Questões do ENEM: Linguagens e Fundação Getulio Vargas (FGV)

Use os filtros para chegar às questões que interessam. Cada resultado abre em uma página própria com enunciado, alternativas e gabarito.

Resultados

424 questões encontradas. Mostrando a página 13 de 22.

  • 60AE8DB3-1B

    Português

    Interpretação de Textos
    FGV · 2015DifícilEntre para guardar nos favoritos

    Para responder a questão, leia o seguinte texto, escrito poucos dias antes do início da última Copa do Mundo.

                                      A tão falada lição

          Passam os anos menos depressa do que dizem, quando dizem que o tempo corre. Passam mais depressa do que se pensa, quando se trata de vivê-los. São 64 anos. Por exemplo, entre este e 1950, ano de muitas agitações.

          Na política, pela volta de Getúlio, se não para redimir-se da ditadura encerrada cinco anos antes, porque ditadura nenhuma tem redenção, para um governo que, mesmo inconcluído, legou ao Brasil os instrumentos que permitiriam fazer o grande país que não foi feito – Petrobras, BNDE, uma infinidade de outros.

          Entre tantas agitações mais, lá estava a Copa do Mundo, a primeira depois da Segunda Guerra Mundial, no maior estádio do mundo, para fazer dos brasileiros os campeões mundiais.

          Nos 64 anos seguintes, Getúlio e seu governo desapareceram sob a dureza das versões degradantes e do getulismo mitológico. A Copa e seu final desastroso satisfizeram-se com explicação única e simples: fora do campo, os excessos da autoglorificação antecipada, com louvações e festejos movidos a políticos, artistas, jornalistas, a publicidade comercial; e, no campo, uma (inexistente) falha do goleiro das cores pátrias.

          Há 64 anos se repete essa ladainha de 50, como símbolo e como advertência. Quem quiser uma ideia melhor da explicação dada a 50, é fácil. Basta uma olhadela nos jornais e na TV, a gente da TV e outras gentes em visita à "concentração", a caçada a jogadores, convidados VIP para ver treinos, lá vai a estatueta ao palácio presidencial, os comandantes Felipão e Parreira são claros: "Nós já estamos com uma mão na taça". Igualzinho. Está nos genes.

                            Janio de Freitas, Folha de S. Paulo, 03/06/2014. Adaptado. 

    A frase que expressa corretamente a opinião do autor sobre os acontecimentos que marcaram o ano de 1950 é:
    Escolha uma alternativa para a questão 60ae8db3-1b
  • 76D5EB4D-AD

    Português

    Concordância verbal, Concordância nominal
    FGV · 2015MédioEntre para guardar nos favoritos
                                   Verão carioca 73

    O carro do sol passeia rodas de incêndio
    sobre os corpos e as mentes, fulminando-os.
    Restam, sob o massacre, esquírolas1 de consciência,
    a implorar, sem esperança, um caneco de sombra.

    As árvores decotadas, alamedas sem árvores.
    O ar é neutro, fixo, e recusa passagem
    às viaturas da brisa. O zinir de besouros buzinas
    ressoa no interior da célula ferida.

    Sobe do negro chão meloso espedaçado
    o súlfur2 dos avernos3 em pescoções de fogo.
    A vida, esse lagarto invisível na loca4 ,
    ou essa rocha ardendo onde a verdura ria?

    O mar abre-se em leque à visita de uns milhares,
    mas, curvados ao peso dessa carga de chamas,
    em mil formas de esforço e pobreza e rotina,
    milhões curtem a maldição do esplêndido verão.

    (Carlos Drummond de Andrade. As impurezas do branco, 2012)

    1esquírolas: lascas, pedacinhos
    2súlfur: enxofre
    3avernos: infernos
    4loca: gruta pequena, local sob algo

    Assinale a alternativa em que os versos da primeira estrofe estão reescritos de acordo com a norma-padrão de concordância nominal e verbal.
    Escolha uma alternativa para a questão 76d5eb4d-ad
  • 76CFE519-AD

    Português

    Figuras de Linguagem
    FGV · 2015MédioEntre para guardar nos favoritos
                                   Verão carioca 73

    O carro do sol passeia rodas de incêndio
    sobre os corpos e as mentes, fulminando-os.
    Restam, sob o massacre, esquírolas1 de consciência,
    a implorar, sem esperança, um caneco de sombra.

    As árvores decotadas, alamedas sem árvores.
    O ar é neutro, fixo, e recusa passagem
    às viaturas da brisa. O zinir de besouros buzinas
    ressoa no interior da célula ferida.

    Sobe do negro chão meloso espedaçado
    o súlfur2 dos avernos3 em pescoções de fogo.
    A vida, esse lagarto invisível na loca4 ,
    ou essa rocha ardendo onde a verdura ria?

    O mar abre-se em leque à visita de uns milhares,
    mas, curvados ao peso dessa carga de chamas,
    em mil formas de esforço e pobreza e rotina,
    milhões curtem a maldição do esplêndido verão.

    (Carlos Drummond de Andrade. As impurezas do branco, 2012)

    1esquírolas: lascas, pedacinhos
    2súlfur: enxofre
    3avernos: infernos
    4loca: gruta pequena, local sob algo

    Considere as definições:

    Metáfora é a figura de linguagem que consiste no emprego de uma palavra com sentido que não lhe é comum ou próprio, sendo esse novo sentido resultante de uma relação de semelhança, de intersecção entre dois termos.

    Personificação ou prosopopeia é a figura de linguagem que consiste em atribuir linguagem, sentimentos e ações próprios dos seres humanos a seres inanimados ou irracionais.

    Aliteração é a repetição constante de um mesmo fonema consonantal.

    (William Roberto Cereja e Thereza Cochar Magalhães. Gramática reflexiva, 2005)

    As definições são exemplificadas, respectivamente, com os seguintes versos do poema:

    Escolha uma alternativa para a questão 76cfe519-ad
  • 76C9BBED-AD

    Português

    Interpretação de Textos
    FGV · 2015MédioEntre para guardar nos favoritos
                                   Verão carioca 73

    O carro do sol passeia rodas de incêndio
    sobre os corpos e as mentes, fulminando-os.
    Restam, sob o massacre, esquírolas1 de consciência,
    a implorar, sem esperança, um caneco de sombra.

    As árvores decotadas, alamedas sem árvores.
    O ar é neutro, fixo, e recusa passagem
    às viaturas da brisa. O zinir de besouros buzinas
    ressoa no interior da célula ferida.

    Sobe do negro chão meloso espedaçado
    o súlfur2 dos avernos3 em pescoções de fogo.
    A vida, esse lagarto invisível na loca4 ,
    ou essa rocha ardendo onde a verdura ria?

    O mar abre-se em leque à visita de uns milhares,
    mas, curvados ao peso dessa carga de chamas,
    em mil formas de esforço e pobreza e rotina,
    milhões curtem a maldição do esplêndido verão.

    (Carlos Drummond de Andrade. As impurezas do branco, 2012)

    1esquírolas: lascas, pedacinhos
    2súlfur: enxofre
    3avernos: infernos
    4loca: gruta pequena, local sob algo

    A leitura do poema permite concluir que o verão carioca
    Escolha uma alternativa para a questão 76c9bbed-ad
  • 76C42778-AD

    Português

    Colocação Pronominal
    FGV · 2015MédioEntre para guardar nos favoritos
                       
              O velho Lima

          O velho Lima, que era empregado – empregado antigo – numa das nossas repartições públicas, e morava no Engenho de Dentro, caiu de cama, seriamente enfermo, no dia 14 de novembro de 1889, isto é, na véspera da Proclamação da República dos Estados Unidos do Brasil.
          O doente não considerou a moléstia coisa de cuidado, e tanto assim foi que não quis médico. Entretanto, o velho Lima esteve de molho oito dias.
          O nosso homem tinha o hábito de não ler jornais e, como em casa nada lhe dissessem (porque nada sabiam), ele ignorava completamente que o Império se transformara em República.
          No dia 23, restabelecido e pronto para outra, comprou um bilhete, segundo o seu costume, e tomou lugar no trem, ao lado do comendador Vidal, que o recebeu com estas palavras:
          – Bom dia, cidadão.
          O velho Lima estranhou o cidadão, mas de si para si pensou que o comendador dissera aquilo como poderia ter dito ilustre, e não deu maior importância ao cumprimento, limitando-se a responder:
          – Bom dia, comendador.
          – Qual comendador! Chama-me Vidal! Já não há mais comendadores!
          – Ora essa! Então por quê?
          – A República deu cabo de todas as comendas! Acabaram-se!
          O velho Lima encarou o comendador e calou-se, receoso de não ter compreendido a pilhéria.
          Ao entrar na sua seção, o velho Lima sentou-se e viu que tinham tirado da parede uma velha litografia representando D. Pedro de Alcântara. Como na ocasião passasse um contínuo, perguntou-lhe:
          – Por que tiraram da parede o retrato de Sua Majestade?
          O contínuo respondeu num tom lentamente desdenhoso:
          – Ora, cidadão, que fazia ali a figura do Pedro Banana?
          – Pedro Banana! – repetiu raivoso o velho Lima.
          – Não dou três anos para que isso seja República!

                                                      (Arthur Azevedo. Seleção de contos, 2014)

    Assinale a alternativa em que a passagem está reescrita, de acordo os sentidos do original e com a norma-padrão de emprego e colocação de pronomes.
    Escolha uma alternativa para a questão 76c42778-ad
  • 76BE6BDD-AD

    Português

    Análise sintática
    FGV · 2015FácilEntre para guardar nos favoritos
                       
              O velho Lima

          O velho Lima, que era empregado – empregado antigo – numa das nossas repartições públicas, e morava no Engenho de Dentro, caiu de cama, seriamente enfermo, no dia 14 de novembro de 1889, isto é, na véspera da Proclamação da República dos Estados Unidos do Brasil.
          O doente não considerou a moléstia coisa de cuidado, e tanto assim foi que não quis médico. Entretanto, o velho Lima esteve de molho oito dias.
          O nosso homem tinha o hábito de não ler jornais e, como em casa nada lhe dissessem (porque nada sabiam), ele ignorava completamente que o Império se transformara em República.
          No dia 23, restabelecido e pronto para outra, comprou um bilhete, segundo o seu costume, e tomou lugar no trem, ao lado do comendador Vidal, que o recebeu com estas palavras:
          – Bom dia, cidadão.
          O velho Lima estranhou o cidadão, mas de si para si pensou que o comendador dissera aquilo como poderia ter dito ilustre, e não deu maior importância ao cumprimento, limitando-se a responder:
          – Bom dia, comendador.
          – Qual comendador! Chama-me Vidal! Já não há mais comendadores!
          – Ora essa! Então por quê?
          – A República deu cabo de todas as comendas! Acabaram-se!
          O velho Lima encarou o comendador e calou-se, receoso de não ter compreendido a pilhéria.
          Ao entrar na sua seção, o velho Lima sentou-se e viu que tinham tirado da parede uma velha litografia representando D. Pedro de Alcântara. Como na ocasião passasse um contínuo, perguntou-lhe:
          – Por que tiraram da parede o retrato de Sua Majestade?
          O contínuo respondeu num tom lentamente desdenhoso:
          – Ora, cidadão, que fazia ali a figura do Pedro Banana?
          – Pedro Banana! – repetiu raivoso o velho Lima.
          – Não dou três anos para que isso seja República!

                                                      (Arthur Azevedo. Seleção de contos, 2014)

    Observe os trechos do texto:

    •  ... no dia 14 de novembro de 1889, isto é, na véspera da Proclamação da República dos Estados Unidos do Brasil. (1° parágrafo);

    •  – Ora, cidadão, que fazia ali a figura do Pedro Banana? (15° parágrafo)

    Usam-se as vírgulas nos dois trechos para separar, respectivamente:

    Escolha uma alternativa para a questão 76be6bdd-ad
  • 76B688FF-AD

    Português

    Interpretação de Textos
    FGV · 2015FácilEntre para guardar nos favoritos
                       
              O velho Lima

          O velho Lima, que era empregado – empregado antigo – numa das nossas repartições públicas, e morava no Engenho de Dentro, caiu de cama, seriamente enfermo, no dia 14 de novembro de 1889, isto é, na véspera da Proclamação da República dos Estados Unidos do Brasil.
          O doente não considerou a moléstia coisa de cuidado, e tanto assim foi que não quis médico. Entretanto, o velho Lima esteve de molho oito dias.
          O nosso homem tinha o hábito de não ler jornais e, como em casa nada lhe dissessem (porque nada sabiam), ele ignorava completamente que o Império se transformara em República.
          No dia 23, restabelecido e pronto para outra, comprou um bilhete, segundo o seu costume, e tomou lugar no trem, ao lado do comendador Vidal, que o recebeu com estas palavras:
          – Bom dia, cidadão.
          O velho Lima estranhou o cidadão, mas de si para si pensou que o comendador dissera aquilo como poderia ter dito ilustre, e não deu maior importância ao cumprimento, limitando-se a responder:
          – Bom dia, comendador.
          – Qual comendador! Chama-me Vidal! Já não há mais comendadores!
          – Ora essa! Então por quê?
          – A República deu cabo de todas as comendas! Acabaram-se!
          O velho Lima encarou o comendador e calou-se, receoso de não ter compreendido a pilhéria.
          Ao entrar na sua seção, o velho Lima sentou-se e viu que tinham tirado da parede uma velha litografia representando D. Pedro de Alcântara. Como na ocasião passasse um contínuo, perguntou-lhe:
          – Por que tiraram da parede o retrato de Sua Majestade?
          O contínuo respondeu num tom lentamente desdenhoso:
          – Ora, cidadão, que fazia ali a figura do Pedro Banana?
          – Pedro Banana! – repetiu raivoso o velho Lima.
          – Não dou três anos para que isso seja República!

                                                      (Arthur Azevedo. Seleção de contos, 2014)

    Nas passagens “– A República deu cabo de todas as comendas!” (10°parágrafo), “O velho Lima encarou o comendador...” (11° parágrafo) e “O contínuo respondeu num tom lentamente desdenhoso...” (14° parágrafo), as expressões em destaque significam, respectivamente,
    Escolha uma alternativa para a questão 76b688ff-ad
  • 76B0B71A-AD

    Português

    Interpretação de Textos
    FGV · 2015MédioEntre para guardar nos favoritos
                       
              O velho Lima

          O velho Lima, que era empregado – empregado antigo – numa das nossas repartições públicas, e morava no Engenho de Dentro, caiu de cama, seriamente enfermo, no dia 14 de novembro de 1889, isto é, na véspera da Proclamação da República dos Estados Unidos do Brasil.
          O doente não considerou a moléstia coisa de cuidado, e tanto assim foi que não quis médico. Entretanto, o velho Lima esteve de molho oito dias.
          O nosso homem tinha o hábito de não ler jornais e, como em casa nada lhe dissessem (porque nada sabiam), ele ignorava completamente que o Império se transformara em República.
          No dia 23, restabelecido e pronto para outra, comprou um bilhete, segundo o seu costume, e tomou lugar no trem, ao lado do comendador Vidal, que o recebeu com estas palavras:
          – Bom dia, cidadão.
          O velho Lima estranhou o cidadão, mas de si para si pensou que o comendador dissera aquilo como poderia ter dito ilustre, e não deu maior importância ao cumprimento, limitando-se a responder:
          – Bom dia, comendador.
          – Qual comendador! Chama-me Vidal! Já não há mais comendadores!
          – Ora essa! Então por quê?
          – A República deu cabo de todas as comendas! Acabaram-se!
          O velho Lima encarou o comendador e calou-se, receoso de não ter compreendido a pilhéria.
          Ao entrar na sua seção, o velho Lima sentou-se e viu que tinham tirado da parede uma velha litografia representando D. Pedro de Alcântara. Como na ocasião passasse um contínuo, perguntou-lhe:
          – Por que tiraram da parede o retrato de Sua Majestade?
          O contínuo respondeu num tom lentamente desdenhoso:
          – Ora, cidadão, que fazia ali a figura do Pedro Banana?
          – Pedro Banana! – repetiu raivoso o velho Lima.
          – Não dou três anos para que isso seja República!

                                                      (Arthur Azevedo. Seleção de contos, 2014)

    O lado humorístico do conto decorre do fato de o velho Lima
    Escolha uma alternativa para a questão 76b0b71a-ad
  • 76ABC6A1-AD

    Português

    Crase
    FGV · 2015MédioEntre para guardar nos favoritos
     
        Na virada do século, chegou o euro. Na prática, era como se o marco alemão mudasse de nome para “euro" e passasse a suprir o resto do continente (a maior parte dele, pelo menos). Parecia bom para todas as partes. Os governos dos países menos pibados passariam a receber os impostos dos seus cidadãos em euros, uma moeda garantida pelo PIB alemão. Impostos servem para pagar as dívidas dos governos – além da lagosta dos governantes. E agora os contribuintes pagavam em euros. Resultado: o mercado passou a emprestar para os países bagunçados da Europa a juros baixíssimos.

          Aí choveu euro na periferia da Europa. A economia ali cresceu como nunca, mas os governantes gastaram como sempre. Além disso, não perceberam que seus países eram pequenos demais para suportar o peso de uma moeda forte.

          Com os PIBs dos europobres caindo, a arrecadação deles diminuiu. Menos arrecadação, mais problemas para pagar dívidas. Aí tome mais dinheiro emprestado para ir rolando a pendura, só que agora a juros menos fofos.

    (Superinteressante, agosto de 2015. Adaptado)


    De acordo com a norma-padrão, assinale a alternativa correta quanto à regência e ao uso ou não do acento indicativo da crase.
    Escolha uma alternativa para a questão 76abc6a1-ad
  • 76A69028-AD

    Português

    Interpretação de Textos
    FGV · 2015MédioEntre para guardar nos favoritos
     
        Na virada do século, chegou o euro. Na prática, era como se o marco alemão mudasse de nome para “euro" e passasse a suprir o resto do continente (a maior parte dele, pelo menos). Parecia bom para todas as partes. Os governos dos países menos pibados passariam a receber os impostos dos seus cidadãos em euros, uma moeda garantida pelo PIB alemão. Impostos servem para pagar as dívidas dos governos – além da lagosta dos governantes. E agora os contribuintes pagavam em euros. Resultado: o mercado passou a emprestar para os países bagunçados da Europa a juros baixíssimos.

          Aí choveu euro na periferia da Europa. A economia ali cresceu como nunca, mas os governantes gastaram como sempre. Além disso, não perceberam que seus países eram pequenos demais para suportar o peso de uma moeda forte.

          Com os PIBs dos europobres caindo, a arrecadação deles diminuiu. Menos arrecadação, mais problemas para pagar dívidas. Aí tome mais dinheiro emprestado para ir rolando a pendura, só que agora a juros menos fofos.

    (Superinteressante, agosto de 2015. Adaptado)


    Assinale a alternativa em que a referência ao PIB confere um sentido pejorativo ao enunciado, elaborado de acordo com a norma-padrão.
    Escolha uma alternativa para a questão 76a69028-ad
  • 769AD829-AD

    Português

    Interpretação de Textos
    FGV · 2015DifícilEntre para guardar nos favoritos

    Leia a manchete.

    Bolsa tem maior alta em

    9 meses com a disparada

    de Vale e Petrobras

    Ibovespa subiu 3,65% com China e PIB

    dos EUA; dólar recuou para R$ 3,552

    (Folha de S.Paulo, 28.08.2015. Adaptado)

    No contexto em que está empregada, a expressão “com a disparada de Vale e Petrobras” traduz sentido de

    Escolha uma alternativa para a questão 769ad829-ad
  • 75B4AAA5-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015MédioEntre para guardar nos favoritos
             
                    China has created a monster it can't control

    By Jeremy Warner

          3 Sep 2015 

          When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false" rumours about the stock market and the economy, or otherwise profiting from their travails.
          One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes". Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting" with regulators, and hasn't been heard of since. Her Chinese husband says “she's gone on holiday". We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
          China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn't do what the high command wants it to." When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
          The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage. This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn't noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just" 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
          Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor's and Fitch Rating with market abuse for daring to downgrade Italy's credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
          Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing" other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market", it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
          As recent events have demonstrated, we should not. China's stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
          The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China's factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
          It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country's burgeoning output of graduates. China's modernisation has created a monster which it is struggling to feed.
          As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country's shiny new constructs uneconomic and overburdened with bad debts.
          The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can't do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

                                                                 (http://www.telegraph.co.uk. Adapted)


    The last paragraph leads the reader to conclude that
    Escolha uma alternativa para a questão 75b4aaa5-ad
  • 75AE1EB0-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015DifícilEntre para guardar nos favoritos
             
                    China has created a monster it can't control

    By Jeremy Warner

          3 Sep 2015 

          When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false" rumours about the stock market and the economy, or otherwise profiting from their travails.
          One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes". Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting" with regulators, and hasn't been heard of since. Her Chinese husband says “she's gone on holiday". We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
          China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn't do what the high command wants it to." When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
          The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage. This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn't noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just" 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
          Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor's and Fitch Rating with market abuse for daring to downgrade Italy's credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
          Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing" other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market", it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
          As recent events have demonstrated, we should not. China's stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
          The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China's factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
          It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country's burgeoning output of graduates. China's modernisation has created a monster which it is struggling to feed.
          As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country's shiny new constructs uneconomic and overburdened with bad debts.
          The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can't do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

                                                                 (http://www.telegraph.co.uk. Adapted)


    According to the tenth paragraph,
    Escolha uma alternativa para a questão 75ae1eb0-ad
  • 75A82FF2-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015DifícilEntre para guardar nos favoritos
             
                    China has created a monster it can't control

    By Jeremy Warner

          3 Sep 2015 

          When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false" rumours about the stock market and the economy, or otherwise profiting from their travails.
          One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes". Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting" with regulators, and hasn't been heard of since. Her Chinese husband says “she's gone on holiday". We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
          China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn't do what the high command wants it to." When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
          The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage. This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn't noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just" 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
          Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor's and Fitch Rating with market abuse for daring to downgrade Italy's credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
          Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing" other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market", it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
          As recent events have demonstrated, we should not. China's stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
          The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China's factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
          It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country's burgeoning output of graduates. China's modernisation has created a monster which it is struggling to feed.
          As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country's shiny new constructs uneconomic and overburdened with bad debts.
          The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can't do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

                                                                 (http://www.telegraph.co.uk. Adapted)


    In relation to the job market, the eight and ninth paragraphs point to
    Escolha uma alternativa para a questão 75a82ff2-ad
  • 75A27CF1-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015DifícilEntre para guardar nos favoritos
             
                    China has created a monster it can't control

    By Jeremy Warner

          3 Sep 2015 

          When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false" rumours about the stock market and the economy, or otherwise profiting from their travails.
          One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes". Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting" with regulators, and hasn't been heard of since. Her Chinese husband says “she's gone on holiday". We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
          China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn't do what the high command wants it to." When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
          The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage. This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn't noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just" 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
          Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor's and Fitch Rating with market abuse for daring to downgrade Italy's credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
          Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing" other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market", it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
          As recent events have demonstrated, we should not. China's stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
          The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China's factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
          It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country's burgeoning output of graduates. China's modernisation has created a monster which it is struggling to feed.
          As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country's shiny new constructs uneconomic and overburdened with bad debts.
          The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can't do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

                                                                 (http://www.telegraph.co.uk. Adapted)


    The seventh paragraph begins with the statement – As recent events have demonstrated, we should not. – which points out to the opinion of the author, meaning that he
    Escolha uma alternativa para a questão 75a27cf1-ad
  • 759C6DFC-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015DifícilEntre para guardar nos favoritos
             
                    China has created a monster it can't control

    By Jeremy Warner

          3 Sep 2015 

          When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false" rumours about the stock market and the economy, or otherwise profiting from their travails.
          One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes". Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting" with regulators, and hasn't been heard of since. Her Chinese husband says “she's gone on holiday". We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
          China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn't do what the high command wants it to." When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
          The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage. This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn't noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just" 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
          Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor's and Fitch Rating with market abuse for daring to downgrade Italy's credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
          Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing" other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market", it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
          As recent events have demonstrated, we should not. China's stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
          The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China's factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
          It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country's burgeoning output of graduates. China's modernisation has created a monster which it is struggling to feed.
          As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country's shiny new constructs uneconomic and overburdened with bad debts.
          The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can't do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

                                                                 (http://www.telegraph.co.uk. Adapted)


    In the excerpt from the sixth paragraph – European officials sometimes look longingly across at the state-directed capitalism practised in China – the use of the word “longingly” expresses and idea of
    Escolha uma alternativa para a questão 759c6dfc-ad
  • 7595F3A3-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015DifícilEntre para guardar nos favoritos
             
                    China has created a monster it can't control

    By Jeremy Warner

          3 Sep 2015 

          When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false" rumours about the stock market and the economy, or otherwise profiting from their travails.
          One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes". Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting" with regulators, and hasn't been heard of since. Her Chinese husband says “she's gone on holiday". We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
          China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn't do what the high command wants it to." When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
          The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage. This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn't noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just" 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
          Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor's and Fitch Rating with market abuse for daring to downgrade Italy's credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
          Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing" other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market", it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
          As recent events have demonstrated, we should not. China's stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
          The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China's factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
          It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country's burgeoning output of graduates. China's modernisation has created a monster which it is struggling to feed.
          As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country's shiny new constructs uneconomic and overburdened with bad debts.
          The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can't do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

                                                                 (http://www.telegraph.co.uk. Adapted)


    The fifth and sixth paragraphs together show that
    Escolha uma alternativa para a questão 7595f3a3-ad
  • 75904E55-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015DifícilEntre para guardar nos favoritos
             
                    China has created a monster it can't control

    By Jeremy Warner

          3 Sep 2015 

          When in trouble, shoot the messenger. This timehonoured approach to dealing with unwelcome news was much in evidence in China this week when nearly 200 people were rounded up and criminally charged with spreading “false" rumours about the stock market and the economy, or otherwise profiting from their travails.
          One luckless financial journalist was ritually paraded on state TV, tearfully confessing his “crimes". Meanwhile, the head of the Chinese desk of one London-based hedge fund group was summoned to a “meeting" with regulators, and hasn't been heard of since. Her Chinese husband says “she's gone on holiday". We can only hope it is not to the re-indoctrination of the asbestos mines. Despite the massive progress of recent decades, old habits die hard.
          China was meant to have embraced free market reform, yet these latest actions suggest an altogether different approach. Roughly summarised, it amounts to: “Reform good, but woe betide the free market if it doesn't do what the high command wants it to." When the stock market was going up, the Chinese authorities were perfectly happy to tolerate what, to virtually all Western observers, looked like a dangerously speculative bubble, vaingloriously believing it to be a fair reflection of the wondrous successes of the Chinese economy.
          The first rule of stock market investment – that share prices can go down as well as up – seems to have been almost wholly forgotten in the scramble for instant riches. When, inevitably, the stock market crashed, the authorities threw the kitchen sink at the problem, but they failed to halt the carnage. This was an even ruder awakening – for it demonstrated to an already disillusioned public that policy-makers were no longer in control of events. Perhaps they hadn't noticed, but there are today more Chinese with stock trading accounts – some 90 million – than there are members of the Communist Party – “just" 80 million. In any case, powerless before the storm, the authorities have instead turned to scapegoating.
          Apparently more liberal, advanced economies, it ought to be said, are by no means averse to this kind of behaviour either. A few years back, Italian prosecutors charged nine employees of Standard & Poor's and Fitch Rating with market abuse for daring to downgrade Italy's credit rating, while it is still commonplace in France to blame Anglo-Saxon speculators and their cronies in the London press for any financial or economic setback.
          Nor are Western governments and central bankers averse to a little market manipulation when it suits them. What is “quantitative easing" other than money printing to prop up asset prices, including stocks and shares? Chinese refusal to accept the judgments of “Mr Market", it might be argued, is just a more extreme version of the same thing. Small wonder that European officials sometimes look longingly across at the state-directed capitalism practised in China, and pronounce it a model we might perhaps aspire to ourselves.
          As recent events have demonstrated, we should not. China's stock market crash is not the work of malicious financial journalists and short-selling hedge funds, but a signal of difficult time ahead and perhaps even of an economic roadcrash to come. After nearly 35 years of spectacular progress, the Chinese economy faces multiple challenges on many fronts which are not going to be solved by denying harsh realities and imprisoning journalists.
          The progress of recent decades belies an industrial sector which in truth has become quite seriously uncompetitive by international standards. Many of China's factories need completely retooling to keep up with developments in robotics and other forms of mechanisation. Yet if industry is to get less labour intensive, this only further steepens the challenge of employment creation.
          It is reckoned that China needs to create some 20 million jobs a year just to keep pace with employment demand as the population shifts from land to town, eight million of them in high-end professions to cater for the country's burgeoning output of graduates. China's modernisation has created a monster which it is struggling to feed.
          As the export-growth story waned, China compensated by unleashing a massive investment boom, which internal demand is now struggling to keep up with, rendering many of the country's shiny new constructs uneconomic and overburdened with bad debts.
          The Chinese leadership looks to growth in consumption and service industries to plug the gap, but these new sources of demand can't do so without further free-market reform, which in turn requires further loosening of the shackles of political control. Without growth, the Communist Party loses its political legitimacy, yet the old growth model is broken, and to achieve a new one, the authorities must cede the very power and influence that sustains them. Rumour-mongering journalists and short-selling speculators can only be blamed for so long.

                                                                 (http://www.telegraph.co.uk. Adapted)


    In the last sentence of the fourth paragraph, the excerpt – the authorities have instead turned to scapegoating. – is used to show that the Chinese government
    Escolha uma alternativa para a questão 75904e55-ad
  • 7575F762-AD

    Inglês

    Interpretação de texto | Reading comprehension
    FGV · 2015DifícilEntre para guardar nos favoritos
              A Housing Meltdown Looms in Brazil as Builders Seek Debt Relief

    by Julia Leite and Paula Sambo

          August 26, 2015

          Not long ago, Brazil's real-estate market was one of the biggest symbols of the country's burgeoning economic might. Now, it's fallen victim to an ever-deepening recession.
           PDG Realty SA, once the largest homebuilder by revenue, hired Rothschild last week to help restructure 5.8 billion reais ($1.6 billion) of debt after second-quarter net sales sank 88 percent. Earlier this month, Rossi Residencial SA, which has 2.5 billion reais in debt, also brought in advisers to “restructure operations and review strategies." Since 2010, the builder has lost 99 percent of its stock-market value.
          The real-estate industry, which is equal to about 10 percent of Brazil's economy, is emerging as one of the latest casualties of a recession that analysts forecast will be its longest since the 1930s. To make matters worse, interest rates are the highest in almost a decade while inflation is soaring. “There is no real estate company that survives without sales," Bruno Mendonça Lima de Carvalho, the head of fixed income at Guide Investimentos SA, said from Sao Paulo. “You can't import or export apartments. You're relying solely on domestic activity."
          PDG tried to boost revenue by lowering prices, financing up to 20 percent of some home purchases and even offering to buy back apartments if banks deny financing. Still, it sold just 217 units in the second quarter on a net basis, compared with 1,749 in 2014.

          Negative Outlook

          On Friday, Moody's Investors Service cut PDG's rating three levels to Caa3, citing the possibility of significant losses for bondholders and other lenders. Secured creditors may recover less than 80 percent in a default, according to Moody's, which kept a negative outlook on the rating. “The company is facing additional liquidity pressures from a prolonged deterioration in industry dynamics, including weak sales speed, tight financing availability and declining real estate prices," Moody's said.
          Sao Paulo-based Rossi said in an e-mailed response to questions that second quarter sales improved and that the company's main focus is to reduce debt. Gross debt fell about 30 percent in the 12 months ended in June, Rossi said.
          Home sales in Latin America's biggest economy tumbled 14 percent in the first half of 2015, according to data from the national real estate institute. Builders cut new projects by 20 percent during that span, while available financing shrank by about a quarter.

          Real's Collapse

          That's a reversal from just two years ago, when realestate prices in places like Rio de Janeiro and Sao Paulo had surged as much as 230 percent as rising incomes, a soaring real and record-low borrowing costs ignited a wave of home buying.  
          Brazilians find themselves in drastically different circumstances today. The currency fell 0.4 percent Wednesday as of 3:25 p.m. in New York, extending its loss this year to 26 percent. The jobless rate climbed to a five-year high of 7.5 percent last month.
          The central bank boosted its key rate to 14.25 percent in July, making it ever more expensive to finance the purchase of a home. “It's a matter of demand, and demand is really weak," Will Landers, who manages Latin American stocks at BlackRock, said from Princeton, New Jersey. “We may have reached a peak in interest rates, but they should continue to be at these levels for a while. Consumers will stay on the sidelines because debt levels are still high, and employment will get worse."

                                  (Business Week at www.bloomberg.com/news. Adapted)

    Two years before the article was written, sales in real estate were high due to a few different reasons, among which was/were
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              A Housing Meltdown Looms in Brazil as Builders Seek Debt Relief

    by Julia Leite and Paula Sambo

          August 26, 2015

          Not long ago, Brazil's real-estate market was one of the biggest symbols of the country's burgeoning economic might. Now, it's fallen victim to an ever-deepening recession.
           PDG Realty SA, once the largest homebuilder by revenue, hired Rothschild last week to help restructure 5.8 billion reais ($1.6 billion) of debt after second-quarter net sales sank 88 percent. Earlier this month, Rossi Residencial SA, which has 2.5 billion reais in debt, also brought in advisers to “restructure operations and review strategies." Since 2010, the builder has lost 99 percent of its stock-market value.
          The real-estate industry, which is equal to about 10 percent of Brazil's economy, is emerging as one of the latest casualties of a recession that analysts forecast will be its longest since the 1930s. To make matters worse, interest rates are the highest in almost a decade while inflation is soaring. “There is no real estate company that survives without sales," Bruno Mendonça Lima de Carvalho, the head of fixed income at Guide Investimentos SA, said from Sao Paulo. “You can't import or export apartments. You're relying solely on domestic activity."
          PDG tried to boost revenue by lowering prices, financing up to 20 percent of some home purchases and even offering to buy back apartments if banks deny financing. Still, it sold just 217 units in the second quarter on a net basis, compared with 1,749 in 2014.

          Negative Outlook

          On Friday, Moody's Investors Service cut PDG's rating three levels to Caa3, citing the possibility of significant losses for bondholders and other lenders. Secured creditors may recover less than 80 percent in a default, according to Moody's, which kept a negative outlook on the rating. “The company is facing additional liquidity pressures from a prolonged deterioration in industry dynamics, including weak sales speed, tight financing availability and declining real estate prices," Moody's said.
          Sao Paulo-based Rossi said in an e-mailed response to questions that second quarter sales improved and that the company's main focus is to reduce debt. Gross debt fell about 30 percent in the 12 months ended in June, Rossi said.
          Home sales in Latin America's biggest economy tumbled 14 percent in the first half of 2015, according to data from the national real estate institute. Builders cut new projects by 20 percent during that span, while available financing shrank by about a quarter.

          Real's Collapse

          That's a reversal from just two years ago, when realestate prices in places like Rio de Janeiro and Sao Paulo had surged as much as 230 percent as rising incomes, a soaring real and record-low borrowing costs ignited a wave of home buying.  
          Brazilians find themselves in drastically different circumstances today. The currency fell 0.4 percent Wednesday as of 3:25 p.m. in New York, extending its loss this year to 26 percent. The jobless rate climbed to a five-year high of 7.5 percent last month.
          The central bank boosted its key rate to 14.25 percent in July, making it ever more expensive to finance the purchase of a home. “It's a matter of demand, and demand is really weak," Will Landers, who manages Latin American stocks at BlackRock, said from Princeton, New Jersey. “We may have reached a peak in interest rates, but they should continue to be at these levels for a while. Consumers will stay on the sidelines because debt levels are still high, and employment will get worse."

                                  (Business Week at www.bloomberg.com/news. Adapted)

    Rossi, one of the real-estate businesses mentioned in the article,
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