May / Aug 2018
Danish-Brazilian Chamber of Commerce
ROGÃ‰RIO S. ZAMPRONHA PRESIDENT OF VESTAS DO BRASIL capa.indd 1
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EDITORIAL Rogério Zampronha CEO of Vestas do Brasil
General Election on Oct. 7th
INTERVIEW Rogério Zampronha, Vestas Brian Mikkelsen, Minister Juan José Garcia Chiesa, Grundfos Morten Hellberg, Telex
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ECONOMICS Ambassador Kim Højlund Christensen Fernando Honorato, Bradesco Mario Mesquita, Banco Itaú Tatiana Pinheiro, Santander Economical News
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INFORMATION H.R.H. Crown Prince Frederik celebrates 50 years H.M. Margrethe II 78 years birthday celebration Maersk Line / Hamburg Süd presentation Carsten Følbæk retires from the Maersk Group The Danish-Brazilian Chamber of Commerce new office LEGO - 3D Model donation event - Rio Clube Escandinava ‘Nordlyset’ celebrates 127 years Nordico Gastronomia Trade Council Brazilian-styled Fintechs Dr. Sergio Moro - Câmara Award 2018
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PROFILES Pandora Dansk Erhverv Novozymes DSV Lundbeck Agrobrazil A/S Brazilian Agriculture 4.0 Danfoss completes 50 years in Brazil Danica Capital Confederation of Danish Industry - DI Hummel IFU - Brazil in Focus Nilfisk Novo Nordisk Scancom in Brazil Ultrabulk Viking Life-Saving Equipment
12 Brian Mikkelsen Minister for Industry, Business and Financial Affairs
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The presidential election on October 7th is extremely complicated with 16 candidates at the moment, but we still don’t have an official candidate from the PT party. It is very unlikely that President Lula today will be a candidate - nearly impossible. It will not be correct to make any predictions, since most possibly it will be a coalition candidate from several parties that will be the main candidate in this presidential election. I believe one of the most unpredictable presidential elections ever to take place in Brazil. The Brazilian economy is at a standstill and no reforms will be approved or discussed before after the presidential elections, which makes Brazil extremely vulnerable, but also due to the world situation in the USA, Iran and other global issues. The Unemployment is increasing to over 14 million people at the moment, but the bank rates is at 6.5%, and the trade balance is getting better month for month. Unfortunately, the US exchange rate is very sensitive, due to the Brazilian and global situations, which is presently at R$ 3,60 to US dollar and could go even higher in the future. INFLATION is still under control 3.5%, but it is hard to predict what will happen in the near future. As an optimist, I hope for a good presidential election and the governor election to take place in Sao Paulo. Joao Doria (PDSB) is the leader in close competition with Paulo Skaf (MDB). Economic growth predictions for 2018 is 1.5% to 1.9%, and a very optimistic growth of 3.0% to 3.5% for 2019. The Danish-Brazilian Chamber of Commerce has been very active in 2018 and had a full house on April 22nd with a presentation from Maersk Line General Manager Antonio Dominguez on the acquisition of ‘Hamburg Süd’. The Danish-Brazilian Chamber award 2018 has been nominated to Dr. Sergio Moro, who has accepted the award and most likely will receive the award in the month of Sept./Oct. in Sao Paulo. The World Cup in Russia will take place from June 14th – July 15th. Denmark will play the following matches: Peru vs Denmark the 16th of June at 1pm Denmark vs Australia the 21st of June at 9am Denmark vs France the 26th of June at 11am (All Brazilian times) The chamber activities for 2018 look as follows: Jun 26th Jul. 5th Sep 19th Sep Oct. 10th Oct. 20th Nov 13th Nov 30th -
World Cup, Denmark-France Brazil Tax complications – Novo Nordisk Business Council – Danfoss 50 years Chamber Award 2018 – Sergio Moro Danish Investment Seminar Chamber visit to APM Terminals in Santos Brazilian Economist Christmas Lunch
We hope the economical situation will improve and the general election becomes a success. We wish you all the best of luck for 2018.
Jens Olesen President
RogĂŠrio Zampronha CEO of Vestas do Brasil How long has Vestas been in Brazil? What projects are you working on right now? Vestas has been in Brazil for the past 17 years, so a long time. But with regard to the Ceara manufacturing facilities and complete supply chain management, we have only been here for 2 years. We opened our new plant in January of 2016, and since then, we have successfully produced and shipped 700 MW of turbine. It is a very good volume. We are currently working on delivering the orders we got in 2016 and 2017. There is a lot of them. In 2015, Brazil was the 5th market in
terms of new orders for Vestas worldwide and in 2016, Brazil was the 8th. We are still producing the turbines. We have a backlog for 2018 out of those projects, and a new project that we signed a couple of weeks ago. Within this history of 17 years, we are in a very interesting moment right now. Our customers are already producing a lot of energy with our turbines.
Can you tell us about the Vestas factory in Fortaleza? How many employees do you have, how many shifts are there, what are your plans for expansion, and where are you now? We actually have two plants. One is ours, the other is for us, but outsourced to another company. The first plant, the one you have been to, the nacelle & hub assembly plant, is in the city of Aquiraz, which is close to Fortaleza, 40 min. by car. The other one is a blades manufacturing facility. It belongs to Aeris, another company that produces for us, under our equipment and quality control. We basically outsourced the production to them. In Aquiraz we have close to 150 employees, and we have a lot of indirect employees on the blades plant. They are more than 400, but they are not direct employees of Vestas, even though they are working exclusively for us. But within the whole supply
RogĂŠrio Zampronha CEO of Vestas do Brasil
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chain, counting both direct and indirect employees, we have more than 2,000 employees on Vestas turbines.
Do you work in shifts? It depends on the time of the year and the workload. Generally, we work with one shift, but this year there have been some peaks, where we have had to work in two shifts. We have never worked in 3 shifts. Currently, we are working in one shift.
Does that mean that today, the problem you had previously with local content, has been solved, so everything is now done here? That is absolutely correct. We are accredited with BNDES, and we have had the FINAME certification since late 2015. This was a success, and all the turbines that we have built at the Aquiraz plant are based on the local content rules outlined by BNDES. We are fully compliant with the local content.
Today, as far as I understand, Vestas is the leading alternative energy company in the world. In this context as a Global manufacturer and leader, what is the direct plan for Brazil? And for Vestas globally? Vestas is, indeed, number one. Its difference, in market share, compared to the
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other suppliers, is bigger than ever. Together with China and India, Brazil is one of the three strategic markets, where Vestas intends to make efforts to expand its production capacity and its market share. So, we are doing well so far. We are currently defining the next generation of turbines to be produced in Brazil, and it may represent a new round of investments in the country. So, we are doing well everywhere at this stage. We are really happy with the company performance. Brazil stays at the forefront of the strategic decision for the company.
So, Brazil will play a major role in Vestas plans for the future? Yes, that is correct. You don’t think energy investment in the short-term. It’s always long term.
What are the mission and vision of Vestas globally, and in Brazil? We have a global vision for the company and it spreads out in all the markets. There is a little change in our strategic vision, which was announced quite recently, a few months ago. We are the leader in wind energy, but our vision is to become the global leader in sustainable energy solutions and that entails developing new solutions (hybrid, storage) that help our customers meet their needs.
It seems to be a very small change – just a word – but it represents a lot. We see a trend of merging different technologies, for renewable energy generation, such as wind, solar and storage, that will reshape the energy market. This happens because when you add three or more sources of energy together in a single environment, you are able to bring something to the energy system which renewable energy doesn’t bring on its own. There is the fact that you can dispatch with 100% confidence that energy will be there at any moment that you want. What I mean is that with solar and wind projects, you presume that if there is no sun, nor wind, then you don’t generate energy, correct? You don’t generate energy from a solar project at night, because there is no sun, and the same happens in a wind project, if there is no wind. So how can those energy projects cope with the need of having energy all the time? Let’s take the example of a site, where you have a lot of wind at night and sun during the day. During the day, you produce energy using solar, and at night using wind. To adjust the peaks and valleys, I have batteries that store the energy and dispatch it when it is needed. You have a continuous supply of energy on the market. This is the last step for the renewable energies which have become 100% dispatchable. This is very important for the system, because it
then can replace the big thermoplants for instance, that are based on oil or natural gas, which pollute the environment.
So, now combining sun and wind you can really be anywhere in Brazil. Yes, that is correct.
There have been some energy auctions in December. How did it go with your clients and partners? Are there any auctions you won? I am not allowed to disclose that, because of the stock market rules, and I am not allowed to disclose anything up to the moment where we have the confirmed order. What I can say is that it was a very competitive scenario, with wind prices going down to 32 USD per MW. This is much cheaper than hydroelectric, it’s much cheaper than solar, much cheaper than any other sort of energy. So today, wind is by far the cheapest energy source in the country. Therefore, it can grow a lot because of the low cost of energy. Moreover, Brazil has some of the best wind conditions worldwide. In the end, you will find that solar energy is cheaper than wind, in countries such as Mexico and Chile. Here, wind is the preeminent source of renewable energy.
Can you at least issue a statement such as “it looks promising”? It looks very promising, we had 1.4 GW of new energy auctioned this week after 2 years with no auctions. It brings us a lot of hope that now we are on the upward again, we are surfing again.
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Can you give us some facts about the wind power potential in Brazil? What can be expected? Where is it in Brazil, up North, down South, in Santa Catarina? The wind potential for Brazil is roughly 500 GW. Brazil presently has the capacity to produce roughly 135-145 GW. So, in extreme terms, we have a capacity to produce energy that is three times bigger than what Brazil is producing today. There is a huge potential to grow. Second element: today wind energy accounts for about 8.5% of the overall energy production matrix in the country. So, it is very important. It changes every day, we have more than 12 GW of energy capacity already installed and producing in the country. It was 11 GW two month ago, and now it is already 12, so you see, it grows every day. Brazil has some of the best wind resources worldwide. Brazil is blessed with natural resources – sun, sea, wind, there is no difference – in fact, the best wind we have, is located in the Northeast , and not in the North. Why? Because there, you have a continuous wind, that doesn’t change too much direction, the wind there is 45 degrees in limit, it doesn’t move from right to left. It blows in the same direction, what brings more productivity to the wind project. It is continuous, in the sense that you don’t see big hurricanes, nor zero wind. It is very continuous, very predictable. If you go to Patagonia, in Argentina, you see very strong winds. In fact, so strong, that you can’t use them with the current technology. And suddenly, you have nothing. The best for a wind project is not to have super strong wind, but to have stable wind. The Northeast of Brazil has very stable wind. We found some spots in the South of the country, mainly in Rio Grande do Sul, but
also some places in Santa Catarina, with very good winds, but not with the same stable profile as in the Northeast. Therefore, there is a preeminence of projects in the Northeast, some in Rio Grande do Sul, but with the majority in the Northeast.
What is the greatest challenge for Vestas in Brazil today and how are you going to overcome them? It is a great but sometimes very complicated market. By far, the biggest challenge we have is to develop a competitive and high-quality supply chain. Most of the items, actually all of them, are produced either by other Vestas plants abroad, or by some suppliers. We have yet to be more competitive on the sub-supplier side. They need to be more competitive and have more quality. We don’t have as many sub-suppliers as we would like to have, and this brings the prices up. We need to be more competitive, that is our biggest challenge.
Is this something that is going to be solved in the near future, or is it going to drag out? It is a continuous improvement process. It has the full attention of our company. We are very close to be able to export some of the items, because they are competitive now. It is a journey. Vestas was the last one to implement a factory out of the competitors that produce here. Today, we are maturing the supply-chain. We are very close to be really competitive. We are not there yet, but we are very close.
What are the biggest opportunities in Brazil in your company? If you look at the GDP profile of Brazil in the past 25 years, you are going to see a chart that looks like a heart rate chart, a synodic, like a roller-coaster. Up and down all the time. At the end, in the long term, Brazil is always growing on average, but the volatility of the GDP on the average
Isn’t that the biggest challenge that you have to explain to your management? Make them understand that Brazil is that way? I have a big advantage. Our CEO, Anders Runevad, worked in Brazil for 4 years and lived in Sao Paulo. It helps a lot!
It is a big advantage, many of the CEOs of the companies that come here don’t understand that. It also depends on the approach of the local executive.
It has a lot to do with who runs the company. Anyway, we expect GDP growth next year of between 2.5 and 3.2%. All the energy consumption models have been forecasted. We used a lower rate to forecast the energy consumption and the energy needs. The need for new energy will be much higher than expected. There is a big opportunity ahead of us.
I think you are right. If you take the Northeast, where there is a huge apparat of what you call clean and stable wind in the right direction, it seems to go very well. You just had the auctions, that you said were extremely competitive, so you had to go in and bid with a certain strategy and fight the whole thing. Is the Northeast where you think the biggest projects are for you in the coming years?
we have is to develop a competitive and highquality
is very high. It is difficult to predict what will happen when, but on the other hand, when you have a recap of the market, it comes fast.
represent a lot in terms of the cost structure, you can imagine how difficult it is to transport a blade that is 50 meters long! You need to be close to the construction areas.
Your competitors must be very strong. Who are they in Brazil? The Chinese, people from Siemens or General Electrics? How do you see that? How do the Chinese behave on this market? We have very strong competitors. Let’s start with the ones that have manufacturing footprints in Brazil. You have Siemens Gamesa who joined forces and merged, you have GE that merged with Alstom, Acciona that merged with Nordex, WEG, the only pure Brazilian player, but very small, a very good company. Then there is us and a German company called Enercon, well, in Brazil it is called Wobben. The Chinese are not present here directly. The leader company on the Chinese market, called Goldwind, is trying to get into the country, but they are not here yet. They are not active here. But they are trying to find an opportunity to get in here. The tough competitors today are the ones I mentioned, all of them are good ones, and we have to respect them, each one has a different strategy, our strategy is more conservative than theirs. Some of them like more risk, we are more risk-averse. It all depends on each company’s strategy but we respect all of them and we learn from them as well.
Is that where you are going to concentrate your efforts and get your partners to go in? It is not by chance that our manufacturing facilities are in the State of Ceara, closer to the areas where the projects are. Considering that the logistics costs for a turbine Rogério Zampronha CEO of Vestas
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Is the system for the bidding in the auctions more or less the same as when you bid for government contracts in the pharmaceutical industry? No, it’s different. We go to the auctions together with the energy generation companies, they are the ones who bid, and we support them, simply because the turbines are, by far, the most expensive element of the wind generation projects, like 70 to 75%. So, we help them in terms of energy production, cost of energy, etc. That is how we are active in the auctions.
Do you still work with BNDES? Have you found other financial resources to expand your ambitious plans for Brazil? Our customers work with BNDES, but this time, at this auction, we introduced the support of EKF. We brought EKF here, we have been to several customers with them. We have a really good relationship with EKF, because they support Vestas in many different markets, successfully. Still, we were not able to provide competitive financial solutions, at least as competitive as BNDES, so we are still learning how to engage with different financial instruments, to make sure that we have a competitive offer. The big challenge in this, is that the energy is sold in BRL, and every year, the energy price is readjusted by inflation using an index called IPCA. In general, the funding of EKF in other PCAs are provided in foreign currency, therefore there is a hedging cost, that creates problems in structuring financial solutions. That’s what we are working on.
The Brazilian government has presented a 10-year energy expansion plan. How do you look upon that plan as a company? How is Vestas going to fit into that? We fit into what this plan forecasts for renewables. Wind is the most relevant and cheapest renewable energy source. Under the 10-year plan, we forecasted with the Brazilian wind power association, where I am a board member, and I lead the strategic committee of Abeeolica, that we can expect between 1.6 and 2 GW of new wind capacity every year for the next 5 to 7 years. That is how we fit in.
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Do you think this is a business plan, is it a moderate plan, or is it an unrealistic plan? No, it’s a moderate plan made with certain GDP growth assumptions, an average of 2% a year in growth. So, if we have 3% next year, then I think we have to speed up. This is why I said here lies the opportunity of our rebirth, it is always quite steep.
You have 8.5% as your potential right now. What do you think you are going to have in 5-10 years? It depends on how fast we are able to provide dispatchable energy. If we are able to provide dispatchable renewable energy at the price we have today, I would say that there is no reason to have other sources anymore and Brazil can go to a really clean energy matrix. But we are not there yet. I still see that the renewable energies can make up around 30% of the energy matrix. I am talking about renewables without hydropower. Today, they are around 10 to 12% of the energy matrix, if we include biomass, that is renewable, sun and wind.
How much is solar, 1 or 2%? Yes, it is very minor today.
Your boss Anders Runevad was here. He seems to be quite positive about what is going on, and his predictions for the future also seem positive. As a CEO here, how would you define his visit here for the present and the future? It was a very good visit. Today, Brazil is the hub for what we call South Latam, i.e.
Southern Latin America. The region is Brazil, Argentina, Chile, and Uruguay. During his visit, he met with authorities and customers, and really created a bigger sense of how Brazil is prepared for the renewable energies wave. He left the country very positive about the organization we have, the customers´ acceptance of our solutions here – he heard from several customers “you have the best product and the best team, you should be proud of everything you have achieved here” - so he left very happy. I am of course very glad about that because I really trust Brazil to be one of the top pioneers in the renewable energies segment. We are a country that really fight hard for renewable energy. We want to be a clean country. We are moving in the right direction and he got the right impression about that.
What specific plans do you have for Vestas in the coming three years? My first challenge is to define the new generation of turbines for Brazil. It will allow us to be very competitive. This is the first challenge. The second challenge is to introduce this merge of new technologies into a single offer. The third strategic block is to support developers in early stages, on how to transform these developments into real projects. If you look through my vision, we enter early on the supply chain, on the business chain, on the value chain, and by that approach we have the right turbine and with the right technology to supply energy in a dispatchable way. That is my vision for the country. Very simple and straightforward. I hope to be able to implement that. JOL
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Minister for Industry, Business and Financial Affairs,
How long have you been a Minister, and how long have you been in your current position?
I have been a Minister for a total of 11 years since 2001. In the past, I have been Minister for Culture, Minister of Justice and Minister for Business and Industry. I have been Minister for Industry, Business and Financial Affairs for approx. three years now.
What are the Danish business world’s primary markets globally, and do you have any priorities among them? As Minister for Business, my primary aim is to ensure the best possible conditions for companies to operate in Denmark.
This also applies to the big Danish companies that have branches and production in other countries, whether it’s LEGO in Mexico or Vestas in the United States.
What areas does the Ministry for Industry, Business and Financial Affairs cover? Are areas such as tourism, fighter aircrafts, and all kinds of business and financial activities included in the scope of your reach? The Ministry for Business covers many areas and works to promote increased growth and prosperity in Denmark by ensuring that citizens and businesses experience good terms and conditions for growth. The Ministry for Business thus works with a wide range of subjects and initiatives in areas such as business and financial regulation, competition and consumer relations, business promotion, etc.
How many committee trips does a Minister for Business take a year, and how many business drives do you participate in? The number of trips I take as Minister for Business varies greatly.
But, of course, there is quite a lot of travel activity, as I occasionally attend Council meetings in Brussels as well as business drives abroad. An example of the latter is a drive in South Korea, where I am promoting maritime cooperation between Denmark and Korea together with a business delegation.
How does Denmark presently deal with the trade agreement with the United States and President Trump’s new policy in this area? In March, I met with the US Trade Minister, where we discussed free trade. During this meeting, I addressed my concerns for an escalation of the situation into a full-blown trade war. We had a productive talk about the fact that if this does escalate, it will cost jobs and thus have a social impact in both Denmark and the United States. I will fight for free trade for the benefit of Denmark, Europe, the United States, and the rest of the world.
How important are Latin America, Mexico, and Brazil for Danish trade? Latin America, Mexico, and Brazil are very important countries and areas for Danish business - thus also an important focus area for me as Minister for Business. I visited LEGO’s production plant in Mexico; it makes a great impression and leaves you feeling very proud when you see how well Danish business is represented - also in Latin America.
Brian Mikkelsen Minister for Industry, Business and Financial Affairs
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How do Danish companies fare in terms of competitiveness in the global world? As mentioned, we do really well within a wide range of areas. But we can no doubt do even better. In the fall of 2017, I launched the government’s Trade and Entrepreneurship Initiative, where there is focus on how we can go about creating conditions for more large companies holding their own and making it on international markets.
US Secretary of Commerce Wilbur Ross and Minister Brian Mikkelsen in Washington D.C.
When do you expect to visit Brazil so as to try to increase trade between our countries? I cannot presently confirm when I will be coming to Brazil. But it is undoubtedly a country that is important for our trade in general, a place where Danish companies are also well-represented.
What are the biggest challenges for a Danish Minister for Business in today’s global world? The biggest challenge at hand right now is undoubtedly the issue that I just mentioned, i.e. the worrying plans the United States has in place for tariff barriers and taxation on goods. Measures like these are the wrong path to take. We need greater openness and more trade across borders - not restrictions, taxes, and bureaucracy.
How does the Ministry of Industry, Business and Financial Affairs cooperate with the Confederation of Danish Industry and the Confederation of Danish Enterprise to increase Danish exports? The government presented a strategy for Denmark’s digital growth in late January. We intend to make Denmark a digital front runner. Therefore, we are making a publicprivate partnership where the Ministry of Industry, Business and Financial Affairs, the Ministry of Foreign Affairs and the Ministry of Education and Research will join forces with the Confederation of Danish Industry, the Confederation of Danish Enterprise, and the Danish Finance Institute to establish what is called a Digital Hub with a modern term. In addition, the Danish Industry Foundation will contribute to the Hub. Basically, the Hub will serve to match companies and digital skills.
Minister Brian Mikkelsen, Secretary Guajardo and Lego executive in Nueva León, Mexico
What is Denmark’s image abroad; are we still regarded as a reference on the world stage? It is my distinct impression that Denmark continues to be seen in a very positive light when it comes to quality and design. We are trendsetters in these fields, whether it’s the new Nordic represented by, for instance, NOMA or dark Nordic, e.g. Danish television crime drama series, etc. Danish furniture, architecture, and design are still highly prized throughout the world.
What are Denmark’s biggest opportunities and priorities in the global community? Denmark has great potential in the global context - and we are already well-represented. A clear example of this is our position in the life science area where Denmark is doing well on the international stage, but it requires diligence, focus and research if we are to maintain that position. Kim Young-Choon, South Korea's Ocean and Fisheries Minister and Minister Brian Mikkelsen, signing an amendment to a memorandum of understanding in Seoul
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H.R.H. Crown Prince Frederik with Minister Brian Mikkelsen designed Danish Olympic pavilion “Heart of Denmark” on Ipanema Beach. Besides all the visitors, the Olympic Pavilion also received a lot of media coverage, which contributed towards marketing Denmark’s green solutions and sustainability efforts, and the country itself as an attractive tourist destination. Minister Brian Mikkelsen at Ørsted - Avedøreværket AVV
What is your position on participation in the Tokyo Olympics in 2020, the Danish Pavilion, and supporting Denmark’s export promotion efforts? How do you get Danish businesses to support this? I visited Tokyo in April last year; there I met with the Japanese Minister of the Olympic Games, Tamayo Marukawa, and with Yoshiro Mori, former Prime Minister, and current President of Japan’s Olympic organizing committee. I emphasized to them that it is my intention to make the Olympics in Tokyo in 2020 a full-scale showcase for Denmark, where we will highlight all the great things Denmark has to offer. I also had a meeting with the Japanese organizers; we talked about how we could best create an Olympic platform in Tokyo and raise awareness about Denmark, while also helping to boost the Games outside the sports arena for the many guests to the city. At the Olympic Games in Rio de Janeiro in 2016, almost 200,000 guests visited the architecturally
Tourism is important for Denmark; what can we do to further boost this field in Denmark? It is great that the number of foreigners staying overnight in Denmark is on the rise. But we have to continue to focus on Danish tourism having the best possible conditions when aiming for the international tourists, because we know that several of our closest competitors are also successful in attracting a lot of foreign tourists. Therefore, our Trade and Entrepreneurship Initiative put forth last November also includes a tourism package, which provides more funds for VisitDenmark’s international marketing efforts in the vital nearby markets, including Germany, among other measures. Hopefully, we will see the effect of these efforts in the coming years.
pervisory Authority has been granted DKK 6 million to be applied towards this objective; therefore, it has set up a separate unit which will focus on the whitewashing area.
How you do see the problem of recruiting international labor versus Danish immigration policy? The government wants to give business better opportunities to recruit the labor they need by strengthening Danish companies’ ability to attract and retain researchers and key employees from abroad. Therefore, the Trade and Entrepreneurship Agreement from November also includes an extension of the “ foreign researcher tax scheme” from 5 to 7 years. JOL
You are also responsible for financial affairs. How do we control the challenges with money laundering, etc.? Last year, the government initiated a strengthened oversight effort in the White Paper, as part of the political agreement of June this year. The Danish Financial SuMinister Brian Mikkelsen
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Juan José Garcia Chiesa
General Director Grundfos Interview on the 19th of FebruI am the new General Director of Grundfos Brasil, for the whole operation, my name is Juan José Garcia Chiesa, and I have been in Grundfos for more than 11 years. I started my career in Grundfos within the water treatment business, endorsement disinfection business. More than 11 years ago, I was sitting in Argentina, but working for the whole region as a business developer, product manager for South America. Then I was transferred to Colombia, to develop our new office there in 2013 and finally took on responsibility for our Peruvian operations in 2016. I was leading the Andean area, that includes Colombia (headquarters), Peru, Ecuador, Venezuela, Suriname and Guyana.
How do you look upon the great country that is Brazil, as a newcomer, and how do you see the future in 2018 here? During our budget process last year, where I learn a lot about our staff, business and country, one of the team members defined Brazil in the best possible way for me, “It’s a continental country” he says… I mean: the size, the population, the different cultures, it is definitely a continent rather than a country. Even Brazil will do better than previous years as a country in 2018, it could happen that some regions or business segments will take longer to show positive signs and get out of the crisis we are in. Main cities will show the strongest signals of recovery this year, as I see it, but so far it’s difficult to make a statement about Brazil as a whole. Juan José Garcia Chiesa General Director Grundfos
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Can you talk about growth numbers for Grundfos this year compared to 2017? Absolutely, we are into 20% growth for the company on 2018, but the most important thing is that we are not going to be focusing only on growth, we are focusing on profit, and definitely on the culture of the people here too.
Have you formed your own management team here for the company for the next couple of years? You have some very good people here, do you have a new team or is it the same, have you promoted people? We are exactly in that process, I started to come here in July last year, one week a month, just to get to know the people, to know the structure of the company, to know the customers and so on. I wouldn’t say I have a perfect picture, but I have an idea of who is onboard right now. We do have, as you mentioned, some really good people onboard already. We already made some changes to the leadership structure to fit better to our immediate challenges and to build a solid base for the cultural change we are driving. So definitely, we need to build up a new team, it is not in place yet. Every time I start with a new company / team, I do like to work with the people already there. I am not used to bringing staff with me, although it’s not completely ruled out,
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The priorities for the
business this year are definitely to hit our profitability
But in the overall picture, if we look at the macro-numbers of the country, it is going to be a better year than previous ones. The indicators of January and February are much better than previous years, the inflation is under control, the country is starting to grow, no big digits, but it is a starting point. Despite the professional tools and reports, I pay attention to what I used to call “street feeling” and if you look at the people on the street, it is not the same situation as one year ago. I’m not saying we are already out of the crisis, but one year ago, people were spending money only on critical things, not going out to have dinner or leisure activities, they were not spending money at all, and so on and so forth. So definitely, I have a really good view of 2018 for Brazil. (03:12)
and growth target
but it is something that I don’t do much. I have been in several companies already, and as I said before the interview, this is the job that I have been doing for almost 20 years. Building up businesses, growing businesses, switching businesses from a non-profit or non-growth into a profitable growth. And my recipe is not to bring my staff along. (05:19) Normally I focus on developing the people that we have onboard, and only if it is needed, we bring someone else on board. So, to answer directly to your question, Jens, we do have great people on the team, but we don’t have all the right positions covered yet to perform what we are aiming at, but we are in the process of building that.
What are your priorities for the business this year? The main ones are definitely to hit our profitability and growth target. Finding the per-
fect balance between those two is one of the biggest challenges that we have. If we do not fulfill our profitability and growth targets, we are not going to have the necessary tools and resources to keep developing our team in the short and long term. On the backbone of this, not because it is less important but because it’s necessary to achieve the two mentioned before, the third priority for the leadership team is the cultural change of ours people. We need to switch the mindset of the team we have onboard. It is a team that has faced many challenges and a lot of changes in the last 10 years or more, and results haven’t been there for a long period of time. So, we need to build up a winning attitude. We have already started doing it. It is going to be a rough year, it is going to be a tough year, definitely. But these are the three main priorities.
Is training going to be a main tool for you to get this attitude changed? Will you invest time and money in training of your people and your team? Yes, no doubt about it.
So everybody has one focus to move the company ahead. Yes, actually, when we go on the operative side of these three main priorities, training is definitely one of our key milestones. Two months ago we started a master plan that includes a survey to understand where our team is in terms of their abilities to perform their job, but most importantly about being happy doing their job. I know that this is basic stuff, but as I said before, we are building a solid and strong base for the long term.
It is fundamental in order to be successful! We started a program. Since I got here in June, every week that I came in I dedicated a big part of my time to build up this program together with HR. We launched it in January, in March we will start what we call the mapping. Basically, we make an assessment of the people who let us know where they are and what they need, and then we simply start… Grundfos has more than 7.000 hours of training internally, so we don’t need to go far away to get any of the trainings we need. We are talking from simple tools like Excel, Power Point, going through dedicated skills training on
sales, operations, finances and ending with the most advanced Pumps and application trainings in the industry. We have all what we need to succeed internally. This is a project that will not end, it will last at least three years, but it will start to impact our team in 2018. The mapping will take one to two months, then we will have the necessary information to perform trainings that will help the team. First of all, it is the benefit of the group, and then it is the individual so during 2018, the focus will be on trainings that will impact the majority of the team members to feel better performing their daily tasks.
I heard that one of the biggest challenges that you have is that you have two brands here. How are you going to change that? Two brands are, as we know costly, difficult, different approaches, when you have one brand it is
is going to be the main tool for us to get our attitude changed. We will invest
time and money
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much easier. Is this something that is part of your priorities or is it something that will have to wait until you have all the other elements under control? Good question Jens. Before we started recording, you mentioned that I have a tough challenge here. To be honest, I don’t consider this or any other as a tough challenge. In my personal view, very deeply inside of me, what I realize is that for many people, a difficult task or a tough challenge is to accept that we need to work a lot. Any transformation, any change, and even in some cases of the daily business when everything is running smoothly, we need to work a lot. So, what is tough and what is challenging in my view is to accept that we need to work a lot... And I don’t have a big issue with that one. I think this is key for anything you want to achieve. A good example of this is myself, I need to reduce my weight right now, and if I don’t work a lot, I am not going to get there. It seems to be basic stuff for some daily things, but it seems to be so difficult on our daily jobs to accept it. Coming back to your question, I don’t see the two brands we have right now as a tough challenge. I realize there are some decisions that we haven’t made in the past. Perhaps we could have made some decisions in the past in regard to both brands, e.g. whether we should have unified them, boosted each one individually or some other strategy. So far, no decisions made, I need to understand the market and the product range etc better, to be able to fulfill one of the main tasks assigned to me by my top management, that is to make an assessment that will allow us to make the best decision around our Grundfos product portfolio (that includes Mark range). I can’t set a timeframe so far, because I am in a very early stage of the project but definitely a decision will be taken under my administration.
I also heard that there are a lot of business segments at Grundfos, and that you are going to be distributing one of your new products in Leroy Merlin. I don’t know if this has already happened or not? Do you think that this success is going to expand to other groups?
Yes, it has already happened. It’s a big success for both of us and we are looking for more cooperation areas. (12:47) We are very pleased to be working with them, it’s a huge company with many years in Brazil, but most importantly they are great people and a great company to work with.
That is indeed a novelty, it is a very good thing for everybody to know, that you want to look into new opportunities on the market. Now that you mentioned the business segments, what makes Grundfos a very stable company globally, is the different segments’ penetration we can achieve with our portfolio. For example, if we examine companies inside and outside our industry, those who were too focused in O&G suffered a lot when the prices went down a few years ago. The same happened if you focused 100% of your efforts only in the Industry or construction segments. Locally, we will use the same strategy that Grundfos applies globally, but we need to go step by step and be sure we take into consideration the current situation of Grundfos Brazil and that we listen to the market. We are not ready to shoot all the targets flying around us, so definitely there will be some levelling down on what our segmentation and focus areas are, this will not include any lay-off or dismissal of any kind, it is not the case. But, we need to be the best at what we do, and so far, we can’t be the best in everything. There will be some changes in our strategy, no major ones, we will continue doing what we are really good at, and then we will make a plan for the future, to introduce the rest of the segments one at a time with the same strength.
You were very much involved in the World Cup with the pumps for the Stadiums. You were very much involved in the Olympic Games. I was very involved since I was in charge of it. I know you were very much involved in that too. Do you have any other big things like those, that are going to happen? Not that I know of any major events, but maybe there is something in your busi-
Grundfos plant in São Bernardo do Campo
ness that can create something very exciting? So far there are no, as you said, major events. I will need to take some time to analyze the Brazilian market, I have to understand how it works, because the first thought when we talk about big projects or “one time” businesses, the first answer that pops up to my head, it’s to work with the government on the Utilities side, but it is a business where some local legislations and how everything is set up makes it really difficult for us to be there.
What do you think the biggest opportunities are for Grundfos in Brazil? Definitely within our people. We have people at Grundfos Brazil that are great, that have achieved awesome things in the past, and in many cases, the company hasn’t been fair with them. I think this is the proper way to say it. So definitely, the biggest opportunity that we have lies within our people. I am here to work with them. Do we need to achieve and deliver results? Yes. Of course…!! This is what Grundfos pays my salary to do, but the results are an enabler to a greater good, that is to make people happier. I do this because I really do believe in people development. I really do believe in people doing what they love to do, as I do it. That’s one of the reasons why
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I’m not a big fan of bringing people in from abroad. If we have people that are in the right place, and they are doing what they love, there are zero chances that we will not succeed. So I believe that when a company hasn’t reached its goals, it’s because they have people that are either not doing the right job, or people that are not in the right company. I am not shy to talk about it and it is the first thing that I mentioned to the team when I arrived. So, the biggest opportunity is the people, no doubt about this, Jens.
What is the biggest challenge? You obviously have challenges, we all have challenges, Brazil is a challenging country. If people don’t realize that, then they are in trouble right from the beginning. Brazil is a challenge, but for me it is a very fascinating challenge. What is Grundfos’ major challenge here? I will split the challenges up into two different areas, namely the internal and external ones. The first one its linked to what I mentioned in my previous answer, the team is our main opportunity, but it will be a challenge too. I do believe in looking inward before looking outward, and the new era of Grundfos Brazil will bring a lot of new chal-
lenges and new ways of doing the things, so we must be aware that this creates some uncertainty among the team members. But again, any change that will be made, it will be aligned with the idea of having people who love what they do. On the external side, we do have a tough market environment, where each segment is almost owned by one or two companies, that have been in the market even longer than us and in some cases, with structures that are two or three times our structure. We have a great product portfolio, that in many cases differentiates us from what the market offers and a lot of added value services that we will deploy into the market to attend our customers. This will show the market that we are here to serve their needs and to offer a different way of partnering up with them, so once this is in place, there are no challenges that we can’t overcome. As I see Brazil (and Grundfos Brazil) so far, it is again a matter of balancing the growth and profitability of the company. We need to be somewhere in between, where we manage to serve market needs and by doing that, gain market share from our competitors, but at the same time making the company profitable. This is a company that will stand on its own. JOL
Callisto and laptop
Morten Hellberg, Telex Morten, what is your business experience, who have you worked for in the past, and how long have you been with Telex?
I have a degree in economics with an MBA in strategy and leadership from IMD in Lausanne, Switzerland. I have always worked in big companies and in different countries, like Denmark, Spain, Korea, among others. In 2003 I was invited to join the William Demant Holding (WDH) - a Danish multinational leader in its field and a pioneer in revolutionary technological research for hearing solutions â€“ and take over the direction of the Brazilian operations, based in Rio de Janeiro. At the time there was only Telex performing
in the retail channel and the Oticon brand performing in the Government (wholesale) channel. Over the course of fifteen years of my management, the company has grown exponentially due to the implementation of new retail and government strategies, as well as the introduction of new businesses such as Interacoustics (Diagnostics), Oticon Medical (cochlear implant and bone anchored hearing aids), Sonic (hearing aids) and the expansion of the market coverage of Oticon products to the Independent channel, not only limited to the Government. In recent years, my responsibility in the WDH group has surpassed the frontiers of Brazil and now I also currently lead the Mexican operations.
As we understand, Telex is a brand name of hearing equipment from the Danish company William Demant Holding. In Denmark you are probably best known for your brand Oticon. Are you present with Oticon in the Brazilian Market, and can you tell us about your structure in Brazil?
The Centro Auditivo Telex company was acquired by the William Demant Holding in 2001. At the time, besides bureaucratic reasons, the group decided to keep the name Telex instead of Oticon, because the former brand has always been correlated with credibility and reputation in the Brazilian market. This explains why the company name is Centro Auditivo Telex; however, it does not mean that we do not market the other brands from the WDH group. On the contrary, we offer the most complete range of hearing solutions for the hearing impaired, from hearing aids to cochlear implants, as well as accessories and diagnostic equipment. Therefore, our organizational structure is divided into three major businesses: 1) Hearing Devices (hearing aids and accessories) - Telex (retail), Oticon (government and independent) and Sonic (government and distributor); 2) Hearing Implants (bone-anchored hearing systems and cochlear implants) - Oticon Medical; 3) Diagnostics Instruments (a wide range of hearing-related equipment) - Interacoustics (retail and distributor), Maico (distributor) and MedRx.
Morten Hellberg with the H.R.H. Prince Henrik Medal of Honor and the Export Certificate
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Neuro system 4 Processor Implant Angled
The success of Telex has been built through a mixed model of performance in retail, with subsidiaries and licensed stores in the main Brazilian cities, adding up to more than 100 points of sale, where it is possible to find devices that assist all degrees of hearing losses, and also get technical assistance. In addition to the fixed stores, there are also five mobile clinics, which serve the population from places where either there are no shops nearby or the customer has mobility limitations. The Oticon products, renowned worldwide, are also distributed by us through two segments: Government and Independent distributors (multi-brand stores). Sonic brand hearing aids - a US company acquired by the WDH group in 2010 - are also sold in the Brazilian market since 2016.
Our readers probably know Telex as a company that makes hearing aids, but I understand you also make Diagnostic Instruments and Hearing Implants, are all these areas represented in your Brazilian business?
Yes, as I mentioned earlier, in addition to the Hearing Devices division, the company possesses a Diagnostics Instruments business unit, whose main brand is Interacoustics. With premium image and high added value, the brand has great recognition among the medical and speech- pathology/
Baby DPOAE graph Titan audiology fields. Currently, its distribution is performed by 8 representative companies and their POS. Another business division is Hearing Implants, consisting of two product lines: bone-anchored hearing systems (BAHS) and cochlear implants (IC), represented by Oticon Medical, which started performing in Brazil in September of 2013. CIs and BAHS are segments in Brazil that are considered to be a niche market.
Tell us a little bit about the hearing equipment market. How much does it grow a year, and what is the outlook for the near future?
The Brazilian market has been growing around 10% a year, which is considered substantial growth when considering the economic crisis the country has been facing for the past years. Telex is amongst the strongest players in the market and, after some setbacks, has been consolidating its operation for the past years through the operation of branches and licensed shops. Last January, Telex reached 70 years of operation in the Brazilian market with the largest number of branches it has ever had and with most of its licensees satisfied with the way Telex is seen by competitors and customers. Similarly, the Oticon Independent channel has also been delivering sales growth and conquering hearing aidsÂ´ market share. On the other hand, the political and economic national scenarios have not favored the overall improvement of the Governmentâ€™s Hearing Care Program, as the Health Ministry continues to focus on emergency areas and hearing aids are not considered to be a priority.
Who are your major competitors in the Brazilian market?
For Hearing Devices, no great changes have been observed in the Brazilian Market recently in regard to market consolidation and competitor positioning. As groups, Sonova and WDH remain the leaders. For Hearing Implants, the Brazilian market is dominated by Medel and Cochlear and Oticon Medical is the third supplier within CI and second within BAHS. For Diagnostics Instruments, Interacoustics is the current leader.
MIPS woman profile
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Do you have any sort of production or assembly in Brazil?
Our technical assistance office is located in Sao Paulo and consists of state-of-the-art equipment such as scanners and 3D printers, whose purpose is to print high definition molds of the client’s ear anatomy for hearing aid assembly. We have a team of highly-qualified technicians to manufacture the molds of customized hearing aids (intra-auricular), as well as to provide technical assistance to users of all the products distributed in Brazil. We also have a dedicated technical assistance team for the Diagnostic Instruments division. With the exception of Oticon Medical products, where maintenance is done abroad, all other products are serviced in Brazil.
William Demant Holdings has recently increased its expectations for 2017, based on the financial results in the first six month. Are you also growing in Brazil?
In 2017, the Brazilian operation delivered a satisfactory growth even in an unfavorable political-economic scenario. Telex (retail channel), Oticon (independent channel), Interacoustics and Oticon Medical were the key business areas that achieved prominence last year. Our expectation is that this growth will continue in the upcoming years - even if the curve is discrete.
What is the biggest challenge for Telex in Brazil?
Our biggest challenge is to continue growing through sustainable actions. We are focusing mainly on the evaluation of the customer base versus collection of defaulters, the consolidation of retail in Sao Paulo, the expansion of Oticon Medical, and the maximization of digital marketing efforts with a communication that reinforces the group’s global slogan known as “People First”. We want to emphasize, in the first place, the needs and desires of those who can’t hear well, providing the most modern technology to recover hearing, with humanized care and communication; after all, we take care of the health of people who seek us out to improve their quality of life.
What are the major opportunities in Brazil?
Last year the Opn ™, the first hearing aid connected to the internet, was launched. Breaking all the paradigms of the current audiological market, Opn ™ eliminates the limitations of the sound directionality available in the current hearing aids, allowing the user to clearly hear the speech of several interlocutors and sounds, even in noisy environments. We believe that with this product, both Telex and Oticon, through the Independent channel, can contribute to improving the lives of the hearing impaired, enabling them to make the most of the world of sound and the almost unlimited possibilities of the devices connected to internet.
We will also launch Neuro 2, an Oticon Medical product. The elegant Neuro 2 is all about discretion, but it’s much more than just its size. Combining great sound quality and a wealth of innovative features and accessories for all ages, its design has already won a number of prestigious awards. With the introduction of Neuro 2, we will have the opportunity to increase our market share in the Brazilian IC segment.
Do you participate in any government tenders for hearing equipment in Brazil?
As mentioned earlier, wholesale in Brazil operates through two different channels: the government channel and the independent channel. The government channel distributes two brands: Oticon and Sonic. Through the Hearing Care Program, the Brazilian government offers hearing aids and assistance for the population in general. The Oticon government channel represents 20% of the total Brazilian market share.
Do you have any investment plans for Brazil in the coming years?
There is no extraordinary investment planning for Brazil in 2018. We will maintain marketing efforts and employee training. We want our employees to have a great quality of life both inside and outside the company; for them to enjoy working and be proud to be part of the company’s history. JOL
H H Telex Brazilian operation team
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Coloplast® - líder mundial em cuidados íntimos de saúde
Coloplast do Brasil A Coloplast desenvolve produtos e serviços que tornam a vida mais fácil para pessoas com condições médicas muito pessoais e particulares. Atuando próximo de pessoas que utilizam nossos produtos, criamos soluções sensíveis às suas necessidades especiais. É o que chamamos de intimate healthcare. Nosso negócio envolve cuidados com estomias, urologia e continência, e feridas e pele.Estamos presentes em todo o mundo e empregamos mais de 8.000 pessoas. A logo Coloplast é uma marca registrada da Coloplast A/S. © [2013-06.] Todos os direitos reservados Coloplast A/S.
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Rio de Janeiro Rua México, 3, 4o andar Centro, Rio de Janeiro Tel.: (21) 3212-4250
São Paulo Av. Angélica, 2.163, 7° andar, CJ 71 Santa Cecília, São Paulo Tel.: (11) 3231-1007/2007
0800 285 8687
Corruption Fighting corruption is a hot topic on the international agenda, and corruption is frequently stated as one of the key obstacles holding back development in many parts of the world, along with worsening social inequality and making it difficult to make progress on a wide range of societal issues such as crime, education and health. In terms of combating corruption, Denmark has maintained a high profile in recent years, taking the place as the least corrupt country in the world since 2012 on the Transparency Internationalâ€™s Corruption Perceptions Index. However, what recent initiatives have actually been implemented by Denmark to further combat corruption?
Government Initiatives Although bribery is illegal in virtually all countries across the planet, there is a growing need to combat corruption across borders due to the increasing global nature of business transactions. As such, Denmark as of 2000 signed on to the OECD Bribery Convention set to ensure that Danish companies operating abroad operate by the same standards as when operating in the domestic market. Key to working with businesses to combat corruption has also been a national plan introduced in 2008 recom-
mending the adoption of CSR (Corporate Social Responsibility) policies, and further obliging the largest national companies to publishing a report on how their CSR policy is carried out. Subsequent governments have followed up on this initiative as well, among other initiatives, further action plans to strengthen sustainable initiatives from private enterprises were launched in 2012.
Transparency and Digitalization to Fight Corruption On the international scene, Denmark is also promoting transparency through the digitalization project which has been running since 2015 in Brazil. Digital self-service enables citizens to avoid some of the layers of bureaucracy that often drag people into minor corruptionâ€”the temptation to pay a little extra to speed up a lengthy paperwork process. Digitalization for instance makes the process of obtaining stamps, permissions etc. from governmental institutions much faster and more transparent. One of the initiatives of the project is the Innovation Lab in Brasilia, where employees are working on various initiatives destined to promote digitalization and transparency within the public administration in Brazil, for the benefit of all citizens in Brazil.
The Danish embassies are also actively involved in assisting Danish companies circumvent corruption and bureaucracy when doing business abroad. In Brazil, we conduct CSR audits of Brazilian companies for Danish companies that want to make sure that their business partners are living up to their CSR policies.
IACC October 2018 To solidify the Danish participation in fighting corruption, the Danish Foreign Ministry is hosting the 18th International Anti-Corruption Conference in 2018, together with Transparency International and the International Anti-Corruption Conference Council. The conference is taking place on October 22nd-24th, 2018 with focus on anti-corruption and the barriers corruption sets in the way of development, democracy, economic growth, and stability. The conference is set to include both governments, private enterprises, civil society and the media in order to get a wide variety of stakeholders working together. In addition to a series of workshops, side-events and plenary debates, IACC18 will feature a high-level segment with participation of ministers from donor and developing countries as well as the United Nations and the World Bank, a dialogue between parliamentarians and a private sector segment with multinational corporations.
Not Business as Usual Besides governmental institutions, the Danish private sector is also instrumental in fighting corruption. For instance, the Confederation of Danish Industry (DI) is helping Danish corporations form strategies and action plans on how to deal with corruption while conducting business abroad.
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This work includes help on forming strong and consistent CSR guidelines for combating corruption. Setting up clear guidelines on how employees need to behave in case of illegal activities is key to constructing a corporate culture that prevents corruption. Maintaining and communicating a strong profile on anti-corruption is also seen as central to both the reputation, and the long-term interests of the company, as it helps maintain an open business environment in the market in which the company operates.
International Involvement Danish companies have also been very involved with the international institutions combating corruption. As of 2017, more than 300 Danish companies have signed on to the UN Global Compact, making a commitment to integrating the ten UN Global Compact principles in their CSR policies, promoting human rights, anti-corruption, work rights, and sustainable policies. As such, relative to its population Denmark has the world’s highest amount of UN Global Compact signatories. As part of signing on to the UN Global Compact, companies agree to a transparent and open communication on how the guidelines are being followed. This involvement is advantageous not just for promotional effects, but it also creates a network through which
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Danish companies can learn from others and share their own experiences in combating corruption.
Danish Global Compact Network Further strengthening the profile of Danish companies in fighting corruption is the creation of the Danish Global Compact Network, established as of October 24th, 2017. The Danish Global Compact Network is an independent network, specializing in how Danish companies are best able to implement and communicate effective CSR policy. It will work closely together with the UN Global Compact, and the Global Compact Local Networks present in 80 countries, with a view to facilitating political dialogue, cooperation, and partnerships among companies, governments, NGOs, financial, and academic institutions. The platform will focus on dialogue, sharing of knowledge and experiences, so that Danish companies can both learn from and exchange experiences with others in order to develop sustainable and responsible business models, and continuously get better at tackling challenges arising from doing business in the global market, such as corruption.
At the Danish Embassy in Brasília, we welcome the Danish Global Compact Network and wish the network every success in enabling companies to work collectively against corruption. We are confident that the network, together with the IACC conference and initiatives like the digitalization project, will contribute to the fight against corruption and thus to laying the groundwork for a fairer and more transparent global economy to the benefit of all. Ambassador Kim Højlund Christensen
Ambassador Kim Højlund Christensen
The persistence of Brazilian disinflation One of the great surprises of recent months has been the low Brazilian inflation rate. The usual methods, including that of the Central Bank, were unable to get an accurate read of the factors which dictate the composition of prices; inflation has been greatly overestimated since the end of 2016. Food price deflation contributed expressively towards this, but categories with generally less flexible prices, e.g. services, have shown the lowest variation in more than 15 years. Although the intensity of the disinflation was a surprise, the development itself was not, given the shift in economic policies. In 2015, for example, at the height of the Brazilian recession, the fall in GDP was not able to prevent the inflation rate
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from registering its biggest increase since 2003. Increases in administered prices had been suppressed in previous years but were finally adjusted to match their real level that same year. This, however, does not explain why free-market prices rose almost 9% despite the severity of the recession, thus highlighting the imbalances of the economy. The uneven response of prices to the recession between 2015 and 2017 stems from a more favorable inflation expectation pattern in the latter case. While expectations were undercut in 2015, they more recently showed validation near or below the inflation target. In January of 2015, the projected inflation rate for 2017 was 5.4%. Present-day projections foresee a 4.0%
increase in the rate by 2020. Although it seems like a small difference at first glance, the message is that the economic agents during the former time frame did not believe that actions undertaken would lead to the fulfillment of the inflation target. Currently, the message is that the economic policies will be compatible with meeting the goal long-term. This shift in perception makes a huge difference when it comes to price variations. A well-organized economy does not create incentives for preventive adjustments. When the economy is unbalanced, price formation might follow another line of reasoning, i.e. that it is worth preserving margins to the detriment of gaining market share. If this defensive stance prevails, prices do not
budge, even during a recession. The perception of relative prices is weakened in an environment of disorganization and great volatility. When expectations are validated, it becomes easier to conduct monetary policies; after all, a credible Central Bank does not need to constantly play around with interest rates to reach its target. As long as the market agents believe that the Bank will act when appropriate, the prices increase less than in a scenario where there is no credibility. There is a great deal of writing on this subject, which shows how an expectation pipeline gains importance when agents believe that the monetary authority will actually do what it takes to bring inflation to the target. National fiscal policies have likewise contributed towards renewed credibility by promising that public spending will not grow more than inflation in the coming years. This eliminates an important source of uncertainty about the future trajectory of prices. While uncontrolled public spending is a major source of inflation scenarios in many countries, Brazil has for the first time ever been experiencing contraction of government expenditure for five straight quarters. Firm validation of expectations is the backdrop from which an important conduit for deceleration of prices can emerge; namely, economic idleness. This only works after credibility of the macroeconomic arrangement has been established, though. Proof of this theory is the fact that inflation remains high in many countries in spite of low growth rates brought about by reduced potential or high idleness. A fall in GDP only produces
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disinflation if the power of transfer is limited, either because there are effectively positive real interest rates, fiscal contraction, or leeway in the external accounts. These three elements are present in the current Brazilian disinflation scenario. Without them, prices would not have begun to respond to the recession, unemployment, and industrial sector idleness. Especially nominal wages are registering the smallest change seen for a few decades without a subsequent loss of purchasing power; this is because inflation has been even lower than wage variation. Finally, the issue of inertia remains. This can work for or against inflation. The more substantiated expectations are, the less important the role of inertia. But in Brazil, inertia is traditionally strong, which means that prices are formed looking at past factors. Circumstantially, this phenomenon is actually favorable to the country, even considering some asymmetries. After all, when prices are formed considering the low inflation rate of the past months, the tendency is that prices will remain low in the coming quarters. So, when we look at the 2018 scenario, inflation is very likely to remain low. Expectations remain substantiated, there is economic idleness, and inertia keeps prices in check. What can affect inflation is a sudden change in the exchange
rate or commodity prices. But with these three channels of transmission adjusted, even major shocks tend to have an impact limited to the level of prices. Low investment, low trade openness, and low productivity in the country are the biggest threats to inflation and low interest rates in the medium term, but these are also factors that could respond favorably to the current adjustments. Organized economic policies should be maintained and the reform agenda advanced so that inflation and interest rates can remain low for a prolonged period of time, which may end up becoming the longest yet in our history. Fernando Honorato Chief Economist - Bradesco
Fernando Honorato Chief Economist at Bradesco
The main market economies in South America have started the year with growth momentum, driven by the still benign international environment, despite the increased volatility of certain asset prices. Some aspects, such as the advance of the Chinese economy and the behavior of commodity prices, influence the region’s economies in a similar way. However, idiosyncratic factors have gained relevance since the beginning of the year, which tends to inject more heterogeneity into the economic performance of each country in the region. The Peruvian economy, which has shown growth rates above the regional average, will likely maintain its leadership this year, with 4% growth (vs. 2.5% in 2017), in line with world GDP and despite the recent political crisis. This acceleration will likely be driven by economic policy stimulus and favorable metal prices, with mining investment as the economy’s main engine.
As for Colombia, uncertainty about the outcome of the presidential election, with the first round taking place in May, may have started to influence investment decisions, halting the recovery of the economy, which is expected to grow 2.5% according to Itaú economists. While politics pose risks, falling inflation allows further monetary easing this semester, which tends to support the economic recovery in the second half of the year and in 2019. In Chile, the elections ended 2017, and the beginning of the year has been marked by the transition to Sebastián Piñera’s second mandate. The new economic team, led by Felipe Larraín, who has held the position before, has much experience and a strong pro-market bias. The new government has been boosting business and consumer confidence levels, helping to accelerate the economic recovery, with growth likely to reach 3.6% in the year, compared to 1.6% in 2017. The challenge for the Piñera administration will be reconciling the demand for increased social spending with the maintenance of Chile’s characteristic fiscal responsibility and a moderate tax burden. Argentina, in turn, faces a more delicate and challenging situation. Activity slowed down at the end of 2017 and will be affected by the drought that afflicts the country. Although the Brazilian recovery helps the Argentine economy, especially the industrial sector, the drought affects agribusiness. Thus, the economy will likely expand 2.8% in the year, compared to a previously expected growth rate of 3.5%. In contrast to other countries in the region, inflation in Argentina remains at very high levels, having reached almost 25% in 2017, and expected to remain around 20% by the end of this year. The government’s decision to raise inflation targets at the end of last year undermined the process of inflationary expectation
Chief Economist Mario Mesquita
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anchoring (at the beginning of the wage-renegotiation season), leaving less room for monetary easing than what was apparently expected by part of the government. Thus, the monetary policy rate will likely continue at 27.25% over the coming months. Not even this interest rate level has been sufficient to prevent the Argentine peso – given a current account deficit of over 5% of GDP - from suffering recurring pressure on the foreign exchange market, which motivated the central bank to intervene by selling reserves. In Brazil, we expect growth at 3%, accelerating from the 1% expansion posted in 2017, due to the lagged effects of interest rate cuts, the still benign external environment and the incipient recovery of the labor market. Inflation tends to rise from the levels below 3% observed last year - largely due to the end of food prices deflation, and not the increase of underlying measures - and only to 3.5%. As the economy still faces a large underutilization of productive factors, especially in the labor market, and the exchange rate tends to show contained movements, except perhaps if doubts about the continuity of the fiscal adjustment from 2019 onwards increase, inflation will likely remain at historically low levels this year and probably next year as well. With the recovery of the economy and consequently of imports and profit remittances, the current account deficit tends to increase, to about 1.5% of GDP, still well below the 3% range, which usually indicates an increase in external vulnerability – it is worth mentioning that the deficit exceeded 4% of GDP by the end of 2014. When considering only the current account balances, the external vulnerability - for example, to a scenario of faster and more intense monetary tightening in the US - seems to be more pronounced in Argentina and Colombia than in Brazil, Chile or Peru.
Mario Mesquita Chief Economist - Itaú Unibanco
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A PA R E L H O S AU D I T I VO S
economy itau.indd 29
Widex e WIDEX BEYOND são marcas registradas da Widex A/S. BEYOND: Registro ANVISA: 10332480087. A Apple e o logo da Apple são marcas registradas de Apple Inc., registrada nos EUA e em outros países. App Store é uma marca de serviço de Apple Inc.
Is inflation over? In our view, inflation is not over, however inflation will hover at the bottom of the inflation target range (3%-6%), and below the centre of the inflation target (4.5%) for a long period. According to our models, the most likely scenario is inflation running below the centre of the target in the next 18 months. The response of the monetary policy to very low inflation was the one of the largest monetary easing cycle in our history. We believe the cycle of falling inflation is over, but the basic interest will continue at historical bottom for a while. From a backward longer-term perspective, this is going to result in the lowest interbank overnight rate in 60 years. The lowest rate in Brazilian republican history has probably been something around 5%, which prevailed in the initial decades of the 20th century. Current low and stable inflation suggests that, differently from what has happened between 2012 and 2013, it will be possible to maintain the Selic close to the historical lowest level. In our view, at least until mid-2019. We forecast Selic rate at 6.25% p.a in 2018 (eop), and we see a normalization of the basic interest rate in 2019 to 8.5% p.a. (eop). There is no doubt that foodstuff inflation is key-factor in the scenario of very low inflation. In 2017, because the best harvest ever in the history, the foodstuffs prices registered a deflation of 4.9%, first deflation since 2007. On average, foodstuffs inflation has been at 7% since 2007. The deflation of an important part of consumer staple had significant first and secondary orders impacts on inflation dynamic. In our view, the food prices deflation experienced since 2017 has been mostly related to drastic price reductions in important
Senior economist Tatiana Pinheiro
commodities such as soybeans (-4.8%), corn (-15.4%), sugar (-23%), orange juice (-28%), coffee (-12%), cocoa (-16%) and pinto beans (-27%). But, low food inflation coupled with the slack in economy resulted in disinflation process in service prices and industrial goods prices, that came from 6.5% and 4.8%, respectively in December 2016, to 4.5% and 1.0% in December 2017. Looking forward, although we forecast non-negligible price increases for corn, cocoa, wheat and beans, as well as moderate (but still positive) variations for soybeans, sugar and coffee, we foresee food inflation at around 4% in 2018. The main reasons for that are: strong demand for commodities, as global growth continues to accelerate; crop shortfall in important commodities producer due to adverse weather (having important impact on the corn and soybeans supplies) and; domestically, important crops ( corn and beans) will have a smaller production in 2018, which will lead to higher prices. Our view of food inflation reversing to
the mean does not mean inflation pressure, on the contrary, food inflation will be below the inflation target and, consequently, it will continue helping to keep inflation at low level. That said, the secondary effects of low food inflation on the other items of consumer price inflation would continue to be in favor of inflation below the target. In our opinion, service inflation will be around of 3.6%, and industrial good inflation around of 2.0%. On one hand, 4Q17 GDP data reinforced our view that Brazilian economic recovery has been gaining momentum, although the slightly lower-than-expected variation in overall GDP ( actual real growth at 1% vs consensus at 1.1% in 2017) had frustrated part of consensus forecast that were expected an even faster growth in Brazilâ€™s GDP this year (between 3.5% and 4.0%). On the other hand, the monthly inflation figures released in the short run have positively surprised the consensus expectation. Therefore, we see room for additional cuts of Selic rate, and we forecast the end of easing cycle in May, and Selic rate at 6.25% p.a., as a fine-tuning mode adjustment, rather than possible extension of the easing cycle. We expect the inflation convergence towards the target only in 2019, as response to no slack in economy. From 2019 onwards, we see, eventually, some demand pressures on inflation, depending on the monetary policy decisions. Until then, inflation is not over, it is only running within the range of the inflation target. Tatiana Pinheiro Senior economist at Banco Santander
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Mudando o Diabetes e o logo do Boi Apis são marcas registradas da Novo Nordisk A/S. NNK-002-06/2012
mudando o diabetes. mais que um objetivo, essa é nossa missão.
JONATHAN CHARLESWORTH Treinando para mudar o diabetes, África do Sul Jonathan é portador do diabetes tipo 1
Como instrutor físico, Jonathan sabe que para mudar é preciso estabelecer objetivos, ter um método para atingi-los, assim como receber todo apoio para superar os desafios que possam surgir. Nós, da Novo Nordisk, adotamos uma abordagem semelhante para conduzir mudanças nas sociedades em que atuamos. Seguindo o princípio do Triple Botton Line, consideramos o impacto econômico, social e ambiental em cada ação que realizamos para alcançar nosso objetivo de um futuro mais saudável para as pessoas. A filosofia do Triple Botton Line direciona nossos esforços em combater as mudanças climáticas, que, de certa forma, está relacionada com a pandemia do diabetes quando relacionamos isso ao consumo excessivo e a um estilo de vida pouco saudável. Desde 2004, nossa emissão de CO2 foi reduzida pela metade, atividade realizada em parceria com a World Wildlife Foundation. E conseguimos isso, sem nunca perder nosso foco principal que é promover mudanças positivas na vida de pessoas com diabetes. Saiba mais sobre a Novo Nordisk: www.novonordisk.com.br
mudando o diabetes
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Largest global buyers and exporters in 2016 in million tons Largest importers
The 10 biggest recipients of direct foreign investments in 2016 (in billion USD)
Russia South Korea
Patents registered in the US
Requests granted in 2017
Global Tax War Income tax rate on corporate profit in percentage (%)
Source: US Patent & Trademark Office
6.5% Source: PwC and EY
The top 10 countries attracting international talent 1
Source: Global Talent Competitive Index
Average annual productivity of a worker in USD
Approval Ratings of US Presidents throughout Latin America Percentage (%) of the population in country approving of the American President
60 South Africa
Trinidad & Tobago Nicaragua
Trinidad & Tobago
Jamaica Source: FORBES
American Countriesâ€™ View on the US Favorable view
2,199 Source: FORBES
Productivity of a national worker compared to American counterpart Chile
Source: Tendencias consultoria: The Conference Board Total Economy Database
Source: PEW RESEARCH CENTER
Respondents who state that the government in their home country cannot keep up with regulating innovation at the pace it occurs.
Mass media turnover Category
Turnover (in billion BRL)
In percentage (%)
Bribes throughout Latin America Odebrecht paid USD 386.2 million in bribes
Source: Popmark april 2018
The most Instagrammed cities in the world in 2017
Country Venezuela Dominican Republic Panama Argentina Ecuador Guatemala Colombia Mexico
In million USD Recipient country
The Chinese on top Countries that most engaged in fusions and acquisitions in Brazil in 2017 In billion USD
Mexico Mozambique Paraguay
Source: Consultoria Dealogic
Outstanding balance 1.062
Amount in million USD 98.0 92.0 59.0 35.0 33.5 18.0 11.2 10.5
BNDES (Brazilian Development Bank) support to Brazilian enterprises abroad since 1997
Year(s) 2006-2015 2001-2014 2010-2014 2007-2014 2007-2016 2013-2015 2014 2010-2014 Source: Estadao
Source: Instagram Press
In percentage (%)
Moody’s upgrades Brazil rating outlook
Moody’s Risk Rating Investment level / Ability of honoring financial obligations
Speculative grade Ba1
Air Baltic was the most punctual airline in 2017, per data from U.K. firm OAG. Here is how it fared against other timely airlines Airline Percentage (%) of departures and arrivals on time Air Baltic
82.13 Source: Time Magazine
Main destinations of Brazilian exports of Steel in % USA
Highest-Paid Models 1
The top 10 charges to credit cards in percentage (%)
1.37 Source: Guia Bolso
Published between 2011 and 2016 (in million)
Rosie Huntington-Whiteley Karlie Kloss
Source: Clarivate Analytics
Ashley Graham Source: Forbes jul/sep 2009
H.R.H. Crown Prince Frederik
celebrates 50 years
H.R.H. Crown Prince Frederik will celebrate his 50th birthday on May 26th. Part of the celebration will be in the form of Royal Runs; races run by His Royal Highness and members of the Danish public in various cities throughout Denmark. This is a brilliant idea which will show the Crown Prince in a real-life situation and put him in close contact with Danes all over the country. H.R.H. Crown Prince Frederik has visited Brazil more than seven times and has traveled in most of Brazil during H.M. the Queenâ€™s state visit and during other occasions. Recently, he was in Brazil for more than three weeks at the Rio 2016 Olympic Games.
The Crown Prince is very wellliked and respected in Brazil and has many friends throughout the country. The DanishBrazilian Chamber of Commerce sends our heartily congratulations on the occasion of H.R.H 50th birthday. We hope to see Crown Prince Frederik again very soon in Brazil. JOL
H.R.H. Crown Prince Frederik and H.R.H. Crown Princess Mary and the family
Opening the Danish Olympic Pavillion at Rio 2016 on August 4th - Ipanema beach
H.R.H. Crown Prince Frederik and H.H. Prince Henrik at the opening of Danish Olympic Pavillion in Rio
H.M. Margrethe II
78 year’s birthday celebration Over 250 Danes and friends of Denmark participated in the celebration of H.M. The Queen’s birthday at Scandinavium. This is the first time we are inviting Danish families and their children for a lunch and various activities for the children in the Scandinavium garden. LEGO was a great sponsor with gifts to all the children. The event was organized by the consul general and sponsored by Danish companies. The celebration of the queen’s birthday, which was held on Sunday April 22nd. It was a great success and everybody had a good time including all the families and the children. This is a new Danish tradition which was tried for the first time and it was a great success. It will be repeated in 2019. The queen’s birthday is a very important event for the Danish community in Sao Paulo.
Consul General Eva Bisgaard Pedersen
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Antonio Dominguez, General Manager Maersk Line
Maersk Line/ Hamburg Süd presentation in the Chamber
Mr. Antonio Dominguez, General Manager of Maersk Line, made a very impressive presentation in regard to the merger of Maersk Line and Hamburg Süd. The presen-
tation was called ‘The Best of Two Worlds’, which described the presentation very well , which was followed by a lot of questions. The lunch was attended by over 50 people
and was a great success. Thank you to Antonio and Maersk Line. JOL
Renato Pacheco, Antonio Dominguez, Jens Olesen and Eva Bisgaard
Christian Maxe Petersen, Lauritz Hansen and Mauricio Barros
Thomas Bülow and Jørn Kristensen
Anders Kjersem, Kjeld Roslyng and Poul Sørensen
Carsten Følbaek, Ambassador Svend Roed Nielsen and Prime Minister Lars Løkke Rasmussen in Rio
Carsten Følbæk is retiring
from the Maersk Group
Carsten Følbæk, Senior vice-president from the Maersk Group Latin America will retire on July 1st after 21 years in Brazil/Latin America. Carsten Følbæk has worked for Maersk for more than 40 years and has done a fantastic job in building the Maersk group in Latin America, Argentina, Chile, Peru, Mexico, Panama and has worked across all the Maersk group companies throughout the Latin American region. Besides that, Carsten was very much involved in the
Olympic Games Rio 2016 and has been a member of the board of the Danish-Brazilian Chamber of Commerce for many years. H.R.H. Prince Joachim bestowed him with the Danish-Brazilian Chamber of Commerce silver medal on Friday, July 29th 2016 for his significant contributions for the chamber for many years. Many Danes and the Danish-Brazilian Chamber of Commerce have to thank Carsten for his significant contributions to the Danish Community and Danish Business. We wish Carsten a great retirement in Denmark and hopes he will soon be back in Brazil again. Good luck Carsten! JOL
Carsten Følbaek with H.R.H. Prince Joachim
Carsten Følbaek receives the Chamber Silver Medal from H.R.H. Prince Joachim in São Paulo
The Danish-Brazilian Chamber
of Commerce new offices
Silvia Chagas, Sonia Pereira, Anders Kjersem and Jens Olesen at the new chamber office Rua Moraes de Barros, 1009 - Campo Belo - Tel.: 5044-9128 - www.danchamb.com.br
LEGO® – 3D Model
Donation Event As some of you will remember, a model of the city of Rio de Janeiro was created for Olympic Games in Rio de Janeiro , 2016. The idea behind the model was to pay tribute to the “Cidade Maravilhosa” through focus on the cultural assets of the city by showcasing 25 of the most important icons of the city, and at the same time promote important values like imagination, creativity, learning and fun.
The model finally ended up being significantly larger than originally intended in the planning. The 25 icons were chosen in collaboration with the city of Rio de Janeiro and ended up consisting of 947,000 bricks, almost 30 square meters and weighing more than one and a half tons. During the Olympics the model was exposed at the Olympic Boulevard where it received an amazing 100,000 visitors.
March 1st (the anniversary of the City of Rio de Janeiro) was a very special day for me and LEGO® as we were able to announce the new permanent home for this fantastic model as the model was officially donated to the City of Rio de Janeiro. The new home for the model is the cultural center of Cidade das Artes in Barra where the model will be permanently exposed to the public in a separate and exclusive gallery. At the donation which also took place at Cidade das Artes in, a fantastic even was held in order to celebrate this – with children youngsters from the “Young Musicians” project interpreting several of the famous musical tributesmade to the city over the years. The city itself was represented by Mayor Marcelo Crivella and secretary of culture, Nilcemar Nogueira who in her speech noted: This partnership we have created with LEGO represents an incentive for creativity – something that is very important for us here at Fundaçao Cidade das Artes where we have visitors from all social classes. Mayor Crivella added that he was very impressed by the model and that it is important for children to have a different – a LEGO playful view of the city.
Rio de Janeiro Mayor Marcelo Crivella, secretary of culture of Rio Nilcemar Nogueira and General Manager LEGO do Brasil Christian Maxe Petersen at Fundação Cidade das Artes in Rio de Janeiro
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From LEGO’s perspective we are very happy with being able to participate in this project. As we stated during the Olympics our goal is always the same and goes back to our mission: To inspire and develop the builders of tomorrow. Our ultimate purpose is to inspire and develop children to think creatively, reason systematically and release their potential to shape their own future. When you play with LEGO bricks you learn that anything, even empty space, can be built from LEGO bricks. It is about endless creativity - what an amazing thing to show children, that it is not about product benefit, but about the meaning and the belief in human possibility and thereby the belief that “I can invent anything”. As such it is our hope that this LEGO model in its new home will receive many of “tomorrow’s builders” and that we will somehow be able to inspire and engage them with the model of this “Cidade Maravilhosa”. LEGO do Brasil Christian Maxe Petersen, General Manager LEGO do Brasil at the 3D City Model in Rio
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Clube Escandinavo ‘Nordlyset’
celebrates 127 years Clube Escandinavo celebrated 127 years on May 4th in the presence of over 100 people; Scandinavians and friends of the club. The food was delicious and the atmosphere was electric. This year we had Bossa Nova singer Fatima Fonseca to entertain the party and it was a great success. The Clube Escandinavo’s birthday is always a great event with very cheerful Scandinavians. Happy Birthday, Clube Escandinavo “Nordlyset”. JOL
New rules for Danish-International
families who want to move to Denmark Danes who want to move back to Denmark from abroad with their spouse or partner who is not a national of an EU country are likely to benefit from the new rules when compared to the current requirements for obtaining a temporary residence permit in Denmark.
A broad majority in the Danish Parliament consisting of the Government, the Danish People’s Party and the Social Democrats presented a political initiative on February 7, 2018 to replace the current ‘attachment requirement’ with socalled integration aptitude criteria. This proposal has come as the result of severe criticism of Denmark’s legislation on the issue of family reunification, as it has been put forth by organizations such as Danes Worldwide and the media since 2016. The proposal has now been drafted as a bill. Today, the so-called attachment requirement dictates that the spouses’ “total attachment to Denmark must be stronger than the spouses’ total attachment to any other country” - a requirement which effectively (especially when measured in number of years) prevents a lot of Danes who have found love and lived abroad for a long time from returning to Denmark. The new political initiative does away with the aforementioned requirement. The Ministry of Immigration and Integration states on their website: “If you want to bring your foreign spouse to Denmark, the couple will henceforth undergo an assessment to determine how likely they are to successfully integrate into Danish society.” If the proposed integration criteria are turned into law in the present form, it will be facilitate things for most Danish-international couples who want to settle in Denmark.
SIX REQUIREMENTS The bill’s integration requirement actually consists of 6 sub-claims. It is compulsory for the Danish party in the relationship to meet requirement no. 1. In addition, the couple must jointly meet at least 3 of the remaining 5 criteria: 1) The Dane has to speak and write Danish at a level that corresponds to at least Test of Danish Level 3. In principle, it will be enough to have completed 9th grade or a secondary education (both newer and older) in a Danish school. 2) At the time of application, the Dane must be able to prove that he/she, currently or previously, has had full-time employment or been self-employed for at least five years in Denmark at any point throughout his/her life. Full-time employment is defined as 30 hours a week in a steady position. Student jobs, part-time employment, and work abroad do not count. Employment under the flex job scheme qualifies; apprenticeships do not. Owning a company qualifies as employment if it has been the primary source of income and there has been an intent to become self-sufficient without having to rely on public subsidies.
be able to meet this requirement for lack of documentation - for example, people who work or have worked in informal economy jobs where it might prove impossible to obtain proof of employment. 6) The partner/spouse must have successfully completed at least 1 year of higher education or other education equivalent to a Danish vocational education. Note: The Danish Immigration Service will approve technical courses which have led to professional work as, for instance, a hairdresser, a driver, a bookkeeper, etc.
3) The Dane must have attended primary school (e.g. public elementary school) in Denmark for at least 5 years and have successfully completed at least 1 year of education in addition to primary school. The additional year beyond compulsory schooling may have been taken at a technical school (e.g. former EFG) or a secondary education such as high school or at a college preparatory course (HF). On the other hand, having spent a year at an independent boarding school (efterskole) or having completed 10th grade in primary school does not qualify as an extra year of education. 4) The partner / spouse must know enough Danish to be able to pass the Test of Danish level A1 or be proficient in English at level B1 before applying for family reunification. Note: English at level B1 should be documented with a TOEFL or IELTS exam. The bill proposes that only recent test results will be accepted. Therefore, even if English is your native language, you may have to take the TOEFL exam, if your school records are deemed outdated. 5) The partner / spouse must have been employed for at least 3 out of the past 5 years prior to the application for family reunification. Minimum employment requirements are the same as for the Danish partner/spouse. Although fulltime employment in the spouse’s country is defined by a higher number of weekly working hours, the requirement will be met by having had 30 hours of employment per week. If the partner/spouse is a pensioner at the time of application, years of retirement count as years of employment. Some applicants will not
As seen above, some uncertainty in regard to the proposed integration requirements as replacement for the attachment requirement remains. The individual requirements for applicants may prove either difficult or easy to meet depending on the specific documental proof that the Danish authorities will demand. For example, Danes living abroad will hardly find it troublesome that they need good command of the Danish language. However, it might be difficult for some of these individuals to obtain school records from their primary school to serve as official proof that they speak their native language. If there is no other evidence to present, the Dane might have to take the Test of Danish level 3.
DKK 100,000 AND LANGUAGE REQUIREMENTS The proposed bill contains several measures to tighten up the rules; an example is the doubling of the amount that a Danish-international couple has to present as a guarantee “to cover any possible future public expenditure”. Today, a deposit of approx. DKK 50,000 is required so as to prevent the couple from becoming a possible financial burden for Denmark, e.g. in case of unemployment. This security deposit will double to DKK 100,000 under the new bill. In addition, the foreign spouse should acquire Danish skills at a higher level than previously. According to the proposal, the spouse must be able to speak Danish at level A2 within 9 months of receiving a res-
idence permit. If the foreigner passes the Test of Danish level A2 within six months, he/she does not have to take the Test of Danish level A1, of course. Test of Danish A1 and A2 are oral tests. In the former, the level corresponds somewhat to being able to state what your name is, where you are from, etc. in Danish. In the level A2 test, one must be able to describe more complex situations as well as participate in conversations in Danish at a higher level than the one required for Test of Danish level A1.
COMMENTS WELCOME Danes Worldwide is currently in the process of drafting a consultation response to the proposed bill. We are therefore looking for couples abroad that fit the following description: • One partner does not have an EU passport, while the other is Danish. • Overall, the couple does not expect to be able to meet at least 4 of the 6 requirements in the proposal (compulsory requirement plus 3 out of the remaining 5 requirements). Please send a brief description of your situation to email@example.com, so we can include this in our comments when a bill is submitted to Parliament, probably in March or April.
THE BILL IN ITS ENTIRETY Here, you will find the full text for the political proposal (link to PDF at the bottom of the page): uim.dk/nyheder/2018-02/regeringen-indgaraftale-om-nye-stramme-ogbalanceeregler-foraegtefaellesammenforing
Test of Danish A1 and A2 Please find further information about these tests at: uim.dk/filer/danskuddannelse/ informationspakke-omdanskproeve-a1-ogdanskproeve-a2.pdf Danes Worldwide
Rio Chamber celebrates Queen’s birthday in Rio with Jan Lomholt, Rio Chamber representative
visits São Paulo Brazilian
Queen’s birthday Alexandre Munck, Anne Catherine Olesen, Jens Olesen, Diana Ringe Krogh, Ika Fleury and John Goodwin
“The Scandinavian Church” Igreja Evangélica Luterana Escandinava is one of the most beautiful churches in Sao Paulo. It is used by the Nordic/Scandinavian communities, and is rented out for weddings and special events as well. The Church was built by the Finnish architect Kristian Unoinius. The space was donated by Dane Adam von Bülow and the legendary Norwegian pastor Berge worked with the Scandinavian community to get this church completed in 1974. We all hope that the Scandinavian community will use the Church and also Scandinavium, which are both unique icons we have here in Sao Paulo. JOL
Igreja Evangélica Luterana Escandinava Rua Job Lane, 1030 - Alto da Boa Vista Tel.: 5687 8829
Ambassador Kim Højlund Christensen
The Danish Ambassador
gives a speech to the Chamber The Danish Ambassador Kim Højlund Christensen gave a speech to the Chamber on February 20th, to a full house. The topic of the speech was the Danish-Brazilian relationships, that appear to be positive in the near future. Danish Companies seem to be slowly recuperating and everything is going in the right direction. Everybody is most concerned in regards to the Brazilian elections in October and the situation with President Lula. The Ambassador also reported that the Danish economy is improving. The speech was very interesting and informative. JOL
Ambassador lunch with Chamber members Ambassador Kim Højlund Christensen, Jens Olesen, Ole Broch, Andras Dobroy
Thomas Bülow, CFO Brasil Terminal Portuário
Danish Business Council meeting hosted by Brasil Terminal Portuario The Danish Business Council meeting was attended by more than 40 people. It was a great success, and it was hosted by BTP / Maersk Group Thomas Bülow who gave a very interesting presentation about the Terminal today and the plans for the future. At the same time, the Senior economist from Banco Itaú Fernando Gonçalves gave an impressive presentation about Brazil in
a global perspective and especially all the political issues that are challenging the Brazilian Economy. I think it was stated by Danish companies that they are much more optimistic about the future and the upcoming elections that should bring Brazil into a better position. And hopefully reforms will be approved by the congress and senate. JOL
Thomas Bülow, CFO Brasil Terminal Portuário Fernando Gonçalves, economist Banco Itaú
A hundred Danes in Zurich at the presentation of Jens Kramer Mikkelsen â€œCopenhagen City&Harborâ€?
celebrates in Sao Paulo
Sirley and Poul Madsen with daugthers
The Copenhagen Goodwill Ambassadors visited Switzerland for meetings with the Swiss authorities, to learn how they work with the Swiss living abroad. Meetings took place in Zurich, Bern and Lausanne where the group visited various organizations who work with Swiss living abroad and tourism. Switzerland is probably the only country in the world who has registered all their citizens living abroad at their consulate and embassies. Altogeth-
er, more than 700,000 Swiss citizens live abroad. The Swiss authorities have contact with the Swiss living abroad through internet, social media, and a Swiss magazine. They also have several seminars and workshops for Swiss living abroad and special youth camps for the young people. It is truly amazing what they do for the Swiss living abroad. We could learn a lot from the Swiss in Denmark. JOL
Jens Olesen and Chairman Jens Kramer Mikkelsen - Copenhagen Godwill Ambassadors
The Scandinavian restaurant in SĂŁo Paulo
Phone: (11) 5041-9883 R. Morais de Barros, 1009 - Campo Belo SĂŁo Paulo - SP - 04614-001 Monday - Friday: 12:00 - 15:00 Friday - Saturday: 19:30 - 23:00 Sunday: 12:00 - 16:00
2018 FAIRS & São Paulo CONSTRUCTION EXPO - International Building and Infrastructure Trade Show
São Paulo Expo Exhibition & Convention Center
BIOFACH AMERICA LATINA - World Organic Products Expo. Trade Show & Congress
06.06 - 09.06 2018
CIAB - Financial Industry Technologies Show
Transamérica Expo Center
12.06 - 14.06 2018
FISPAL CAFÉ -International Coffee Trade Show
Expo Center Norte
12.06 - 15.06 2018
FISPAL TECNOLOGIA - International Packaging, Processing and Logistics Trade Show for the
12.06 - 15.06 2018
CHRISTMAS FAIR SOUTH AMERICA - Multisector and professional fair for consumer
EXPO FENABRAVE FENABRAVE EXPO - Target public are owners, executives and professionals of dealerships of automotive vehicles of all segments (domestic and imported cars, trucks, buses and road implements, motorcycles, tractors and agricultural machinery
Expo Center Norte
SPFW - SAO PAULO FASHION WEEK - International Fashion Fair
Parque Cândido Portinari
ESTÉTIKA SP - Beauty International Trade Show + International Scientific Congress of Esthetics
02.08 - 05.08 2018
BIENAL INTERNACIONAL DO LIVRO DE SÃO PAULO - International Book
03.08 - 12.08 2018
RISI LATIN AMERICAN CONFERENCE - Latin America’s Forest Products Industry
Renaissance São Paulo Hotel
13.08 - 15.08 2018
FI SOUTH AMERICA - International Food Ingredients Exhibition. Food ingredients South America attracts everyone in the food industry, directly or indirectly involved in the production of food, food products, nutraceuticals, dietary supplements natural foods & beverages
Transamérica Expo Center
21.08 - 23.08 2018
ABAV - FEIRA DAS AMÉRICAS - ABAV - Brazilian Travel Agencies Association -
Expo Center Norte
BEAUTY FAIR BRASIL - International Professional Beauty Fair
Expo Center Norte
SAO PAULO BOAT SHOW - International Boat Show
São Paulo Expo Exhibition & Convention Center
EQUIPOTEL - International Trade Show of Equipment, Products, Services, Food and Beverage
17.09 - 20.09 2018
EXPOSUCATA - Latin America’s most important event of the Recycling Industry
São Paulo Expo Exhibition & Convention Center
Oct. 2018 (?)
São Paulo -
03.10 - 05.10 2018
Food and Beverage Industries
products: Toys, Parties & Christmas Fair South Americ. Christmas Fair is the largest encounter of Christmas articles, toys and seasonal festivities market of Latin America
Biennial of São Paulo
to Hotels, Motels, Flat Services, Restaurants, Bars, Snack Bar, Fast Food Restaurants, Food Service Industry and Laundries
FISP - International Security and Protection Trade Show
São Paulo Expo Exhibition & Convention Center
FUTURECOM - Latin America’s most important event of the Recycling Industry
15.10 - 18.10 2018
SALÃO INTERNACIONAL DO AUTOMÓVEL - International Automobile Trade Show
Nov. 2018 (?)
SIRHA BRASIL - International Hotel, Catering and Food Trade Exhibition
São Paulo Expo Exhibition & Convention Center
Nov. 2018 (?)
& Events in Brazil Sertãozinho FENASUCRO & AGROCANA - International Trade Fair of the Sugar and Alcohol Industry International Trade Fair - Business and Technology Trade Fair of Sugarcane Agriculture
Centro de Eventos Zanini
21.08 - 23.08 2018
MARINTEC SOUTH AMERICA - Shipbuilding & Offshore Industries Expo & Conference.
Centro de Convenções SulAmérica
14.08 - 16.08 2018
RIO OIL & GAS EXPO - Rio Oil & Gas Expo and Conference
RioCentro - Exhibition & Convention Center
27.09 - 27.09 2018
EXPO FRANCHISING - Franchising Expo
RioCentro - Exhibition & Convention Center
27.09 - 29.09 2018
MONDIAL DE LA BIÈRE RIO - Beer & Brewing Industry International Exhibition
Oct. 2018 (?)
RIO OIL & GAS - The largest Oil and Gas Trade Exhibitio. in Latin America
RioCentro - Exhibition & Convention Center
24.10 - 27.10 2018
Centro de Convenções de Pernambuco
27.07 - 29.07 2018
EXPOMINAS - Centro de Feiras e Exposições de Minas
07.11 - 09.11 2018
Centro de Convenções de Goiânia
Oct. 2018 (?)
Chapecó - Parque de Exposições Tancredo Neves (Efapi)
11.09 - 14.09 2018
Lages - Parque de Exposições Conta Dinheiro
Oct. 2018 (?)
Rio de Janeiro Marintec South America attracts Shipbuilder & Ship Repairer, Naval Spares & Services, Navigation, Radio & Telecommunications, IT, Logistics Management, Offshore & Bunkering Supply professionals
Olinda EXPO BRASIL NORDESTE - Multi sectorial Fair
Belo Horizonte ESPAÇO CAFÉ BRASIL
- Coffee International Fair
Goiânia FFATIA - Food Industry Suppliers & Technologies Fair
Chapecó MERCOAGRO - International Meat and Milk Industry Trade Show. MERCOAGRO showcases newest trends in segments like ingredients & additives, packaging, refrigeration, industrial automation, logistics, equipment & supplies, sewage treatment, sanitation, services
Lages EXPOLAGES - Livestock Exhibition
is the new Commercial Advisor for the Food & Agriculture Sector
at the Danish Consulate General in Sao Paulo Alexandre Hornemann is the new Commercial Advisor for the Food & Agriculture Sector in the Danish Consulate General in Sao Paulo. He was recruited last year as part of the Trade Council’s efforts to increase sector specialization in selected focus areas. The ultimate objective is to help increase Danish exports to key markets as Brazil. With more than 20 years of experience in the Brazilian food and agroindustry, Alexandre brings an extensive network and deep understanding of the dynamics of the sector to the table. He graduated in Agriculture Engineering from Universidade Federal de Vicosa and has taken his MBA at FGV/RJ. His experience within the agriculture area is vast, and includes responsibilities within the Cargill conglomerate in the commercial area of coffee and cocoa, and in the operation of its fertilizing business. In the seed business, Alexandre has worked within a range of areas and has had his own business distributing seeds and agricultural products within the state of Rio de Janeiro. Alexandre sees a lot of opportunities for Danish suppliers in Brazilian agriculture, but believes that many of these are still not known to the Danish companies:
“From my time in the agriculture business and some of the projects I have worked on within the past months, I know that there is a lot of potential and opportunities that Danish companies are not exploring due to simple lack of knowledge. Therefore, as part of our strategy, we will be working to increase the awareness of Danish suppliers in the agriculture business” Alexandre also brings vast knowledge to the Danish suppliers within the food industry. Alexandre’s experience with food includes retailer Carrefour in the produce and
protein sectors. This experience leveraged Alexandre to work as a technical manager for Tulip UK within South America. In this role, Alexandre went to the UK to specialize in food technology and auditing. He worked within different Tulip sites to learn about the standards from two top global retailers: M&S and Tesco. This provided the knowledge needed to work as an agent for M&S, auditing the supply base in South America against one of the toughest food manufacturing standards in the world. In Tesco, Alex was been responsible for protein in the Americas and produce in Brazil for its Group Food Sourcing.
“Working against world class standards as M&S and Tesco in this huge region for the past 10 years has provided me with an overview of the different strengths and weaknesses of the major players across this sector. It has made it easier for me to identify where Danish technology is a match, knowing the buyers and their demands from inside.” Altogether, Alexandre is enthusiastic about his new role as door opener for Danish suppliers to the Agro and Food business:
“There is a significant positive momentum for Danish technology in Brazil in the food sector. The food sector has managed to keep itself growing even during recession. With positive figures in the economy, the buyers are increasing ambitions and investments, making them relevant and attractive targets for Danish suppliers at this stage.”
Alexandre Hornemann citizenship: Brazilian and • Dual Danish. Married to Caroline Moorby Hornemann. The couple has a son and a daughter. WORK – Food and Agriculture • 2017 Commercial Advisor, Danish Consulate General, Sao Paulo – SP
– Technical Manager, Tulip Ltd. • 2013 UK, Campinas – SP – Technical Manager America • 2011 HUB Protein and Produce, Tesco UK Group Food Sourcing, Campinas – SP
– Technical Manager, Tulip Ltd. • 2007 UK, Campinas – SP – Project Supervisor Commercial • 2004 Department (Cocoa Origination), Cargill Agricola S.A., Ilhéus – BA
– Director, Semax Sementes • 2002 Ltda., Petrópolis – RJ – Trainee Gerencia Perecíveis, • 2000 Carrefour Indústria e Comercio Ltda. – Trainee Coffee Origination, • 1998 Cargill Agrícola S.A., São Paulo – SP EDUCATION – MBA in Business Management • 2001 – FGV Rio de Janeiro – Agronomy – Universidade • 1997 Federal de Viçosa
Consulado Geral São Paulo
I N S T I T U T O
The Princess Benedikte Institute will be completed by September 1st. The Princess Benedikte Institute will be completed by September 1st. Childrensâ€™ graffiti will be made in the inner yard of the institute and special colors will be used in all the rooms for the children. LEGO has donated additional LEGO toys for the LEGO playing room for children between 3 and 12 years. The Princess Benedikte Institute is planned to opened on January 1st, 2019 for 20-30 children in the age group of 0-12 years. The official inauguration with HRH Princess Benedikte is planned for October 2019 and will take place in the presence of the Governor of Parana, the Mayor of Curitiba and local authorities. JOL Dona MĂ´nica with her team
Instituto Princesa Benedikte entrance Instituto Princes Benedikte operation team in Curitiba
YES, YOU CAN TEACH AN
OLD DOG NEW TRICKS Massive, Internet-enabled, fresh research suggests
that intelligence shifts with age – some brain functions decline early, but others have been found to peak later in life. It appears that the saying, “older but wiser”, is more than just a cliché old wif. We all know people who are as creative and vibrant at 60 and 70 as
Intelligence tests are still based on David ‘Wex’ Wechsler’s philosophy that “intelligence is the global capacity to act purposefully, to think rationally, and to deal effectively with one’s environment”. While it is true that many brain processes decline as we age, that is only part of the story. As brain health experts are discovering, there is more to be celebrated than to be feared. Some brain functions actually improve as we grow older. In fact, as long as no disease is present, the majority of seniors continue to have the capacity to continue to learn new things and make sound decisions.
New Insights Two highly experienced neuroscientists, Dr. Joshua Heartshorne and Dr. Laura Germine, at the Massachusetts Institute of Technology’s Department of Cognitive Sciences, were able to take a broader look at aging and cognition, because they have been run-
ning large-scale experiments on the Internet, where people of any age can become research subjects. They have accumulated research data from nearly 3 million people in the past several years. The researchers analyzed test results measuring about 30 different subjects of intelligence, such as digit memorization, visual search and assembling puzzles. Hartshorne and Germine developed new ways to analyze the data that allowed them to compare the age peaks for each task. “We were mapping when these cognitive abilities were peaking, and we saw there was no single peak for all abilities. The peaks were all over the place”, Hartshorne says. “This was the smoking gun”.
Digging Deeper Their further research confirmed that different mental processes peak at different ages. For example, the study finds we tend to be best at remembering facts,
they were at 20 and 30, and others whose smarts have cruelly diminished with age. Meanwhile, legions of seniors who used fountain pens as children now deftly tap out texts on their computers and cell phones. So, what’s the truth about old dogs and new tricks?
Researchers have been running large-scale experiments on the internet, where people of any age can become research subjects. Their websites feature cognitive tests designed to be completed in just a few minutes. Shown here is a “pattern completion test” inspired by their website, testmybrain.org.
such as names, dates, and places in high school. But this processing speed begins to decline quickly at age 18. Similarly, the amount of information we can remember and use at any given time, called working memory, functions best in our mid-20s. But other abilities, such as emotional intelligence, improvement in vocabulary and conceptual thinking do not peak until decades later. The Hartshorne/Germine study examined a number of different brain processes that make up intelligence, rather than viewing intelligence as a single measure, as has traditionally been done. Significantly, parallel research, at the Center for Brain Health at The University of Texas at Dallas, indicates it is important to examine cognitive health and aging from a broader and more comprehensive perspective.
Massive Ongoing Research Using the Web A few years ago, leading Brain Health Teams embarked on one of the first-ever
studies (recruiting and testing over 1.6 million people from all over the world), to examine the link between age, cognitive health, and decision-making capacity. Many previous studies had documented a decline in the ability to think logically and solve problems as a person ages. However, these studies had a major weakness: they tended to ignore positive age-related factors, such as extensive life experience, reasoning ability and accumulated knowledge that can preserve and even enhance decision-making ability. The MIT research project, “Healthy Brain, Health Decisions: The MetLife Study of Decision-Making Potential”, examined healthy adults in their 50s, 60s and 70s. Encouragingly, results found no decline in decision-making ability in any age group. Researchers also found strategic learning capacity – the ability to sift and know which information is more important to focus on and ignore less important information – may actually increase with age.
Dr. Hartshorne received his Ph.D. in Psychology at Harvard University and did his Post-Doctoral Research at MIT
About Different “Timetables” As the Hartshorne/Germine team took a closer look at the development of cognitive abilities as we age, it discovered that different skills have different “timetables”. Some abilities mature early, such as how fast we recall names and faces. Others, like vocabulary and background knowledge, are late bloomers. “At any given age, you’re getting better at some things, you’re getting worse at some other things, and you’re at a plateau at some other things. There’s probably not one age at which you’re peak on most things, much less all of them”, says Dr. Hartshorne. “Our web-based research paints a different picture of the way we change over the lifespan than psychology and neuroscience have traditionally painted”, adds Laura Germine.
The “Slice” Concept This nuanced view of human smarts is based on separating our thinking process into discrete “slices” - as opposed to viewing intelligence as a single unit, typically called “G.” This study’s findings conflict
with most previous research, which shows that “G” is fairly stable across the lifespan. One study followed up on 87,500 Scottish children tested at age 11 and found that their intelligence hadn’t changed much 65 years later. In this recent study, however, the researchers did both retrospective sleuthing and online testing. First, they reanalyzed the scores generated by those who took standardized Wechsler IQ and memory tests in the early 1990s (created, at the time, by David “Wex” Wechsler - who is best known for his intelligence test, he was one of the most influential advocates of the role of non-intellective factors in testing; Wex emphasized that factors other than intellectual ability are involved in intelligent behavior). By dividing the 2,500 adults, who first took these IQ tests, into 13 age groups, the researchers were able to chart the trajectory of individual skills, from adolescence to retirement and beyond. To get a more textured picture, the scientists added survey and Internet-based tests of reasoning, memory, and social intelligence. The results showed that our intellectual capacities shift as we age. Processing speed - how fast we absorb and rejig numbers, names, and facts - peaks around 18, then “drops off a cliff,” says Dr. Hartshorne. How much we can remember and manipulate at one time - the size of that mental notepad, which is called working memory - is at its prime in our mid-20s and plateaus around age 35. Then it moves from center stage.
Enters Emotional Intelligence That’s when our emotional intelligence kicks in. The ability to assess people’s emotional states from a photo of their eyes peaks around age 40 and doesn’t decline until our 60s -70s. One form of wisdom, the ability to guess people’s internal states (values, preferences, principles, etc.), from Post-Doctoral degree in Psychology and Neuroscience and Developmental Genetics from Harvard University
Andras Dobroy, Managing Director and Co-Founder
Andras Dobroy is Managing Director and Co-Founder of Dobroy & Partners International, an Executive Search, Succession Planning, Management Assessment, Board Services, Culture Shaping and related Organization Development consulting firm, based in Sao Paulo, Brazil. very little information, is as useful around the kitchen table as it is in the boardroom, and “the difference between a 20-year-old and a 50-year-old is just huge,” Dr. Hartshorne says. The pluses don’t end there. As our hair becomes silver (and sometimes falls out), our vocabularies continue to grow, peaking as late as age 70, says Dr. Hartshorne, adding that 20 years ago tests of vocabulary showed that it crested much earlier, at age 50. “Given the way we’ve chosen to define intelligence, people are getting smarter,” he said. This is an encouraging sign. If humans continue to learn into their seventh decade, then at least one platitude is true: You can teach an old dog new tricks. Andras Dobroy
Dobroy & Partners can help you bring aboard
The Vital Few
Plato believed that men are divided into three classes: gold, silver and bronze. Wilfredo Paretto, the brilliant Italian economist, who created the seminal “20/80 Paretto’s Law”, argued that “the vital few” account for most progress in all domains of human activity. Our mission, at Dobroy & Partners International, is to help you identify, attract and retain the vital few, those exceptionally talented men and women who can drive change forward – not just react to it. The vital few have been our focus as of day-one of the founding of our firm, in 1983, and we have helped hundreds of leading local and multinational companies build their leadership teams. If you would like to bring aboard one or, perhaps, several of Paretto’s vital few, call Andras Dobroy, and let’s talk.
Dobroy & Partners International Change Lives, Organizations, The World
executive search | management assessment | succession planning | board services | culture change Rua Hungria, 574 – 7º andar - cj. 71 – 01455-903, São Paulo, SP/Brasil Tel. (55-11) 3813-2477 – Fax (55-11) 3813-2049 www.dobroy.com firstname.lastname@example.org
Fried fish and pickled fruit
Rich Flavors of Brazil with
Scandinavian Simplicity Brazilian-Danish Gastronomic Partnership During the Olympic Games in Rio, the Brazilian chef, Lorena Santos and the Danish chef, Jakob Østergaard partnered up in the kitchen, when the Danish Training Ship “Danmark” visited Iate Clube Rio de Janeiro as part of an official Danish event program. In the course of one month, the two professional chefs worked together in a number of VIP events attended by the Danish royal family, government officials, ambassadors and consuls, among others. After the Rio 2016 Summer Games, the
Olympic gastronomic partnership ended, but it turned out that it was only the beginning of a new adventure for Lorena Santos and Jakob Østergaard. The two chefs decided to continue the success of the Danish-Brazilian partnership, and have recently established their own Nordic-inspired catering service in Rio. Best of both Cultures Nordico Gastronomia, as they have named it, delivers complete, high-quality catering solutions and unique culinary experiences. What makes Nordico Gastronomia special is not just the passion for food that the two
chefs share, but mainly the attention to detail in the gastronomic fusion between Brazilian and Nordic cooking style. The Nordic kitchen is characterized by its ability to use pure, quality products and make the particular flavor of the ingredient stand out, while making all details work together harmoniously. “Brazilians and Danes have different practices and beliefs regarding how food should be prepared and the way it should be consumed. In Nordico Gastronomia, our relationship with food is based on both cultures. You can say that we take the best from both cultures, and with artistry and creativity, we create unique combinations that are appreciated by Danes and Brazilians.”, says Lorena Santos. Lorena is specialized in Brazilian cuisine and Jakob in the Scandinavian cuisine and the classic French cuisine. The combination of their different cultural backgrounds, experiences and professional skills enables them to design unique food experiences for any occasion. “We complement and inspire each other, which is something that adds creativity to the menu. It’s amazing what happens when you combine different culinary cuisine traditions and cooking styles.”, says Jakob Østergaard.
Pumpkin Bobo ala Nordico
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Unique handcrafted menus Among Nordico Gastronomia specialties you will find traditional Nordic dishes made with flavorful Brazilian ingredients, such as the Danish open sandwich known as ”Smørrebrød”. The dish is made with sourdough rye bread and decorated with a variety of select toppings. Another unique signature dish is the “Herring”. This dish is made of marinated local sardines, perfectly salted and served with flavorsome spices, red onion, tomato, capers, dill and rye bread. Nordico Gastronomia’s offerings are not limited to Nordic inspired dishes. In fact, a wide variety of Brazilian dishes, including finger foods, can be delivered for any type of event. The two Nordico Gastronomia chefs use their classic gastronomic schooling, but are always trying to innovate by creating new dishes with delicious and unique tastes. An example of such is their crispy fried shrimps in tapioca, and their compote of acerola fruits served with fried fish. Beside the simplicity that is associated with Nordic food culture, Nordico Gastronomia
also integrates sustainability as an important principle of their philosophy. They practice this by always making an effort to buy products from local and organic suppliers in Rio de Janeiro. All dishes are made with ingredients that are carefully selected and in season. This means that the client is guaranteed the freshest local ingredients when choos-
ing Nordico Gastronomia. For anyone who wants to celebrate a special moment in life with delicious and exceptional food, Nordico Gastronomia can be contacted at nordicogastronomia@ gmail.com or +55 21 964188200. For more information visit www.nordicogastronomia.com. Nordico Gastronomia
Lorena Santos and Jakob Østergaard
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Trade Council The Trade Council is part of the Ministry of Foreign Affairs and part of the set-up at most diplomatic missions around the world. The Trade Council’s objective is to assist Danish companies in their market efforts abroad, through a wide range of services. In order to create the best value possible, advisors typically have strong knowledge about a sector of strategic importance for Denmark in the given market. In Brazil, the Trade Council is present at the Consulate General and Innovation Centre of Denmark in Sao Paulo with four sector advisors and a financial advisor. In the embassy in Brasilia, the team is supported by an advisor with great experience within Public Affairs and Economic Diplomacy. In the following we present the team in Brazil:
Lauritz Stræde Hansen
Location: Sao Paulo Areas of responsibility: Technology
Location: Sao Paulo Areas of responsibility: Technology
Elisângela joined the Consulate General in March 2014 and is the main person responsible for assisting companies in the health sector. She helps connect Danish companies to the Brazilian health care eco system, identifying commercial partners, and partners within R&D, technology and innovation. She also supports companies in matters related to product registration and public affairs management. A trained pharmacist, she has been acting in the health sector for more than 20 years and has worked in the areas of Quality, Business Development, New Product Development and Innovation of large multinational companies within this segment. She holds a degree in Pharmacy from the Faculdades Oswaldo Cruz, an MBA in Marketing from ESPM (Escola Superior de Propaganda & Marketing) and a Specialization in Project Management from IBMEC (Instituto Brasileiro de Mercado de Capitais).
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Appointed Financial Advisor of the Latin American region in March 2013, Lauritz advises Danish exporters and Latin American buyers about the financing opportunities available from Denmark as well as locally and internationally. He primarily works with Denmark’s Export Credit Agency (EKF) and the Danish Investment Fund for Developing Countries (IFU), and serves as both institutions’ main contact in Brazil. However, he also facilitates contact to institutions such as the Nordic Investment Bank (NIB), the Brazilian Development Bank (BNDES) as well as commercial banks, and other financial institutions. In addition, Lauritz assists Danish companies within multiple sectors. Lauritz holds a bachelor degree in business administration from Roskilde University in Denmark, speaks Portuguese fluently, and has an extensive network in Brazil having previously worked at the Danish-Brazilian Chamber of Commerce for a three-yearperiod.
Location: Sao Paulo Areas of responsibility: Technology
Salim joined the Trade Council in Brazil in early 2018. He is responsible for the technology sector, having worked for 20 years with the IT and technology sector in both Denmark and Brazil. He has a diverse background in tech start-ups, digital agencies, and large media companies, where he has served in leading roles within sales, online marketing and business development. In Brazil, Salim was responsible for starting up and rolling out Europe’s principal whitelabel university job portal as the country manager. He also has experience in sales and marketing, where he was responsible at an online marketplace for retail shops with local delivery and was digital director at a top 5 PR agency. In Denmark, Salim has been head of digital ad sales and business development at Aller Media, and led the implementation of new technologies to improve marketing effects as digital director at media agency OMD. Salim is of Danish origin, but speaks fluent Portuguese after having lived many years in Sao Paulo. He holds a bachelor degree in Business Administration from Aarhus University.
Lucas Barbosa da Silva Location: Sao Paulo Areas of responsibility: Energy & Environment
Alexandre Hornemann Location: Sao Paulo Areas of responsibility: Food & Agriculture
Alexandre Hornemann is a trained agronomist with more than 20 years of experience in the Brazilian Food and Agriculture sector. He has extensive knowledge within a range of different areas, such as managing sourcing projects from field to fork, developing site standards, product quality and legal compliance including world-class quality standards as UK Tesco and M&S Retailers. Alexandre is certified as a BRC 3rd party lead auditor and has served as Technical Manager for Tesco Global Markets including Protein in the Americas and produce in Brazil. He joined the Trade Council in Brazil in 2017 and supports Danish exporters as a commercial advisor by identifying business opportunities and understanding the challenges of opening new business in Brazil and other key Latin American markets.
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Lucas Barbosa is a Brazilian Mechatronics Engineer with more than 5 years of experience in the Brazilian manufacturing sector. He has solid knowledge in a range of different areas, such as managing sourcing projects in the wind power industry, both in Brazil and in the USA. His experience include industrial set-ups and new product launching into the renewables energy market. Before he joined the Trade Council in early 2018, Lucas served as Industrial Engineer for Siemens Wind Power and as head of New Product Introduction in Siemens Gamesa. In the Trade Council he will be serving Danish exporters in the energy and environment sector and be the organizationâ€™s main point of contact for Danish companies working within the wind sector.
Location: Brasilia Areas of responsibility: Public Affairs, Economic Diplomacy
Livia has been working at the Danish Embassy in Brasilia since April 2011. She primarily assists Danish companies within Global Public Affairs and is responsible for governmental relations, monitoring and reporting on political issues as well as promoting Danish economic interests. Since her start at the Embassy, Livia has furthermore worked on establishing a good network with Brazilian authorities as a way to deepen the economic relations between the two countries and better assist Danish companies within public affairs. Livia holds a four-year bachelor degree in international relations from the Pontifical Catholic University of Sao Paulo (PUC-SP). She has taken part of her degree at the University of Copenhagen (KU) and has previously worked at Prisma Consultoria Internacional. Trade Council
Eva Bisgaard Pedersen Consul General
Sao Paulo is the hub of the Brazilian finance sector, and the largest banks are trying to find new solutions within a jungle of fintech startups which are developing better interfaces, higher degrees of security and lower transaction costs.
If the Brazilian state Sao Paulo were a country in itself, it would - with its 44 million inhabitants – be Latin America’s 4th largest nation, only surpassed by Brazil, Mexico, and Colombia. The heart of the state is the city carrying the same name; Sao Paulo has 22 million inhabitants in its metropolitan area which is a huge cultural melting pot and one of the new global stars in the startup universe. The financial center is located on Avenida Paulista in a hilly district south of downtown. It is here that all the big banks and insurance companies are housed. Like the rest of the city, Avenida Paulista does not stand out for being beautiful; instead its attractiveness stems from the energy and steady stream of initiatives pulsating behind the gray facades of the high-rises. Three of the largest banks in the world are located here, namely Itau, Bradesco, and Banco do Brasil. Up until a few years back, they were isolated colossi, but they and other banks have now opened their doors to an ever-increasing number of fintech start-ups and investment levels to match.
Big and small work together Fintechs in Brazil are characterized by partnerships between small and big players. The large ones reap the benefits of the world’s third-largest gap between interest rates on deposits and loans, while the smaller ones depend on teaming up with the large players due to the high degree of
complex regulation within the banking sector, a fact which makes it incredibly hard for newcomers to gain foothold on the market. The big players need the small ones just as much, though: The small players are the innovative ones and help the big companies shake off their dusty images and survive long-term in the new tech age. Cooperation between the big and small companies takes place with varying degrees of involvement and co-ownership: From testing and purchase of new technology, facilitating free co-working spaces, co-investment, and acquisitions. Bradesco opened its first co-working space for fintech companies on Avenida Paulista in December and is investing BRL 100 million (approx. DKK 200 million) in startups via the bank’s venture fund InnovaBra. Their focus is on a mix of local and international startup companies, and InnovaBra has branches in New York and London, besides the Sao Paulo one. Itau bank has allied itself with California Redpoint Ventures and started the coworking space Cubo, which currently houses about 56 fintech startups.
The lone wolves There is also room for lone wolves on Sao Paulo’s fintech scene: Nubank has approx. 2.5 million clients after three years on the market, mostly millennials tired of the traditional banks’ high fees on credit cards.
The solutions could easily be delivered by Danish fintech developers.
Berrini - São Paulo
Avenida Paulista, São Paulo The company is now aiming at offering its attractive terms and fully digital platform to a much larger group of potential customers, namely the 60 million Brazilians who currently do not have a bank account because the traditional banks deem them unworthy of credit in a costly and stiff banking system with high demands on profitability. With investors like Goldman Sachs backing it, Nubank is today Brazil’s biggest fintech and a prime example of a new player on the market who has taken up the fight with the giants on Avenida Paulista. Another fintech star is Banco Original, Brazil’s first 100% online bank, which focuses heavily on customer experience and integration with the rest of their users’ online activities. Thanks to the bank’s open API platform and artificial intelligence, clients can chat with the bank through everyday apps like Facebook and Instagram, and the bank is constantly working on more solutions to attract new customers and ensure further integration with the current social online platforms.
Hungry investors One of the people responsible for the success of Banco Original is Guga Stocco, who is currently a partner in DOMO, an investment company with a venture fund of approx. DKK 400 million. In June last year, Innovation Center Denmark in Sao Paulo invited Guga Stocco to go to Denmark to talk about the Brazilian
fintech scene and show him some of the trends happening in Denmark. Stocco and his Brazilian colleagues are looking for tech solutions for use in the Brazilian market. He found that Danish solutions for optimizing user experiences are remarkable and highlighted Danish skills within artificial intelligence - two areas in which the local Brazilian system is still immature according to the sector itself. Trips like the one Guga Stocco took to Copenhagen are not a rarity - Brazilian fintech investors are hungry here in the beginning of 2018, where unemployment rates are falling, and consumer confidence and the economic outlook are positive after three years of dire crisis. A concrete example of Brazil’s new overseas pursuit of talent and solutions is found at Nubank, which announced in December that it is opening a major development department in Berlin to ensure qualified IT specialists for continued development of the company’s solutions.
opportunities might be found within insurance companies with their client portfolios, or an industry giant like cosmetics manufacturer Natura, who detains a market share of approx. 40 percent. Natura bases its business model on having 1.2 million so-called advisors who sell the company’s cosmetics to their family and colleagues through an online sales system, thereby allowing them to earn an extra income. Brazilian players are looking for new technology across all sectors; technology to improve customer experience, reduce transaction costs, and increase the security of the growing online business jungle that is emerging here on the verge of a new Brazilian growth cycle. Maybe they can find it in the Danish fintech environment? Eva Bisgaard Pedersen Originally published in Mandag Morgen Next
Where are the opportunities for Danish fintechs? For Danish fintech companies, opportunities on the Brazilian market might be found be in partnership with the lone wolves or the strong investors on Avenida Paulista. But it is also worth looking for other customers and alliance partners in Brazil which is the fifth most populous country in the world with its 210 million inhabitants. The
Candidates Brazilians are five months away from the general election and there are no candidates that stand out as clear favorites for the presidency. It’s the first time Brazil has been this close to a presidential election with such uncertainty. At least sixteen candidates have publicly announced they are in the race. In this article, we will focus on the top contenders. Presidential candidates have until August 15th to formalize candidacies at the Planalto Palace.
Election Date: October 7th Format: Two rounds. If no candidate receives more than 50 percent of votes in the first round, the two leading
Geraldo Alckmin, 65, governor Brazilian Social Democracy Party
Jair Bolsonaro, 62, congressman Progressive Party
Jair Bolsonaro, former military official and seven-time federal representative, is considered by many as the most controversial candidate in this election. Bolsonaro is pro-gun, against LGBT groups, against same-sex marriages, and has praised known torturers during Brazil’s military dictatorship. He has been described by local media as being a sexist and a racist, but has found support from middle-upper class Brazilians, tired of corruption scandals and who see him as fighting against the current political elite. In April Brazil’s General Attorney charged Bolsonaro with inciting hate against blacks, indigenous, women and homosexuals.
Alckmin began his career as a doctor, but has spent most of the last 17 years as governor of São Paulo, which accounts for a quarter of Brazil’s population and a third of its economy. Popular for combating crime. Sao Paulo saw an 80 percent decline in the state’s homicide rate since he first took office. This may resonate well amid a national crime wave.
candidates will proceed to a run-off on October 28th.
Ciro Gomes, 60, former governor Democratic Labor Party Gomes casts himself as an anti-establishment outsider, but he has held numerous political offices, including finance minister, governor, mayor and congressman. Will probably be the standard-bearer of Brazil’s left if Lula’s legal troubles prevent him from being a candidate.
Jaques Wagner, 67, former governor Workers’ Party As it is very unlikely that former president Lula will be allowed to run for office, former governor of Bahia Jaques Wagner and former Mayor of Sao Paulo Fernando Haddad, together form the most convincing alternatives as the Workers’ Party presidential candidate. Wagner has served as Chief of Staff of Brazil 2015–2016 and Minister of Defence. Currently police are investigating him over accusations of bribery, related to the building of a World Cup soccer stadium in his state, which might curb
his presidential ambitions.
Fernando Haddad, 55, former Mayor SP and Minister of Education. Workers’ Party Fernando Haddad is another likely plan B as presidential candidate for the Workers’ Party, in the likely case that Lula is not eligible. Fernando Haddad is a trained academic and former national Education Minister, but is perhaps most known for his term as Mayor in Sao Paulo. Although Haddad enjoyed some success and popularity as Mayor of Sao Paulo, he is not as well known in other parts of the country. According to polls neither Wagner nor Haddad, will be able to win nearly as many votes for the Workers’ Party as Lula da Silva. The Workers’ Party’s popularity has suffered from resent years corruption scandals.
Henrique Meirelles, 72, former Minister of Finance and governor of the Central Bank Brazilian Democratic Movement Before becoming governor of the Central Bank and Minister of Finance, Mr. Meirelles enjoyed a distinguished 28year career in the banking and financial sector. Only recently stepping down as the country’s economy chief, as required by law to run for president, and joining the ruling MDB party. If elected Merirelles will continue to push the Temer administrations unfinished reform agenda, which includes overhauling the cumbersome tax system and capping pension expenditure.
Marina Silva, 59, former senator and minister Sustainability Network Marina Silva is left leaning environmentalist and former vice-presidential candidate, who was catapulted into the presidential race when the head of her ticket, Eduardo Campos, was killed in a helicopter accident weeks before the race in 2014. The former senator and Environment Minister for the Lula administration, Silva is seen as a strong contender for left-wing voters, who, without Lula, may migrate to Silva’s corner. AMK
Dr. Sergio Moro awarded the 2018 Danish Brazilian Chamber Prize
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AnuĚ ncio 420x280mm.indd Todas as pĂĄginas profile pandora.indd 76
U M E S T I LO Ãš N I C O . D O S E U J E I T O . www.pandorajoias.com.br
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SEJA UM FRANQUEADO
22/09/16 15:56 15/05/2018 03:09
Nature of PANDORA The Danish jewelry retailer Pandora inspires women to express their style through contemporary jewels that unite tradition and innovation The Nature of PANDORA Collection arrives in Brazil in March. The pieces in this collection connect the various expressions of feminine nature with features of natural phenomena. Francesco Terzo and Filippo Ficarelli, renowned Italian designers, debut as Creative Directors of the Danish jewelry company by revisiting the brand design codes and signing their name to the new collection. Another major highlight is the worldwide launch of PANDORA SHINE, the new line of metjewelry created from three precious met als â€“ a palladium-plated sterling silver core coated with 18 carat gold. The result is an intense golden hue, and this new formu-
lation has been added to the portfolio of Pandora metal jewels. Glistening like honey, cubic zirconia and enameled stripes in black and yellow are featured in the PANDORA SHINE Bright Bee line which consists of charms, earrings, and pendants. In addition to these new pieces of jewelry, limited editions of a choker, bracelet, and ring inspired by the geometric pattern of hives are also making their way to Brazil. The Italian design duo, known as F&F, found inspiration in Botticelliâ€™s Renaissance painting entitled Spring. They took elements such as golden rays of sunshine, crystal-clear water and diversity of fauna and flora found in the work and expressed them in the iconic silver jewelry of the Exuberant Nature line. The new jewelry lines will be available from March 15 at PANDORA stores throughout Brazil and in the online shop.
About PANDORA Founded in 1982 in Copenhagen, Denmark, PANDORA designs, manufactures, and sells hand-finished jewelry. Approx. 30 skillful goldsmiths dedicate themselves entirely to this task so that each jewel is worked upon until reaching perfection. The quality of PANDORA is based on ethical and developmental standards that position the company as one of the largest jewelers in the world. PANDORA aims at taking full responsibility for natural and human resources within its scope and is therefore a member of the UN Global Pact and of the Responsible Jewelry Council (RJC). The brand is present in more than 100 countries on six continents with approximately 7,900 points of sale, including more than 2,100 concept stores and sales through its ecommerce. (www.pandorajoias.com.br). The multinational company employs more than 21,200 people around the world; 12,500 of the employees are located in Thailand, where the jewels are manufactured. Pandora
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Dansk Erhverv The Danish Chamber of Commerce Dansk Erhverv – The Danish Chamber of Commerce - is the business organization and employer association for Danish business. We represent a wide range of industries in trade, knowledge-based counseling, transportation, service and business management. In addition, we represent a wide range of industry associations. It is the vision of Dansk Erhverv to be the most important political representative and preferred advisor for Danish business. It is the mission of Dansk Erhverv to create competitive advantages to our members in the globalized economy. Dansk Erhverv assist our members in their daily business operations, and we provide in-depth advice and helps solve their daily challenges. Our advice creates added-value and growth among the member companies, which can be measured directly at their bottom line. As a member of Dansk Erhverv, companies get an easy and quick access to legal advice on staff and business law, and all other areas of staff matters, including company management, work environment and employee development. As a business organization and employers’ association, we are the natural gathering point for the widest range of service industries in Denmark, as we address the challenges of members and industry associations, nationally and internationally. Dansk Erhverv helps to ensure that the interests and challenges of our members’ receive the required political attention in the political system in Denmark and in the EU. We closely follow the political agenda and work every day to improve our members’ potential and competitiveness. With offices in both Denmark and Brussels, as the Danish member of ICC, Paris and with
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close contact to our sister organizations and Danish embassies around the world, we give our members access to a large international network. In addition, we have established a unique co-operation with the world-wide German Chamber of Commerce (called Auslandshandelskammern or AHK), which enable our members to access the advice and services of 140 offices in 90 countries on exactly the same terms and conditions as German companies can. As the Danish Chamber of Commerce, Dansk Erhverv is also the National Guaranteeing Association on issuing ATA-Carnets in Denmark. In Brazil, this role is carried out by our sister organization: Confederacäo Nacional da Indústria. An ATA Carnet is a customs document that replaces import- and export documents in the 76 countries in Europe, North America, Asia and Australia, which are affiliated to the scheme. Brazil has recently joined the ATA-Carnet chain. The ATA-Carnet scheme is based on an international agreement, which allows temporary imports of goods to another country for up to 1 year. For temporary importation, the goods that have been imported, must be returned to Denmark before the expiry of 1 year. As the National Guaranteeing Association and the Danish representative in WATAC (World ATA Carnet Committee) and ATAC (ATA Carnet Committee) with ICC, Paris, Dansk Erhverv looks forward to participating in the ICC World Congress and WATAC seminars in Rio de Janeiro 2019. Laurits Rønn, Deputy Managing Director
is the Deputy Managing • Laurits Director of the Danish Chamber
of Commerce, which is one of the largest professional business organisations in Denmark with more than 200 employees and offices in Copenhagen, Aarhus and in Brussels. Born in 1963 in the town of Lemvig, which is located in the Western part of Jutland, Laurits became a Master of Law in 1991 from the University of Copenhagen and worked as an attorney in the Confederation of Danish Employers (DA) 1996-1998. In 1998, he joined the Danish Chamber of Commerce and became a member of the management team in 2008. Laurits is member of the board of the Confederation of Danish Employers (DA), and also a board member of the pension company PFA. Privately, Laurits is married and has two children.
Biosolutions for a more
sustainable production chain The Pilar plant in Argentina and the Quatro Barras facility in Brazil both position Novozymes as one of the main companies in the Microorganisms for Agriculture segment. Curitiba / 09/28/2017 - Novozymes, a world leader in biotechnology, took over the Argentinean company Nitragin (EMD/Merck Crop BioScience) in early 2011; this became the company’s operational base in the city of Pilar with a production plant focused on microorganisms for agriculture. The Novozymes facility in the city of Pilar is also responsible for the manufacturing plant located in Brazil, in the city of Quatro Barras, Paraná. This union represents an
important milestone in the company’s Latin American business structure within the segment of sustainable solutions designed for the development of bioagriculture. In addition to producing solutions for agriculture, Novozymes also holds a strong position in Argentina within the fuel segment. With a sales force dedicated to the commercialization of biosolutions for ethanol production, the company is the market leader in the country and a reference within promoting discussion about sustainability and fuel. Novozymes’ BioAg plants, such as the one in Pilar, develop biological technologies
that are natural solutions for use within several productive sectors, such as agriculture. These technologies focus on improving plant health and growth, as well as on combating diseases in areas where crops such as corn and soybeans are grown. The global biosolution market is growing; present-day demands require sustainable solutions with lower impact on the environment. Agricultural biosolutions rank among Novozymes’ most expressive niches. The area is divided into Biofertility, Biocontrol and Bio-Enhancement. Biofertility products help plants absorb more nutrients, biological control products help plants fight pests and diseases, and enhancement products support plant health. These products enable the production chain to optimize the use of fertilizers, increase earnings, reduce expenses, and at the same time protect the environment. The Pilar facility in Argentina and the Quatro Barras plant in Brazil jointly position Novozymes as one of the main companies in the segment. They are industrial plants prepared to meet today’s major challenges, such as the need to expand food production, make agriculture more sustainable, invest in renewable energy, and make water and air cleaner. Novozymes reinvests about 14% of its total annual revenues in research and development through work that focuses on preserving the environment through the integration of sustainable practices. Novozymes
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DSV promotes work-shops to make aware
of reporting obligations to Ministry of Industry, Foreign Trade and Services (MDIC) SISCOSERV
Companies must be aware of reporting obligations with the Ministry of Industry, Foreign Trade and Services (MDIC)
Empresas devem estar atentas as obrigações de prestar informações ao Ministério de Indústria, Comércio exterior e Serviços (MDIC)
SISCOSERV is an online return introduced in 2011, as per the Law 12.546, in which Brazilian individuals and legal entities are required to report information on cross-border transactions involving services and intangibles, including intellectual property rights, to the government.
SISCOSERV é um sistema eletrônico para prestações de informações introduzido pela Lei nº 12.546, de 14 de dezembro de 2011, na qual pessoas físicas e jurídicas são requeridas a prestar informações ao governo sobre transações entre empresas no exterior envolvendo serviços, e intangíveis, incluindo direitos de propriedade intelectual.
The Brazilian service/intangible provider or acquirer is the party responsible for submitting the return, which includes information about the client/supplier, the value of the transaction, the currency, date of the transaction, payment date, etc.
A empresa Brasileira prestadora ou tomadora desses serviços é responsável por submeter tais informações, incluindo dados base do cliente/ prestador, valor da transação, moeda, data da transação, data da liquidação, etc.
Penalties apply for inaccurate information, from R$1.500.00 per register (A single import/export might include several registers) up to 3% of the transactional amount.
Penalidades são aplicadas para cada informação inadequada, sendo a penalidade de R$1.500,00 por registro (Uma simples exportação/ importação pode incluir diversos registros) até 3% do valor das transações comerciais.
Currently, more than 20 thousand Companies are reporting the information. However, it was estimated that almost 1/3 of the entities subject to such obligation are not aware. DSV has own structure to support on reporting SISCOSERV and evaluation of current exposure of non-compliance.
A DSV conta com uma estrutura para suportar as empresas na prestação dessas informações e auxílio na avaliação da exposição aos riscos relativos ao SISCOSERV.
Contact: Edna Santos Phone: 11 3198-8070 e-mail: email@example.com DSV
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Atualmente, mais de 20 mil empresas estão reportando as informações, mas é estimado que aproximadamente metade das empresas sujeitas à obrigação não estejam atentas.
Contato: Edna Santos Telefone: 11 3198-8070 e-mail: firstname.lastname@example.org
Global Transport and Logistics
Transport made straightforward
Sao Paulo DSV Air & Sea Logistica Ltda. Av. Eng. Luis Carlos Berrini, 1511, 3 Andar Sao Paulo, SP 04571-011, Brazil +55 11 3198-8070
Campinas DSV Air & Sea Logistica Ltda. Av. Jose de Souza Campos, 900, CJ 63 - 6 Andar, Campinas, SP 13092-010 +55 19 3500-3850
Santos DSV Air & Sea Logistica Ltda. Rua Visconde do Rio Branco, 02, Sala 91A - 9 Andar, Santos, SP 11013-030, Brazil +55 13 3500-1200
Rio de Janeiro DSV Air & Sea Logistica Ltda. Av. Marechal Floriano, 22, 11 Andar, Centro, Rio de Janeiro, RJ 20080-007, Brazil +55 21 3500-2420
Porto Alegre DSV Air & Sea Logistica Ltda. Av. Dom Pedro II, 367, CJ 602 - 6 Andar, Porto Alegre, RS 90550-141 +55 51 3500-1230
Curitiba DSV Air & Sea Logistica Ltda. Rua Bispo Dom JosĂŠ, 2040, CJ 701+702 - 7 Andar, Batel, Curitiba, PR 80440-080 +55 41 9175-2828
DSV is a global supplier of transport and logistics services DSV has offices in more than 70 countries all over the world and an international network of partners and agents, which makes DSV a truly global player offering services worldwide. By our professional and advantageous overall solutions, the approx. 22,000 DSV employees recorded worldwide annual revenue of 6.1 billion euro for 2013.
www.dsv.com - email@example.com
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Lundbeck achieves its best financial results ever
H. Lundbeck A/S is a global pharmaceutical company specialized in psychiatric and neurological disorders. For more than 70 years, Lundbeck have been at the forefront of research within neuroscience. Company’s key areas of focus are depression, schizophrenia, Parkinson’s disease and Alzheimer’s disease. The actual pipeline consists of several late-stage development programmes, and our products are available in more than 100 countries. The research centre is based in Denmark, and production facilities are located in Denmark, France and Italy. Our approximately 5,000 employees, in more than 50 countries, are engaged in the entire value chain throughout research, development, production, marketing and sales.
An estimated 700 million people worldwide are living with psychiatric and neurological disorders and far too many suffer due to inadequate treatment, discrimination, a reduced number of working days, early retirement and other unnecessary consequences. “Every day, we strive for improved treatment and a better life for people living with psychiatric and neurological disorders – we call this Progress in Mind”, quotes Josiel Florenzano, Managing Director of Lundbeck Brazil. In 2017, Lundbeck achieved its best financial results ever, with an increase in revenues by 10 percent, to DKK 17.2 billion (EUR 2.3 billion; USD 2.6 billion), and almost doubled EBIT to DKK 4.4 billion. These very satisfactory results give to Lundbeck a good starting point for the coming year’s further development of the company. Revenue growth is driven by the key products, which increased by DKK 2.4 billion, corresponding to an increase of 36%. Coincidently, in 2017, company realized the full effect of the restructuring program from 2015, and could further reduce our overall costs compared with 2016. Also, the corporation has been able to both increase
sales and lower costs, resulting in a significant improvement in profitability, which is a major strategic objective for Lundbeck. The company has maintained a high level of activity in its research and development work in 2017, including many new research collaborations that will give access, for example, to exciting IT and gene technology. This will strengthen the work in the development of new innovative treatments, which can lead to an improvement in patients’ quality of life. For 2018, further progress is expected, notably with the growth in sales of key products, and also, growth in all three geographical regions defined by the company, measured in local currencies. Among the individual markets, Lundbeck has high expectations for China in the coming years, with the launch of Azilect and Brintellix in 2018, while continues the hard work for making these medicines available to more patients worldwide. “In 2018, we expect to expand our pipeline of potential new medicines by moving twothree of our own projects into clinical development. At the same time, we continue our strategy to complement our own projects and technologies with promising external innovation. As an example, recently Lundbeck signed a deal to acquire biotech company Prexton Therapeutics, and thereby, the global rights to the compound foliglurax, a potential first-in-class treatment of Parkinson’s disease”, says Florenzano.
Josiel Florenzano, Managing Director Lundbeck, Brasil
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Lundbeck team in Brazil
Brazil Following the global trend of the company, the 2017 results for Brazil and the Southern Cone region (which includes Argentina, Chile and Uruguay) were also positive, even in face of the economic challenges of some South American countries. “With the excellent results of 2017, the resumption of the growth of the Brazilian economy, and the changes in the economic scenario in Argentina, we expect to continue in this positive trajectory in 2018, presenting even more satisfactory results,” says Florenzano. And to accomplish this goal, the focus of work is on consolidating the company’s newest product, Brintellix, to obtain the same success achieved by Lundbeck with other products, such as Cipramil and Lexapro, which drove the company to the leadership of antidepressants market in Brazil. To increase the portfolio, it is also expected to obtain registration of a new product for treatment of schizophrenia and mood disorders, which was submitted to regulatory authorities for approval at the end of 2017. During 2018, the last steps to steady Brazil’s position as a regional hub will be finalized, with the full integration of the four countries for all activities. The strengthening of the region within the company structure demonstrates the importance of the four countries - Brazil, Argentina, Chile and Uruguay - for Lundbeck.
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To meet all these outstanding challenges, Florenzano presents the most important asset: “People. Lundbeck has a culture of valuing its employees. We offer a career development opportunity, a great work environment, with respect to diversities, great challenges, and I believe this has been the differential that has led us to obtain such expressive results. We put our people first, and they have shown us a lot of dedication and hard work”. Another important milestone for 2018 was the creation of the position of Compliance Officer for Brazil and Southern Cone region. In face of all legal and regulatory requirements, company’s guidelines and codes, and the need to fully comply with
them, Lundbeck chose to have a full-time person dedicated to the management of the Compliance Program. “Our focus is the patient, we always want to improve their lives, seeking treatments that allow them to enjoy life with vivacity. And it is part of our commitment to patients - and is one of our values - be responsible, which means hold an ethical behavior, and do the right thing. We truly believe that our ethical commitment is a differential that not only our patients appreciate, but also the healthcare professionals”, concludes Florenzano. Lundbeck
Peter Fruervang, AGROBRAZIL
Agrobrazil A/S Agrobrazil runs a 900-hectare property in the Mideast of Tocantins state. We are located 95 km from Palmas which is the most recently founded capital city in Brazil, in fact, it is only 29 years old. The population of Palmas was estimated at 286,000 inhabitants in 2017, and the city is growing rapidly. Palmas has its own airport and two malls. It is described as the hottest state capital in Brazil; towards the end of the dry season and in the beginning of the rainy season, temperatures easily reach 38-42 degrees Celsius.
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Once we had decided on investing in the state of Tocantins, we set up some parameters for the location of our future farm and the soil structure we were looking for. We wanted to stay within 100 km of Palmas. Moreover, the farm had to be in an area with decent precipitation and dense clay soil, so that we would be able to grow two crops a year. We visited what would become this farm for the first time in January of 2010 and started the purchasing process the following year. The average rate of clay content in our soil is 44% and we get annual precipitation of 1,600-2,000 mm. The rainy season starts in October and ends in May. We received an initial permit to farm 350 hectares which were already being used for penning cattle and therefore easy to bring under cultivation in 2012. Then, we received a permit to clear an additional 550 hectares in 2013. The total area of the farm is 1,478 hectares; we cultivate 900 hectares. Tocantins state legislation determines that you can only cultivate up to 65% of your property, the rest has to lie fallow. This untouched parcel is classified as a legal reserve. In addition, we have areas of mandatory permanently protected areas alongside rivers; these amount to almost 60 hectares on our farm.
Our 900 hectares of arable land form one big area. We have divided it into 6 fields ranging from 79 to 245 hectares. The area is relatively flat, and the capacity of the machinery is high as they get to run up to 2.3 km from one end of a field to the other. Our first crop is normally soybeans. They are sown between October and November and harvested from February to March. When the first harvest is completed by March 5, we are able to put in a second crop which in turn will be ready for harvesting in July or August. The second crop might be corn, cotton, beans, sorghum, millet, or sunflowers. We have mostly opted for corn in the past but are transitioning to cotton, which is a more lucrative crop. It is also a more demanding crop, though. We managed to grow 350 hectares of cotton and 150 hectares of corn as our second crop this year. We are sometimes asked why we donâ€™t sow a second crop in the entire area. This is because we can only grow a second crop if the first crop is short-season soybeans that do not require more than 90-105 days from sprouting to harvest. Short-season soybeans are more sensitive to prolonged periods without rain than long-season soybeans which take 115-120 days to grow from start to finish. Last year, we saw increased profits of approx. 20% from our long-season soy; this was due to a nearly 30-day period in the middle of the season with hardly any rain. As the first crop is the primary source of income, we do not want to gamble with it. That said, we have actually had a higher yield from the short-season soy than the long-season one this year, because we have had consistent rain. We have invested heavily in the profile of our soil since day one by spreading lime, gypsum, and fertilizers. This enables us to withstand periods of lack of rain during the
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first crop cycle, and it also makes for better growth conditions for the cotton crop which is quite demanding in terms of soil. The untreated soil here is very poor in nutrients and has a low pH-value of 3.5-4.5. Such a low value makes the soil poisonous for the commercial crops we grow, and we have therefore spread about 8,000 tons of lime on our 900 hectares. This has made the pH-value rise to 5.5-6.1 but it should preferably rise to above 6.5. Lime does not seep into the soil, so we have done a lot of work harrowing it, so that we are improving the profile of the soil at an even deeper level.
Cotton We tested growing 50 hectares of cotton as a second crop last year; the experiment was a success. This year, we have sown 50 hectares of first crop cotton and 350 hectares of second crop cotton. We are the pioneers in terms of cotton growing in the area, so there are plenty of things to be tested thoroughly, e.g. sorts, dates of sowing, plant stand, amounts of fertilizer, growth regulation, etc. We are conducting a lot of testing with these aspects this year. We have hired a crop scout who meticulously studies our cotton fields twice a week and based on his findings develops a pulverization plan. Cotton is a very technical crop; a lot of fertilizers and shields are necessary to ensure a decent harvest. A huge advantage of being the first farm in the area to grow cotton is the fact that pests and diseases are minimal when compared to what is found in traditional cotton-growing states such as Bahia and Mato Grosso. This allows us to use 40-60% less pesticides and fungicides when compared to those states.
The soy harvest 2018 We have just wrapped up the harvest of soybeans. The yield was very good this year. Whereas the average yield was 3,270 kg/ha in 2017, this year it was 3,960 kg/ha, which is very satisfactory. We normally see yield increases each year; this is a sign that the soil is improving. This year, however, the climate conditions were very favorable, so the yield rose even more accordingly. Nearly everyone in the state had a great harvest, which has led to the buyers having problems receiving the great quantities of soybeans and transporting them 1,200 km to the harbor up north. Our trucks are encountering long lines at the buyersâ€™ premises when they arrive with soybeans fresh from the fields; sometimes up to 120 trucks wait for 2 days to be able to unload their loads. So as not to have to halt the combine harvester, we have resorted to using silo bags as a mean of buffer storage during the harvest. A silo bag is a 60-meter long bag of a very resistant plastic material which can hold up to 180 tons. Special machinery fills up the silo bags, later another machine empties them and loads their content onto trucks. It is a simplistic, yet efficient system.
The 2018/19 season We are already planning the harvest of the coming year. We intend to increase the area of first crop cotton to around 400 hectares. The rest will be sown with short-season soy, and then corn and cotton as second crop. The price of cotton is presently high; we want to take advantage of this fact.
Peter Fruervang Agrobrazil
Brazilian agriculture 4.0 to play an important role
in saving the world According to the UN, the global population will grow
to 9.7 billion people by 2050, which means that global food production should increase by 70 percent. As one of the world’s largest food producers, Brazil is vital to the efforts towards achieving this goal, and digital technologies and better use of data are the means for sustainable intensification of food production.
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Over the past year, a small team of system engineers from Bosch, the German company which is world’s largest automotive components supplier, has been busy in the fields among farmers in southern Brazil. Their task has been to get to know their new customers better; i.e. how they work, what problems they have, and what digital solutions could be the answer. Over the past 40 years, Brazilian food production has increased six-fold, and exports of agricultural products amounted to approx. DKK 513 billion in 2016. Since 1975, productivity in the agricultural sector has increased by 3 percent a year. Brazil is today the world’s largest exporter of sugar, coffee, orange juice, soy, and poultry, the secondlargest exporter of beef and the fourth-largest of pork. The agricultural sector in Brazil accounts for 20 percent of all jobs in the whole country, 25 percent of the GDP, and 46 percent of exports.
Strider’s data platform makes use of satellites and sensors in crop production to optimize the effort factors. The goal is to reduce costs and increase productivity.
Precision farming with potential Corn plantation Bosch has annual sales of approx. DKK 9 billion in Brazil, primarily due to their digital solutions for the big Brazilian automotive industry. Brazil presented positive growth figures in 2017, and it would seem that the country is moving away from the scenario of economic crisis; the 2018 outlook is promising. But while the automotive industry has had a few difficult years and only now seems to show signs of recovery, the agriculture sector had double-digit growth rates during even the worst years of crisis, i.e. 2015 and 2016. Bosch expects the global digital agriculture market to grow from about DKK 26 billion today to DKK 45 billion in the coming years. Part of this growth will take place in Brazil. Therefore, the company sees a huge potential in transferring their technology and knowhow on subjects such as sensors, for example, from cars to agriculture. And Bosch is not alone in having spotted the potentials in the segment.
World-class Brazilian startups Quite a few Brazilian companies have already established themselves on the market with new digital solutions and services for the agricultural sector. Uller has emerged as the self-proclaimed agricultural equivalent to Uber. By using the app, farmers can rent or lease machines and equipment from other farmers, which leads to a higher level of utilization, while sparing some farmers the expensive investments in equipment. BovControl, which made Forbes’ 2017 list of the world’s most innovative ag-tech startups, allows cattle farmers to collect and analyze data from their herd using an app that communicates with a chip in the animals’ ears. This gives producers a better basis for decision-making and the opportunity to increase productivity. Strider, established in 2013 and another Brazilian startup on Forbes’ list, has already collected DKK 30 million from outside investors and are seeing their client base in Brazil grow by 18 percent - a month.
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Farmers around the world are increasingly using digital technologies to monitor, collect and analyze data from the field. Data is collected via satellite images, flights with drones over fields or via sensors in the ground, on machines or tractors. The art is to combine and use data in an intelligent way, so that the farmer gets a better basis for making decisions and thus the opportunity to create a greater yield with reduced environmental impact, such as by focusing the nitrogen supply or irrigation in places where the crop actually needs nitrogen or water. This type of data use in agriculture is often referred to as ‘precision farming’, but the objective of Agriculture 4.0 is even more far-reaching. In Denmark, researchers at the Aarhus University Institute of Agroecology and the Department of Engineering are leaders in the development of this field; their aim is to achieve a ‘Agriculture 4.0’ which – just like ‘Industry 4.0’ - integrates intelligent data and cyber-physical systems using mobile and cloud computing, site-based monitoring, and management, IoT, Big Data, etc. The objective is achieving intelligent utilization of the new technologies rather than just spreading or scaling use of technology.
Visit from a Danish delegation Brazil is very strong within agricultural research. Therefore, in October of 2017, a Danish delegation of researchers from institutions such as Aarhus University, University of Copenhagen and Technical
Institute visited Sao Paulo to discuss the development of precision farming with Brazilian colleagues. Lecturer René Gislum, Aarhus University, Department of Agroecology, was subsequently in line with Bosch in his assessment of opportunities in Brazil. “Brazil and its large farms have very good prospects in precision farming and at the same time have farms interested in using it. These are the big companies that are going to drive development in Brazil - like the sugar cane factory Raízen, which with its 800,000 hectares has great potential for implementing the new technologies. Here, the use of initiatives such as controlled traffic during harvest and the use of drones to determine if sufficient sugar cane seedlings have been planted are obvious cases for the company, “says lecturer René Gislum.
Great opportunities for Danish companies In the coming years, new digital solutions are expected to contribute towards further growth in productivity in the Brazilian agricultural sector and thus to continued growth in the industry in general. It is good news for Danish companies providing technical solutions for the agricultural sector, such as machinery and equipment for the dairy industry and slaughterhouses, but of course also for the still expanding segment which supplies technology and solutions that collect and analyze data in agriculture. It is a growing profession, both in Denmark and Brazil, but there are solid opportunities, also for smaller companies within software or drones and companies that integrate software and drones. Stina Nordsborg Deputy Head of Innovation Centre Denmark
Danish researchers visit Raízen, one of Brazil’s largest producers of sugarcane and ethanol, where they were treated to a demonstration of the company’s use of drones in the field.
Danfoss completes 50 years
in Brazil and invests in expansion The DNA of Danfoss contains innovation which allows the company to propose solutions that will let the world do more with less within vital segments, such as infrastructure, food, energy, and climate. In Brazil, Danfoss completes 50 years of operation in 2018. The company continues to invest in the development of its business in the country, most notably recently are the investments made in the factories of Caxias do Sul and Osasco. In Caxias, the
company will inaugurate a production line of pumps and high pressure High Power (H1) piston motors. Danfoss, which was already manufacturing other products locally, invested BRL 5 million in local production of its line of PVG valves from 2013 to 2015. Besides serving the Brazilian market, the equipment made in Caxias do Sul is exported to Argentina, Paraguay, Chile, Costa Rica, Peru, and other countries. In this new phase, Danfoss will invest another BRL 10 million by the end of 2018 to increase the range of domestic products produced with local content. At the Osasco plant, Danfoss has started production of the Optyma Slim Pack condensing units which are aimed at the food retail segment.
â€œWe believe that Brazil will have an excellent 2018 and the results of the first two months confirm this. Our pipeline of projects is more active than ever, and the dynamism we see in the market is promising. Segments such as industrial production, construction, and oil & gas are starting to grow at a more sustainable rate; agriculture had a fantastic year in 2017, and we expect to keep up the pace in 2018. We are also looking forward to the evolution of the food & beverage and food retail segmentsâ€?, said Julio Molinari, CEO of Danfoss Latin America.
Expansion of client relationships Building on its global strategy to strengthen customer relationships and loyalty, Danfoss is creating an exclusive customer service area and embraces CRM (Customer Relationship Management) and integrated telephone tools.
Air Conditioning Condenser Units Optyma Slim Pack
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Caxias do Sul plant “The implementation of a single customer service center allows us to improve the efficiency and quality of our services and bring them closer to our customers,” says Molinari. “Moreover, as part of our digital transformation process, we are working on the implementation of a single ERP and the development of more interconnected products that will allow the use of digital tools,” he explains. The company does not slow down when it comes to research and develop of future products. In 2017, Danfoss increased its investment in innovation.
Large investments in innovation So as to support its commitment to promote positive change rooted in streamlined performance and reduction of energy consumption, Danfoss currently invests around 4% of its sales in innovation - more than the general market and the competitors normally do. The company grew 10% in net sales in 2017 and reached a total of DKK 43.3 billion (EUR 5.8 billion), so investment in innovation leads to great achievements. In 2017, Danfoss acquired three companies and entered into a partnership with GE, in addition to investing in its first 3D printing center, a new university center and its new Software Development Center. “Acquiring new innovative technologies is an important part of our investment in growth. Through acquisitions, we are able to focus on customer needs and at the same time strengthen our range by offering a broader variety of solutions, “says Molinari. With the acquisition of Visedo Oy from Finland, a global specialist in off-highway and
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Osasco plant marine power solutions, Danfoss meets the growing demand for power solutions to reduce emissions and pollution while increasing productivity. Italian software company Prosa is another acquisition made by Danfoss in 2017. Prosa has a complete telemetry solution, known as VeBox, for the food & beverage market. Another acquisition was the assets of Sensata Technologies’ Kavlico thin film sensor technology. The acquisition includes thin film technology that enables the development of sensors for application at high temperatures and pressure. Danfoss Silicon Power started the production of silicon carbide (SiC) power modules in the United States in 2017 and entered into collaboration with General Electric (GE). The SiC power modules will create smaller, faster, and more effective electronic devices, which are sure to revolutionize solar and wind energy technology as well as future generations of electric and hybrid cars.
Reduction in energy consumption and CO2 emission Global warming must be halted. According to the International Energy Agency, energy efficiency alone can reduce greenhouse gas emissions by 38%. Danfoss wants to be a role model and set ambitious goals for itself. By 2030, the company plans to use half the energy to run its business and emit only half the amount of CO2 of the energy it uses. Danfoss is already making a lot of progress towards these goals. Between 2007 and 2014, net sales grew 55%, while energy consumption - held up against the sales volume - fell 29%. The company has been undertaking energy-saving projects, among other initiatives, in its largest factories around the world.
Shanghai skyline - China
Julio Molinari, president Danfoss Latin America
Focus on digital transformation With the ambition of being a pioneer within digital transformation, Danfoss has taken another major step in a crucial area. On August 29, 2017, the company opened the first of three 3D printing centers worldwide. Located in Nordborg, Denmark, the center gives all its employees within the European Union the opportunity to have prototypes and components printed in 3D and receive
specialized assistance. In addition to this center, another unit is underway in North America, while a third is planned for Asia. Another leap in its digital transformation has been the opening of a new competence center in Copenhagen to develop state-ofthe-art software solutions - inventions that Danfoss will use for the future within IoT, connected products, solutions, and cloudbased applications. The new center is located in the science park Scion at the Technical University of Denmark (DTU). Fifteen Danfoss software specialists were assigned to the hub to work with professionals in the company’s refrigeration and heating segments.
Promoting university development Aware of the importance of training engineers, Danfoss has teamed up with local partners to establish an Industrial Electronics Center. The new university center
in Sønderborg, Denmark, has international top-level facilities for research, innovation, and testing and at the same time provides a completely new basis within electronics for engineering and civil engineering courses. In addition to Danfoss, the partners behind the project are the Southern Region of Denmark, the University of Southern Denmark, the Municipality of Sønderborg, and the company LINAK, which supplies solutions for actuators and is headquartered near Danfoss. In addition, the Bitten & Mads Clausen Foundation and LINAK are funding a new building for laboratories and test facilities for the new university center. The building will be next to Alsion, where the Sønderborg branch of the University of Southern Denmark is located. The Center for Industrial Electronics (CIE) will offer state-of-the-art laboratory facilities that will not only benefit the region and local businesses, but also the energy efficiency sector. CIE activities are expected to boost the development of new products and solutions that can strengthen existing businesses and create new business, thus increasing competitiveness in the region. “Digital technology promises to revolutionize the market by reducing costs and expanding revenue opportunities. This is a transformation that brings great challenges for companies and Danfoss has been preparing by making investments into developing new skills and a digital culture in the organization”, concludes Julio Molinari, CEO of Danfoss in Latin America. Danfoss
www.danfoss.com.br Osasco plant
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Reduza custos e aumente a eficiência em sistemas HVAC
Maior Eficiência energética com uma solução integrada Danfoss.
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Danica Capital is a first-time
private equity fund in Sao Paulo, Brazil DC FI is raising capital to purchase mid-low firms in sectors with wide productivity gaps In June 2015, the majority stake of Danica Termoindustrial Brasil S.A. (“DT”) was sold to Pátria/Blackstone, a large investment firm in Brazil. In December 2017, the remaining minority stake was sold. The objective is to repeat the investment cycle of 2009-2015 in new attractive sectors in Brazil with opportunities for innovation and growth. Danica Capital considers Brazil a highly attractive market for investments. OPPORTUNITY #1: Brazil has a wide productivity gap to be addressed by private equity investments.
• Brazil has one of the largest and wid• •
est productivity gaps globally. Brazil is ranked as the 8th largest economy, but only 57th in global productivity. Low productivity is concentrated in the mid-low market (Insper University 2016), which represents an opportunity for private equity to address. More than 50% of Brazilian industrial segment have wide sectorial productivity gaps and 14 sectors, representing ~39% of industrial GDP, are in a more vulnerable situation. These sectors currently have levels of innovation and productivity well below the global average (CNI,
Confederação Nacional da Indústria 2017). “The Brazilian PE market is still very attractive due to its maturity level and low penetration [0.3% of GDP] to developed markets [1.9%]” (Boston Consulting Group 2017 Report on Private Equity in Brazil).
OPPORTUNITY #2: Brazil has a large underserved acquisition niche in the midlow sector. Brazil´s mid-to-high sectors have ~11.000 firms with sales above USD 85M annually, where ~90-95% of the capital of ~350
DT Case: The imported technology (engineered innovation) increased productivity and growth
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Brazil has many opportunities to be addessed by Private Equity investments GDP Ranking PPP. USD MN
Productivity Ranking GDP/hour (PPP), USD 80
Curriculum Vitae Steffen B. Nevermann
funds are allocated across ~500 portfolio firms. The mid-low sector has ~201.000 firms with invoicing between USD 15-85M and represents an underserved acquisition niche because it falls below most “ticket sizes” of Private Equity funds. These firms comprise of closely-held and family-owned businesses, which typically lose their primary owner to retirement or death with no successor in place. This layer is also characterized by wider sectorial productivity gaps. Many mid-low firms perform very well financially and operate in relatively “closed economies”, with significantly less risk of being disrupted from abroad. These sectors have solid potential to be developed and sold “up-market”.
Mid-low sector case, Danica Termoindustrial Brasil S.A. (“DT”): In 2009, DT was a company in the mid-low sector focused mainly on the Cold Storage building material market and operated in a sector with wide sectorial productivity gaps, relative to Europe and EUA. The strategy (formalized in DT´s 2009 Annual Report) was to import state-of-the-art technology from Europe with the objective to increase productivity, shift the thermal insulation market from EPS to PUR/PIR (significantly less flammable and improved structural strength) and reposition its core business as an industrialized building material company. The strategy resulted in increased productivity, competitiveness, and growth enabling EBITDA to increase 3.7x over 5 years and a majority sale up-market to a large private
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equity firm in Brazil. Danica Capital´s objective is to repeat this investment cycle across other midlow firms through DC FI. Danica Capital developed its business model in close cooperation with investors and experts from Stanford and Harvard (the latter during a 9-month program at Harvard Business School). Danica Capital will focus on the buyout of profitable firms in subsectors with wide productivity gaps and distinct growth drivers. The sectorial productivity gaps will be addressed through (1) engineered innovation, (2) tested business models, and (3) the Search Fund strategy, structured to mitigate the risks associated with buyouts of mid-low sized firms. The Search Fund model is a tested investment vehicle with differentiated returns. According to Stanford (2016), 142 qualifying first-time Search Funds have achieved an average IRR of 35.5% since 2000. According to Preqin (2016), “First-time funds have outperformed funds of established managers in every year except one over the past 13 years.” The objective is to preserve the core business of target firms and implement an innovation strategy importing proven technology and/or business model adopted by industry leaders abroad, raising productivity and competitiveness of the target firms in Brazil (e.g. the DT case). This will be done in close cooperation with management to ensure that the investment thesis has been fine-tuned with deep employee involvement and buy-in, thrusted with an adequate culture and shared vision. The values of Danica Capital center around idea
Partner & Co-Founder of • Managing Danica Capital. years CEO experience in Brazil • 8with invoicing USD <150M; Danica Termonidustrial Brasil S.A.
years Management Consulting • 4experience from McKinsey & Co., and Booz Allen Hamilton in Denmark (e.g. LEGO Turnaround Project).
EDUCATION Business School, Graduate • Harvard & Alumni (PLD/EMBA alternative, Electives LNV, PEVCF, DGIS).
Business School, BSc.IB • Copenhagen (Valedictorian) Kong University of Science and • Hong Technology, BSc.IB (Highest Honors) is married to Claudia and has • Steffen 3 children, Gabriela (11), Stephanie (8) and Henrique (3). meritocracy, intellectual humility and close teamwork with management, experts and the Board. Danica Capital´s objective to increase productivity in the mid-low market in Brazil through companies we believe can make a difference and generate consistent longterm returns. Danica Capital closed seed financing in March 2018 and has signed its first equity management contracts, kick-starting its operations. Danica Capital
Confederation of Danish Industry
representing Danish business with a global outlook Confederation of Danish Industry (DI) is an organization working for the interests of our members – Danish companies. For us, that means working with a range of partners to ensure that our society thrives. DI has a vision. We work for an open and prosperous society in growth and balance. Growth because it is easier to tackle the challenges facing society with a growing economy. Balance because there has to be a balance between the private and public sector, so that the two fuel each other, and companies have the flexibility to create and deliver value through their core business.
In practice, this means that we want Denmark to remain a prosperous society with a high degree of both private and public welfare. We have to get people into jobs and out of passive support; the tax burden should be lowered; and we have to invest more in research, development, education and infrastructure. “In Denmark we have a long history of collaboration. For more than 100 years, we have been working with the Danish trade unions to find joint solutions that increase the competitiveness of Danish companies and benefit Danish workers. The very spe-
cial thing about the Danish model is that it builds on voluntary agreements between workers and employers”, says COO Thomas Bustrup. “This is a major strength of our society and something that we have to protect and nourish in the years to come”. In a world that is currently challenged by increasing fears of globalization and decreasing trust in international institutions, Danish workers are generally positive towards future trends such as automation, digitization and globalization. We all know that these trends will bring changes and challenges but most are confident that they will also create growth, jobs and opportunities. “Most countries have benefitted from globalization, including Denmark. However, in Denmark – unlike some other countries – we have also succeeded in ensuring that everybody gains from the benefits and prosperity resulting from globalization. We have made investment in people a strong priority. We focus on lifelong learning so that workers are skilled, innovative and well equipped for changing jobs. This has been possible because we have such a strong tradition of collaborating with each other”, says Thomas Bustrup. “We are trying to pursue and promote this collaborative approach also outside Denmark. We see the Global Goals for Sustainable Development that were adopted by the UN in 2015 as a great framework for Visit by a group of Danish companies to Brazilian cooperatives, September 2017
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this. We work with our member companies, and we work with other business associations and trade unions across the globe to promote this agenda”, he continues. As a small, open economy, Denmark has a particularly strong interest in promoting efforts to conclude international agreements that can increase demand in the global economy. It is crucial to ensure Danish companies better access to markets outside of the EU, where the lion’s share of global growth will occur in the coming years. It is essential for companies that their goods and services are not subject to unnecessary costs, that tariff rates are as low as possible, and that they do not face technical barriers to trade requiring expensive adaptation of their products or barring them from selling these goods and services in non-EU markets.
DI supports our members’ international growth – also in Brazil The international markets offer almost endless opportunities, as the world’s population is expected to continue to rise over the coming years. At the same time, prosperity increases. This could lead to strong growth in world trade during the coming decade. Danish companies have 1.3 million employees abroad and more than 775,000 employees in Denmark whose jobs are directly or indirectly based on exports. We want to inspire our members to pursue new business opportunities, take them to the most important current and emerging markets, and help them develop and implement new successful strategies. We provide the following services:
Knowledge Knowledge about market opportunities around the world is a key element of DI members’ strategic priorities. DI conducts more than 30 courses, seminars, roundtables and meetings relating to international market opportunities every year.
Dialogue Knowledge alone is not enough. Therefore, DI organizes more than 50 activities each year that give DI members the opportunity to engage in a business dialogue with potential partners from the most attractive foreign markets. These activities can take the form of Danish group stands at major international trade fairs, large business delegations headed by representatives of the Danish Government or the royal family, or industry-specific delegations.
Presence Local presence is a third factor – and particularly vital to commercial success in distant markets. DI has offices in China, India, Russia, Brazil, USA, Mexico, and Kenya. The offices can contribute to development and implementation of the right strategy for your company. The DI Brazil office in Sao Paolo assists companies in getting started on the Brazilian market. The office facilitates an easy and cost-efficient establishment of presence on the Brazilian market, and can assist with the legal and administrative challenges that arise when you enter a new market.
Thomas Bustrup, Deputy Director General of Confederation of Danish industry DI’s numerous development projects with business associations across the globe also provide strong local networks of companies and decision makers that can be utilized by member companies.
Support services DI helps members identify financing options for export activities and establishing operations abroad, while also providing technical export advice. An important task in this regard is to ensure that DI members benefit from the many free trade agreements between the EU and third countries. DI is also approved as a chamber of commerce and issues more than 30,000 export documents each year to Danish companies. DI
DI headquarter in Copenhagen
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Hummel Brazilian team with Christian Stadil owner, CEO
Hummel enters the
Hummel one of the leading sport brands in the
World is entering into the Brazilian Market.
Hummel is the sponsor for the Danish Football
team, which will participate in the World Cup.
Hummel has a showroom in Alphaville, São Paulo, and will for the time being selling their products on the internet / e-commerce. Hummel will participate activily in São Paulo for the World Cup with special events at the Scandinavian Club. We believe Hummel will be an important player in the sportswear market, particulary in football, handball and voleyball. Hummel is sponsoring the handball teams from Clube Pinheiros. Hummel products will be manufactured in Brazil in the second half of 2018 and I am sure we will see a special “Hummel stand” at Feira Scandinava. Hummel will make special donations to children in São Paulo. The Danish Chamber of Commerce is very excited about the entry of Hummel in the Brazilian sport market. JOL
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Helle Bjerre Vice President, Latin America
Frederik Zeuthen Regional Director, Latin America
IFU - Brazil in Focus IFU – the Danish Investment Fund for Developing Countries has re-entered the Brazilian market with three investment deals that already have been signed. IFU are now further ramping up their activities in Brazil with a dedicated team and local presence in Sao Paulo. As outlined in the September / November issue of Brazilian Review, IFU can invest directly in project companies to set up in Brazil or other LATAM countries. As a minority investor, IFU can offer risk capital in the form of share capital, mezzanine financing, loans or guarantees to help projects come into fruition.
The IFU LATAM Team Vice President, Helle Bjerre is the leader of IFU’s LATAM Team and details her work and that of the LATAM team in the following manner: “As the head of the LATAM team, the most important thing for me is to set the direction and framework for the
team so that our very skilled Investment Directors and managers can work independently developing their specific areas of responsibility. With that in place, it is similarly important for me to ensure that our efforts lead to the achievement of our targets, with constant prioritization of our pipeline, projects and resources, and supporting the investment directors in the investment process leading to IFU’s internal approval and signing of contracts with our partners.” Apart from Helle Bjerre, the LATAM team consists of four experienced professionals: Also based out of Copenhagen is Investment Director, Jakob Tvede, Jakob comes from a career at the Danish Ministry of Foreign Services where he among several positions were stationed for four years as the Deputy Head of Mission at the Embassy in Mexico City. Jakob has been at IFU for a year and his working focus is Mexico and the Central American countries. A bit further to the South than Central America, more precisely in Bogota, Colombia sits IFU’s Regional Director, Frederik Zeuthen.
Frederik has extensive experience from several Central and Latin American countries and has worked as a board member for several companies for the last +6 years. Apart from Colombia, Frederik is responsible for Bolivia, Peru and several other countries in the northern part of South America. The last and newest member of the LATAM team is Senior Investment Manager, Lauritz Stræde Hansen, who from the 1st of January, 2018 is IFU’s representative in Brazil based out of Sao Paulo. Lauritz has worked for the Danish Foreign Ministry as the representative of EKF for the last 5 years and has a total 9 years of experience of working in Brazil and LATAM. Lauritz’ focus will mainly be Brazil, but he will also assist with Argentina and Paraguay when seen fit. The four strong LATAM team are supported by the rest of IFU’s organisation and currently work extensively together with especially IFU’s Climate Team because of IFU’s significant investments in energy in the North of Brazil.
IFU’s Ambitions for LATAM & Brazil As Helle Bjerre frames it, the ambitions for LATAM, is to: “Continuously grow our investments in the region. Our budget in 2017 for the region was DKK 210m, while we achieved approx. DKK 285m, of which approx. 120m was for a large solar project in the northern part of Brazil called Coremas. Natalia Svejgaard will inform more about this project later in the article. Our budget for 2018 is DKK 260m, and personally I believe that we can and will reach DKK 300m. In Brazil, we already signed a follow-up in-
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Natalia Svejgaard Investment Director
Jakob Anker Tvede Investment Director
Lauritz Stræde Hansen Senior Investment Manager, LA
vestment on the Coremas project in 2018, and have two large projects in the pipeline, one within the water sector and one within agribusiness.”. IFU’s view of the Brazilian and LATAM markets are cautiously optimistic with all markets seen as interesting markets with the exception of Venezuela due to the current political situation. Chile and Uruguay fell out of IFU’s mandate (The OECD DAC list) by the end of 2017, so IFU can no longer invest in these countries, but are open for business on the rest of LATAM. Currently IFU are focusing primarily on the major countries, including Brazil, as VP Helle Bjerre puts it: “we believe this is a good time to invest, with Brazil recently having come out of recession. We see ample opportunities in Brazil within our main focus areas: Climate and Agribusiness. Also, Brazil being the biggest country in Latin America has our special attention, which is why I am very pleased to welcome Lauritz Stræde Hansen to our team.” As Helle Bjerre mentions Climate and Agribusiness are the main focus areas of IFU, however, the definition of these sectors are quite broad. Currently the far majority of Climate projects are within solar and wind, while IFU would also like to include projects within biogas, energy efficiency, water and waste. The Agribusiness Fund has reached their limit for how much they can invest in pig farming, and therefore IFU is actively looking to expand into aquaculture, where there is increasing global demand and good opportunities to introduce Danish interest. Also of interest is crop farming and food processing, whether from animals, crops or fish IFU sees great potential and has a firm interest. Apart from these two main sectors, IFU also look positively towards infrastructure, health and microfinance projects, and will be ready to pounce, if interesting opportunities should arise. For any other sectors, IFU has a more opportunistic approach, but will always take a serious look at anything presented.
IFU Now Relevant to Exporting Companies
ment in emerging markets. NPP has looked at Brazil since 2015 and until December 2017 focused mainly on the solar opportunities, including a 90 MW solar PV complex in Coremas, Paraiba, this project is presently under construction and the 90 MW Boa Hora project, which NPP exited successfully in mid-2017 to AES Tietê Energia. In December 2017, NPP was further awarded the auction for 82 MW wind projects in the state of Pernambuco and is currently planning the participation in the April 2018 auction with further solar projects. In charge of these projects for IFU is Investment Director, Natalia Svejgaard who in close cooperation with NPP’s people, the rest of IFU’s Climate team and the LATAM Team actively look into opportunities within both solar and wind in Brazil and the rest of LATAM. If you have any inquires or projects you think could be of interest to IFU, please feel free to reach out to Lauritz Stræde Hansen at: firstname.lastname@example.org
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Until a few years ago, IFU could only invest alongside Danish Partners. This has now changed, so IFU can invest with local or international partners within our mandated countries, as long as there is Danish interest or good potential for Danish interest. An example of such a project is the investment in Coexca in Chile. Coexca is a pig farming and slaughter house company, with an expansion plan, where IFU has become shareholders to finance the expansion together with a group of Chilean farmers. With Denmark having a wide variety of suppliers to both pig farms and slaughterhouses, the project gives ample opportunity for Danish interest. After the investment, IFU arranged a technical visit to Denmark and Poland, where the decision makers from Coexca saw relevant farms and slaughterhouses as well as met with a number of Danish suppliers. In this way, IFU strives to facilitate Danish exports. Danish suppliers of course still have to be competitive, as IFU cannot force Danish equipment or technology upon an investment. This is also relevant to exporting companies, as they might come across potential orders, where the ordering company or project lack finance, and it could become relevant to refer these companies to IFU.
IFU & Nordic Power Partners Solar Endeavours Nordic Power Partner (NPP) is a joint venture between IFU’s climate fund - Danish Climate Investment Fund – DCIF, which is owned by IFU together with a number of institutional investors being mainly Danish pension funds and Denmark’s largest developer of wind and solar PV projects, European Energy A/S. The joint venture combines the expertise of the partners in wind and solar project development and invest-
Background on IFU
About the Investment Fund for Developing Countries (IFU) IFU provides risk capital and advice to companies wishing to set up business in Africa, Asia, Latin America and parts of Europe. Investments are made on commercial terms in the form of equity and loans. The purpose is to promote economic and social development in the investment countries. IFU acts as fund manager for a number of public-private investment funds like the Danish Climate Investment Fund and the Danish Agribusiness Fund. IFU’s head office is located in Copenhagen, and the fund has regional offices in China, Singapore, India, South Africa, Kenya, Ghana, Nigeria, Colombia and Ukraine. For more information, see www.ifu.dk/en
Nilfisk, building the future of cleaning together Nilfisk, the biggest global supplier in cleaning machines, was founded 112 years ago in Denmark by two Danish engineers: Nilsen and Fisker. The company arrived in Brazil in 2010 acquiring a local company called Plataforma following the global strategy plan in the emerging markets. “Adapting a Danish company to the Brazilian market was a big challenge. We had to start a brand and at the same time keep the old one. Structure had to be built from the ground. Adapting the range to fit the local market and its necessities, regain customers trust and build a new team were just the first steps. Hard times with a lot of work and hope”, says Rogério Marinho, the General Manager responsible for the strategy. All these stories now are in the past. Nilfisk surpassed the uncertain period and the non-stable moments to become the brand with the highest growth in the local
cleaning market, even having as competitors two others global giants (Germanies and Americans), presents in Brazil for more than four decades. Despite the retracted economy scenario of the last 3 years in Brazil, Nilfisk has grown 2 digits per year, becoming bigger and stronger day by day and recognized as a standard in quality of products and services in the Brazilian market. Nilfisk´s portfolio contains an extensive range of premium products such as: vacuums cleaners, carpet scrubbers, floorcare scrubbers and sweepers, covering both commercial and industrial lines. The company participates in several customer segments as contract cleaners, food and beverage industry, aeronautical industry, automotive, pharmaceutical, malls, groceries stores, agriculture, distribution centers, etc.
Nowadays stable in the local Market, the challenge for the next coming years is to consolidate the brand and become the leader in the cleaning solutions market. Targets are set and the team has been trained by the Sales Academy Program – a unique training experience developed internally in a partnership between Nilfisk and the Duke University. The goal is to actuate closer to customers, learning to identify their necessities and observing its daily operations to offer the best solutions and provide efficiency and cost reduction to their operations. Strong partnerships were developed and recently Nilfisk was pleased to announce that the Brazilian branch became one of the main players in the global agreement signed with Sodexo – one of the key players in the facilities market in the world. “We had to adapt very fast and understand the local necessities. It is with great pride that we brought to Brazil different solutions to our customers. They do not have the same options with our competitors and we realized this was a good opportunity for our company. Today we offer different solutions such as leasing of short and long term, credit card payments and rental options (with or without maintenance). By doing things differently, Nilfisk Brazil is increasing its participation within several customers. We offer long term options to decrease impact in their cash flow and a rental program where the equipment is not registered as an asset, generating liquidity and bringing fiscal benefits”, says Camilo Marinho, Finance Manager of Nilfisk in Brazil.
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Rogerio Marinho born in Goiania • Brazilian, • Lived in Denmark for 2 years
Education degree • Lawyer • Executive MBA
Global Strategy Nilfisk has a R&D team of 250 specialists working hard every day to develop better solutions and the goals are always: make the cleaning processes faster, bring efficiency, reduce costs and protect the environment. The company recently launched the strategy called “Next Step” and the Horizon Program that consists in a full line of autonomous machines where machines work with several sensors and GPS and are able to recognize the area to be cleaned and make the correct deviation of obstacles, people and furniture without an operator. This is a trend introduced to mature markets today and a reality for the future. “We have 112 years in the market, always innovating and creating new solutions. We are positive that Horizon is the next step to the future and once more we are leading the market. It is a Danish technology to all the world”, says Rogério Marinho. Another great achievement to 2018 is a tool to simplify the business called Project Clarity. The project is an extensive program that aims to fundamentally streamline and tide up the product portfolio by reducing the number of products and variants across
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brands and product lines in the Nilfisk Group. This is one of the prioritized actions in Nilfisk Next and the project is driven by the Nilfisk Leadership Team. “Today, we have an extremely broad and deep product portfolio. We have analyzed the portfolio and found that an estimated 50% of our products and variants represent less than 5% of our net sales. So we are going to simplify in order to better fit the market. This is the way we are going to do it”. Announced the Nilfisk leadership team. “Important to say that in 2016 Nilfisk was taken apart of the NKT Group and became a separate company. Last October Nilfisk was successfully listed on Nasdaq Copenhagen”. added Camilo Marinho. “As we can see a lot of things have happened in Nilfisk in the last two years. We are excited with all these changes, especially here in Brazil where we are delivering a fantastic growth. Our people are motivated and engaged to our goals and we are positive that we will lead Nilfisk to the next step into the future. Nilfisk has been part of the Danish Chamber in Brazil for many years and we are here to help any other Danish companies with all our skills”, said Rogério Marinho. Nilfisk
• Automotive • Agriculture • Manufacturing Positions
• General Manager • Sales Manager • Regional Manager Curriculum Vitae
• Brazilian, born in Sao Paulo Education Education Degree • Business Executive MBA in Finance &
Auditing Executive MBA in Business Management
• Manufacturing and Sales Company Positions Manager • Finance Operations Manager • Administrative Manager •
Allan Finkel, Vice President and General Manager - Novo Nordisk Brazil and Fabio Zunhiga, Business Unit Director - Biopharm
Novo Nordisk Brazil the pharmaceutical company with
the highest growth in 2017 For 95 years, Novo Nordisk has been driving change for people living with diabetes and other chronic diseases through increasing awareness, diagnosis and improving access to care. In Brazil, the company has about 1,300 employees - including the manufacturing facility in Montes Claros, Minas Gerais (MOC), the distribution warehouses in Paraná and the administrative office in São Paulo. Novo Nordisk researches and develops new treatments for people living with diabetes, haemophilia, obesity and growth hormone disorders. In Brazil for more than 25 years, it invests locally and helps increase the awareness about these conditions in the country. As a proof of this long-term commitment, in the last five years in Brazil, the company has spent more than R$ 104 million in 21 clinical studies, which involved 2,200 patients. In addition, the company has invested more than US$ 280 million in the site MOC’s expansion since its acquisition in 2003, making it the largest insulin production in Latin America – 15% of all the insulin consumed in the world comes from Novo Nordisk Montes Claros. In 2013, Novo Nordisk contributed with US$ 400 million to the Brazilian economy, and, in 2017, 25.8% of all national drug exports were insulins from Montes Claros manufacturing facility. The company estimates that,
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for every employee in the company, 13 new indirect positions are generated in the market, resulting in the creation of approximatively 15,000 indirect jobs.
Top Growth Pharmaceutical Company on 2017 In 2017, Novo Nordisk Brazil was the company that demonstrated the biggest growth in the Brazilian pharmaceutical market. Ahead of other big companies, Novo Nordisk has shown that all the investment and hard work has been paying off. In an ever-changing environment, building and sustaining this growth confirms that investing in research, people and a strong culture might be the right path to success. With 49% of growth compared to 2016 results, the company has shown consistent growth for the third year in a row. Constantly innovating, with a focus on the patient and guided by its Triple Bottom Line principle, which is anchored in the company’s values (the Novo Nordisk Way): this is how the company does business. In practice, the Triple Bottom Line principle ensures that business decisions balance financial, social and environmental considerations, always keeping in mind the best interests of the patients we serve.
Great Place to Work A reflection of such important results is the company’s participation outcome on The Great Place to Work Brazil (GPTW Brazil) – an institute that conducts innovative climate surveys for business around the world. In 2017, Novo Nordisk achieved a remarkable first place in the health category and 11th place among the medium-sized multinational companies. For this 21th edition of the GPTW Brazil, more than 1,500 companies participated and about two million employees were involved. “We are proud to be recognized by GPTW Brazil once again. For the second consecutive year we have moved up the rank. This extraordinary result is a recognition of the entire company’s work, reflecting the involvement and commitment of all teams to build a better working environment,” said Allan Finkel, Vice President and General Manager, Novo Nordisk Brazil. Another proof on the company’s good perception by its employees is the confidence and engagement index result, which grew from 82% in 2015 to 90% in 2016. This index measures not only the work-life balance satisfaction but also how Novo Nordisk essentials (values) – called Novo Nordisk Way - are being implemented on a daily
Novo Nordisk entire affiliate team in a celebration of the GPYW results basis. The company has ten clearly defined statements which describe how these essentials work in practice, helping managers and employees act according to Novo Nordisk’s core values. Since its first participation in the GPTW Brazil back in 2004, Novo Nordisk has reached important achievements and increased results significantly, including better financial performance, lower employee turnover, and higher productivity. “Keeping a healthy and motivating work environment is one of the Novo Nordisk’s Essentials. With this in mind, we want to innovate in benefit of our employees and business to keep encouraging everyone’s personal and professional development”, said Moisés Marques, People & Organization Director, Novo Nordisk Brazil. The Novo Nordisk’s office is also a good example which shows why the company was ranked at a good position at GPTW Brazil. Aligned with the other Novo Nordisk’s offices worldwide, it’s an open-space concept that promotes more collaboration and integration among the different departments. Also, there is a fitness area and inside and outside lounge spaces for decompression or casual meetings. With engaged and motivated employees
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and an office that provides comfort and focus, the company seeks to innovate for the benefit of patients, reflecting the progress of its business and leadership in the diabetes market.
Leading the diabetes market With more than 42,700 employees globally, Novo Nordisk is the largest producer of insulin worldwide, supplying half of the world’s insulin. In Brazil, the company has reached and maintained the leadership in the diabetes market since June 2016. Novo Nordisk’s growth is a result of several factors, including the performance of both human and new generation insulins, such as degludec, a once-daily basal insulin that provides a duration of action beyond 42 hours. According to the World Health Organization, diabetes will be the seventh leading cause of death by 2030. Brazil has 12.5 million people with diabetes, number that places the country in fourth in the IDF rank in number of people with the disease. With that in mind, Novo Nordisk continues to invest in research and development of
new treatments, such as the recently approved product that combines insulin degludec and the human glucagon-like peptide-1 (GLP-1) liraglutide, which was just launched in Brazil. Beyond the diabetes portfolio, Novo Nordisk entered in 2016 the obesity therapeutic area with the first obesity treatment innovation launched in the Brazilian market in the last 16 years. Liraglutide (3 mg) is an analogue of GLP-1, a gut hormone involved in the regulation of appetite. It acts on specific parts of the brain to reduce appetite and food intake by increasing satiety and reducing hunger sensation. In all, Novo Nordisk understands that its key contribution to defeat diabetes and other serious diseases is to develop innovative and biological medicine. However, the company knows that it takes more than medicine to defeat a serious chronic condition. This is why Novo Nordisk works in partnerships to raise awareness, improve prevention, promote earlier diagnosis and expand access to care; always rooted in the Novo Nordisk Way, its 10 Essentials. Novo Nordisk
Scancom in Brazil Scancom is a multinational company which was founded in 1995 in Denmark. The company is one of the market leaders in the field of garden furniture and aims at providing innovation and excellence without losing its vision of doing business in the right way. The furniture production is located in Asia, where it undergoes strict quality control. Scancom has other units in Brazil, North America, Indonesia, United Kingdom, Germany and, Hong Kong. In
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2006, ScanCom opened its European Commercial and Design Center in Spain, on the island of Mallorca. This 3,000 m² center works towards increasing our presence in the market by being more approachable by customers and through development of new products in an innovative environment. The factories of the group are certified by ISO 9001 and SA8000, which demonstrates our commitment to social responsibility
and quality. The raw material used in the manufacture of our furniture has the FSC seal (Forest Stewardship Council). FSC is an internationally recognized forest certification, which identifies, through its logo, products originated from good forest management. Brazil is responsible for the supply of eucalyptus wood used in the production of furniture of the group. It also markets wood products to customers in the domestic and foreign markets. The first Brazilian factory began its activities in 2002, in the city of Telêmaco Borba in the State of Parana. Later on, in 2007, the company expanded its activities in Brazil with the installation of a sawmill in the city of Minas do Leão in Rio Grande do Sul state. With 16 years of operation in the country in the proper social and environmental manner, ScanCom has built its path with commitment from workers, solid partnerships, and a healthy work environment. The past few years have been marked by several changes in its units. The first one was within management, which consequently brought new ideas and improvements. After a long period of Danish management, for the first time it was taken over by a
Brazilian, which underscored the group’s trust in the activities in Brazil. Then, due to market conditions, a strategic decision was made to close the activities in the Minas do Leão unit, so ScanCom concentrated its activities in Telemaco Borba, since this town has a strategic location in regard to obtaining raw materials and manpower, reducing costs, and optimizing procedures. The strategic changes in Brazil made it possible to increase the sales of ScanCom Brazil, with the increase in exports, both for supplying the ScanCom group and for third parties, with a better use and dedication of the team in Brazil and our partners, as well as the generation of a number of job opportunities to meet the demand for wood. ScanCom is attentive to the needs of the market and has been working on developing and prospecting new customers, as well as maintaining existing clients. With regard to securing new customers, ScanCom has been working with international market analysis and customer search tools to maximize the utilization of its productive forces. By acting this way, ScanCom reaffirms its position in doing business in the right way, ensuring advantages not only for itself but for its customers, suppliers, and employees.
Another important point to highlight is the implementation of an internal processing plant in Telêmaco Borba, which has already started its activities in order to reach new customers and markets not yet served by ScanCom Brazil. With this new processing plant, it has become possible to develop new products and follow international quality standards. Such standards are the guarantee that the products are produced meeting high quality requirements. This demonstrates the sensitivity of ScanCom to the needs, and the effort to always offer the best product and quality, through innovation and continuous improvement of its production process. The company is presently seeking to improve its processing procedures, reduction of costs, innovation and increase of operational efficiency to be able to leverage the unit. Along with this, the company is passing through a period of revitalization of its areas so as to improve working conditions of our employees. From the social point of view, ScanCom collaborates with the development of its employees and with the community within professional training; we maintain a partnership with SESI/ SENAI through the FIEP system (Federação de Indústrias do Estado do Parana), which
is the main entity representing the industries of the state of Parana. In order to contribute in a meaningful manner to society, ScanCom has awarded scholarships to disadvantaged young people, where they are welcomed by the institution and complete high school together with a vocational training course. In this way, they complete this phase of their life qualified for the job market. Thus, Scancom contributes to society and transforms the lives of young people from the city of Telemaco Borba through education. Another great concern of the company is its responsibility with the environment and we constantly seek to reduce the impacts caused by the operation. Therefore, our policy is that we make full use of the materials used in the production process; the leftovers of logs are used in the generation of energy, whether internally or externally in the company. Other leftover materials are sent for recycling, through an i-house selection. Also, we implement constant consumption reduction policies in areas such as energy and water, as well as in regard to other materials applied in our production processes. Scancom
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A partner you can trust Ultrabulk is one of the leading global dry bulk operators, servicing customers within the MPP, Handy, Supramax and Panamax segments within parceling as well as full cargoes. The core element in Ultrabulk’s business model remains a strong focus on customer relations through a range of long-term partnerships, on cargoes as well as tonnage. Our substantial cargo platform has helped us operate a fleet of around 150 vessels successfully in a very tough market environment. Detailed market surveillance and planning systems also support the business development process, especially in relation to efforts to optimize the balance between cargo contracts and tonnage commitments. Despite the tough market conditions, business in Brazil in 2017 turned out to be a profitable year with substantial amounts of coal fixed to service our steel contracts, including vast amounts of steels to the US and Europe apart from considerable volumes of grains and iron ore.
Business built on partnerships Ultrabulk runs a business platform based on customer needs. Close customers are considered as partners and considerable effort is put into visualizing and meeting their needs. Long-term perspectives drive investments, aimed at building personal relations and cooperations. Resources are allocated to analyzing and improving operation cost efficiency and investments are made on an ongoing basis in port equipment and facilities in order to improve operations and cooperation further and as an integrated part of the long-term business platform. Partnerships with customers are the core of our business. They are supplemented with joint ventures which have been established for the ownership of vessels, as well as cargo handling projects, based on a close cooperation with key custom-
5% Parcel Service 2,318
5% MPP Service 2,051
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2016 Lifting’s 41.95 M/tons
3% Forestry Prod 3% Cement 3% Petcoke 4% Iron Ore
Exposure control Risk management is an integrated part of the business platform. Focus is on strict counterpart control both prior to entering agreements and on a recurring basis. The control systems assist in relation to monitoring developments and ensuring risk is constrained at acceptable pre-defined levels, which are duly aligned with our strategy and commensurate with our financial strength. Especially in these difficult times, Ultrabulk is proud to be able to live up to the commitment to perform as a “Partner you can trust”. We are confident that our ability to live up to this commitment has developed into an increasingly strong attribute, which the industry pays attention to.
Our staff is our greatest asset
Segments and commodities 2016 Trading days (43,723) by segment & area
ers around the globe. Each joint operation plays and will continue to play an important role in our long-term business strategy.
Ultrabulk is an operator with a proven business concept and a dedicated staff geared to pursue long-term partnerships. Our staff is located strategically in eight offices around the world, namely in Copenhagen (Head office), Santiago, Rio de Janeiro, New York, Hamburg, Singapore, Cape Town and Sydney (opening March 2018). The Cape Town office opened in the first half of 2017 and has already proven to provide solid amounts of business and strengthened partnerships.
Our team is focused on servicing customers and providing them with high quality transport solutions. A matrix organized staff and a best in class trade management system enables each team member to propose to customers the right shipping solution irrespective of commodity type, shipment size or geographical considerations. A tailor made and proven risk management system supports the commercial decision-making process and assure a stable platform even during volatile market conditions. We believe that having an international, cross cultural and mixed gender team, stimulate and contribute to an inspirationally working environment that provides a strong foundation for long term mutually constructive relationships with our partners. As technology becomes more advanced and influence the shipping industry even more, the need to invest in education of the staff, ashore as well as at sea, becomes even more essential. Ultrabulk offers first in class training of all employees and continues to improve and update the business platform. Dedicated to protecting the environment In terms of the environment, Ultrabulk is member of the Trident Alliance, a network of shipping companies and other stakeholders with a shared interest in robust and transparent enforcement of reduction of sulfur emissions. Furthermore, Ultrabulkâ€™s policy is to optimize energy consumption, and thereby minimize fuel consumptions and carbon emissions.
Staff facts and figures
in 1982 and focused on regional handy size activities. Via its acquisition in 2010 of Eitzen Bulk, which was a continuation of the thence East Asiatic Company (EAC) dry bulk activities, it achieved an important strategic goal namely gaining access to two new market segments Supramax and Panamax. The group has a global fleet of about 290 units of which about 70 are fully owned as well as 110 tug boats and fly the Ultranav flag. Throughout the world the Group as-
pire to build and operate the best platform of shipping services and as a partner you can trust, provide efficient and safe transportation services to the mutual benefit of its customers, employees, communities and the environment. Ultrabulk
Part of a large and diversified logistics group Ultrabulk is a member of the Ultranav group which is highly involved in, not only maritime transportation via its diversified shipping companies consisting of gas and chemical carriers, tankers for crude oil and clean petroleum products, bulk carriers, container and multipurpose vessels, but also provides a basket of in-land logistics solutions. Additionally, the group invests in ports, mines, power plants, forests amongst others. You can read more on www.ultrabulk.com or www.ultranav.cl. Ultrabulk A/S is wholly owned by Ultranav, which is the shipowning and operating arm of the Ultramar Group of Chile. The original Ultrabulk Company was founded
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VIKING offshore evacuation system
VIKING Brazil stands out in maritime safety
Brazil’s offshore sector is buzzing with foreign investments, with new exploration rounds intensifying drilling activities at a wide variety of locations. In this climate, and despite the political and social turmoil faced by the country, business is booming for the local subsidiary of Danish-based lifesaving equipment manufacturer and service provider VIKING Life-Saving Equipment. “2018 is going to be a very good year, helped along by the fact that we are about to start delivering some of the very large orders for new safety equipment that VIKING won during the past 12 months,” says country manager Egidio.
Efficiency in front With offshore as the focal point of the Brazilian market for maritime safety equipment and safety servicing, VIKING Brazil has been quick to tailor its offers to suit the sector’s demands. As the financial and oil crises began to make themselves felt, VIKING saw an opportunity to step in as a business partner and help procurement departments make savings, not just on prices but also in terms of reducing complexity. The company was able to demonstrate that it could deliver products and servicing on time in an even more efficient manner –
thus getting renewed attention from its offshore customers who were, and still are, facing significant pressure. “From day one, you might say, we’ve been focused on listening to and understanding the needs of large offshore players when it comes to safety compliance,” says Egidio. “And it has certainly paid off. Today, we are the clear leader within safety equipment in the offshore business here, and we’re still gaining market share.”
Strong presence The VIKING subsidiary in Rio de Janeiro, Brazil was established in 2009 – and Egidio took over the reins toward the end of 2013. An experienced manager with a lengthy maritime background that includes positions at Wilson Sons, Maersk Supply and Maersk Line, Egidio has a degree in Nautical Sciences and postgraduate studies in Environmental Safety. In addition to its headquarters in Rio de Janeiro, VIKING Brazil also operates two company-owned service stations, one located in São Goncalo, the other in Santos seaport in Sao Paulo state. Together, these stations take care of most servicing work, while partner service stations at Itajai in Santa Catarina and the Port of Recife in Estancia, respectively, provide additional capacity. Lifeboat Service, Hook Retrofit
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A significant customer for VIKING locally, and the main offshore contractor, is Petrobras (Brazilian Petroleum Corporation), a semi-public multinational corporation that is also headquartered in Rio.
Extended service intervals Recently, the Brazilian subsidiary has stepped up activities around its VIKING S30 liferafts. With their extended service intervals, these rafts provide welcome relief for offshore asset owners struggling to implement cost-efficiencies without compromising safety, while having to deal with waves of logistics and paperwork at the same time. VIKING S30 liferafts allow servicing intervals to be extended from annual up to 30 months - without compromising safety readiness or compliance. They’re serviced using a combination of annual on-board inspections, performed by certified crew, and standard land-based service at 30 months via a certified S30 liferaft servicing station. While for some, this may seem revolutionary, such liferafts are commonplace in many of VIKING’s other geographic markets. By 2016, in fact, the company had already delivered some 5,000 units, making it the largest provider of liferafts with extended service intervals in the world. Today, that number has more than doubled, spurred by the quickly growing popularity of the prod-
ucts and their gradual acceptance by the majority of flag states. Egidio sees the VIKING S30 as a potential life-saver for customers battling administrative processes: “In Brazil, there’s a lot of bureaucracy, affecting all the back office tasks both from our side and customer’s side. Providing a longer interval between servicing is, therefore, quite a saving.”
Continued growth The future holds the promise of continued growth for VIKING Brazil. FPSO (floating production storage and offloading) vessels are already driving demand for safety equipment and related services, with the size of individual orders growing month by month. Here, too, VIKING is well-positioned to handle the special requirements of such volumes.
“As a company we’re a tightly run ship, you might say,” says Egidio. “So we’re able to cope with larger orders – and we have the resources in place or being built to handle the accompanying servicing load. That’s crucial, of course, in an industry where production downtime due to safety compliance issues can quickly run into millions of dollars!” “We have also been re-engineering our organization over the past few years to work smarter and more efficiently. Today, just 20 VIKING employees are located in downtown Rio de Janeiro but, thanks to state-ofthe-art information systems, for example, they’re capable of handling an impressive number of daily tasks.”
Offshore anti-exposure suit
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Specialized planners Three specialized service planners are on hand to deal with the safety equipment company’s global and local customers, smoothly handling the ins and outs of local logistics. They’re aided by significant investments made by the company in an advanced service booking system, unparalleled in the safety servicing industry. The system enables planners to seamlessly deal with the entire supply chain from port authorities and local agents to the final customer.
Mini global community The Brazilian maritime industry is also characterized by an unusually large proportion of multinational companies and their staff. “We have a lot of global customers to serve, as well as Brazilian ones,” comments Egidio. “They are customers from places such as the USA, Germany and Scandinavia, for example, and they’re conducting business in container vessels and tankers, and in the offshore drilling or surveying markets. With so many foreign nationals working here, you have to take both local aspects into consideration and the global perspective when talking to customers.”
A key part of that global perspective is enabled by the company’s VIKING Ship Owner Agreements and VIKING Offshore Safety Agreements, which can extend blanket coverage of equipment procurement and servicing in a variety of fixed-price structures. Such agreements are a sure-fire winner in a marketplace where ease of administration and high efficiency are alpha and omega. And large, international customers such as Norway’s Statoil, local giants such as Petrobras, as well as a host of smaller operators have signed up for them. “In Brazil, we serve global accounts who have signed, for example, a worldwide VIKING Ship Owner Agreement. And we also take care of locally signed agreements such as our Liferaft Exchange offering, where customers exchange liferafts needing servicing with pre-serviced, packaged products in a single transaction that minimizes logistics and removes the risk of downtime due to safety compliance gaps.”
Widest product range With the widest product portfolio of any safety equipment provider (over 30,000 SKUs), VIKING has plenty to offer its customers. Highlights include an unusually strong lifeboat offering, with the popular –
Fernando Egídio, Brasil Country Manager and extremely safe – VIKING Nadiro lifeboat release and retrieval systems leading the pack. Such is the demand for 360-degree lifeboat supply and servicing that the company expects to open a dedicated lifeboat servicing station to supplement its Brazilian operations. And there’s intense interest, too, in Ocenco EEBDs (Emergency Escape Breathing Device) with their 15-year service interval and maintenance-free design. VIKING Brazil is a success story that is showing no signs of slowing down – and that’s good news both for the company’s local and global customers. Viking Brasil
Team VIKING Brazil
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A Dinarmarca Real Escaneie aqui... E experiencie mais da Dinamarca
BEM-VINDO á Dinamarca - nosso pequeno e moderno país, rico em sua tradição, história, herança e cultura VisitDenmark.com
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Monday 18th Jun
Thursday 14th June Group A Luzhniki Stadium Moscow
Group B Saint Petersburg Stadium St. Petersburg Group B Fisht Stadium Sochi
Group D Spartak Stadium Moscow Group C Mordovia Arena Saransk Group D Kaliningrad Stadium Kaliningrad
Group F Luzhniki Stadium Moscow Group E Rostov Arena Rostov-On-Don
Group G Fisht Stadium Sochi
Tuesday 19th June Group H Spartak Stadium Moscow
Group H Mordovia Arena Saransk
Group A Saint Petersburg Stadium St. Petersburg
Wednesday 20th June
Group B Luzhniki Stadium Moscow
Group A Rostov Arena Rostov-On-Don
Group B Kazan Arena Kazan
Thursday 21st June
Sunday 17th June Group E Samara Arena Samara
Saturday 16th Jun Group C Kazan Arena Kazan
Group G Volgograd Arena Volgograd
Friday 15th June Group A Ekaterinburg Arena Ekaterinburg
Group F Nizhny Novgorod Stadium Nizhny Novgorod
Group C Ekaterinburg Arena Ekaterinburg
Group D Nizhny Novgorod Stadium Argentina Nizhny Novgorod
Group C Samara Arena Samara
Friday 22nd June Group E Saint Petersburg Stadium St. Petersburg Group D Volgograd Arena Volgograd Group E Kaliningrad Stadium Kaliningrad
Tuesday 26th June Group C Luzhniki Stadium Moscow
Group C Fisht Stadium Sochi
Group D Rostov Arena Rostov-On-Don
Group D Saint Petersburg Stadium St. Petersburg
Saturday 23rd June Group G Spartak Stadium Moscow Group F Fisht Stadium Sochi Group F Rostov Arena Rostov-On-Don
Sunday 24 June
Group H Ekaterinburg Arena Ekaterinburg Group H Kazan Arena Kazan
Group A Samara Arena Samara Group B Kaliningrad Stadium Kaliningrad Group B Mordovia Arena Saransk
Group E Nizhny Novgorod Stadium Switzerland Nizhny Novgorod
Group E Spartak Stadium Moscow
Thursday 28th June Monday 25th June
Group A Volgograd Arena Volgograd
Group F Kazan Arena Kazan Group F Ekaterinburg Arena Ekaterinburg
Group G Nizhny Novgorod Stadium Nizhny Novgorod
Wednesday 27th June
Group H Volgograd Arena Volgograd
Group H Samara Arena Samara Group G Kaliningrad Stadium Kaliningrad
Group G Mordovia Arena Saransk
Denmark Matches - Group C JUN 16th 2018 Mordovia Arena - Saransk JUN 21st 2018 Samara Arena - Samara
JUN 26th 2018 Luzhniki Stadium - Moscow
Caroline Wozniacki named the most influential female athlete in the World
Caroline Wozniacki has become the first athlete to appear in the top 10 of the annual Forbes list of the world’s most powerful women in international sports. AMD
Caroline Wozniacki wins Australian Open Caroline Wozniacki beat Simona Halep 7-6 (2), 3-6, 6-4 in the Australian Open final to win her first grand slam title. She becomes the first Danish grand
slam winner and following the result regained the title of the world’s No 1 female tennis player. AMD
TOP TEN WTA 2018 Women’s Tennis Rankings Rank
Caroline Wozniacki 6790
Source: WTA - 9th May 2018
Christinna Pedersen & Kamilla Rytter Juhl win All England Open Womenâ€™s Doubles Championship
Christinna Pedersen and Kamilla Rytter Juhl from Denmark won the 2018 All England Open Womenâ€™s Doubles title in Badminton for the first time. In the final, they beat Yuki Fukushima and Sayaka Hirota from Japan 21-19, 21-18. JOL
Danish cyclist Michael Valgren
wins Amstel Gold Race 2018
Denmark’s imports and export numbers to Brazil improved in 2017 Million US$
Danish export to Brazil went up with 15.1% in 2017 compared to 2016, while imports from Brazil went up with 22.1%. JOL
Brazilian-Review May-Aug 2018 published since 1985 Editor Jens Olesen Rua General Almerio de Moura, 780 05690-080, São Paulo-SP Tel.: (+55 11) 3758-2101 Fax: (+55 11) 3758-5986 Website: http://www.danchamb.com.br E-mail: email@example.com
The Board President Jens Olesen First Vice-President Jesper Rhode Andersen Second Vice-President Antonio Dominguez (Maersk) Finance Director Per Lerdrup Olsen (DI) Legal Director Dr. Renato Pacheco General Manager Anders Munroe Kjersem
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Francisco Davos (FLSmidth), Kjeld Roslyng Jensen (CAIC), Marcos Pohlmann (Widex), Willy Lehmann Andersen Jr. (Danflow), Andrzej Popkowski (Novo Nordisk), David Stroo (Chr. Hansen), Pedro Luiz Fernandes (Novozymes) Renato Silveira Majarao (Danfoss), Rogerio Zampronha (Vestas), Waldomiro Modena Filho (ISS), Josiel Florenzano (Lundbeck), Sandra Salobral (GN Resound), Haig Yeghiaian (Leo Pharma), Christian Maxe Petersen (LEGO), Santiago Caratini (Coloplast), Juan Jose Garcia Chiesa (Grundfos), Durival Teixeira Pitta Junior (Hempel), Jan Lomholdt (Inventure Management), Gustavo Silva (DSV), Graziella Veiga Falotico (Pandora), Mads Giltrup, Dimitrius Damalgo (AVK), Rogério Marinho (Nilfisk-Advance), Thomas Bülow (APM Terminals), Erik Christensen (GPS), Ole Broch Nielsen (Nordica), Rachel Maia.
Rio de Janeiro, Jan Lomholdt, Inventure Management Paraná, Pedro Luiz Fernandes, Novozymes, Curitiba Rio Grande do Sul, Frank Woodhead, Porto Alegre Pernambuco, Socorro Maia Gomes, Recife Assistant Sonia Pereira Translations between Danish, English and Portuguese Brasseriet, Lisbeth Jarl Jørgensen & Anita H. Thomsen Luciano Graphic Production and Desktop Publishing Nobreart Comunicação Ltda. (11) 98492-0040 Print Referência Gráfica (11) 2065-0763 Brazilian Review is a publication of the DanishBrazilian Chamber of Commerce. The opinions expressed in this publication are those of the authors or persons interviewed and do not necessarily reflect the views of the editors or the Chamber. Reproduction of any kind of material from this magazine is not allowed without written permission from the Danish-Brazilian Chamber of Commerce.
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