<br />COUNTRY ANALYSIS<br />TEAM MEMBERS : <br />AKANKSHA TIKKU<br />ANUJ JINDAL<br />AMANDEEP SINGH<br />ABHIJIT SINGH<br />ARPIT AGARWAL<br />CHACKO JACOB<br />
    2. 2.
    3. 3. Important facts –<br /><ul><li>Agricultural areas in production account for more than 19% of the world’s arable land
    4. 4. Agriculture is a major sector of the Brazilian economy, and is key for economic growth and foreign exchange. Agriculture accounts for about 5.8% of GDP (25% when including agribusiness) and 36% of Brazilian exports.
    5. 5. Brazil is the world's largest producer of sugarcane, coffee, tropical fruits, frozen concentrated orange juice (FCOJ), and has the world's largest commercial cattle herd</li></li></ul><li>Other important facts –<br /><ul><li>Major industries - textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment</li></ul> [Industrial production growth rate - 4.3% (2008 est.)]<br /><ul><li>Major exports - transport equipment, iron ore, soybeans, footwear, coffee, autos
    6. 6. Major imports - machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics</li></ul> [Almost 15% of the exports & imports happen with the US ]<br />
    7. 7.
    8. 8. Relations between Brazil and India have grown considerably and co-operation between the two countries has been extended to such diverse areas as science and technology, pharmaceuticals and space. <br />The two-way trade in 2007 nearly tripled to US$ 3.12 billion from US$ 1.2 billion in 2004.<br />Global software giant, Wipro Technologies, also set up a business process outsourcing centre in Curitiba to provide shared services to AmBev, the largest brewery in Latin America.<br />Brazil and India are deeply committed to IBSA initiatives and attach utmost importance to this trilateral cooperation between the three large, multi-ethnic, multi-racial and multi-religious developing countries, which are bound by the common principle of pluralism and democracy.<br />
    9. 9. GDP [purchasing power parity] <br />$1.993 trillion (2008 est.) <br />(Country comparison to the world: 10)<br />The then GDP of India was $ 3.297 trillion & was ranked 5 as per CIA fact book<br />GDP [composition by sector]<br />Agriculture: 6.7% [employs 20% of Workforce]<br />Industry: 28%<br />Services: 65.3% <br />(2008 est.)<br />
    10. 10.
    11. 11. ABOUT THE REPORT<br /> <br />The report aims to evaluate Brazil’s standing as an investment destination by studying the country’s progress in every sphere. <br />The evaluation is in three stages – in the first stage, the country’s progress in the basic “Basic requirements” such as healthcare, education etc is evaluated, in the second stage, the country’s progress in “Efficiency enhancers” such as financial markets, regulatory institutions etc is evaluated & in the third, the country’s “technological readiness” is evaluated.<br /> <br />The stages of evaluation are depicted in the table below – <br />EFFICIENCY ENHANCERS<br /><ul><li>Removing administrative barriers to business
    12. 12. Financial market maturity
    13. 13. Stock markets
    14. 14. Corporate governance
    15. 15. Insurance sector maturity
    16. 16. Regulatory framework/Institutions
    17. 17. Competition Law</li></ul>BASIC REQUIREMENTS<br /><ul><li>Health & Education
    18. 18. Land & Labor market efficiency
    19. 19. Macroeconomic stability
    20. 20. Currency regulation
    21. 21. Taxation & government revenue</li></ul>TECHNOLOGICAL READINESS<br /><ul><li>Technology level
    22. 22. Intellectual Property Rights</li></li></ul><li>EVALUATION<br />
    23. 23. BRAZIL - COUNTRY ANALYSIS<br /><ul><li>Labor & Land
    24. 24. Education
    25. 25. Healthcare
    26. 26. Administrative barriers to business
    27. 27. Corporate governance
    28. 28. Stock market
    29. 29. Competition Law
    30. 30. Currency regulation
    31. 31. Taxation
    32. 32. Insurance
    33. 33. Technology
    34. 34. Intellectual property rights </li></li></ul><li>Land and Labor<br />
    35. 35. Land – Some facts<br />Land in divided into 5 major areas<br />North including the Amazon basin<br />Semi arid Northeast region<br />Populated southeast region<br />Smallest south region<br />Landlocked center west region<br />Amazon basin contains world’s largest river and the world’s largest tropical rain forest.<br />Areas of highly fertile land are limited.<br />
    36. 36. Land – Some facts<br />The clearing of rain forests in the Amazon Basin has caused severe criticism from environmentalists.<br />Agriculture accounts for 8% of the country's GDP, and employs about ¼ th of the labor force.<br />World’s largest producer of sugarcane and coffee.<br />
    37. 37. Land Reforms<br />Land reform consist of a government-initiated or government-backed real estate property redistribution, generally of agricultural land.<br />In the 1930s, Getúlio Vargas failed to fulfil on a promised land reform.<br />Later reforms were planned in the govt of José Sarney but all in vain.<br />
    38. 38. Land Reforms contd..<br />Various land reforms are State led land reform (SLLR), Land Credit National Program (PNCF), cedulada terra, bancoda terra, saojose<br />Not really successful.<br />
    39. 39. Real Estate Market<br />Last 25 years were stagnant because of high interest rates, lack of financing, high inflation and slow economic growth.<br />Since the 1994 economic recovery plan (Plano Real) and macroeconomic reforms and sound fiscal management , purchasing power has increased and in turn investments in real estate sector.<br />Record number of tourism inflows has also improved the real estate sector.<br />
    40. 40. Real Estate Market contd…<br />Foreigners can purchase land and property in Brazil in their own names on a 100 percent freehold basis.<br />Mortgage finance options still less in Brazil.<br />Key property markets are Rio de Janeiro , Sao Paulo and north eastern Brazil.<br />
    41. 41. Labor<br />
    42. 42. Labor – Some facts<br />As per Global Competitiveness Index, Brazil has been ranked at 80 in terms of labor market efficiency.<br />Unemployment rate is 7.9 % in 2008 as per EuroMonitor.<br />In 2007, 43 % of the labor was women.<br />Child labour ; (5–14 years) 1999–2007 is 6 %.<br />
    43. 43. Labor – Some facts<br />Minimum wage – 465 Brazil Reals or 201 US $ per month.<br />The Brazilian national minimum wage is adjusted annually.<br />Millions of Brazilians live on the minimum salary<br />Most business are conducted between the hours of 8am and 6pm and the average working business week is 42 hours.<br />
    44. 44. Labor – Some facts<br />Employees are entitled to a weekly rest of at least 24 hours.<br />All employees are entitled to up to 30 days' holiday after a full year of work with the same employer.<br />Service sector employed 66 % of the workforce in 2007.<br />Population estimate for 2009 is 191 Millions and Labour force is 134.6 million (2009 estimâtes).<br />
    45. 45. Median salary by Job Experience<br />
    46. 46. Median Salary by Job<br />
    47. 47. Labor – Some Stats<br />Ranked at 87 in terms of Cooperation in labor-employer relations.<br /><ul><li>As per the Global Competitiveness report 2009
    48. 48. Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Ranked at 110 in terms of Flexibility of wage determination.<br /><ul><li>As per the Global Competitiveness report 2009
    49. 49. Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Ranked at 78 in terms of Female participation in labor force.<br /><ul><li>As per the Global Competitiveness report 2009
    50. 50. Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Ranked at 68 in terms of Firing costs (in weeks of wages).<br /><ul><li>As per the Global Competitiveness report 2009
    51. 51. Highest rank being 133</li></li></ul><li>Labor – Some Stats<br />Unemployment Rate (% of economically active population) is 7.9 for the year 2008.<br /><ul><li>Source : EuroMonitor</li></li></ul><li>Labor Unions and Organizations<br /><ul><li>First legally recognized labor organization in 1907.
    52. 52. The Vargas government created a government-supervised trade union structure in 1931.
    53. 53. In 1950, pressure for a central labor organization.
    54. 54. CLO legalized in 1985.
    55. 55. During the 90’s, thousands of trade unions came up.
    56. 56. Central Union of Workers and the General Confederation of Workers.</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    57. 57. Education
    58. 58. Healthcare
    59. 59. Administrative barriers to business
    60. 60. Corporate governance
    61. 61. Stock market
    62. 62. Competition Law
    63. 63. Currency regulation
    64. 64. Taxation
    65. 65. Insurance
    66. 66. Technology
    67. 67. Intellectual property rights </li></li></ul><li>EDUCATION<br />A MACRO ECONOMIC PERSPECTIVE<br />
    68. 68. STRUCTUTRE OF EDUCATION<br /><ul><li>Pre-School Education</li></ul> For age below 6 years.<br /> Aim is to develop cognitive and social skills.<br /><ul><li>Fundamental Education </li></ul>age from 6-14 years.<br /> Aim is to increase the literacy.<br /><ul><li>Secondary Education </li></ul>It takes min 3years.<br /> Aim to Increase the level of competence and skills.<br /><ul><li>Higher Education </li></ul> 4 year courses.<br /> Specialization in specific courses.<br />
    69. 69. Literacy (Total Population): 88.6%<br />GDP per capita(US $): 7605<br />Public expenditure per student as % of GDP per capita<br />Primary school, 2004 12.8<br /> Secondary school, 2004 11.5<br />Total public expenditure on education<br /> As % of GDP 4.0<br /> As % of total government expenditure 10.9<br />
    70. 70. EDUCATION PROGRAMS<br />The Ministry of Education and Sports does not establish nationwide educational programs . <br />For fundamental education, the Federal Educational Council determines which subjects shall be compulsory for the national common core, defining their objectives and scope. <br />The Federal Council at each State and of the Federal District, lists the subjects contained in the diversified part of school curricula, for the area under its jurisdiction. <br />For higher education courses, the Federal Educational Council determines the minimum curriculum for each course, but not the programs. <br />
    71. 71. CHALLENGES <br />Brazil has a public university system and technical schools that meet international standards and a basic, K-12 education system that is among the world’s worst.  <br />Universities and technical schools are federally based and receive federal funds.  The elementary and secondary schools are run by the municipal and state governments and can only count upon local funding. <br />But the K-12 system needs to be a national concern, and it must be able to reply upon three national standard<br /><ul><li>Each governing official’s responsibility towards education;
    72. 72. The minimum conditions for each school;
    73. 73. Resources from the federal government.</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    74. 74. Education
    75. 75. Healthcare
    76. 76. Administrative barriers to business
    77. 77. Corporate governance
    78. 78. Stock market
    79. 79. Competition Law
    80. 80. Currency regulation
    81. 81. Taxation
    82. 82. Insurance
    83. 83. Technology
    84. 84. Intellectual property rights </li></li></ul><li>HEALTHCARE<br />
    85. 85. Brazilian Health System<br />Government managed system, the SUS (Sistema Único de Saúde).<br />Private sector, managed by health insurance funds and private entrepreneurs.<br />
    86. 86. Health Indicators<br />Sources: WHO Statistical Information System , 2006<br /> World Health Report 2000<br />
    87. 87. Health expenditures as a percentage of total government expenditures, 2006<br />Source: World Health Organization, available at http://www.who.int/en/.<br />
    88. 88. Impact of Health on Earnings in Brazil<br />Health status affects the wage-hour rate, productivity and labor supply<br />Result of adverse health condition in Brazil<br />Source: PNAD/1998<br />
    89. 89. Challenges<br />Aging population (9.7% of population over 60yrs by 2010).<br />Public system underfinanced.<br />Least fair financing of health system - people make high out-of-pocket payments for health care.<br />Health services and human resources are disproportionately distributed, with overrepresentation in wealthy states (South and Southeast).<br />Growing number of multinational companies with offices and employees in Brazil—fueling the demand for efficient and effective health-care programs. <br />
    90. 90. BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    91. 91. Education
    92. 92. Healthcare
    93. 93. Administrative barriers to business
    94. 94. Corporate governance
    95. 95. Stock market
    96. 96. Competition Law
    97. 97. Currency regulation
    98. 98. Taxation
    99. 99. Insurance
    100. 100. Technology
    101. 101. Intellectual property rights </li></li></ul><li>ADMINISTRATIVE BARRIERS TO BUSINESS<br />
    102. 102. AGENDA<br /><ul><li>Major stages of Doing Business
    103. 103. Compare these stages with Brazil Economy
    104. 104. Overall Brazil Economy Ranking
    105. 105. Administrative barriers to business with the perspective of investors
    106. 106. Recommendations for improving </li></li></ul><li>Major stages of Doing Business<br />-Incorporate and register the new firm<br />-Dealing with Construction permits<br />-Employing workers<br />-Registering Property<br />-getting credits<br />-Protecting Investors<br />-Paying taxes<br />-trading across borders<br />Brazil: Rank 138 out of 183 Economies for this feature<br />Brazil: Rank 100 out of 183 Economies for this feature<br />Brazil: Rank 120 out of 183 Economies for this Feature <br />Brazil: Rank 87 out of 183 Economies for this feature<br />Brazil: Rank 73 out of 183 Economies for this feature<br />Brazil: Rank 126 out of 183 Economies for this Feature<br />Brazil: Rank 113 out of 183 Economies for this Feature<br />
    107. 107. Overall Brazil Ranking <br />
    108. 108. Administrative Barriers to business <br />-Business Regulations <br />-Labor law is inflexible and raises employer costs<br />-Site development is also complicated<br /><ul><li>Acquiring entry visas and work Permits
    109. 109. Land acquisition is difficult
    110. 110. Significant administrative capacity </li></ul> differences among municipalities.<br /><ul><li>The tax system is very complex and changes too often</li></li></ul><li>Recommendations<br />- Conduct an internal review of the process for obtaining residence permits, with a view to deregulation and speeding up<br /><ul><li>Allow for more flexible work permits policy
    111. 111. Decentralize the country’s labor system
    112. 112. Handle all company registrations at the State Commercial Registry Offices
    113. 113. Prepare accurate and detailed real estate surveys</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    114. 114. Education
    115. 115. Healthcare
    116. 116. Administrative barriers to business
    117. 117. Corporate governance
    118. 118. Stock market
    119. 119. Competition Law
    120. 120. Currency regulation
    121. 121. Taxation
    122. 122. Insurance
    123. 123. Technology
    124. 124. Intellectual property rights </li></li></ul><li>Corporate Governance<br />
    125. 125. Why Corporate Governance?<br />
    126. 126. Regulatory Bodies<br />
    127. 127. Goal-Instill the importance of disclosure within a company’s management, emphasize fairness amongst partners and illustrate the importance of accountability and corporate responsibility.<br />Code of best practices<br />Basic Principles<br />Transparency<br />Equity<br />Accountability<br />Corporate Responsibility<br />Shareholder’s Rights<br />Voting Rights<br />IBGC- InstitutoBrasileiro de GovernancaCorporativa<br />
    128. 128. CVM, Securities Market Regulator<br />Comissão de ValoresMobiliários, CVM is the federal agency linked to the Ministry of Finance, instituted in December 1976.<br />
    129. 129. Disclosures<br />The financial and operating results of the company<br />Company objectives<br />Major share ownership and voting rights<br />Members of the board and key executives, and their remuneration<br />Material foreseeable risk factors<br />Governance structures and policies <br />Source: CVM<br />
    130. 130. BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    131. 131. Education
    132. 132. Healthcare
    133. 133. Administrative barriers to business
    134. 134. Corporate governance
    135. 135. Stock market
    136. 136. Competition Law
    137. 137. Currency regulation
    138. 138. Taxation
    139. 139. Insurance
    140. 140. Technology
    141. 141. Intellectual property rights </li></li></ul><li>Stock Markets<br />
    142. 142. BM&F BOVESPA<br />BM&F BOVESPA Securities, Commodities and Futures Exchange was created in 2008 with the integration between the Brazilian Mercantile & Futures Exchange (BM&F) and the São Paulo Stock Exchange (Bovespa).<br />The leading exchange in Latin America in terms of market value.<br />Self Listed exchange<br />Source: www.bmfbovespa.com.br<br />
    143. 143. CVM- Roles and Responsibilities<br /><ul><li>Discipline, rule, and supervise all matters related to the Brazilian securities market
    144. 144. Registration of publicly held companies and public offerings
    145. 145. Accreditation of independent auditors and mutual fund managers
    146. 146. Establishment of rules concerning the institution, the functioning, and the operational procedures of stock exchanges in Brazil
    147. 147. Suspension of the trading, issuance, or distribution of securities</li></li></ul><li>Facts and Figures<br />Source: www.bmfbovespa.com.br<br />
    148. 148. Source: www.bmfbovespa.com.br<br />
    149. 149. Advantages of multiple listing segments<br />Two way incentive<br />Investor’s perspective<br />Company’s perspective<br />
    150. 150. Companies listed on Novo Mercado<br /> Inference:- Companies are accepting higher levels of corporate governance<br />Source: www.bmfbovespa.com.br<br />
    151. 151. Source: www.bmfbovespa.com.br<br />
    152. 152. Major IPOs in 2008<br />Latest in the news !<br />IPO of VisaNet raises $4.3 billion in June 2009.<br />Santander Brazil, a Brazilian bank, IPO raises $8 billion in the largest public offering in 2009<br />Source: www.bmfbovespa.com.br<br />
    153. 153. Recommendation<br />Although Brazil has been moving towards higher levels of corporate governance, mainly companies listed on Novo Mercado have been the major drivers for corporate governance reforms.<br /> So for the Brazilian government the challenge now is to move corporate governance reform beyond this limited group of companies and make it an integral part of the investment promotion agenda.<br />
    154. 154. BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    155. 155. Education
    156. 156. Healthcare
    157. 157. Administrative barriers to business
    158. 158. Corporate governance
    159. 159. Stock market
    160. 160. Competition Law
    161. 161. Currency regulation
    162. 162. Taxation
    163. 163. Insurance
    164. 164. Technology
    165. 165. Intellectual property rights </li></li></ul><li>COMPETITION LAW<br />
    166. 166. COMPETITION LAW<br />As trade Liberalisation progresses and the state is gradually withdrawing from the expanded role it has assumed earlier.<br /> It is against this background of Liberalization Competition law assumes great importance <br />Competition laws known more popularly as (Antitrust laws in the United States) are important for the preservation of economic freedom and our free-enterprise system.<br />
    167. 167. What does Competition Law prohibit ?<br />Competition law prohibits the deliberate exploitation of a dominant market position by a firm. <br />Generally any agreement, arrangement or understanding between enterprises that has the effect of substantially lessening or limiting access to market is prohibited by Competition law. <br /> This prohibition applies not only to written agreements but also to oral and informal agreements. <br />
    168. 168. Anti-competitive offenses -- <br />These agreements include agreements between competitors <br /><ul><li> to fix prices or the terms and conditions of credit and sales,
    169. 169. to allocate customers or territories;
    170. 170. Not to deal with any person or persons ("group boycotts"), and, in certain circumstances,
    171. 171. to sell one product conditioned on an agreement by the buyer to purchase a second, distinct product ("tying").
    172. 172. Resale price maintenance
    173. 173. Collusive tendering etc..</li></li></ul><li>Brazilian Competition Policy System (BCPS) consists of three bodies:<br />CADE, the Administrative Council for Economic Defense, an autonomous agency which has dispositive adjudicative authority in BCPS cases; <br />SDE, the Economic Law Office in the Ministry of Justice, which has the principal investigative role; and <br />SEAE, the Secretariat for Economic Monitoring in the Ministry of Finance, which also has investigative authority but is primarily responsible for providing economic analysis in BCPS proceedings.<br />
    174. 174. Brazilian competition law prohibits companies –<br /><ul><li> to limit, restrain or in any way injure open competition or free enterprise;
    175. 175. to control a relevant market of a certain product or service;
    176. 176. to increase profits on a discretionary basis;
    177. 177. to abuse one’s market control.
    178. 178. to make horizontal and vertical agreements and unilateral abuses of market power etc</li></li></ul><li>Weaknesses of the BCPS include –<br /><ul><li> a counter-productive institutional structure
    179. 179. staff that is neither sufficient in size nor compensated adequately to retain qualified employees over the long term. </li></ul> The consequences of inadequate staff include poor institutional memory, inefficiency, and delay. <br />Also, some statutory provisions relating to merger notification and to the leniency program interfere with efficient and effective law enforcement, and the unfamiliarity of the courts with competition law is yet another source of difficulty. <br />Strengths of the BCPS include -<br /><ul><li> a strong institutional dedication to high standards of integrity,
    180. 180. autonomy,
    181. 181. sound policy,
    182. 182. fair procedure;
    183. 183. an excellent leadership cadre;
    184. 184. and a supportive business community.</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    185. 185. Education
    186. 186. Healthcare
    187. 187. Administrative barriers to business
    188. 188. Corporate governance
    189. 189. Stock market
    190. 190. Competition Law
    191. 191. Currency regulation
    192. 192. Taxation
    193. 193. Insurance
    194. 194. Technology
    195. 195. Intellectual property rights </li></li></ul><li>CURRENCY REGULATION<br />
    196. 196. FACTS<br />Currency --- Real R$<br />1 Brazil real = 0.58309 U.S. dollars<br />The exchange rate as of October 16th, 2009 is approximately BRL 1.71 to USD 1.00.<br />The modern real (plural reais) was introduced on July 1, 1994, as part of a broader plan to stabilize the Brazilian economy, known as the Plano Real. It replaced the short-lived cruzeiro real.<br /> Official reserve assets 221,628.70 <br /> Foreign currency reserves (in convertible foreign currencies) 211,366.28<br />
    197. 197.
    198. 198.
    199. 199. The currency suffered a gradual depreciation until late 2002,as many Brazilians fearing another default or a resumption of heterodox economic policies purchased tangible assets as an inflation hedge or just simply took their money out of the country. <br /> At its worst point in October 2002, the Real actually reached its historic low of almost R$4 per US$1. <br />Through orthodox macroeconomic policies (including inflation-targeting, primary fiscal surplus and floating exchange rate, as well as continued payments of the public debt) the real has been getting stronger and stronger against the dollar and, since the beginning of 2005, most other world currencies as well.<br />In the year of 2007, in spite of the various attempts of the Brazilian Banco Central (Central Bank) to keep real low, it has grown stronger against the dollar. In May 2007, the real became worth more than 50 U.S. cents for the first time in recent years. <br />
    200. 200. CURRENCY REGULATORY BODY<br />The Central Bank of Brazil is the agency responsible for: <br />(i) managing the day-today control over foreign capital flow in and out of Brazil (risk capital and loans under any form).<br />setting forth the administrative rules and regulations for registering investments.<br />(iii) monitoring foreign currency remittances.<br />(iv) allowing repatriation of funds<br />
    201. 201. FEATURES<br />Resilience to Shocks, No Dollarization, but Struggling to Promote Growth.<br />The financial system in Brazil has evolved to a system with smaller<br /> presence of public banks and larger participation of foreign banks, less<br /> directed credit, and well capitalized banks<br />Restructuring the financial system and currency<br /><ul><li> Program of Incentives for Restructuring and Strengthening the National Financial</li></ul> System (PROER)<br /><ul><li> Program of Incentives for the Reduction of the State Role in the Banking Activity</li></ul> (PROES)<br /><ul><li> Program for the Strengthening of the Federal Financial Institutions (PROEF)
    202. 202. Estimate of fiscal cost of banking restructuring in Brazil
    203. 203. Increasing the presence of foreign banks</li></li></ul><li>
    204. 204. FOREIGN INVESTMENT<br />The investments into and repatriation of foreign capital from Brazil are subject to various federal laws and regulations. <br />Foreign capital must be registered through an electronic system, which is part of the Central Bank Information System (Sistema de Informações do Banco Central– SISBACEN).<br />All foreign investments must be registered with the Central Bank of Brazil.<br />The foreign purchaser will be entitled to register capital in the same amount as the registration previously held by the selling company, once again regardless of the price paid for the investment abroad.<br />
    205. 205. PATH-BREAKING EVENTS<br />Biggest Trade partner of Brazil is China .<br />Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar<br />China’s president, first discussed the idea of replacing the dollar with the renminbi and the real as trade currencies when they met at the G20 summit in London last month.<br />
    206. 206. BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    207. 207. Education
    208. 208. Healthcare
    209. 209. Administrative barriers to business
    210. 210. Corporate governance
    211. 211. Stock market
    212. 212. Competition Law
    213. 213. Currency regulation
    214. 214. Taxation
    215. 215. Insurance
    216. 216. Technology
    217. 217. Intellectual property rights </li></li></ul><li>TAXATION IN BRAZIL<br />
    218. 218. AGENDA<br /><ul><li> Taxation system in Brazil
    219. 219. Tax and Taxing powers
    220. 220. Recommendations to improve </li></li></ul><li>Tax and Taxing Powers in Brazil <br />
    221. 221. These three indicators <br /><ul><li>Number of Tax Payment
    222. 222. Time, measure of hours per year necessary to prepare and file tax return
    223. 223. Total tax rate , measure the amount of taxes and mandatory contribution payable by company</li></li></ul><li>Brazil Ranking in Taxation Policies<br />
    224. 224. Recommendations<br /><ul><li>Continue streamlining reporting and compliance processes
    225. 225. Pay more attention to stability in both the tax rules and regulations
    226. 226. Simplify the Tax system
    227. 227. Strengthen institutional capacity at the municipal level</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    228. 228. Education
    229. 229. Healthcare
    230. 230. Administrative barriers to business
    231. 231. Corporate governance
    232. 232. Stock market
    233. 233. Competition Law
    234. 234. Currency regulation
    235. 235. Taxation
    236. 236. Insurance
    237. 237. Technology
    238. 238. Intellectual property rights </li></li></ul><li>INSURANCE<br />
    239. 239. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. <br />Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss. <br />
    240. 240. An insurer is a company selling the insurance; <br />An insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be <br />charged for a certain amount of insurance coverage, called the premium.<br />BUSINESS MODEL<br />The business model can be reduced to a simple equation: <br />Profit = earned premium + investment income - incurred loss - underwriting expenses.<br />
    241. 241. BRAZIL’s INSURANCE INDUSTRY<br />
    242. 242.
    243. 243.
    244. 244. SIGNIFICANCE OF INSURANCE FROM BUSINESS POINT OF VIEW <br /><ul><li> Safety against risks
    245. 245. Source of credit
    246. 246. Promotes foreign trade
    247. 247. Aid to small businesses
    248. 248. Provides business stability
    249. 249. Promotes research & innovation</li></li></ul><li>REGULATORY BODY & NEED FOR IT [EXCESSIVE & TOO LIL CONTROL – PERILS]<br />CNSP - The National Council of Private Insurance - is the system’s deliberative body and it is responsible for the settlement of the Brazilian Government policies’ guidelines and directives for insurance and capitalization companies and open private pension entities in Brazil.<br />The Superintendence of Private Insurance (SUSEP), an autarchy linked to Ministry of Finance, is the executive body of the politics delineated by the CNSP and is also the insurance commissioner, responsible for the supervision and control of the insurance, open private pension funds and capitalization markets in Brazil.<br />
    250. 250. NEED FOR REGULATION OF THE INSURANCE SECTOR<br />Too little control of the industry will lead –<br /><ul><li> Cut throat competition –</li></ul> Cut throat competition is not of the interest of the industry since acute competition may sometimes lead to insolvency of insurance companies 7 thereby policy holders may face serious consequences.<br /><ul><li> More attention towards profitable schemes /policies –</li></ul> private insurance companies will develop & introduce only those schemes which involve minimum risk burden & that are more profitable for them. They would overlook the interests of common people especially women & handicapped who are prone to more risks.<br />
    251. 251. RECENT REFORMS<br />On January 15, 2007, Brazil published Complementary Law 126, eliminating the previous state monopoly on reinsurance, which had been in place since 1939. Previously the domain of the government controlled Brazilian Institute of Reinsurance (IRB), the regulation of co-insurance, reinsurance and retrocession transactions<br />This change in law created a rapid influx of reinsurers, who are expected to bring:<br /><ul><li>Significant new capital
    252. 252. Technical expertise
    253. 253. Product innovation
    254. 254. Reinsurance support for undeveloped and underdeveloped lines of business.</li></li></ul><li>BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    255. 255. Education
    256. 256. Healthcare
    257. 257. Administrative barriers to business
    258. 258. Corporate governance
    259. 259. Stock market
    260. 260. Competition Law
    261. 261. Currency regulation
    262. 262. Taxation
    263. 263. Insurance
    264. 264. Technology
    265. 265. Intellectual property rights </li></li></ul><li>Technology<br />
    266. 266. Technology – Some facts<br />Brazil is the 5th Largest Computer Market in the World <br />Brazil is Latin America’s largest telecom market. <br />World’s leading producer of hydroelectric power.<br />Brazil Leads Latin American Software Revenues.<br />As per Global Competitiveness Index 2009, Brazil has been ranked at 46 in terms of Technological Readiness.<br />
    267. 267. Technology – Some facts<br />Develops projects ranging from submarines to aircrafts to space research.<br />Possesses a satellite launching center and was the only country in the Southern Hemisphere to integrate the team responsible for the construction of the ISS.<br />Pioneer in ethanol production.<br />73% of funding for basic research comes from government .<br />
    268. 268. Annual Growth rate of PCs in use<br /><ul><li>Source : EuroMonitor</li></li></ul><li>Annual Growth rate of Internet Users<br /><ul><li>Source : EuroMonitor</li></li></ul><li>Technology – Some Stats<br />Ranked at 41 in terms of Quality of scientific research institutions.<br /><ul><li>As per the Global Competitiveness report 2009
    269. 269. Highest rank being 133</li></li></ul><li>Technology – Some Stats<br />Ranked at 34 in terms of Company spending on R&D.<br /><ul><li>As per the Global Competitiveness report 2009
    270. 270. Highest rank being 133</li></li></ul><li>Technology – Some Stats<br />Ranked at 34 in terms of Availability of scientists and engineers.<br /><ul><li>As per the Global Competitiveness report 2009
    271. 271. Highest rank being 133</li></li></ul><li>Technology – Some Stats<br />Ranked at 60 in terms of Government procurement of advanced technology products.<br /><ul><li>As per the Global Competitiveness report 2009
    272. 272. Highest rank being 133</li></li></ul><li>Technology – Some facts<br />An operational Synchrotron Laboratory, a research facility on physics, chemistry, material science and life sciences, only 3 countries in Latin America has such a facility.<br />Total adult literacy rate (%), 2000–2007 is 91 % as per UNICEF.<br />
    273. 273. Technology – Some facts<br />Uranium is enriched at the Resende Nuclear Fuel Factory to fuel the country's energy demands.<br />Country's first nuclear submarine will soon be launched.<br />The government also plans to build 17 more nuclear plants by the year 2020.<br />
    274. 274. BRAZIL - COUNTRY ANALYSIS<br /><ul><li> Labor & Land
    275. 275. Education
    276. 276. Healthcare
    277. 277. Administrative barriers to business
    278. 278. Corporate governance
    279. 279. Stock market
    280. 280. Competition Law
    281. 281. Currency regulation
    282. 282. Taxation
    283. 283. Insurance
    284. 284. Technology
    285. 285. Intellectual property rights </li></li></ul><li>INTELLECTUAL PROPERTY RIGHTS<br />
    286. 286. Governing Bodies<br />INPI (Instituto Nacional Da Propriedade Industrial)<br />The National Institute of Industrial Property Responsible for registration of trademarks, patenting, the registration of computer software, industrial designs and geographical indications, according to the Industrial Property Law. <br />National Council for Combating Piracy and Intellectual Property Crimes. <br />Principal international IPR organisations and agreements Brazil belongs to:<br />Berne Convention (copyright) – since 1922<br />Paris Convention (priority rights) – since 1884<br />Patent Cooperation Treaty (patents) – since 1978<br />WTO/TRIPS (IPR in general) – since 1995<br />
    287. 287. Patent applications and granted filed by patent office and country of origin <br />Time and Cost Comparison<br />Source: WIPO Statistics Database, June 2009 <br />
    288. 288. Utility patents per million inhabitants, 2008<br />
    289. 289. Differences<br />Follows “first to file” principle instead of “first to invent” (in US).<br />Unlike US, the employee (not the employer) owns the copyright.<br />Patents (20 years) vs. Utility models (15 years, less stringent criterion).<br />Cause of Concern<br />Brazil’s Law 10196 of 2001, which includes a requirement that National Health Surveillance Agency (ANVISA) approval be obtained prior to the issuance of a pharmaceutical patent.<br />Not a member of Madrid Protocol (trademark).<br />Backlog in the processing of applications of all types – 5 to 6 yrs.<br />Major source of IP infringement- South and southeast<br />IP is portrayed by the Brazilian government as a foreign monopoly against the interests of Brazilian people.<br />
    290. 290.
    291. 291. CONCLUSION & RECOMMENDATIONS<br />Brazil as an investment destination for the short term is a “not favorable” option whereas if one is looking for long term attractiveness of Brazil as an investment destination, then the answer would be “yes”. <br /> <br />The decision favoring Brazil as a better investment destination in the future is based on the assumption that the government would keep up with the present rate of reforms in each sector.<br />To be fair, Brazil has the potential to become one of the most dynamic BRIC economies.<br />The last two decades have been a period of important progress for the country in consolidating macroeconomic stability, liberalizing and opening the economy, and reducing income inequality, among other dimensions. This has put the economy on a sounder foundation in terms of sustainable, long-term growth. <br />
    292. 292. CONCLUSION & RECOMMENDATIONS<br />Nevertheless, a number of shortcomings continue to undermine national competitiveness. <br />These include – <br /><ul><li>high levels of government indebtedness,
    293. 293. an overly rigid labor market
    294. 294. poor educational standards coupled with an enduring inequitable income distribution.
    295. 295. Very high taxation levels</li></ul> It is a tough call for Brazil’s institutions to tackle these shortcomings in the present context of major external shocks on export demand and financing availability, along with falling commodity prices. <br />
    296. 296. CONCLUSION & RECOMMENDATIONS<br />The country would be in a better state if it were to work out to solve all these problems, especially the problems it faces in the “Basic requirements” we have identified. It is also important for the government to develop more tools to measure the impact of each public policy. <br /> <br />Last but not least, the attention given to basic education should be enhanced, with an emphasis on universal access to secondary school and a strong investment in technical education and scientific careers. Brazil needs more engineers and more science teachers and researchers. Although improvements in healthcare provided to the overall population have been achieved in the past few years, providing increased access remains a key challenge in Brazilian healthcare.<br />
    297. 297. References<br />World Competitiveness Report’ 2009 –World Economic Forum<br />EIU (Economist Intelligence Unit) database -Country Profile: Brazil. <br />OECD database - Economic Survey of Brazil ‘2006.<br />UNCTAD (United Nations Conference on Trade and Development) - World Investment Report 2008.<br />World Bank database - Doing Business 2009<br />Euromonitor – Brazil ‘2006<br />The World Health Report 2000, WHO.<br />Health Systems and Services Profile Brazil. PAHO and USAID.<br />Intellectual Property Rights Primer for Brazil. [Hunter Rodwell Consulting, UK Trade and Investment].<br />Health status impacts on individual earnings in Brazil. [Luiz Fernando Alves and MônicaViegas Andrade. 2002].<br />World Intellectual Property Indicators 2009 - WIPO.<br />www.doingbusiness.org<br />OECD ‘Policy Brief’-competition policy & Law in Brazil –Sept’08<br />“Brail – Insurance market snapshot” – Ms. Maria Elena [FENASEG-Sept’08]<br />
    298. 298. THANK YOU <br />
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