brazil mesp
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MESP analysisTRANSCRIPT
Market Entry Strategy Project
AVE Brazil
Prepared by:Yasmin Hegazzy Tamer Shqerat
Jared GeaseJuan Casares
Prepared for:International Business 200
Paolo Saona HoffmannSaint Louis University
4/9/14
Basic Information:
The official name of Brazil is the Federative Republic of Brazil.
The capital of Brazil is Brasilia.
The official language in Brazil is Portuguese.
A citizen of Brazil is properly referred to as a Brazilian.
Products or materials from Brazil are referred to as Brazilian in origin.
Demographics:
The population of Brazil is 201,032,714
The population of Brazil is growing at a rate of 0.9% annual change
The median age of the population of Brazil is 30.5 years
The population pyramid (age structure) of Brazil is as follows:0-14: 24.2%15-24: 16.7%25-54: 43.6%55-64: 8.2%65 years and over: 7.3%
The population (in percentage) that each ethnic group comprises in Brazil is:White: 47.73%Pardo: 43.13%Black: 7.61%Asian: 1.09%Amerindian: 0.43%
The urban composition of Brazil is 15.4% (30,278,580 People) of total population
The rural composition of Brazil is 84.6% (166,376,400 People) of total population
The population living in poverty (<$2) in Brazil comprises 21.4%
The population living below the poverty line (<$1.25) in Brazil comprises 5.5%
The life expectancy for residents of Brazil is 73.02 years
The fertility rate for women in Brazil is 1.81 children born/women
Market Intelligence Report: Brazil
The infant mortality rate of Brazil is 19.83 deaths/1,000 live births
Geography:
Brazil occupies 8,514,876.599 km2 along the eastern coast of South America.
Brazil spans three time zones: UTC-4: Western statesUTC-3: Eastern statesUTC-2: Atlantic islands
Brazil shares borders with: Uruguay, Argentina, Paraguay, Bolivia, Peru, Colombia, Venezuela, Guyana, Suriname and French Guiana
Brazil has 7,491 kilometers of coastline
The largest cities in Brazil, by population, are:Sao Paulo: 11,244,369Rio de Janeiro: 6,323,037Salvador: 2,676,606Brasilia: 2,562,963Fortaleza: 2,551,806Belo Horizonte: 2,551,806
Brazil has 14 cities with over 1 million inhabitants
Climate:
The climate of Brazil is mostly tropical
Brazil hosts 5 major climatic subtypes: Equatorial, Tropical, Semiarid, Temperate, and Subtropical
Temperatures average range from 22-26ºC
Rainfall in Brazil is seasonal
Government:
Brazil gained its independence from Portugal the 7th of September 1822
Brazil is a Federal Presidential Constitutional Republic:President: Dilma RouseffVice Presiden: Michel TemerPresident of the Chamber of Deputies: Henrique Eduardo AlvesPresident of the Senate: Renan CalheirosPresident of the Federal Supreme Court: Joaquim Barbosa
The National Congress is composed of:Upper house: Federal Senate
Lower house: Chamber of Deputies
Brazil is composed of the States, the Municipalities and the Federal District
The Federation is set on five fundamental principles:SovereigntyCitizenshipDignity of human beingsThe social values of labor and freedom of enterprisePolitical pluralism
Economics:
The gross domestic product (GDP) of Brazil is $2.422 trillion
The GDP of Brazil is growing 2.5% as of 2014
The GDP per capita of Brazil is $12,528
The GDP of Brazil is drawn proportionally from: Agriculture: 5.5%Industry: 26.4%Services: 68.1%
The Gini Coefficient of Brazil is 51.9 (high)
The Human Development Index (HDI) is 0.730 (high)
The working force in Brazil is 107.3 million
The unemployment rate in Brazil is 5.7%The inflation rate of Brazil is 6.2%
The major trading partners of Brazil are: China, USA, Argentina, Germany, the Netherlands, and South Korea
The total value of exports from Brazil is $244.8 billion and the total value of imports into Brazil is $241.4 billion
The major exports commodities of Brazil are: transport equipment, iron ore, soybeans, footwear, coffee, and autos
The major import commodities of Brazil are: machinery, electrical and transport equipment, chemical products, oil, automotive parts, and electronics.
The primary natural resources of Brazil are: bauxite, gold, iron ore, manganese, nickel, phosphates, platinum, tin, rare earth elements, uranium, petroleum, hydropower, and timber
The major industries of Brazil are: textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment
The major primary agricultural products of Brazil are: coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus, and beef
The external debt of Brazil is $475.9 billion
The exchange rate of Brazil is: 2.153 Reals (BRL) per US dollar
Physical Infrastructure:
There are 1,580,964 km of roadways in Brazil (ranks 4th in the world) with only 212,798 km of them paved.
Brazil has a total of 4,093 airports, however, only 698 of those airports have paved runways.
Brazil has a total of 28,538 km of railways, ranking 10 th in the country comparison to the world.
Brazil has 50,000 km of waterways
Brazil has 7 major seaports and 1 major river port: Belem, Paranagua, Rio Grande, Rio de Janeiro, Santos, Sao Sebastiao, Tubarao; and Manaus.
World Economic Forum (2014) Overall Infrastructure- Brazil is rated 114th out of 142 countries
World Economic Forum (2011) Road Quality- 118th
Railroad Quality- 91st
Port Development- 130th
Air Transport Infrastructure- 122nd
Available Airline Seat (Kilometers)- 9thQuality of Electric Supply- 69th
Fixed Telephone Lines- 57th
Mobile Telephone Subscription- 66th
Communications Infrastructure:
There are 44.3 million main telephone lines in use in Brazil
Brazil has 248.234 million mobile cellular lines
Brazil has 26.577 million Internet hosts and its country code is .br
There are 75.982 million Internet users in Brazil.
1. Analysis: Team Rating of Brazil´s attractiveness: The team decided to rate the
four factors that it deemed most important in relation to the product they are
trying to introduce (demographics, government, physical infrastructure, and
economy). They chose to rate the factors in a scale from 1 to 5, selecting a
number that reflected their perceived attractiveness of the country after
analyzing the information presented in the MIR, 1 being “very attractive,” and 5
being “not attractive.”
1.1. Demographics: 1
Total Population: 201,032,714
Population Growth Rate: 0.9% annually
Age Structure:
0-14: 24.2%
15-24: 16.7%
25-54: 43.6%
55-64: 8.2%
65 years and over: 7.3%
Middle Class size: 49.2% of total population
Urban/rural composition: 84.6 and 15.4 respectively
1.2. Government: 3
Government Stability: Brazil is a stable country ruled under a democratic
political system. This system has allowed international and domestic
markets to maintain confidence in Brazil.
Economic Freedom: Scores 56.9. Under the world ranking, this is
considered a moderately free economy, however it is very close to the
status of: “mostly unfree.” This has discouraged private-sector growth.
Openness to FDI: In Brazil the transfer of funds must comply with the
regulations published by the RMCCCI; where proper registration is
Business Environment Analysis Report
needed so that both interests on profit and dividends can be transferred
easily between both countries (“Avellaneda, Doing Business”). This
registration is not obligatory but recommended and it is done with the
BCB in the RDE-IED electronic system (“Avellaneda, Doing Business”).
The failure of this registration may generate unregistered foreign capital
and that could hinder the import-export process in later phases of a
company’s project (“Avellaneda, Doing Business”). As of 2000, new
laws made many equal laws for both forging investors and Brazilians
however, to get registered as a company in Brazil, a foreign company
must first be fully registered in the BCB (“Avellaneda, Doing
Business”).
Legal System and Currency Convertibility: Although in the past Brazil
had strict border controls, since 2005, foreign companies have been
getting facilitations with their cross border transactions (“Avellaneda,
Doing Business”). There were two official foreign exchange markets
operating at floating exchange rates; post liberalization on March 2005
the BCB, which is the Financial Operations Registry, made a new
foreign exchange rate, under Resolution 3,265/05 and Circular 3,280/05
(“Avellaneda, Doing Business”). The new legislation grouped together
the “free exchange rate market (“Mercado de Câmbio de Taxas Livres”,
floating exchange rate market (“Mercado de Câmbio de Taxas
Flutuantes”) and the transactions known as International Transfer of
Reais” (“Avellaneda, Doing Business”). This allows the purchase of
foreign currency without direct BCB approval. Cross border transfer of
currencies is allowed but appropriate documentation needs to be
registered (“Avellaneda, Doing Business”). However if a company were
to externally finance imports for a period of time over a year, it must be
registered by the BCB (“Avellaneda, Doing Business”). The transfer of
invisible transactions such as management fees and personal home
remittances are regulated; and the transfer of Reais is legal but the funds
need to be documented and have a legal origin (“Avellaneda, Doing
Business”). It should be noted that the international transfer of Reais is
permitted and legal, provided the funds also have a legal origin
(“Avellaneda, Doing Business”). That being said, since Brazil
implemented the Brasil Maior (“Greater Brazil”), there has been a rise in
trade protections, like increased tariffs and local content requirements
(“Chapter 5: Trade Regulations”). This is why it is best to find Brazilian
partners, for example ALL; to reduce tariff and non-tariff barriers
(“Chapter 5: Trade Regulations”).
1.3. Physical Infrastructure: 2
Roads and highways: Roads are the primary method of
transportation in Brazil, this applies to both passenger and freight
usage. Of the 1.58 million kilometers of highway in Brazil only
212,798 kilometers were paved. This is one of the largest highway
systems in the world, but much of it is faulty, particularly in lesser-
developed regions. Money is pouring into this sector.
Railways: Railways are less prevalent with only 28,538 kilometers
of tracks, often this number declines due to lack of maintenance.
The tracks that exist are owned both publicly and privately, with
four main rail gauges. They compose less then a quarter of freight
movement (perhaps this 25% is exaggerated)
Airports: Airways are the most efficient form of transportation in
Brazil. There are 4,093 airports as of 2013. There are only 13
official heliports in Brazil.
Navigable Waterways and Ports: There are 50,000 km of
waterways in Brazil, however, most are located in areas remote
from industry and population. The major seaports are Belem,
Paranagua, Rio Grande, Rio de Janeiro, Santos, Sao Sebastiao, and
Tubarao. The major river port is Manaus.
1.4. Economics: 2
GDP Growth Rate: 1.9% annually
GDP per capita: $12,528
Consumer Inflation Rate: 6.2%
Trade as share of GDP: 21.1%
Potential Market: According to a study conducted by MSU-IBC
(Michigan State University), Brazil has a potential market index of 60
(scale from 0-100), which is pretty high for an emerging market.
Furthermore, Brazil is part of the five major emerging national
economies known as the BRICS.
2. Analysis:
2.1. Demographics:
Brazil has one of the largest populations in the world. Most of the
population is found within the 25-54 years age group and the growth rate
is very stable with less than 1% per year. The urban composition of
Brazils population is very high. With a workforce of over 50 percent of
the population and a middle class of close to 50% percent of the
population, Brazil poses a very attractive demographic market. Because
of this, the team rated the demographic market with a 1 (very attractive).
2.2. Government:
Brazil has a very stable political system and is open to foreign
investment. The government has adopted effective macroeconomic
policies over the last few years, resulting in improved productivity,
positive balance of trade, controlled inflation, and a stable currency. As a
result, Brazilian economy has remained stable. However, Brazil still has
moderately free economic freedom and a high degree of corruption. The
legal system and currency exchange system are full of flaws. Companies
are encouraged to find local partners in order to reduce tariffs and non-
tariff barriers.
2.3. Physical Infrastructure
Brazil has a large dependency on road transportation, which is
considered an expensive and uncompetitive method of goods and
personal transportation. Furthermore, the road system is very faulty
because the majority of the roads are not paved. For this reason, the
Brazilian market for other forms of transportation is growing. Air
transportation is still very expensive in the region and water
transportation is outdated. Therefore, the market for railroads is
swiftly gaining importance. Currently, there are only about 28,000
km of railroads. For this reasons, the team rated the physical
infrastructure market “quite attractive” (2).
2.4. Economics:
Brazil has quite a high potential market index according to the Michigan
State University. It is also considered one of the biggest emerging
markets. The GDP growth rate is stable and the consumer inflation rate is
quite low at a 6.2%. The human development index (HDI) of Brazil is
quite high and the unemployment rate quite low (5.7%). In spite of all of
these advantages, Brazil still has a very high percentage of the population
living in poverty (21%). For this reason, the team rates Brazil’s economic
attractiveness with a 2 (quite attractive) rather than a 1 (very attractive).
Nevertheless, it presents very good investment opportunities for foreign
businesses.
3. Global Attractiveness Rating for Brazil: The team decided to rate the 4 most
important factors concerning the product it attempts to introduce (AVE-Brazil)
which were demographics, government, physical infrastructure and economics.
Brazil averages a 2 in the team’s global attractiveness rating scale (1-5).
Therefore it is a quite an attractive market for investment.
3.1. Holistic Assessment: The team is satisfied with the overall “global
attractiveness rating” it has conducted for Brazil. For this reason, the team
wouldn’t change any portion of its analysis. Brazil, despite its economic
inequality or mild political corruption, is growing at a stable rate. It has a very
large middle class that is still growing. It is considered one of the most important
emerging markets in the world. For this reasons, the team believes that Brazil
deserves the rating they’ve come up with and that it is very representative. Brazil
is quite an attractive country for investment.
3.2. Key Factors to Watch: The three key factors that a company looking to do
business in Brazil should monitor are the government, the economy, and the
infrastructures. To be more precise, the team believes that companies should be
careful with political corruption, poverty, and a flawed roadway system.
Certain political factions of Brazil are very prone to corruption. Bribery exists on
many different levels, from avoiding traffic tickets to weapon sales in favelas.
Kickbacks are often determinants of contract receivers, regardless of merit or
effectiveness. Foreign investment can be deterred due to this level of corruption.
Poverty is a big setback to Brazil’s otherwise flourishing economy. According to
the CIA fact book, Brazil has over 20% of its population living in poverty.
Companies planning to invest in Brazil have to take this number into
consideration because it has a lot of consequences, for example, inequality and
criminality.
Brazil’s flawed roadways can also be problematic for businesses investing in this
country. The transportation of materials from one area to another may be tougher
than expected. For this reason, businesses have to take these factors into
consideration.
3.3. Short-Term Assessment: The team believes that that business environment
nowadays is not bad and that it will continue to improve because Brazil is a
major emerging economy. Brazil has a huge population and massive workforce.
The unemployment rate is relatively low, but most importantly; the middle class
is growing at a very fast rate. Furthermore, the government is currently fighting
against corruption and poverty. Both of these levels are steadily going down.
Bearing in mind all these factors, Brazil´s economy is bound to grow in the
following months and years, improving the business environment as a result.
3.4. Long-Term Assessment: For the same reasons mentioned above, the team
believes that Brazil’s business environment will continue to improve over the
coming decade.
Market Entry Strategy Analysis (MESA)
1. Operations
The largest and most important cities of Brazil are located on the countries eastern coast,
particularly, the areas labeled as Southeast, South and Northeast in the map above. These
areas include cities such as Sao Paulo, Rio de Janeiro, and Salvador du Bahia amongst
others. These are the cities with the highest population density of Brazil and the cities where
most of the country’s economic activity takes place. Brasilia, the capital of Brazil, is located
in the Federal District in the Center-West region of the country. It is the most important
city of the region, however, it is located very close to the Southeast region, the most
economically active region of the country.
Being that Brazil is a country with an immense landmass, transportation infrastructures are
primordial. As mentioned in the MIR, Brazil has many infrastructures, including airports,
trains, subways, and bus systems, among others. However, Brazil lacks high speed railways
and of course, high speed trains. Its 4 most important regions are, thus, only connected via
slower train systems and less practical air routes. The AVE-Brazil project attempts to unify
those regions by bringing people together at lower costs and in less time. Therefore this
project will be composed of two major railways, one passing through the major cities of the
South, the Southeast, and the Northeast regions, and the other connecting Sao Paulo,
Brazil’s largest city, with Brasilia, the capital of the country. The first railway (North-South
Connect) will start in Brazils southernmost biggest city, Porto Allegro in Rio Grande do
Sol, pass through Sao Paulo and Rio du Janeiro, and end in Fortaleza, Brazil´s northernmost
biggest city. Trains will go in both directions irrespectively. The second railway, linking
Sao Paulo and Brasilia (Capital Rail), will also be connected to the North-South Rail. In
doing so, this project attempts to bring Brazil´s most active regions together faster, safer
and cheaper.
According to Swiss Global Enterprises, a renowned investing center, producing rail
equipment will add to Brazil’s industries. There is also a significant foreign interest from an
investment perspective. There are not currently many local content requirements or tariff
threats, but these are likely to occur in order to maintain an inter-country production.
They use the tariff code used commonly by the Mercosur Common Tariff Code shared by
Brazil, Argentina, Uruguay and Paraguay. Materials would likely come through this
Mercosur block.
Main imports for railway products include the following in (US$)
-Railway and tramway locomotives and parts therein, track fixtures and
fittings, as well as signaling equipment- 260 million
-Other rail locomotives- 104 million
-Diesel-electric locomotives- 103 million
-Self-propelled coaches- 13 million
-Parts of railway or tramway locomotives- 44 million
-Containers for fluid transport- 12 million
2. Challenges:
The project faces economic and fiscal risks for both, the country of origin and the home
country. However, the risks are greater for the country investing in Brazil because it is still
considered a third world country.
The economic risks for the country of origin, Spain, are quite straightforward. Investing in a
country still considered a third world country is a huge risk for any business. The presence
of poverty in Brazil, according to the MIR is still quite high. Poverty causes political
instability and social unrests. Both of these could halt a project of the magnitude of the
AVE-Brazil because some of the governmental money would be used to fund it. This would
imply some cuts in public spending, which usually affects more the poor than the rich.
Furthermore, in Brazil there is a lack of skilled laborers in the area of fast speed trains.
There are insufficient domestic savings to fund the whole project and therefore it is heavily
dependent on foreign capital. AVE-Spain is only willing to fund half of the project.
Additionally, Brazil has many infrastructure shortcomings, is exposed to raw materials price
fluctuations, has a considerable public debt and high interest rates, and, most importantly,
has very heavy taxes. Yet, the highest risk for Spain is the prevalence of corruption and
inequalities in Brazil. There is a very low trust in politicians. Contact points within
Brazilian bureaucracy will be essential to help expedite paperwork, licenses, permits, etc.
“According to the World Bank's 2012 annual global report "Doing Business", which
evaluates the ease of starting a business, dealing with construction permits, registering
property, and paying taxes, Brazil ranked 126th this year out of 183 countries.On average,
it takes 13 procedures and 119 days of work to start a business in Brazil.
And construction permits demand an average 17 procedures and 469 days to finally get
authorized.” Partially due to all of this bureaucracy 40% of start up businesses fail before
ever really taking off. Businesses require approval from 12 separate government agencies.
Document and paperwork costs become an expense that must be realized by the company.
The corruption is often enhanced due to the system’s faults. Bribes move paper through the
different systems quickly and can open doors that would otherwise remain legally closed to
new and pre-existing businesses.
AVE will have to choose whether or not it is worth bribery to attain the job against
competitors as well as the expedition of paperwork. If it decides not to, then the process
may take too long. Corruption is a determinant risk factor and one that Ave-Spain is willing
to take for such a big project.
The risks for Brasil are minor because the business is not national. At least half of the
money would come from the outside. Most of the hired workers would be Brazilian and part
of the earnings would go to the government. Risks would therefore be of economical nature
and social nature. Furthermore, there would be some ecological risks because building
certain railways would require minimal deforestation. Nonetheless, trains are the least
polluting form of transportation.
Clearly, the risks for the country investing in Brazil are much higher than the risks for
Brazil simply because Brazil, albeit part of the BRICs, is still a third world country. This is
reflected in the level of poverty, corruption, and inequality. AVE will have to fight against
those risks if it wants this project to be successful.
3. Target Market and Projected Sales:
Ever since 2007, Brazil has been debating weather or not to introduce a high-speed rail in
the country to satisfy the demand for relatively cheap and fast transportation. This project
was cancelled that same year, however, conversations started again in 2010. As of today,
the project is under construction because a study revealed a demand of 33 million
passengers in 2015.
The name of the project is TAV (Trem de Alta Velocidade) and the idea is to connect, at
first, Rio de Janeiro and Sao Paulo, and subsequently connect other important cities such as
Brasilia, Curitiba, and Belo Horizonte. The tickets would cost about 60 dollars on average.
It is budgeted at US$ 9 billion. This project is currently looking for investors because Brazil
doesn’t have enough money to fund the project publicly. This is advantageous for AVE-
Brazil because it has two options. It could partner with TAV Brasil and invest on the
project, or it could compete with it. Both options will be analyzed in other sections.
Nonetheless, according to the study previously mentioned, the market is big enough to
support both projects.
4. Entry Modes
Turnkey Project: If AVE plans to compete for dominance in the train market of Brazil, this
contractual entry mode is its best alternative. AVE would have to look for one big client, for
example, the government, and invest heavily and on the project. It is a very politicized
process and the risks and costs are high. However, firms become more competent, and most
importantly, nations obtain infrastructure from leading companies such as AVE.
Wholly Owned Subsidiary: This is probably the least viable entry option. It is very
expensive and risky, however, if AVE wants to compete for market control with TAV
Brasil, it’s the second best alternative. A wholly owned subsidiary in Brazil would be
entirely owned by AVE. They could either build new from the ground up, or purchase an
existing company such as TAV (its competition).
Joint Venture or Strategic Alliance: AVE could work with other Brazilian companies
involved in the train market. Competing with TAV Brasil is an option, however, partnering
at the start, via alliance or joint venture, could be profitable for the both of the companies
since it would be less costly. AVE would have readily available railways and TAV Brasil
would have the money it needs to complete the project. However, if AVE decides to
compete with TAV, it could partner with other local businesses. For example, Logistica S.A
(“ALL”), which has a total of 12,900 km of railways and is the largest independent logistics
company in Latin America (“The Company”). The second company AVE could work with
is Companhia Paulista de Trens Metropolitanos (“CPTM”). It is from the state of Sao Paulo
and it had about 2.5 million passengers in 2012 and 128 trains operating (“CPTM”). AVE
could also work with a third company, Super Via. In 2012, Super Via imported trains from
China, increasing their numbers to a total of 270 trains and 102 train stations (“Quem
Somos SuperVia”). This company transports about 600 thousand passengers daily and has
transported about 7 million people so far (“Quem Somos SuperVia”).
5. Marketing Campaign
Since the project comprises a huge investment, it does not need to be marketed. The market
is very defined (railway transportation) and the lack of competition (only one competitor)
would make a marketing campaign a waste of money. However, it should target the
government by offering the best price. By doing so, it would be able to compete with the
TAV-Brasil.
6. Final Analysis
AVE has to decide what is best for it. It could partner with TAV Brazil, compete with it, or
simply not invest in this market. All three options have advantages and disadvantages. If
AVE decides to partner with TAV, negotiations should start soon because the project is
already under construction and awaiting international investment. If AVE decides to
compete with TAV Brasil, negotiations with the Brazilian government should start soon
because they are known to be quite resilient to international businesses operating in national
territory. However, this team believes that this option is not viable because it is extremely
expensive and risky, considering there is already a massive project under construction. If
AVE does not want to partner with its prospective competition, this team recommends that
it not enter the market at this moment.
All in all, the team believes that the best option for AVE is to form a joint venture with
TAV Brasil. It would be beneficial for both companies because they would share the costs
and the risks. AVE has much more experience than TAV with bullet trains. Its records are
impeccable and the designs are very successful. By joining, TAV would avoid investing in
train design and it would get the money it needs to complete the project. AVE would also
benefit from this venture because it would enter a new market without necessarily investing
in infrastructures (such as rails and materials) and it would avoid bureaucratic difficulties.
For these and other reasons stated in this report, the team recommends that AVE market its
project in Brazil only if it is willing to merge with its competition.
References (all MIR information comes from CIA):
https://www.cia.gov/library/publications/the-world-factbook/geos/br.html
http://books.google.es/books?id=sS10g63BjdkC&pg=PA475&lpg=PA475&dq=blocked+funds+brazil&source=bl&ots=ekvI4npUgZ&sig=hhaEq6jIUnWXGMQBL6yL3iJbYu8&hl=en&sa=X&ei=SFI-U5bqNYithQeWlIHYAQ&ved=0CDMQ6AEwAQ#v=onepage&q=blocked%20funds%20brazil&f=false
http://www3.weforum.org/docs/GCR2011-12/14.GCR2011-2012DTIIInfrastructure.pdf
http://www.brazil.org.za/brazil-infrastructure.html#.Uz45O2RdWCh
http://www.bnamericas.com/news/privatization/brazils-railway-industry-set-to-produce-rolling-stock-for-us46bn-concessions-plan1
http://www.sge.com/en/filefieldprivate/files/1672/field_blog_public_files/7918
http://elearningmind.com/brazil-corporate-training/
http://ethic-intelligence.com/experts/89-brazil-anti-corruption-trends
http://www.bbc.com/news/business-18020623
Avellaneda, Marco, Carlos Besanson Tuma, and Norberto Caneva. "DOING BUSINESS IN ARGENTINA AND BRAZIL: LEGAL ASPECTS OF FINANCIAL REGULATIONS." Math NYU. NYU, Dec. 2011. Web. 2 Apr. 2014. "Chapter 5: Trade Regulations, Customs and Standards." Export.Gov. N.p., n.d. Web. 2 Apr. 2014."CPTM - Companhia Paulista De Trens Metropolitanos." CPTM - Companhia Paulista De Trens Metropolitanos. N.p., n.d. Web. 02 Apr. 2014. "EUR to BRL Exchange Rate." Bloomberg.com. Bloomberg, 02 Apr. 2014. Web. 02 Apr. 2014."Ferroviário." Portal ANTT. Agência Nacional De Transportes Terrestres, n.d. Web. 02 Apr. 2014. "Quem Somos SuperVia - Trens Urbanos." Quem Somos SuperVia - Trens Urbanos. N.p., n.d. Web. 02 Apr. 2014."Renfe." AVE. RENFE, n.d. Web. 02 Apr. 2014. "The Company." ALL. America Latina Logistica S.A, n.d. Web. 02 Apr. 2014.