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quarta-feira, outubro 29, 2008

Club deals now the norm in Project Finance

Sob a pressão da contração de crédito, os bancos estão a racionar a sua capacidade de crédito para os seus principais clientes e participam menos em empréstimo liderados por outros bancos. Assim o financiamento de projectos tornou-se mais dependente de club deals de um grupo pequeno de bancos, muitos deles do próprio país, como nestes casos recentes reportados na Project Finance magazine.

A4, Venda de Cardenas, Espanha
Financiamento de €141 MM para a auto-estrada sem portagens, liderado pelo BBVA para o consórcio promotor que inclui Aldeasa, Alvac, Axvi, Inypsa e Sando. O financiamento da concessão a 28 anos, consiste de um crédito sénior de €105 MM a 19 anos, com um rácio médio de cobertura de serviço de dídida de 1.2X, €10 MM para financiar o IVA, e € 24 MM de captital.

Barcelona Sagrera Alta Velocidad
O mutuário , uma sociedade joint venture entre o municipio de Barcelona, a Generalitat de Cataluña e Renfe, recebeu de € 150 MM de um club deal de 3 anos dos bancos BBVA, Caja Madrid, La Caixa e Santander, a Euribor+0,625% para financiar parcialmente os desenvolvimentos da Alta Velocidad orçamentados em € 375,5 MM.

domingo, outubro 26, 2008

Civil Society Coordinator in Morocco

Civil Society Training Coordinator in Morocco
The Academy for Educational Development (AED) is recruiting for the position of Senior Training Coordinator for an anticipated USAID-funded civil society advocacy project in Morocco.
The ideal senior training coordinator would have at least eight years of progressively responsible experience in managing and coordinating the training workshops and seminars across program activities, especially related to civil society. It is expected that the senior training coordinator would be Moroccan and possess strong communication and interpersonal skills and be able to enjoy excellent relations with main Moroccan counterparts dealing with public issues. This role of senior training coordinator is proposed as a core team position due to the critical importance that training plays in the overall project. This role will provide opportunities for collaboration, synergies and increase project efficiency. He/she would also possess solid, knowledge of the structure of governance and the role of the royalty in Morocco. Knowledge of Moroccan counterparts, individuals and organizations active or interested in civil society is also highly desirable. A master's degree in political science, communications or related social sciences is required. A post graduate degree is preferable. Fluency in written and oral Arabic and French language is required.

Interested candidates should submit a CV and cover letter to moroccorecruitment@aed.org by October 31st, 2008.
We thank all individuals for their interest in AED, however only those selected for interviews will be contacted. AA/EOE/M/F/D/V

quarta-feira, outubro 15, 2008

Economista para estudo de viabilidade em São Tomé e Principe

Organization: Società Italiana di Monotoraggio S.p.A Gico Branch
Country/Region: Sao Tome & Principe
Apply By: 20 Oct 2008
Contact Information : sferracarini@gico.ws
ETUDE DE FAISABILITE: D'UN PROGRAMME D'APPUI AU MINISTERE DU COMMERCE, DE L'INDUSTRIE ET DU TOURISME
Financement : Fonds européen de Développement (FED)
Projet n° : 9 ACP STP 04- (FCT 2)
OBJECTIFS ET RÉSULTATS ESCOMPTÉS
Contribuer à la formulation et la mise en oeuvre de la stratégie économique en République Démocratique de Sao Tome e Principe, particulièrement dans le cadre de l'intégration régionale, d'une stratégie commerciale de long terme, tant interne qu'extérieur, établissant les priorités de l'Etat et les axes dans le cadre des différentes alternatives individualisées : CEMAC, APE, OMC, OHADA, Intégration commerciale régionale…
Définition et mise en œuvre technique et juridique du plan de travail de l'Etat en matière de politique commerciale ;
Mise en œuvre du processus de refonte des textes juridiques relatifs au Code du Commerce, Code des Douanes, Code des Investissements;
Participation aux différents processus de négociation en cours ou à venir : CEMAC, OMC, APE, OHADA, etc.
Définition et réalisation de certaines des études nécessaires dans le cadre de l'intégration régionale;
Renforcement et mise au niveau des capacités humaines du MCIT et en particulier celles de la Direction Générale du Commerce, notamment par des programmes de formation;
Renforcement des capacités institutionnelles, notamment relatives aux travaux interministériels réalisés dans le cadre de la politique commerciale nationale;
Conception et mise en œuvre d'un plan d'amélioration de la gestion de la qualité et de la promotion des exportations.
Objectifs particuliers de l'étude
L'étude de faisabilité fournira suffisamment d'informations à l'Ordonnateur National du FED et à la Commission européenne, pour leur permettre de justifier l'approbation, la modification ou le rejet du Projet d'appui au Ministère du Commerce, de l'Industrie et du Tourisme, au niveau de son financement et de sa mise en œuvre ultérieurs, dans le cade du PIN 10ème FED.
Les objectifs de la présente étude sont les suivants :
CHAMP D'INTERVENTION
Généralités
Présentation succincte du projet, objet de l'étude de faisabilité
Le Programme Indicatif National 10ème FED (PIN 10ème FED), pour la période 2008-2013, signé par le Gouvernement de São Tomé e Príncipe et la Commission européenne, le 9 décembre 2007, illustre le désir de la Commission européenne de soutenir, dans le cadre du secteur hors concentration consacré à l'appui institutionnel, le volet particulier relatif à l'accord de partenariat économique et au processus d'intégration économique régionale.
Dans le cadre des ressources disponibles sur la Facilité de Coopération II - 9 ACP STP 04 du PIN 9ème FED, la Commission européenne a reçu, de l'Ordonnateur National, une requête de financement pour la faisabilité du projet "Programme d'appui au Ministère du Commerce, de l'Industrie et du Tourisme" qui consiste à accompagner et appuyer le Gouvernement de São Tomé e Príncipe dans le processus de réformes nécessaires dans le secteur du commerce.
Différents recommandations ont été présentées lors des missions d'étude, concernant notamment :
La définition d'une stratégie commerciale de long terme, tant interne qu'extérieur, celle-ci établissant des priorités et des axes dans le cadre des différentes alternatives individualisées : CEMAC, APE, OMC, OHADA, Intégration commerciale régionale;
Exceptionnellement, les parties contractantes conviennent que, lors des missions à Sao Tome, les experts poursuivront leurs travaux durant une des deux journées des week-ends. Dans ce cadre, le prestataire pourra facturer sur la base de six journées ouvrées par semaine.
Les frais éventuels liés à l'intervention du Directeur Général du Commerce et des ses collaborateurs seront directement pris en charge par le Ministère du Commerce, de l'Industrie et du Tourisme et n'ont donc pas à être budgétisés pour l'étude.
Le contrat est soumis à la réglementation fiscale en vigueur pour ce type de prestations.
Le prestataire devra présenter une note complémentaire des curriculum vitae des experts, présentant de manière la plus détaillée possible la méthodologie et la répartition des temps de travail des experts proposés pour la mise en œuvre de l'étude. Cette note méthodologique est indispensable pour l'évaluation des offres des prestataires.

terça-feira, outubro 14, 2008

Project Management Engineer - Timor

Organization: Sinclair Knight Merz
Country/Region: Timor
Apply By: 24 Oct 2008
Contact Information : ssampson@skm.com.au

Opportunity Type: Contract for East Timor Infrastructure Project
SKM is a market leader in providing international development services in a broad range of sectors, including education, health, water/sanitation, environment, governance, infrastructure, transport and agriculture.
Description of Opportunity:The Government of the Democratic Republic of Timor-Leste is receiving assistance under the Asian Development Bank (ADB) Infrastructure Project Management Technical Assistance (IPM TA) (TA 4942-TIM) to assist the Ministry of Infrastructure (MoI) as executing agency prepare, procure and manage consulting services, goods and works required for the annual capital development program. The TA is jointly funded by AusAid and the ADB and is comprised of two linked components.
Component 1 consists of executing capital development programs by assisting the Ministry: prepare and procure and manage consulting services, goods and works in line with annual capital development plans; and, manage the implementation of these contracts.
Component 2 consists of building Ministry project management capacity by improving and strengthening processes, systems and staff competencies for project management.The TA includes the capacity to engage short-term specialists to undertake specific tasks requested by the Ministry. The Directorate of Roads, Bridges and Flood Control has requested assistance with the procurement and monitoring of goods, services and civil works.
Background:Due to the proposed de-centralisation of the procurement of contracts to the line ministries and the fact that a number of MoI staff are going on scholarships to Portugal and Japan additional project management resources are needed within the MoI to address the increase in the construction workload anticipated in 2009.
.Applicant Requirements:A short term international project management specialist will be required to work in the Ministry of Infrastructure (MoI)
Terms of Engagement:The anticipated term of engagement is for a period of 8 monthsThe anticipated time of mobilisation is November 01, 2008.
Qualifications:The Project Management Engineer Specialist must:
1. have a minimum of 8 years project management experience;
2. be thoroughly familiar with current project management procedures in Asia;
3. should be familiar with current procurement methods in Timor-Leste;
4. must be fluent in spoken and written English, and,
5. should have a working knowledge of Tetum and Bahasa Indonesia
Application Instructions:If interested in the role, please contact Sonya Sampson at ssampson@skm.com.au providing your CV (in WB or ADB format preferably). Please note that only shortlisted candidates will be contacted.

sábado, outubro 11, 2008

A Folia dos Fiados vista a partir da Taberna da Aldeia

Esta história anónima, que me chegou por diversas cadeias de mensagens , é a melhor explicação que tenho visto sobre a actual crise financeira e colapso dos mercados de capitais, e inclusive a minha análise que podem ver no PPP Lusofonia.

CITAÇÃO:
Para quem não entendeu ou não sabe bem o que é a actual CRISE AMERICANA E MUNDIAL, ou o que gerou a crise americana e mundial, segue um breve relato económico para leigo entender.

Então, é assim:
O sr. Zé tem um bar, na Vila Carrapato, e decide que vai vender vinho 'na caderneta' aos seus leais fregueses, todos bêbados, quase todos desempregados...
Porque decidiu vender a crédito, ele pode aumentar um pouquinho o preço da dose do tintol (a diferença é o sobrepreço que os pinguços pagam pelo crédito).
O gerente do banco do sr Zé, um ousado administrador formado em curso de emibiêi, decide que as cadernetas das dívidas do bar constituem, afinal, um activo recebível, e começa a adiantar dinheiro ao estabelecimento, tendo o pindura dos pinguços como garantia.
Uns seis zécutivos dos bancos, mais adiante, lastreiam os tais recebíveis do banco, e os transformam em CDB, CDO, CCD, UTI, OVNI, SOS ou qualquer outro acrónimo financeiro que ninguém sabe exactamente o que quer dizer.
Esses adicionais instrumentos financeiros alavancam o mercado de capitais e conduzem a operações estruturadas de derivativos, na BM&F, cujo lastro inicial todo mundo desconhece (as tais cadernetas do sr. Zé ).
Esses derivados passam a ser negociados como se fossem títulos sérios, com fortes garantias reais, nos mercados de 73 países.
Até que alguém descobre que os bêbados da Vila Carrapato não têm dinheiro para pagar as contas, o bar do sr. Zé vai à falência, e também toda a cadeia.
É ISTO!
FIM DE CITAÇÃO

Acrescente-se que o sr. Zé até conhecia bem os seus clientes e até suspeitava que não iam poder pagar. Por isso ele vendia as ditas "cadernetas" da lista dos fiados a investidores terceiros, que lhe adiantavem logo o dinheiro, e ficavam a receber dos bebedores, sem recurso a ele, sr. Zé. Como havia muita procura da parte desses investidores terceiros, o sr. Zé até chegou a contratar uns agentes angariadores para conseguir mais bebedores fiados nas aldeias próximas, e porque não longínquas, e quanto mais bêbedos melhor para fazer volume. Tudo para ceder mais cadernetas dos fiados a mais investidores, sempre sem recurso, que o sr. Zé não era parvo. Entretanto o sr Zé, cheio de liquidez (da boa, a financeira) multiplica o seu ordenando, auto-atribui-se um prémio valente, entrega a taberna a uns dos angariadores que nem sabe de vinho, nem de bêbedos, e retira-se atempadamente para uma ilha tropical.

Eis senão quando, chega aí o aquecimento global, e a bela ilha ameaça afundar-se numa enorme tempestade mundial.

Não perca os próximos capítulos...

Comentar no blog da aldeia que trabalha
Ver mais sobre Bolhas

domingo, outubro 05, 2008

Efficient Market Fallacy condemns us to repeated Manias, Panics and Crashes

Now that the international financial market is in turmoil, with institutions collapsing from coast to coast and country to country, financial experts are questioning the efficient market theory.

If the "market is always right", how can things turn out so wrong.

Clearly, information does not flow freely but is often assymetric. Participants are not all alike and some may actually exercise considerable market power and attempt to move the market in their favor.

A recent article (11-Sept-2008) in the Economist magazine cited the book on “The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy” published by Harriman House.
But the Charles Kindleberger 1989 classic MANIAS, PANICS and CRASHES, should be required reading for financial regulators and bank and insurance executives, at least once a year.

MANIAS... shows us once again the truism that those who forget the lessons of history are condemmed to repeat them.

The current crisis reminds us once again that a Bank is like a Bicycle.
When it fails, it just topples over.
And bank failures are ALWAYS caused by liquidity problems, even when there are underlying asset value and solvency problems as well. Banking is also basic social infrastructure, providing a "public service". More than just "greasing" the economy, it plays the key role of aggregating and allocating assets between savers and borrowers, AND taking risk as intermediary.
Economic history is full of successive banking crises and liquidity bubbles bursting in one sector after another. That's why commercial banking became a closely regulated industry, with low but steady returns on capital, and separated from investment banking with its high but highly variable returns on capital. When the distinction between retail commercial banking and wholesale investment banking fell with the end of Glass Steagall, the domino effect had that much more room to play itself out. Having forgotten the lessons of (economic) history, we seem to be condemned to repeat them, with a big assist from negative real interest rates, poor monetary policy and disoriented bank regulation.

It is strange that the problems started in housing finance. Home mortgage loans are NOT difficult to understand nor to model, nor should they need Government guarantees. Home loans are one of the "plain vanilla" products of traditional commercial bank intermediation.

The difficulties have come mostly with execessively structured MBS - Mortgage Backed Securities, with tranching, swaps and strips accross a dozen counterparties. These new products raised as many risk problems as they appeared to solve.

Whereas banks traditional had to cope with credit risk, interest rate risk and liquidity mismatch risk, with these new financial products, they have been adding large quantitities of counterparty risk and opacity.

As the crisis spreads before bottoming out, the image of falling dominos may rather misleading. With falling dominos, you could at least see the contagion, and you could jump ahead to remove half a dozen pieces and contain it. But the MBS and and other structured financial products, now consideres "toxic", have proved to be like a "house of cards under a thick blanket". You can see it shake, you know it's going to come down. But you can't predict how or when the collapse will come. And worst of all, you can't figure out how to intervene to prevent the crash.
VER: Darien Scheme the XVII century bubble to corner Panama that ruined Scotland