Global Trade Alert

On 9 April 2015, the Brazilian Development Bank (BNDES) announced to increase the equity of Rocha Terminais Portuários e Logística S/A with a subscription of ordinary shares worth 200 million real (USD 65.47 million). The company, which is one of the main independent national operators in the sector of port logistics, will benefit from a direct minority participation by BNDESPAR, the investment arm of BNDES. The financial contribution is in line with the government policy of developing the country's economy and global competitiveness by overhauling its infrastructure.
 
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.