R E S U R R E X I T

Transcrição

R E S U R R E X I T
LdO, 7
It is Our Lady who obtains from God
mercy for sinners, grace for the just and glory for those who serve her Son.
Gennaio - Aprile 2015 - n 1-4, 2015 - Filiale di Roma, Italy - Tassa pagata - Taxe Perçue - Mensile, anno XLVI - Sped. 2. comma 20/c, legge 662/96 - Poste Italiane S.p.a.- spedizione in abbonamento postale - D.L. 353/2003 - (Conv in L. 27/02/2004 n. 46) Art. 1, comma 2 DCB
A chiunque la invochi la nostra Signora risponde e ottiene da Dio
perdono per i peccatori, grazia per i giusti, gloria per i servi del Figlio suo.
COSMO
BOLLETTINO DEL CENTRO DELLE COMUNICAZIONI DELL’ORDINE DEI SERVI DI MARIA
B U L L E T I N O F T H E C E N T E R F O R C O M M U N I C AT I O N S O F T H E S E R V I T E O R D E R
R E S U R R E X I T - 2014
“Beati mortui qui in Domino moriuntur amodo iam dicit Spiritus
ut requiescant a laboribus suis opera enim illorum sequuntur illos” Rev, 14:13
1. Fra Augustine M.
(Casimir Gerard) Kulbis [USA]
2. Fra Alberto
M. Lappi [PRF]
3. Fra Giovanni M.
(Vittorio) Pratesi [ANN]
4. Fra Fiorenzo M.
(Florindo) Gobbo [PRF]
17. Fra Pedro M.
(Juan Walter) Suárez De Marco [SMA]
COSMO
18. Fra Anthony M.
O’Connell [USA]
5. Fra Carl M.
(Kenneth) Feil [USA]
6. Fra Jacques M.
(Guy) Labbé [CAN]
7. Fra Linus M.
Mpahane [VEN]
8. Fra Marcel M.
Brodeur [CAN]
Piazza S. Marcello, 5
00187 ROMA - Italy
tel (+39) 06 699301
Fax (+39) 06 679 2131
Posta elettronica:
[email protected]
[email protected]
19. Fra Andrew M.
Walls [ISL]
DIRETTORE RESPONSABILE: LINO M. PACCHIN
EDITORE: CASA GENERALIZIA SERVI DI MARIA
AUTORIZZAZIONE DEL TRIBUNALE DI ROMA
N. 55 / 91 DEL 1° FEBBRAIO 1991
STAMPATO IN PROPRIO
COSMO viene inviato gratuitamente a chiunque ne
faccia richiesta. Ogni destinatario è tuttavia pregato di
inviare un contributo annuo tramite
CCP n. 29430006 intestato a:
Economato generale osm
Piazza San Marcello, 5
00187 ROMA, Italy
20. Fra Luigi M.
Ilari [PHI/PRF]
9. Fra Víctor M.
Castañeda Solares [MEX]
10. Fra Anthony M.
(Edward) Gaydos [USA]
11. Fra Domenico M.
Sartori [SMA]
12. Fra Peter M.
Rookey [USA]
13. Fra Michel M.
(Alban) Sincerny [CAN]
14. Fra John M.
Le May [USA]
15. Fra André M.
Syrard [CAN]
16. Fra Robert M.
(Robert Stephen) Anderson [USA]
22. Fra Thomas M.
(James) Robinson [ISL]
21. Fra Bonfilius M.
(Peter) McGovern [USA]
23. Fra Cirilo M.
Alinsonorin [PHI/PRF]
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 1
Janeiro - Abril 2015
COSMO 1-4
)UHL$XJXVWLQH0&DVLPLU*HUDUG.XOELV>ඝඛඉ@3URW
6DQWD -XOLDQD HP 'HWURLW 0LFKLJKDQ
FRPR YLFHSURYLQFLDO H
SULRU GR FRQYHQWR 6mR %RQILOKR GH
%HUZ\Q ,OOLQRLV H WUDQVFRUUHX XP DQR VDEiWLFR
FRPR YLJiULR QD 3DUyTXLD
6mR-RVpGH&DUWHUHW1HZ-HUVH\
FRPR SiURFR H SULRU QD PHVPD
SDUyTXLD GH &DUWHUHW H QR
FRQYHQWR H SDUyTXLD GD $VVXQomR HP
&KLFDJR ,OOLQRLV H FRPR
DGPLQLVWUDGRUGDSDUyTXLDGH&ULVWR5HL
HP0LOZDXNLH2UHJRQ
(PXQLILFDGDVDVGXDVSURYtQFLDV
GR2HVWHHGR/HVWHHFULDGDD3URYtQFLD
GRV (VWDGRV 8QLGRV GD $PpULFD GR
1RUWHHOHFRQWLQXRXFRPRDGPLQLVWUDGRU
GDSDUyTXLDGH&ULVWR5HLGH0LOZDXNLH
2UHJRQ GHSRLV SiURFR
FRDGMXWRU GD SDUyTXLD GH 1RVVD
6HQKRUDGR0RQWH&DUPHORHP'HQYHU
&RORUDGR H FRPR IUDGH
DSRVHQWDGR QR FRQYHQWR GH 1RVVD
6HQKRUD GDV 'RUHV GH &KLFDJR ,OOLQRLV
GHDWpjPRUWH
2 YHOyULR UHDOL]RXVH WHUoDIHLUD GH
IHYHUHLUR GDV jV K QD %DVtOLFD GH
1RVVD 6HQKRUD GDV 'RUHV GH &KLFDJR
6HX FRUSR IRL VHSXOWDGR QD FDSHOD GRV
6HUYRVGH0DULDGR&HPLWpULR4XHHQRI
+HDYHQGH+LOOVLGH,OOLQRLV
)UHL $XJXVWLQH 0 &DVLPLU *HUDUG
.XOELV SURIHVVR VROHQH H SUHVEWHUR GD
2UGHP GRV 6HUYRV GH 0DULD ILOKR GD
3URYtQFLD GRV (VWDGRV 8QLGRV GD
$PpULFD GR 1RUWH IDOHFHX YtWLPD GH
DQHXULVPDGDDRUWDDEGRPLQDOHPGH
MDQHLUR GH QR FRQYHQWR GH 2XU
/DG\RI6RUURZV&KLFDJR,OOLQRLV7LQKD
DQRVGHLGDGHGHYLGDUHOLJLRVDH
GHVDFHUGyFLR
1DVFHX DRV GH RXWXEUR GH HP
&KLFDJR,OOLQRLVIOKRGH&DVLPLURH-~OLD
'DXJDUDYLFLXV .XOELV )RL EDWL]DGR QD
SDUyTXLD GH 1RVVD 6HQKRUD GH 9LOQLXV
&KLFDJR UHFHEHQGR R QRPH GH
&DVLPLUR *HUDOGR )UHTXHQWRX R HQVLQR
IXQGDPHQWDO QDV HVFRODV GH 6W9LOQD H
6W 3DXO H R HQVLQR PpGLR QD (VFROD
6XSHULRU GH +RO\ 7ULQLW\ VHPSUH HP
&KLFDJR
,QLFLRX R QRYLFLDGR QD HQWmR 3URYtQFLD
1RVVD 6HQKRUD GDV 'RUHV GRV (VWDGRV
8QLGRV HP GH DJRVWR GH )H]
ILORVRILDQRFRQYHQWRGH1RVVD6HQKRUD
GH %HQEXUE ,UODQGD H WHRORJLD QR
&ROpJLR 6DQWR $OHL[R HP 5RPD ,WiOLD
(PLWLX D SURILVVmR VROHQH
HPGHRXWXEURGHHIRLRUGHQDGR
SUHVEtWHUR HP GH DEULO GH QD
LJUHMD GH 6mR 0DUFHOR HP 5RPD SHOR
DUFHELVSR 'RP /XLJL 7UDJOLD 'RXWRURX
VHHPPRUDOQR&ROpJLR6DQWR$OHL[RGH
5RPD
&RPR PHPEUR GD 3URYtQFLD GH 1RVVD
6HQKRUDGDV'RUHVH[HUFHXDVIXQo}HV
GH SURIHVVRU QR &ROpJLR 6DQWR $OHL[R
GH 5RPD QR FRQYHQWR GH
2XU/DG\RIWKH)RUHVWHP6WRQHEULGJH
/DNH %OXII ,OOLQRLV QD
8QLYHUVLGDGH /R\ROD GH &KLFDJR
,OOLQRLVHGHYLJiULRSDURTXLDOHPWHPSR
SDUFLDO QD SDUyTXLD 6DQWD 'RPLWLOD HP
+LOOVLGH,OOLQRLV
&RP D UHHVWUXWXUDomR GDV GXDV
SURYtQFLDV QRUWHDPHULFDQDV GH 1RVVD
6HQKRUD GDV 'RUHV H GH 6mR -RVp H D
FRQVHTXHQWH FULDomR GDV 3URYtQFLDV
/HVWH H 2HVWH FRQWLQXRX VHX PLQLVWpULR
QD 3URYtQFLD GR /HVWH FRPR YLJiULR GD
3DUyTXLDGH6DQWD'RPLWLODHP+LOOVLGH
,OOLQRLV QD SDUyTXLD GH
ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 2
COSMO 1-4
Janeiro - Abril 2015
)UHL$OEHUWR0/DSSL>඘කඎ@3URW
(P IRL FRQYRFDGR SHOR SULRU JHUDO
IUHL -RVHSK 0 /RIWXV SDUD FRPSRU D
FRPXQLGDGH GH IRUPDomR GR &ROpJLR
6DQWR $OHL[R GH 5RPD FRPR
DGPLQLVWUDGRU GD )DFXOGDGH 7HROyJLFD
0DULDQXP2FXSRXHVVHFDUJRGHD
'H D IRL PHPEUR GD
~QLFD FRPXQLGDGH GH IRUPDomR HQWmR
H[LVWHQWH QR &ROpJLR ,QWHUQDLFLRQDO 6DQWR
$OHL[R )DOFRQLHUL (P TXDQGR VH
SHQVDYD QD IXQGDomR GD FRPXQLGDGH GH
(VWXGRV 0DULDQXP DR ODGR GD
FRPXQLGDGHGHIRUPDomRIUHL$OEHUWRTXH
IRUD RSHUDGR SDUD UHWLUDGD GH XP ULP HP
GH]HPEUR GH SRU PRWLYRV GH
VD~GH SHGLX SDUD PXGDUVH SDUD D
FRPXQLGDGH JHQHUDOtFLD GH 6mR 0DUFHOR
GH5RPDRQGHSHUPDQHFHXDWp(P
GH]HPEUR GHVVH DQR SHGLX SDUD YROWDU
SDUD R &ROpJLR 6DQWR $OHL[R FRPR
PHPEUR GD FRPXQLGDGH GH (VWXGRV
0DULDQXPTXHIRUDIRUPDGDHPGHPDLR
GH$OLSHUPDQHFHXDWpRDQR
TXDQGRIRLWUDQVIHULGRSDUDDFRPXQLGDGH
GH0RQWH6HQiULR
(PGHVHWHPEURGHYROWRXVRED
REHGLrQFLDGRSULRUSURYLQFLDOGD3URYtQFLD
GH 3LHPRQWH H 5RPDQKD H IRL LQWHUQDGR
QD HQIHUPDULD GR ,QVWLWXWR 0LVVLRQL GH
0RQWH%pULFR 9LFHQoDSDUD WUDWDPHQWR H
DVVLVWrQFLD PpGLFD 1mR VH SUHYLD XP
SDVVDPHQWRWmRLPLQHQWH3DUWLFLSDYDFRP
RXWURV FRQIUDGHV GD RUDomR FRPXP GD
PDQKm TXDQGR GH UHSHQWH VRIUHX XP
DWDTXHFiUGLRUHVSLUDWyULRTXHGREURXVXD
ILEUD DLQGD IRUWH DSHVDU GR VRFRUUR
PpGLFR LPHGLDWR TXH UHFHEHX (P VHX
TXDUWR RV FRQIUDGHV HP RUDomR R
DFRPSDQKDUDPDWpR~OWLPRVXVSLUR
8PDFRQFHOHEUDomRGHVXIUiJLRWHYHOXJDU
TXDUWDIHLUD GH IHYHUHLUR QD FDSHOD GR
,QVWLWXWR 0LVVLRQL HP 0RQWH %pULFR ¬V
KQDFDSHODGRFHPLWpULR6mR0DUWLQKR
HP 0RQWH6HQiULR IUHL *LQR 0/HRQDUGL
SULRUSURYLQFLDO35)SUHVLGLXjFHOHEUDomR
GD 0LVVD H IH] D ~OWLPD HQFRPHQGDomR
QD SUHVHQoD GH PXLWRV FRQIUDGHV
SDUHQWHVHDPLJRV
6HX FRUSR IRL HQWHUUDGR QR PHVPR
FHPLWpULR FRPR HOH PHVPR WLQKD SHGLGR
)UHL +XEHUW 0 0RRQV TXH IRL VHX SULRU
HP0RQWH6HQiULRGHVFUHYHXVXDSHVVRD
FRP WUrV DGMHWLYRV ³)RL XP KRPHP MXVWR
DWHQFLRVRHXPILHODGPLQLVWUDGRU´
(P GH IHYHUHLUR GH IDOHFHX HP
VXD FRPXQLGDGH QR ,QVWLWXWR ³0LVVLRQL´
HP 0RQWH %pULFR 9LFHQoD ,WiOLD IUHL
$OEHUWR 0 /DSSL IUDGH GH YRWRV VROHQHV
SUHVEtWHURILOKRGD3URYtQFLDGR3LHPRQWH
H5RPDQKD(OHWLQKDDQRVGHLGDGHH
GHYLGDUHOLJLRVDQD2UGHP
)UHL $OEHUWR QDVFHX HP 3ROYHUDUD GH
5LRYHJJLR FRPXQD GH 0RQ]XQR DRV GH QRYHPEUR GH ILOKR GH (YDULVWR
/DSSL H GH 0DUVtOLD 0DWWLROL (P IRL
DFROKLGR SHOR IUHL *LXVHSSH 0 *HKHUDUGL
QRFRQYHQWRGH5RQ]DQR%RORQKDRQGH
IH] R FXUVR GR HQVLQR PpGLR ,QLFLRX R
QRYLFLDGR HP ƒ GH RXWXEUR GH QR
FRQYHQWR GH 0RQWHIDQR )H] D SULPHLUD
SURILVVmR GRV YRWRV HP GH GH]HPEUR
GH (VWXGRX WHRORJLD QR &ROpJLR
6DQWR $OHL[R GH 5RPD RQGH REWHYH R
WtWXOR DFDGrPLFR GH OLFHQFLDWXUD (PLWLX D
SURILVVmR VROHQH HP GH GH]HPEUR GH
H IRL RUGHQDGR SUHVEtWHUR SHOR
FDUGHDO0LFDUDHPGHDEULOGH
(PHIRLDVVLVWHQWHGRVMRYHQV
GD$omR&DWyOLFDGH$QFRQDGHSRLVYLFH
PHVWUH GRV DVSLUDQWHV HP 0RQWHIDQR DWp
)RLSULRUGDPHVPDFRPXQLGDGHDWp
VHU WUDQVIHULGR SDUD 5RQ]DQR FRPR SULRU
DWp TXDQGR GHPLWLXVH GR FDUJR
SDUD SRGHU VHJXLU PDLV GH SHUWR RV
WUDEDOKRV GH FRQVWUXomR GR VHPLQiULR GH
5RQ]DQR (P PXGRXVH SDUD
0LVDQR RQGH SHUPDQHFHX SRU DOJXQV
DQRV
FRVPRRVP#JPDLOFRP
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 3
Janeiro - Abril 2015
COSMO 1-4
)UHL*LRYDQQL09LWWRULR3UDWHVL>ඉඖඖ@3URW
PXGRXVHSDUDRFRQYHQWRGH/D3RJJHULQD
RQGH IRL QRPHDGR UHLWRU GR VHPLQiULR
PHQRU PHVWUH GH LUPmRV QRYLoRV DGPLQLVWUDGRU GD ID]HQGD DJUtFROD H
SiURFR D SDUWLU GH DWp QRYHPEUR GH
1R FDStWXOR SURYLQFLDO GH IRL
UHHOHLWR GHILQLGRU SURYLQFLDO $OpP GH YiULRV
FDUJRVTXHRFXSRXQDSURYtQFLDHHPYiULDV
FRPXQLGDGHVHPIRLHOHLWRPHPEURGR
FRQVHOKRSUHVELWHUDOGDGLRFHVHGH)LHVROH (P IRL WUDQVIHULGR SDUD D FRPXQLGDGH
GH6DQWR$QGUpHP9LDUHJJLRFRPRSiURFR
FDUJR TXH H[HUFHX DWp RXWXEUR GH TXDQGRIRLGHVLJQDGRSDUDDFRPXQLGDGHGR
FRQYHQWRGH6DQWR$QW{QLR$EDGHHP3LVD
FRPR SiURFR H DOL ILFRX DWp GH DEULO GH
TXDQGRSRUPRWLYRVGHVD~GHUHWLURX
VH SDUD D HQIHUPDULD SURYLQFLDO RQGH ILFRX
DWpVHXV~OWLPRVGLDV
1HVWHV GH] DQRV GH LQWHUQDomR QD
HQIHUPDULD SURYLQFLDO HPERUD VXDV IRUoDV
QmR IRVVHP DV PHVPDV GR SDVVDGR
HVIRUoDYDVH SDUD SDUWLFLSDU GRV DWRV
FRPXQV
(P GH PDUoR GH D LUPm PRUWH
EDWHX j VXD SRUWD OHYDQGRR SDUD
FRPSDUWLOKDU D YLGD HWHUQD SURPHWLGD SHOR
3DL QD TXDO VHPSUH KDYLD DFUHGLWDGR H
HVSHUDGR
$V H[pTXLDV IRUDP FHOHEUDGDV GLD GH
PDUoRQDEDVtOLFDGD6DQWtVVLPD$QXQFLDGD
SUHVLGLGDV SHOR SULRU SURYLQFLDO TXH QD
KRPLOLD HQIDWL]RX VXD Ip H VHX HVStULWR
KXPDQR QD SUHVHQoD GRV FRQIUDGHV GD
FRPXQLGDGH GH )ORUHQoD H GRV FRQYHQWRV
YL]LQKRVGHSDUHQWHVHDPLJRV6HXVUHVWRV
PRUWDLV UHSRXVDP QR FHPLWpULR GH 6mR
0DUWLQKRGH0RQWH6HQiULR
¬VKGHViEDGRGHPDUoRGH
QD HQIHUPDULD GR FRQYHQWR GD 6DQWtVVLPD
$QXQFLDGD GH )ORUHQoD GHSRLV GH ORQJD
HQIHUPLGDGH IDOHFHX IUHL *LRYDQQL 0DULD
9LWWRULR 3UDWHVL IUDGH GH YRWRV VROHQHV
SUHVEtWHUR ILOKR GD 3URYtQFLD GD 6DQWtVVLPD
$QXQFLDGD H PHPEUR GD FRPXQLGDGH GR
PHVPRQRPH7LQKDDQRVGHLGDGHH
GHYLGDUHOLJLRVDQD2UGHP
)UHL *LRYDQQL 0 3UDWHVL TXH UHFHEHX QR
EDWLVPR R QRPH GH 9LWyULR QDVFHX HP
3XOLFFLDQR GL 3LDQ GL 6Fz $UH]]R QD
GLRFHVH GH )LHVROH HP GH RXWXEUR GH
ILOKRGH/XLJL3UDWHVLHGH*LXVHSSLQD
3DSL GpFLPR VHJXQGR ILOKR GH IDPtOLD
QXPHURVD )RL EDWL]DGR H FULVPDGR QD
SDUyTXLD GH 6DQWR $QGUp HP 3LDQ GL 6Fz
5HFHEHX HVPHUDGD IRUPDomR FULVWm
DSRLDGR SHOD Ip GH VHXV SDLV 'HSRLV GH
XPD LQIkQFLD YLYD] DRV DQRV GH LGDGH
GHFLGLX HQWUDU QR VHPLQiULR (P WHUPLQDGRV RV HVWXGRV HVFRODUHV LQJUHVVRX
FRPR DVSLUDQWH QR FRQYHQWR GH /D
3RJJHULQD HP )LJOLQH 9DOGDUQR &RPSOHWRX
R HQVLQR PpGLR H HP DJRVWR GH LQLFLRXRQRYLFLDGRHP0RQWH6HQiULRWHQGR
FRPR PHVWUH IUHL *LDFRPR )LOLSSR 0
7RJQRFFKL (PLWLX D SULPHLUD SURILVVmR GRV
YRWRV HP GH DJRVWR GH SHUDQWH R
YLJiULRJHUDOIUHL(QULFR0*DUJLDQL 7UDQIHULXVH GHSRLV SDUD R FRQYHQWR GRV
6HWH 6DQWRV HP )ORUHQoD RQGH ILFRX DWp
HVWXGDQGR ILORVRILD 'HSRLV IRL SDUD R
FRQYHQWR GD 6DQWtVVLPD $QXQFLDGD SDUD R
FXUVRGHWHRORJLDDWpTXDQGRPXGRX
VH SDUD R &ROpJLR 6DQWR $OHL[R GH 5RPD
RQGH HP FRPSOHWRX R FXUVR
WHROyJLFR (PLWLX D SURILVVmR VROHQH DRV GHRXWXEUR GHSHUDQWHIUHL=HQRELR 0
0DQIULDQL SULRU SURYLQFLDO QD EDVtOLFD GD
6DQWtVVLPD $QXQFLDGD GH )ORUHQoD H IRL
RUGHQDGR SUHVEtWHUR QD LJUHMD GH 6mR
0DUFHOR HP 5RPD HP GH QRYHPEUR GH
SHOR ELVSR GRP /XLJL 7UDJOLD YLFH
YLJiULRGDGLRFHVHGH5RPD
&RQFOXtGDV DV HWDSDV GH IRUPDomR YROWRX
SDUD VXD SURYtQFLD H IRL GHVLJQDGR SDUD R
FRQYHQWRGH6DQWD0DULDGH3RQWHURVVRHP
)LJOLQH9DOGDUQRRQGHSHUPDQHFHXGHMXOKR
GHDMXOKRH[HUFHQGRDVIXQo}HV
GH YLFHSiURFRSULRUFRQYHQWXDOD SDUWLUGH
SiURFR D SDUWLU GH )RL HOHLWR
GHILQLGRU SURYLQFLDO HP (P ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 4
COSMO 1-4
Janeiro - Abril 2015
)UHL)LRUHQ]R0)ORULQGR*REER>඘කඎ@3URW
HQFRQWUDP HP QRVVRV FRQYHQWRV
OHPEUDPRVWXGRRTXHHOHIH]SDUDFRORFDU
HP HYLGrQFLD RV WHVRXURV DUWtVWLFRV
H[LVWHQWHV HP PXLWDV LJUHMDV QRVVDV TXH
VHWRUQDUDPFRQKHFLGDVJUDoDVjVXDREUD
GH SXEOLFDU DQXDOPHQWH GH D R&DOHQGiULRLFRQRJUiILFRGRV6HUYRVGH
0DULD
6XD YLGD p OLJDGD DR 6DQWXiULR GH 1RVVD
6HQKRUD GD *KLDUD GH 5HJJLR (PLOLD
RQGH UHVLGLX HP YiULRV PRPHQWRV GH VXD
YLGD H QHVWHV ~OWLPRV DQRV $R ORQJR
GR WHPSR HVWXGRX D IXQGR R QRVVR
VDQWXiULR D WDO SRQWR TXH VXD
FRPSHWrQFLD R IH] SRQWR GH UHIHUrQFLD
SDUD HVWXGLRVRV H FRQWULEXLX SDUD TXH R
VDQWXiULRVHWRUQDVVHPDLVFRQKHFLGR(OH
GHL[D FRPR OHJDGR PXLWRV TXDGURV DLQGD
LQpGLWRV TXH GHYHP VHU GLYXOJDGRV DR
S~EOLFR ,PSRUWDQWH WDPEpP VXD FROHomR
GH OLYURV GHDUWH TXH HQULTXHFHP DJRUDD
ELEOLRWHFDGRFRQYHQWR
$V H[pTXLDV FHOHEUDGDV GR GLD GD
$QXQFLDomR GR 6HQKRU FHOHEUDGDV SHOR
SULRU SURYLQFLDO IUHL *LQR 0 /HRQDUGL
FRQWDUDP FRP D SUHVHQoD GH SDUHQWHV
FRQIUDGHV DPLJRV H DGPLUDGRUHV GH VXD
REUD $ FLGDGH GH 5HJJLR (PtOLD
H[SUHVVRX VXDV FRQGROrQFLDV FRP D
SUHVHQoD GH DXWRULGDGHV FLYLV H FLGDGmRV
DPLJRV LQFOXVLYH GR VXEVHFUHWiULR GD
3UHVLGrQFLDGR&RQVHOKR*UD]LDQR'HOULR
2 YLFHSUHIHLWR 8JR )HUUDUL HVFUHYHX
6XD DOPD GH DUWLVWD ID]LD GHOH XP
H[WUDRUGLQiULR FRQKHFHGRU GD KLVWyULD
SOXULVVHFXODU GHVWH OXJDU WmR TXHULGR DRV
FLGDGmRV GH 5HJJLR (PtOLD 6XD ILJXUD H
VXD SHVVRD IDUmR IDOWD j FLGDGH 2XWUDV
PHQVDJHQV GH FRQGROrQFLD YLHUDP GD
3UHVLGHQWH GD 3URYtQFLD 6{QLD 0DVLQL H
GD 3UHVLGHQWH GR &RQVHOKR &RPXQDO
5HSUHVHQWDQWHVGDFLGDGHGH)LYL]]DQRj
TXDO IUHL )LRUHQ]R VHQWLDVH PXLWR OLJDGR
WDPEpP PDUFDUDP SUHVHQoD QR ULWR
I~QHEUHHH[SUHVVDUDPVXDVFRQGROrQFLDV
FRP HVWDV SDODYUDV )UHL )LRUHQ]R
UHSUHVHQWRX SDUD )LYL]]DQR XP PRPHQWR
PXLWR LPSRUWDQWH WHQGR VLGR R SURPRWRU
GD XQLmR HQWUHHVWD%DVtOLFDH DLJUHMDGH
)LYL]]DQR VDQWXiULR GHGLFDGR D 1RVVD
6HQKRUD GD $GRUDomR SDUD QyV GH
)LYL]]DQRFRQKHFLGDFRPR1RVVD6HQKRUD
GH5HJJLR(PtOLD´
1RILQDO GD WDUGH GH ViEDGR GHPDUoR
GH QR KRVSLWDO GH 5HJJLR (PLOLD
YtWLPD GH WXPRU VDQJXtQHR WHUPLQRX VXD
YLGD WHUUHQDIUHL )LRUHQ]R 0DULD )ORULQGR
*REERIUDGHGHYRWRVVROHQHVSUHVEtWHUR
ILOKRGD2UGHPHPHPEURGDFRPXQLGDGH
GH 5HJJLR (PtOLD QD 3URYtQFLD GH
3LHPRQWH5RPDQKD 7LQKD DQRV GH
LGDGH H GH SURILVVmR UHOLJLRVD QD
2UGHP
)UHL)LRUHQ]RQDVFHXHP%UHVVDSHUWRGH
ÒGLQH $RV DQRV GH LGDGH TXDQGR
HVWDYD QR VHPLQiULR GH ÒGLQH UHVROYHX
LQJUHVVDU QD 2UGHP H LQLFLRX R QRYLFLDGR
HP0RQWH6HQiULRRQGHWDPEpPFXOWLYRX
D DUWH GH SLQWRU 6XD REUD DUWtVWLFD
FHQWUDOL]DVHQDSLQWXUDQRPRVDLFRHQRV
YLWUDLV 2 WHPD UHFRUUHQWH p D
UHSUHVHQWDomR GR PLVWpULR GD 0mH GH
'HXV D 9LD GD %HOH]D 6HXV GHVHQKRV
TXH UHSUHVHQWDP HSLVyGLRV HYDQJpOLFRV
GD YLGD GH 0DULD HQFRQWUDPVH LQFOXVLYH
QD (GLomR 7tSLFD GR PLVVDO PDULDQR GD
(GLWRUD 9DWLFDQD 3RU DOJXQV DQRV IUHL
)LRUHQ]R GHGLFRXVH WDPEpP DR HQVLQR
DFDGrPLFR QD 3RQWLItFLD )DFXOGDGH
7HROyJLFD 0DULDQXP RQGH OHFLRQDYD
,FRQRJUDILD PDULDQD H 0DULD QD DUWH (P
PDLRGHDIDFXOGDGHOKHFRQFHGHXR
WtWXOR GH 'RXWRU +RQRULV &DXVD HP
WHRORJLD GRJPiWLFD FRP HVSHFLDOL]DomR
HPPDULRORJLD
&RPRIUDGH6HUYRGH0DULDHPSHQKRXVH
FRP HQWXVLDVPR QD SURPRomR FXOWXUDO H
DUWtVWLFD GD 2UGHP VHQGR FRQVLGHUDGR
XPDGHVXDVILJXUDVPDLVUHSUHVHQWDWLYDV
$OpP GDV REUDV GH VXD DXWRULD TXH VH
FRVPRRVP#JPDLOFRP
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 5
Janeiro - Abril 2015
COSMO 1-4
)UHL&DUO0.HQQHWK)HLO>ඝඛඉ@3URW
H GD SDUyTXLD GRV 6HYHQ +RO\
)RXQGHUVHP$IIWRQ
(P VHJXLGD H[HUFHX R PLQLVWpULR QD
SDUyTXLD GH 6mR 0LJXHO RQGH
IRL QRPHDGR SiURFR )H] RXWUR
DQR VDEiWLFR QR &ROpJLR $PHULFDQR GH
/RYDLQD %pOJLFD 3RVWHULRUPHQWH
IRL YLFHSiURFR QD SDUyTXLD GH 2XU /DG\ RI
*UDFH HP 3DOP %D\ H GH 2XU
/DG\RI%HOHQ3ULRU\HP%HOHQHSiURFRGD
SDUyTXLD GD ,PDFXODGD &RQFHLomR HP
7RPH
(P FRP D XQLILFDomR GDV GXDV
3URYtQFLDV1RUWH$PHULFDQDVFRQWLQXRXVHX
PLQLVWpULR FRPR SiURFR GD SDUyTXLD
,PDFXODGD &RQFHLomR HP 7RPH (P DSRVHQWRXVH IL[DQGR
UHVLGrQFLD QD SDUyTXLD GH 2XU /DG\ RI
/RXUGHV HP 0HOERXUQH DMXGDQGR QDV
OLWXUJLDVSDURTXLDLV
(P DEULO GH VHX HVWDGR GH VD~GH
GHWHULRURXVH VRIUHQGR LQFOXVLYH XP DWDTXH
FDUGtDFRTXHROHYRXDUHWLUDUVHQXPFHQWUR
GH UHDELOLWDomR SRU DOJXQV PHVHV 9ROWRX
GHSRLV SDUD D SDUyTXLD GH 2XU /DG\ RI
/RXUGHVHP0HOERXUQHHGHSRLVGHDOJXQV
PHVHV HP TXH SUHVWRX SHTXHQRV VHUYLoRV
QDSDUyTXLDSHGLXSDUDVHUWUDQVIHULGRSDUD
RFRQYHQWRGH1RVVD6HQKRUDGDV'RUHVGH
&KLFDJRDRQGHFKHJRXQRFRPHoRGHMXOKR
GHHDOLILFRXDWpDPRUWH1HVWHEUHYH
WHPSR HP &KLFDJR VHX HVWDGR GH VD~GH
DJUDYRXVH H WHYH TXH VXEPHWHUVH j
KHPRGLiOLVHDOJXQVGLDVSRUVHPDQD
2 YHOyULR UHDOL]RXVH WHUoDIHLUD ž GH DEULO
GH GDV jV H D PLVVD
H[HTXLDO IRL FHOHEUDGD SHOR SULRU SURYLQFLDO
IUHL -RKQ 0 )RQWDQD QD EDVtOLFD GH 1RVVD
6HQKRUD GDV 'RUHV TXDUWDIHLUD GH DEULO
jVKSUHFHGLGDSHODUH]DGDV/DXGHVGR
2ItFLRGRV'HIXQWRV)RLHQWHUUDGRQDFDSHOD
GRV6HUYRVGH0DULDGRFHPLWpULR5DLQKDGR
&pXGH+LOOVLGH
)UHL &DUO 0 .HQQHWK )HLO IUDGH GH YRWRV
VROHQHVSUHVEtWHURGD2UGHPGRV6HUYRVGH
0DULDILOKRGD3URYtQFLDGRV(VWDGRV8QLGRV
GD $PpULFDGR1RUWHIDOHFHX GHGHILFLrQFLD
FRURQDULDQD HP GH PDUoR GH QR
FRQYHQWR2XU/DG\ RI6RUURZVGH&KLFDJR
,OOLQRLV 7LQKD DQRV GH LGDGH GH YLGD
UHOLJLRVDHGHVDFHUGyFLR
1DVFHX HP (YHUJUHHQ 3DUN ,/ DRV GH
MDQHLURGHILOKRGH/DZUHQFHH+DUULHW
5HLW] )HLO )RL EDWL]DGR FRP R QRPH GH
.HQQHWK QD SDUyTXLD GH 6mR *HUDOGR HP
2DN /DZQ HP GH IHYHUHLUR GH &XUVRX R HQVLQR IXQGDPHQWDO QD &RYLQJWRQ
6FKRROHP2DN/DZQHRHQVLQRPpGLRQR
VHPLQDULR 0DWHU 'RORURVD HP +LOOVLGH H
UHFHEHXRGLSORPDHP
,QLFLRX R QRYLFLDGR DRV GH DJRVWR GH
QR FRQYHQWR 0RXQW 6W 3KLOLS HP
*UDQYLOOH GD 3URYtQFLD GH 1RVVD 6HQKRUD
GDV 'RUHV 1D RFDVLmR WRPRX R QRPH GH
IUHL &DUO (PLWLX D SULPHLUD SURILVVmR GRV
YRWRV HP GH DJRVWR GH &XUVRX
ILORVRILD QR FRQYHQWR 2XU /DG\ RI %HQEXUE
HP %HQEXUE ,UODQGD H WHRORJLD
QR &ROpJLR 6DQWR $OHL[R HP 5RPD )H] D SURILVVmR VROHQH HP ž GH
QRYHPEURGHHIRLRUGHQDGRSUHVEtWHUR
QD FDSHOD GR &ROpJLR 6DQWR $OHL[R DRV GHMXQKRGHSHORELVSR'RP&DUSLQR
&RPR PHPEUR GD 3URYtQFLD 1RUWH
DPHULFDQDGH1RVVD6HQKRUDGDV'RUHVIRL
GHVLJQDGRFRPRSURIHVVRUQD6W3KLOLS+LJK
6FKRRO GH &KLFDJR H QR
6HPLQiULR VHUYLWD GH +LOOVLGH )RLPLVVLRQiULRQD=XOXOkQGLD
&RPDXQLILFDomRGDVGXDV3URYtQFLDV1RUWH
DPHULFDQDV GH 1RVVD 6HQKRUD GDV 'RUHV
H GH 6mR -RVp H D FULDomR GDV 3URYtQFLDV
/HVWH H 2HVWH HOH FRQWLQXRX VHX PLQLVWpULR
FRPR PHPEUR GD 3URYtQFLD GR /HVWH FRPR
PLVVLRQiULR QD =XOXOkQGLD )RL
HOHLWR FRQVXOWRU SDUD D PLVVmR VXODIULFDQD
GD=XOXOkQGLDHSUHVWRXVHUYLoR
FRPR PHPEUR GR FRPLVVmR SUHSDUDWyULD GR
&DStWXOR*HUDOGH2SDWLMDGH'H
D IRL PLVVLRQiULR QR 9LFDULDWR GD
6XD]LOkQGLD 9ROWRX SDUD RV(VWDGRV8QLGRV
HP MDQHLUR GH H SDUWLFLSRX GR
SURJUDPD VDEiWLFR QR VHPLQiULR GH
0DU\NQROO HP 0DU\NQROO 'HSRLV IRL
DVVHVVRU DGPLQLVWUDWLYR GR &RQVHOKR GDV
0LVV}HV &DWyOLFDV GRV (VWDGRV 8QLGRV HP
:DVKLQJWRQ GH VHWHPEUR GH D MXOKR
GH)RLDLQGDYLFHSiURFRGDSDUyTXLD
GH 2XU /DG\ RI %HOHQ HP %HOHQ ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 6
COSMO 1-4
Janeiro - Abril 2015
)UHL-DFTXHV0*X\/DEEp>උඉඖ@3URW
'H D IRL PHPEUR GD
FRPXQLGDGH GH 6DLQW*UDWLHQ QD
)UDQoD FRPR YLJiULR GD SDUyTXLD 'H
D HVWHYH QR FRQYHQWR GH
6DQWR $QW{QLR GH 3iGXD HP 2WWDZD
RQGHIRLSULRUGDFRPXQLGDGH'HD
IRL SULRU HP *DWLQHDX SURIHVVRU
GH FDWHTXHVH QR &RXUV &ODXGHO HP
2WWDZD H HQFDUUHJDGR GD SDVWRUDO
SDURTXLDO H HVFROiVWLFD QR FXUVR
IXQGDPHQWDO )RL FRQVHOKHLUR SURYLQFLDO
GH D H GH D 'H
DIRL SiURFR QD SDUyTXLDGH
$QJHUVHP*DWLQHDX4XpEHF'H
D HVWHYH GH FRPXQLGDGH QR
&ROpJLR GH 1RWUH'DPHGHV6HUYLWHV
HP $\HU¶V &OLII FRPR DQLPDGRU GD
SDVWRUDOHGDYLGDHVFRODUH
SULRU GD FRPXQLGDGH 'H
DWpDPRUWHHVWHYHQRFRQYHQWRGH
6DQWR $QGUp $SyVWROR HP $FWRQ 9DOH
RQGH H[HUFHX R FDUJR GH SiURFR GD
SDUyTXLD GH 6mR 7HRGRUR HP $FWRQ
SULRU FRQYHQWXDO YLJiULR SDURTXLDO H
FRDGMXWRUSDURTXLDO
3RUTXDVHDQRVOXWRXFRUDMRVDPHQWH
FRQWUDRFkQFHU1RFRPHoRGHD
GRHQoD FRPHoRX D GREUiOR H DFDERX
IDOHFHQGRHPGHDEULOGH
$ PLVVD GH FRUSR SUHVHQWH SUHVLGLGD
SRU 'RP )UDQoRLV /DSLHUUH ELVSR GH
6DLQW+\DFLQWKH 4XpEHF IRL FHOHEUDGD
VHJXQGDIHUD GH DEULO GH jV
K QD LJUHMD GH 6DQWR $QGUp HP
$FWRQ 9DOH FRQFHOHEUDGD SRU IUHL <YRQ
0 &KDOLIRX[ SULRU SURYLQFLDO SRU VHX
LUPmR IUHL )HUQDQG 0 /DEEp H SRU
PXLWRV
FRQIUDGHV
GD
3URYtQFLD
&DQDGHQVH(VWDYDPSUHVHQWHVWDPEpP
IDPLOLDUHV PHPEURV GD )DPtOLD 6HUYLWD
SDURTXLDQRV DPLJRV H FRQKHFLGRV
6HXV UHVWRV PRUWDLV UHSRXVDP QR
FHPLWpULR GH 1RWUH'DPHGHV6HUYLWHV
GD 3URYtQFLD &DQDGHQVH HP $\HU
V
&OLII
'LD GH DEULO GH QR FHQWUR
KRVSLWDODU 8QLYHUVLWiULR GH 6KHUEURRNH
&+86 QR SDYLOKmR )OHXULPRQW HP
6KHUEURRNH 4XpEHF &DQDGi IDOHFHX
IUHL -DFTXHV 0 *X\ /DEEp IUDGH GH
YRWRV VROHQHV SUHVEtWHUR PHPEUR GD
FRPXQLGDGH GH 6DQWR $QGUp $SyVWROR
GH $FWRQ 9DOH 4XpEHF &DQDGi (OH
WLQKD DQRV GH LGDGH H GH YLGD
UHOLJLRVDQD2UGHP
)LOKRGH(GJDUHGH&RORPEH%RXODQJHU
QDVFHXHPGHMXOKRGHHP6DLQW
)UDQoRLV;DYLHUGH%URPSWRQ 4XpEHF
)RL EDWL]DGR GLD GH MXOKR GH QD
LJUHMD GH 6DLQW)UDQoRLV;DYLHU GLRFHVH
GL6KHUEURRNH4XpEHF
)H] R FXUVR IXQGDPHQWDO QR &ROpJLR
1RWUH'DPHGHV6HUYLWHV HP $\HU¶V
&OLII 4XpEHF (VWXGRX
ILORVRILD QD 8QLYHUVLGDGH GH 2WWDZD
2QWiULR H WHRORJLD QR
&ROpJLR GRPLQLFDQR GH 2WWDZD H IH] XP FXUVR GH SDVWRUDO QR
,QVWLWXWR&DWyOLFRGH3DULV
(P GH DJRVWR GH LQLFLRX R
QRYLFLDGR HP 0RQWUHDOQRUG 4XpEHF
RQGH HPLWLX D SULPHLUD SURILVVmR GRV
YRWRV HP GH DJRVWR GH )H] D
SURILVVmR VROHQH HP GH DJRVWR GH
HP $\HU
V &OLII H IRL RUGHQDGR
SUHVEtWHUR HP GH MXQKR GH HP
6DLQW)UDQoRLV;DYLHU
%URPSWRQ
4XpEHF
FRVPRRVP#JPDLOFRP
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 7
Janeiro - Abril 2015
COSMO 1-4
)UHL/LQXV00SDKDQH>ඞඍඖ@3URW
QRYLoRV QD 6XD]LOkQGLD HP +HLGHOEHUJ *DXWHQJ FRPR SULPHLUR FRQVHOKHLUR GR 9LFDULDWR
GR 7UDQVYDDO H QRYDPHQWH QD
6XD]LOkQGLD HQWmR 9LFDULDWR GD
3URYtQFLD7RVFDQD$SDUWLU
GHHVWHYHVHPSUHQDÈIULFDGR6XO
HQWUH1LJHOH-RKDQHVEXUJR
'RGLDSDUDDQRLWHGHGHPDLRIRUDP
FHOHEUDGRVYiULRVULWRVI~QHEUHVHPVHX
VXIUiJLRQDVSDUyTXLDVGH'XGX]DH$OUD
3DUN RQGHIUHL /LQXV WLQKD H[HUFLGR VHX
PLQLVWpULRSDVWRUDO
6iEDGR GH PDLRIRUDP FHOHEUDGDV DV
H[pTXLDV QD LJUHMDSDURTXLDO GH 'XGX]D
HHPVHJXLGDVHXFRUSRIRLGHSRVLWDGR
QR FHPLWpULR ORFDO DR ODGR GH VXD LUPm
UHOLJLRVD6HUYDGH0DULD6Xi]L
1D PDQKm GH GRPLQJR GH DEULO GH
QD &DVD GH 1D]DUp GH
-RKDQHVEXUJRÈIULFDGR6XOIDOHFHXIUHL
/LQXV 0 0SDKDQH IUDGH GH YRWRV
VROHQHV SUHVEtWHUR ILOKR GD 3URYtQFLD
9rQHWD H PHPEUR GD 'HOHJDomR GR
/HVWH $IULFDQR H GD FRPXQLGDGH 1RVVD
6HQKRUD GDV 'RUHV GH 1LJHO *DXWHQJ
7LQKD DQRV GH LGDGH GH YLGD
UHOLJLRVDQD2UGHPHGHVDFHUGyFLR
)UHL/LQXV0QDVFHXHPGHMXQKRGH
HP 0RQWH %pULFR 0LVVLRQ HP
1LJHO RQGH UHFHEHX R VDFUDPHQWR GR
EDWLVPR 3DVVRX RV SULPHLURV DQRV GH
IRUPDomR H HVWXGRV QR &ROpJLR 3D[
7UDLQLQJ GH 3LHWHUVEXUJR H
QR VHPLQiULR GH %DVXWXODQG 'RLV DQRV GHSRLV IRL HQYLDGR SDUD ,VROD
9LFHQWLQD 9LFHQoD ,WiOLD RQGH HP GHVHWHPEURLQLFLRXRDQRGHQRYLFLDGR
(PLWLXDSULPHLUDSURILVVmRGRVYRWRVHP
GHVHWHPEURGRDQRVHJXLQWH$RV
GHPDUoRGHIH]DSURILVVmRVROHQH
QRVDQWXiULRGH0RQWH%pULFR
1RFRQYHQWRGH0RQWH%pULFRFRPSOHWRX
RFXUUtFXORGHHVWXGRVSUHVFULWRILORVRILD
H WHRORJLD (P ž GH
QRYHPEURGHIRLRUGHQDGRGLiFRQR
HDRVGHDEULOGRSUHVEtWHUR
7UDQVFRUUHX D PDLRU SDUWH GH VXD YLGD
QD VXD WHUUD QDWDO ÈIULFD GR 6XO
HQIUHQWDQGR WRGR R GUDPD GR DSDUWKHLG
HOH QHJUR QXP SDtV GRPLQDGR SHORV
EUDQFRV 6RIUHX FRP LVVR DWp QDV
FRPXQLGDGHVUHOLJLRVDVRQGHYLYHXXPD
YH] TXH D GLVFULPLQDomR UDFLDO H[LVWLD
DWp PHVPR HQWUH RV IUDGHHV $OJXPDV
YH]HVYROWRXSDUD0RQWH%pULFRQD,WiOLD
HP
SULQFLSDOPHQWH SDUD WUDWDPHQWR GH
VD~GH
9LYHX H WUDEDOKRX QDV VHJXLQWHV
FRPXQLGDGHV HP 1LJHO H
HP 0RQWH %pULFR 0LVVLRQ
SHUWR GH 1LJHO RQGH IRL
PXLWR HVWLPDGR FRPR SULRU H PHVWUH GH
ZZZVHUYLGLPDULDRUJ
ad experimentum
'H DWp R SUy[LPR FDStWXOR
JHUDO GH R EROHWLP Cਮਲਬਮ
VHUi SXEOLFDGR ad experimentum
WUrV YH]HV DR DQR XPD HGLomR
VHUi GH QRWtFLDV RXWUD GH
QHFUROyJLRVGRVGHIXQWRVGRDQR
DQWHULRU HD WHUFHLUD VREUHDOJXP
WHPDHVSHFtILFR
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 8
COSMO 1-4
Janeiro - Abril 2015
)UHL0DUFHO0%URGHXU>උඉඖ@3URW
(P GH PDLR GH SRU YROWD GR
PHLRGLD QR KRVSLWDO FLYLO GH 2WWDZD
2QWiULR &DQDGi IDOHFHX IUHL 0DUFHO 0
%URGHXU IUDGH GH YRWRV VROHQHV
SUHVEtWHUR PHPEUR GR FRQYHQWR GH
6DQWR $QW{QLR GH 3iGXD GH 2WWDZD
2QWiULR &DQDGi 7LQKD DQRV GH
LGDGHHGHYLGDUHOLJLRVDQD2UGHP
1DVFHX HP 'DQYLOOH 4XpEHF DRV GH RXWXEUR GH ILOKR GH 3K\GLPH H
GH %LELDQH 3KRHQL[ )RL EDWL]DGR QR
PHVPR GLD QD LJUHMD GH 6DQWD $QD QD
GLRFHVHGH6KHUEURRNH4XpEHF)H]R
FXUVR IXQGDPHQWDO QR -XYHQDWR 6DQWR
$OHL[R HP 2WWDZD GH D (VWXGRXILORVRILDQR&ROpJLR
GRPLQLFDQRGH2WWDZDHWHRORJLD
QD )DFXOGDGH 0DULDQXP GH
5RPD,WiOLD
(P GH VHWHPEUR GH LQLFLRX R
QRYLFLDGR HP 2WWDZD RQGH HP GH
VHWHPEUR GR DQR VHJXLQWH HPLWLX D
SULPHLUD SURILVVmR GRV YRWRV )H] D
SURILVVmR VROHQH HP 2WWDZD DRV GH
VHWHPEUR GH HIRLRUGHQDGR SDGUH
HP GH DEULO GH QD EDVtOLFD GH
6mR-RmRGH/DWUmRHP5RPD,WiOLD
(PIRLGHVLJQDGRSDUDRFRQYHQWR
GH 1RWUH'DPHGX0RQW&DUPHO HP
0RQWUHDO1RPHVPRDQRIRLFRQYRFDGR
FRPR SURIHVVRU QR &ROpJLR 1RWUH'DPH
GHV 6HUYLWHV GH $\HU¶V &OLII DWp 'HSRLV IRL WUDQVIHULGR SDUD R FRQYHQWR
GH
1RWUH'DPHGHOD'pIHQVH
GH
0RQWUHDO H SDUD R FRQYHQWR GH 6DQWR
FRVPRRVP#JPDLOFRP
$QW{QLR GH 3iGXD HP 2WWDZD RQGH IRL
SiURFR DWp 'H D IRL
PHPEURGDFRPXQLGDGHGR6DQWXiULRGH
1RWUH'DPHGHV'RXOHXUV HP 3RLQWH
1DYDUUH *DVSp 'H D IRL
SULRU H SiURFR QD SDUyTXLD GH 6DLQW
0DMRULTXH HP *DVSp FDUJRV TXH DOL
RFXSRX WDPEpP GH D 'H
D IRL SULRU H SiURFR QD
SDUyTXLD GH 6DLQW5D\PRQG HP
0RQWUHDO'HDIRLYLJiULRQD
SDUyTXLDGH6DQWR$QW{QLRGH3iGXDHP
2WWDZD 'H D IRL YLJiULR GD
SDUyTXLD GH 6DLQW&OpPHQW HP
0RQWUHDO'HDIRLSiURFRGD
SDUyTXLD GH 6DLQW5D\PRQG HP
0RQWUHDO'HDIRLSiURFRGD
SDUyTXLD GR 6DQWR 5RViULR HP
:LQQLSHJRQGHIRLGHSRLVWDPEpPSULRU
DWp 'H D IRL SULRU H
SiURFRQDSDUyTXLDGH6DQWR$QW{QLRGH
3iGXD GH 2WWDZD 'H D IRL
YLJiULRQHVWDPHVPDSDUyTXLD'H
D IRL SULRU GR FRQYHQWR GH 6DQWR
$OHL[R GH 2WWDZD H YLJiULR GD SDUyTXLD
GH 6DQWR $QW{QLR GH 3iGXD &RQWLQXRX
GHSRLVFRPRPHPEURGDFRPXQLGDGHGR
FRQYHQWRGH6DQWR$QW{QLRGH3iGXDGH
2WWDZD RQGH H[HUFLD DV IXQo}HV GH
YLJiULR GD SDUyTXLD H SUHVWDYD VHUYLoRV
HPRXWUDVFDSHODQLDVGDFLGDGH1HVWHV
~OWLPRV DQRV DWp j PRUWH IRL SULRU GHVWH
FRQYHQWR
$V H[pTXLDV FHOHEUDGDV HP WUrV
LGLRPDVIUDQFrVLWDOLDQRHLQJOrVIRUDP
FHOHEUDGDV WHUoDIHLUD GH MXQKR GH
QD LJUHMD SDURTXLDO GH 6DQWR
$QW{QLR GH 3iGXD GH 2WWDZD (P
VHJXLGD VHX FRUSR IRL VHSXOWDGR QD
FDSHOD 260 GR FHPLWpULR ORFDO $
FHOHEUDomR IRL SUHVLGLGD SRU 'RP
7HUUHQFH
7KRPDV
3UHQGHUJDVW
DUFHELVSR GH 2WWDZD ODGHDGR SRU 'RP
&KULVWLDQ 5LHVEHFN ELVSR DX[LOLDU SHOR
SULRU SURYLQFLDO FRQIUDGHV GD 2UGHP H
YiULRV SDGUHV GLRFHVDQRV 2 SULRU
SURYLQFLDO DSUHVHQWRX VHX QHFUROyJLR QR
LQtFLR GD FHOHEUDomR H IUHL -DFTXHV 0
'HVJUDQGFKDPSV SURIHULX D KRPLOLD
3UHVHQWHVPXLWRVSDURTXLDQRVHDPLJRV
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 9
Janeiro - Abril 2015
COSMO 1-4
)UHL9tFWRU0&DVWDxHGD6RODUHV>ඕඍච@3URW
3RUYROWDGDXPDKRUDGDPDGUXJDGDGRGLD
GHMXOKRGHGHSRLVGHYLVLWDUVXDIDPtOLD
DRYROWDUGHFDUURSDUDVHXFRQQYHWRGD'LYLQD
3URYLGrQFLD IUHL 9tFWRU 0 &DVWDxHGD 6RODUHV
VRIUHXXPJUDYHDFLGHQWHDRQRUWHGD&LGDGH
GR 0p[LFR YLQGR D PRUUHU QR ORFDO (UD
SURIHVVR VROHQH SUHVEtWHUR ILOKR GD 3URYtQFLD
0H[LFDQD H WLQKD DQRV GH LGDGH H GH
YLGDUHOLJLRVDQD2UGHP
)UHL 9tFWRU 0 &DVWDxHGD 6RODUHV QDVFHX DRV
GHDEULOGHQD&LGDGHGR0p[LFR')
ILOKRGH0DULD&ULVWLQD6RODUHVHGH&UX]5D~O
&DVWDxHGD DPERV SURIHVVRUHV GH SURILVVmR
)UHL9LFWRUIRLEDWL]DGRGLDGHMXOKRGH
QDLJUHMDSDURTXLDO1RVVD6HQKRUDGDV'RUHV
GR EDLUUR ;DOWRFiQ HP ;RFKLPLOFR ')
PDQWLGD SHORV 6HUYRV GH 0DULD 'HVGH
SHTXHQRIUHTXHQWDYDRFRQYHQWR6DQWD0DULD
GH ;RFKLPLOFR RQGH HUD FRURLQKD 2V IUDGHV
FRQWDP TXH XP GLD HOH EDWHX j SRUWD GR
FRQYHQWR H IRL UHFHELGR SRU IUHL )DXVWLQR 0
)DXVWLQL D ~QLFD FRLVD TXH HOH
GLVVHDIUHL)DXVWLQRIRLHVWD³4XHURVHUFRPR
YRFr
9tFWRU LQJUHVVRX QR 6HPLQiULR 0HQRU GRV
6HUYRV GH 0DULD GH &HOD\D *XDQDMXDWR HP
GH MXOKR GH H DOL ILFRX DWp 'HSRLV IH] R SUpQRYLFLDGR HP ;RFKLPLOFR
') 1D pSRFD PXGDUDP DV HWDSDV GH
IRUPDomR QD 3URYtQFLD 0H[LFDQD 3RULVVR DR
FRQFOXLU D HWDSD GR SUpQRYLFLDGR IRL HQYLDGR
SDUD D FRPXQLGDGH GH 6DQWD 0DULD GD
$VVXQomR HP =DSRSDQ -DOLVFR RQGH
HVWXGRX ILORVRILD QR ,QVWLWXWR /LYUH GH )LORVRILD
H &LrQFLDV $& GRV -HVXtWDV HP
*XDGDODMDUD-DOLVFRQRVDQRVGH
'HSRLV HP GH MXOKR GH LQLFLRX R
QRYLFLDGR HP /D 6ROHGDG $JXDVFDOLHQWHV
$JV H IH] D SULPHLUD SURILVVmR GRV YRWRV HP
GH MXOKR GH (P VHJXLGD IRL SDUD R
&ROpJLR ,QWHUQDFLRQDO 6DQWR $OHL[R GH 5RPD
RQGH HVWXGRX WHRORJLD HQWUH H H
REWHYHRWtWXORGHEDFKDUHODGR7HUPLQDGRVRV
HVWXGRVYROWRXSDUDD3URYtQFLD0H[LFDQDIH]
DSURILVVmRVROHQHHPGHPDUoRGHQD
FRPXQLGDGH GH 6DQWD 0DULD GH ;RFKLPLOFR
') H IRL RUGQDGR GLiFRQR HP GH DEULO GH
QR FRQYHQWR GH 6DQWD 0DULD GD
$VVXQomR HP =DSRSDQ -DOLVFR )LQDOPHQWH
IRLRUGHQDGRSUHVEtWHURHP GHIHYHUHLURGH
QDLJUHMDSDURTXLDOGH6mR%HUQDUGLQRGH
6HQDHP;RFKLPLOFR')
'HSRLVGDRUGHQDomRIUHL9tFWRUIRLGHVLJQDGR
SDUD R FRQYHQWR GH 6mR )LOLSH HP &HOD\D
*XDQDMXDWRRQGHWUDEDOKRXQDIRUPDomRGRV
DVSLUDQWHV GR VHPLQiULR PHQRU H FRPR
DVVHVVRUGRDQLPDGRUYRFDFLRQDOGDSURYtQFLD
9LYHXQHVWDFRPXQLGDGHGHGHMXOKRGH
D GH MXOKR GH TXDQGR IRL WUDQVIHULGR
SDUD D FRPXQLGDGH GH *XDGDOXSH GH
ZZZVHUYLGLPDULDRUJ
;DEXJLQLL $FDWHSHF *UR RQGH H[HUFHX R
PLQLVWpULR SDVWRUDO UHODFLRQDQGRVH FRP WRGR
FXLGDGR H UHVSHLWR FRP DV FRPXQLGDGHV
LQGtJHQDV H VHPSUH DWHQWR jV QHFHVVLGDGHV
GRVPDLVSREUHV1RWULrQLRHVWHYH
QD FRPXQLGDGH GD 'LYLQD 3URYLGrQFLD QD
&LGDGH GR 0p[LFR FRPR IRL WLWXODU GR
VHFUHWDULDGR GDV 0LVV}HV -XVWLoD H 3D] 1R
WULrQLR VHJXLQWH IRL WUDQVIHULGR
SDUD R FRQYHQWR GH 6DQWD 0DULD GH
;RFKLPLOFR ') RQGH SHUPDQHFHX SRU XP
DQR H PHLR LVWR p GH GH MXQKR GH D
GH QRYHPEUR GH 1R LQtFLR GH
GH]HPEUR GH IRL QRYDPHQWH GHVLJQDGR
SDUD D FRPXQLGDGH GD 'LYLQD 3URYLGrQFLD
RQGH DVVXPLULD R WUDEDOKR GH SDVWRUDO
SDURTXLDOHUHWRPDULDVHXVHVWXGRVDSDUWLUGH
QRYR DQR HVFRODU GH $OHJUH SRU
WHU UHWRPDGR VHXV HVWXGRV GH 3VLFRORJLD
FOtQLFD QHVWH FRQYHQWR HOH HQFHUURX VXD YLGD
WHUUHQD
$V H[pTXLDV GH IUHL 9tFWRU 0 &DVWDxHGD
6RODUHV IRUDP SURJUDPDGDV GH PRGR WDO TXH
SXGHVVHP VHU FHOHEUDGDV QR FRQYHQWR GD
'LYLQD 3URYLGrQFLD RQGH jV KRUDV IRL
FHOHEUDGD D PLVVD GH FRUSR SUHVHQWH
SUHVLGLGDSHORELVSR'RP)ORUHQFLR&ROtQ&UX]
H FRQFHOHEUDGD SHORV IUDGHV GH VXD
FRPXQLGDGH H GH FRPXQLGDGHV YL]LQKDV
4XDUWDIHLUD GH MXOKR IRL FHOHEUDGD PLVVD GH
VXIUiJLRjVGDPDQKmSUHVLGLGDSHORSULRUGD
FRPXQLGDGHIUHL0RLVpV0-DUDPLOOR0DUWtQH]
FRP JUDQGH SDUWLFLSDomR GH SDUHQWHV DPLJRV
H SDURTXLDQRV 6HX FRUSR IRL WUDQVODGDGR HP
FDUURI~QHEUHSDUD;RFKLPLOFRRQGHGHSRLVGH
ILFDU DOJXP WHPSR QD FDVD GRV IDPLOLDUHV IRL
FHOHEUDGR PDLV XP ULWR GH H[pTXLDV QD LJUHMD
GH 6DQWD 0DULD jV K SUHVLGLGR SHOR SULRU
SURYLQFLDO IUHL *HUDUGR 0 7RUUHV 2UQHODV H
FRQFHOHEUDGR SHORV IUDGHV GDV FRPXQLGDGHV
GH &LGDGH GR 0p[LFR H SRU DOJXQV SDGUHV
GLRFHVDQRV
)LQDOPHQWHDSHGLGRGDIDPtOLDQmRWHQGRIUHL
9LFWRU GHL[DGR QHQKXP GRFXPHQWR H[SRQGR
VXD ³~OWLPD YRQWDGH´ VHX FRUSR IRL VHSXOWDGR
QRFHPLWpULRGH-LORWHSHF/D1RULDDRODGRGH
IDPLOLDUHV H DJXDUGD D UHVVXUUHLomR GRV
PRUWRV
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 10
COSMO 1-4
Janeiro - Abril 2015
)UHL$QWKRQ\0(GZDUG*D\GRV>ඝඛඉ@3URW
(P GH MXOKR GH IDOHFHX QR &HQWUR
0DU\ 4XHHQ 0RWKHU GH 6DLQW /RXLV YtWLPD
GH LQIDUWR FDUGtDFR IUHL $QWKRQ\ 0 (GZDUG
*D\GRV IUDGH GH YRWRV VROHQHV SUHVEtWHUR
ILOKR GD 3URYtQFLD GRV (VWDGRV 8QLGRV GD
$PHULFDGR1RUWH7LQKDDQRVGHLGDGH
GHYLGDUHOLJLRVDHGHVDFHUGyFLR
1DVFHX HP GH DEULO GH HP :HLUWRQ
:HVW9LUJLQLDILOKRGH(PHU\HGH$QQD3LOODU
*D\GRV )RL EDWL]DGR QD LJUHMD SDURTXLDO GH
6DQWD 0DULD HP :HLUWRQ:HVW 9LUJLQLD DRV GH PDLR GH H UHFHEHX R QRPH GH
(GZDUG &XUVRX R HQVLQR IXQGDPHQWDO QDV
HVFRODV S~EOLFDV &HQWXU\ H 6W 3DXO¶V GH
:HLUWRQ :HVW 9LUJLQLD 7LYHUDP LQIOXrQFLD
VREUH HOH DV LUPmV 6HUYDV GH 0DULD GH
/DG\VPLWK TXH OHFLRQDYDP QD 6W 3DXO¶V
6FKRRO&XUVRXRHQVLQRPpGLRQD+LJK6FKRRO
GR VHPLQiULR PHQRU ³0DWHU 'RORURVD´ GRV
6HUYRV GH 0DULD HP +LOOVLGH ,OOLQRLV H QD
&DWKROLF&HQWUDO+LJK6FKRROGH:HLUWRQ:HVW
9LUJLQLDRQGHVHIRUPRXHP
,QLFLRX R QRYLFLDGR QD 3URYtQFLD GH 1RVVD
6HQKRUD GDV 'RUHV GRV (VWDGRV 8QLGRV GD
$PpULFD HP 0RXQW 6W 3KLOLS *UDQYLOOH
:LVFRQVLQ HP GH DJRVWR GH TXDQGR
OKH IRL GDGR R QRPH GH IUHL $QWKRQ\ $OL IH] D
SULPHLUDSURILVVmRGRVYRWRVHPGHVHWHPEUR
GH (VWXGRX ILORVRILD QR VHPLQiULR 0DWHU
'RORURVD GH +LOOVLGH ,OOLQRLV H WHRORJLD QR
FRQYHQWR GH 2XU /DG\ RI WKH )RUHVW
6WRQHEULGJH GH /DNH %OXII ,OOLQRLV (PLWLX D
SURILVVmRVROHQHHPGHMXQKRGHHIRL
RUGHQDGR SUHVEtWHUR HP GH PDLR GH SRU 'RP :LOOLDP ' 2¶%ULHQ ELVSR DX[LOLDU GH
&KLFDJR 2EWHYH R EDFKDUHODGR HP
PDWHPiWLFD QD 8QLYHUVLGDGH /R\ROD GH
&KLFDJR,OOLQRLVHP
&RPR PHPEUR GD 3URYtQFLD GH 1RVVD
6HQKRUD GDV 'RUHV IRL QRPHDGR YLFHPHVWUH
GRV IRUPDQGRV GR VHPLQiULR 0DWHU 'RORURVD
GH +LOOVLGH ,OOLQRLV SURIHVVRU QD
6W 3KLOLS +LJK 6FKRRO GH &KLFDJR ,OOLQRLV
FRVPRRVP#JPDLOFRP
PHVWUH GRV SRVWXODQWHV LUPmRV
QD FRPXQLGDGH GH 2XU /DG\ RI 6RUURZV GH
&KLFDJR ,OOLQRLV DQLPDGRU
YRFDFLRQDO QD FRPXQLGDGH GH 2XU /DG\ RI
6RUURZV GH &KLFDJR ,OOLQRLV PHVWUH GH IRUPDomR QR VHPLQiULR VHUYLWD GH
+LOOVLGH ,OOLQRLV SiURFR H SULRU QD
SDUyTXLD GH 6mR -RVp H QR FRQYHQWR GH
&DUWHUHW1HZ-HUVH\
(P FRP D XQLILFDomR GDV GXDV
SURYtQFLDV GRV ((88 GH 6mR -RVp H GH
1RVVD 6HQKRUD GDV 'RUHV H D FRQVHTXHQWH
FULDomR GD 3URYtQFLD /HVWH H GD 3URYtQFLD
2HVWHFRQWLQXRXVHXPLQLVWpULRFRPRPHPEUR
GD3URYtQFLDGR/HVWHHIRLQRPHDGRSiURFRH
SULRUQDSDUyTXLDHFRQYHQWRGH6mR-RVpHP
&DUWHUHW1HZ-HUVH\YLFHSiURFR
QD SDUyTXLD GRV 6HWH 6DQWRV )XQGDGRUHV GH
6W /RXLV 0LVVRXUL SiURFR GD
SDUyTXLDGH6WH0DULHGX/DFH0LVVLRQVHP
,URQWRQ
0LVVRXUL
RQGH
SHUPDQHFHX DWp (P TXDQGR DV
GXDV SURYtQFLDV QRUWHDPHULFDQDV IRUDP
XQLILFDGDV H IRL FULDGD D 3URYtQFLD ~QLFD GRV
(VWDGRV 8QLGRV GD $PpULFD GR 1RUWH IUHL
$QWKRQ\ FRQWLQXRX VHX VHUYLoR FRPR LGRVR QD
SDUyTXLDGH6WH0DULHGX/DFH0LVVLRQVHP
,URQWRQ0LVVRXUL
'HYLGRDSUREOHPDVGHVD~GHLQFOXVLYHDOJXQV
DWDTXHVFDUGtDFRVIUHL$QWKRQ\SHGLXSDUDVHU
WUDQVIHULGR FRPR IUDGH HPpULWR SDUD R
FRQYHQWR GRV 6HWH 6DQWRV )XQGDGRUHV GH
$IIWRQ 0LVVRXUL DRQGH FKHJRX HP MDQHLUR GH
7HYH PDLV XP DWDTXH FDUGtDFR HP
PDUoR H GHSRLV GH DOJXPDV VHPDQDV GH
UHFXSHUDomR QXPD FDVD GH VD~GH H SRU
UHFRPHQGDomR PpGLFD IRL WUDQVIHULGR SDUD
FHQWUR 4XHHQ DQG 0RWKHU GH 6W /RXLV RQGH
DSHVDU GD SHUGD GH PHPyULD VHPSUH WLQKD
XPD SLDGLQKD RX XPD ORURWD SDUD FRQWDU jV
HQIHUPHLUDVHDTXHPRYLVLWDYD
2YHOyULRUHDOL]RXVHGLDGHMXOKRGDVjV
K QD .XWLV )XQHUDO +RPH HP $IIWRQ )RL
YLVLWDGRSRUPXLWRVDPLJRVYLQGRVGH6W/RXLV
,URQWRQ SHORV PHPEURV GD 2UGHP 6HFXODU H
SHORVIUDGHVGDSDUyTXLDGRV6HWH6DQWRVTXH
FRPSDUHFHUDP SDUD D UH]D GDV 9pVSHUDV GR
2ILFLRGRV'HIXQWRV
2 FRUSR GH IUHL $QWKRQ\ 0 *D\GRV IRL
WUDQVODGDGRSDUD&KLFDJR,OOLQRLVRQGHTXLQWD
IHLUD GH MXOKR GH jV K QD %DVtOLFD
GH 1RVVD 6HQKRUD GDV 'RUHV IUHL *HUDOG 0
+RUDQ YLFHSURYLQFLDO FHOHEURX D PLVVD
I~QHEUH SUHFHGLGD GDV /DXGHV GR 2ItFLR GRV
'HIXQWRV 3UHVHQWHV IDPLOLDUHV DPLJRV LUPmV
6HUYDV GH 0DULD H FRQIUDGHV 6HX FRUSR IRL
VHSXOWDGR QD FDSHOD GRV 6HUYRV GH 0DULD GR
FHPLWpULR 4XHHQ RI +HDYHQ HP +LOOVLGH
,OOLQRLV
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 11
Janeiro - Abril 2015
COSMO 1-4
)UHL'RPHQLFR06DUWRUL>ඛඕඉ@3URW
GLDJQRVWLFDUDP XP FkQFHU QRV ULQV TXH R
REULJRXDYROWDUSDUDD,WiOLDHPGHPDUoR
GRPHVPRDQRHPTXHIDOHFHXRLUPmRFRP
D HVSHUDQoD GH SRGHU FXUDUVH ( QR
FRPHoR R WUDWDPHQWR FRUURERUDGR SHOD
RUDomR H SHOD HVSHUDQoD GH PLODJUH
SDUHFLDHILFD]
3DVVRX RV ~OWLPRV DQRV QD FRPXQLGDGH GR
,VWLWXWR 0LVVLRQL GH 0RQWH %pULFR HP
9LFHQoD DQLPDQGR FRP VHUHQLGDGH
SDFLrQFLD H ERQGDGH RV FRQIUDGHV LGRVRV H
GRHQWHV FHOHEUDQGR D HXFDULVWLD QR
VDQWXiULRGH0RQWH%pULFRID]HQGRKRPLOLDV
FRP D DMXGD GH VXD LQVHSDUiYHO VDQIRQD
TXHSDUDHOHHUDLQVWUXPHQWRGHFDWHTXHVH
H DEHQoRDQGR RV SHUHJULQRV DRV TXDLV VH
DSUHVHQWDYD jV YH]HV ± SULQFLSDOPHQWH jV
FULDQoDV ± YHVWLGR GH SDOKDoR TXH QD
$PpULFD /DWLQD HOH XVDYD FRPR PHLR GH
SDVWRUDO 1D FRPXQLGDGH IRL WDPEpP
DQLPDGRU GR VHFUHWDULDGR SURYLQFLDO GDV
0LVV}HV
6HJXQGDIHLUD GH DJRVWR jV K QR
VDQWXiULR GH 0RQWH %pULFR WRPDGR SHORV
ILpLV IRL FHOHEUDGD D PLVVD GH VXIUiJLR
SUHVLGLGD SHOR SULRU SURYLQFLDO IUHL /LQR 0
3DFFKLQHFRQFHOHEUDGDSRUVDFHUGRWHV
¬ WDUGH R FRUSR GH IUHL 'RPHQLFR IRL
WUDQVODGDGR SDUD VXD WHUUD QDWDO HP
'XHYLOOH GLVWDQWH NP GH 9LFHQoD 1D
LJUHMD SDURTXLDO GH 'XHYLOOH IRL FHOHEUDGD
XPD YLJtOLD GH RUDomR FRP D OHLWXUD GH
WUHFKRV GD VXD DXWRELRJUDILD LQIkQFLD H
MXYHQWXGH
SULPHLUD
H[SHULrQFLD
PLVVLRQiULDQR$\VpQVXDSDVVDJHPSHOD
%ROtYLD H $UJHQWLQD D GRHQoD H D YROWD
SDUDR,WiOLD2VWUHFKRVOLGRVSRUVREULQKRV
H SULPRV HUDP LQWHUFDODGRV FRP VDOPRV H
FDQWRV 7HUPLQDGD D FHOHEUDomR GD PLVVD
GDTXDOSDUWLFLSDUDPXPDGH]HQDGHSDGUHV
HPXLWRVILHLVDOpPGHSDUHQWHVVHJXLXVHD
SURFLVVmR DWp R FHPLWpULR ORFDO RQGH IRL
VHSXOWDGR QR W~PXOR GD IDPtOLD FRQIRUPH
VHX GHVHMR H[SUHVVR QR WHVWDPHQWR
HVSLULWXDO
³« DR FDLU GD WDUGH -HVXV GLVVH YDPRV
SDUD D RXWUD PDUJHP´ &RP HVVDV SDODYUDV
GR HYDQJHOKR GH 0DUFRV IRL GDGR R
DQ~QFLR GD PRUWH GH IUHL 'RPHQLFR 0
6DUWRUL±SDGUH1LFR±IUDGH6HUYRGH0DULD
SUHVEtWHURILOKRGD3URYtQFLDGH6DQWD0DULD
GRV$QGHV7LQKDDQRVGHLGDGHHGH
YLGDUHOLJLRVDQD2UGHP
1LFR QDVFHX HP 'XHYLOOH 9LFHQoD ,WiOLD
DRV GH QRYHPEUR GH $RV DQRV
GH LGDGH GHL[D VXD WHUUD QDWDO H D FDVD
SDWHUQDHHQWUDQRVHPLQiULRGRV6HUYRVGH
0DULD GH )ROOLQD H GHSRLV
FRQWLQXDQR,VWLWXWR0LVVLRQLGH0RQWH%pULFR
)D] R DQR GH QRYLFLDGR HP
,VROD 9LFHQWLQD H GHSRLV GH
VHLV DQRV GH SURILVVmR WHPSRUiULD FRQVDJUDVH GHILQLWLYDPHQWH D 'HXV
FRPDSURILVVmRVROHQHHPGHRXWXEURGH
(VWXGD ILORVRILD QD FRPXQLGDGH GH
ÒGLQH H WHRORJLD QD
FRPXQLGDGH GH IRUPDomR GH 0RQWH %pULFR
)RL RUGHQDGR SDGUH QR
VDQWXiULR PDULDQR GH 0RQWH %pULFR HP GH PDUoR GH SHOR ELVSR GLRFHVDQR
'RP&DUOR=LQDWR
(P GH]HPEUR GR PHVPR DQR SDUWH FRPR
³PLVVLRQiULR´ SDUD D $PpULFD ODWLQD H Oi
YLYHX R WHPSR GH JUDQGHV PXGDQoDV QD
,JUHMD H QR PXQGR LQWHLUR 9LYHX WDPEpP D
H[SHULrQFLD GR PRYLPHQWR MXYHQLO GH 0RURX H WUDEDOKRX QR &KLOH SULPHLUR HP 6DQWLDJR FRPR
PHVWUH GH IRUPDomR SURIHVVRU H SiURFR
GHSRLV SRU FLQFR DQRV QR $\VpQ FRPR
PLVVLRQiULR LWLQHUDQWH SULRU H
SiURFR HP &R\KDLTXH H HP 3XHUWR $\VpQ
HUD SiURFR GD FDWHGUDO TXDQGR HVWD IRL
GHVWUXtGD SHOR IRJR HP GH RXWXEUR GH
HFRQVHJXLXPXLWDV GRDo}HVSDUDVXD
UHFRQVWUXomR
0RURXHWUDEDOKRXWDPEpPQD%ROtYLD
HP &RFKDEDPED FRPR PHVWUH GH
IRUPDomRSULRUHSiURFR3DUD&RFKDEDPED
YROWDULD PDLV WDUGH SRU DOJXQV PHVHV SDUD
GDU DVVLVWrQFLD VHX LUPmR IUHL -RVp 6DUWRUL
TXH IDOHFHX HP GH IHYHUHLUR GH WDPEpP YtWLPD GH FkQFHU GHSRLV SDVVRX
SDUD2UXURFRPRUHLWRUGRVDQWXiULRPDULDQR
GHO6RFDYyQ0RURXHWUDEDOKRXWDPEpPQD
$UJHQWLQD FRPR SiURFR GH /DV
7RVFDV
)RLDOLTXHVXDVD~GHFRPHoRXDSUHRFXSDU
GHSRLVTXHVRXEHGDPRUWHGRVHXLUPmRIUHL
-RVp 6DUWRUL TXH DIHWRX PXLWR VXD
UHVLVWrQFLD ItVLFD H GHSRLV TXH OKH
ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 12
COSMO 1-4
Janeiro - Abril 2015
)UHL3HWHU05RRNH\>ඝඛඉ@3URW
7HUFHLUD QR FRQYHQWR GH %HQEXUE HP
%HQEXUE ,UODQGD FRQVHOKHLUR
JHUDO HP 5RPD ,WiOLD (VWHYH
WDPEpPQRFROpJLR,QWHUQDFLRQDOGH/RYDLQD
QD%pOJLFDHIRLYLFHSiURFRQD
SDUyTXLD GH 2XU /DG\ RI 6RUURZV GH
&KLFDJR ,OOLQRLV 'H D
HVWHYHQDIXQGDomRDOHPm
(P FRP D XQLILFDomR GDV GXDV
SURYtQFLDV1RVVD6HQKRUDGDV'RUHVH6mR
-RVpHDFULDomRGDV3URYtQFLDVGR/HVWHH
GR 2HVWH FRQWLQXRX VHX PLQLVWpULR FRPR
PHPEUR GD 3URYtQFLD GR /HVWH SUHVWDQGR
VHUYLoRV QD IXQGDomR DOHPm FRPRYLFHSiURFRQDSDUyTXLDGH6WH0DULH
GX /DF HP ,URQWRQ 0LVVRXUL RQGH IRL HOHLWR SULRU HP (P IXQGRXHGLULJLXR0LQLVWpULR,QWHUQDFLRQDOGD
&RPSDL[mR H HVWHYH QDV VHJXLQWHV
FRPXQLGDGHV HP 2XU /DG\ RI 6RUURZV
&KLFDJR ,OOLQRLV QR FRQYHQWR
6W 'RPLQLF WDPEpP HP &KLFDJR ,OOLQRLV
QR FRQYHQWR +RO\ )RXQGHUV
HP &DOXPHW 3DUN ,OOLQRLV H QR
FRQYHQWR 6W %RQILOLXV HP %HUZ\Q ,OOLQRLV
(P TXDQGR IRUDP XQLILFDGDV DV GXDV
SURYtQFLDV QRUWHDPHULFDQDV H FULDGD D
SURYtQFLD ~QLFD GRV (VWDGRV 8QLGRV GD
$PpULFD
FRQWLQXRX
VHX
PLQLVWpULR
LQWHUQDFLRQDO GD &RPSDL[mR QRV FRQYHQWRV
GH 6W %RQILOLXV GH %HUZ\Q ,OOLQRLV H QR FRQYHQWR GH 2XU /DG\ RI
6RUURZVHP&KLFDJR,OOLQRLV
1D LQIkQFLD IUHL 3HWHU IRL DWLQJLGR SRU XP
SHWDUGR TXH OKH H[SORGLX QR URVWR H RV
PpGLFRVGLVVHUDPTXHSHUGHULDDYLVmR3RU
PHVHVVHJXLGRVVXDPmHIH]DIDPtOLDUH]DU
WRGRV RV GLDV R 6DQWR 5RViULR SDUD SHGLU D
LQWHUFHVVmR GD 9LUJHP 0DULD SDUD TXH HOH
UHFXSHUDVVH D YLVWD (OH PHVPR SURPHWHX
TXHVHULDSDGUHVHUHFXSHUDVVHDYLVWD3DUD
VXUSUHVD GRV PpGLFRV D YLVWD IRLVH
UHFXSHUDQGR DRV SRXFRV DWp PHOKRUDU
GHILQLWLYDPHQWH 3DUD D IDPtOLD IRL XP
PLODJUH
2 YHOyULR UHDOL]RXVH ViEDGR GH
VHWHPEUR GDV jV K H GRPLQJR GDV jV K QD %DVtOLFD GH 1RVVD
6HQKRUDGDV'RUHVHP&KLFDJR,OOLQRLV$
PLVVD I~QHEUH IRL FHOHEUDGD VHJXQGDIHLUD
jV K SUHFHGLGD SHOD UH]D GH /DXGHV
GR 2ItFLR GRV 'HIXQWRV 6HX FRUSR IRL
VHSXOWDGRQDFDSHODGRV6HUYRVGH0DULDGR
FHPLWpULR 4XHHQ RI +HDYHQ HP +LOOVLGH
,OOLQRLV
(P GH VHWHPEUR GH QR FRQYHQWR
GH2XU/DG\RI6RUURZVGH&KLFDJR,OOLQRLV
IDOHFHX GH LQIDUWR DJXGR GR PLRFiUGLFR
RFOXVmR
FRURQDULDQD
LVTXHPLD
H
DUWHULRVFOHURVH IUHL 3HWHU 0 5RRNH\
©VHQLRU 2UGLQLVª IUDGH GH YRWRV VROHQHV
SUHVEtWHUR ILOKR GD 3URYtQFLD GRV (VWDGRV
8QLGRVGD$PpULFDGR1RUWH7LQKDDQRV
GH LGDGH GH SURILVVmR UHOLJLRVD QD
2UGHPHGHVDFHUGyFLR
)UHL 3HWHU QDVFHX HP 6XSHULRU :LVFRQVLQ
DRVGHRXWXEURGHILOKRGH$QWKRQ\
H-RKDQQD0F*DUU\5RRNH\HIRLEDW]LDGR
HP GH RXWXEUR GR PHVPR DQR QD
FDWHGUDOGR6DJUDGR&RUDomRHP6XSHULRU
:LVFRQVLQ )H] R HQVLQR PpGLR QD 6DFUHG
+HDUW 6FKRRO GH 6XSHULRU :LVFRQVLQ H R
HQVLQR PpGLR QR VHPLQiULR VHUYLWD 0DWHU
'RORURVDGH+LOOVLGH,OOLQRLVRQGHVHIRUPRX
HP ,QLFLRX R QRYLFLDGR QD 3URYtQFLD
1RVVD 6HQKRUD GDV 'RUHV HP 0RXQW 6DLQW
3KLOLS *UDQYLOOH :LVFRQVLQ HP GH
VHWHPEUR GH RQGH IH] D SULPHLUD
SURILVVmR GRV YRWRV HP GH VHWHPEUR GH
(VWXGRX ILORVRILD HP 0RXQW 6DLQW
3KLOLS *UDQYLOOH :LVFRQVLQ H WHRORJLD QR
VHPLQiULR0DWHU'RORURVDGH+LOOVLGH,OOLQRLV
(PLWLX D SURILVVmR VROHQH GRV YRWRV HP ž
GH VHWHPEUR GH H IRL RUGHQDGR SDGUH
HPGHPDLRGHSRU'RP:LOOLDP-
2¶%ULHQ ELVSR DX[LOLDU GD DUTXLGLRFHVH GH
&KLFDJR
&RPRPHPEURGD3URYtQFLD1RVVD6HQKRUD
GDV 'RUHV IRL YLFHPHVWUH GRV QRYLoRV HP
0RXQW 6DLQW 3KLOLS *UDQYLOOH :LVFRQVLQ
YLFHSiURFR QD SDUyTXLD GD
$VVXQomRGH3RUWODQG2UHJRQ
YLFHPHVWUH GRV DVSLUDQWHV GR VHPLQiULR
PHQRU 0DWHU 'RORURVD GH +LOOVLGH ,OOLQRLV
YLFHPHVWUH GRV SURIHVVRV H
SRVWXODQWHV GR FRQYHQWR GH 2XU /DG\ RI
%HQEXUE HP %HQEXUE ,UODQGD SULRU H YLFHPHVWUH GRV SURIHVVRV
SRVWXODQWHV H QRYLoRV DVVLVWHQWH GD 2UGHP
FRVPRRVP#JPDLOFRP
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 13
Janeiro - Abril 2015
COSMO 1-4
)UHL0LFKHO0$OEDQ6LQFHUQ\>උඉඖ@3URW
PXGRXVH SDUD R FRQYHQWR GD
9LVLWDomR HP 0RQWUHDO1RUWH H IRL
QRPHDGR DUTXLYLVWD SURYLQFLDO )D]LD D
WUDGXomR IUDQFHVD GH PXLWRV GRFXPHQWRV
YLQGRV GD &~ULD *HUDO GH 5RPD H DR
PHVPR WHPSR H[HUFLD VHX PLQLVWpULR QD
LJUHMDGH1RVVD6HQKRUDGD'HIHVDRQGH
SURFXURX IDFLOLWDU D WUDQVLomR SDUD D QRYD
HTXLSHGHDQLPDomRGDLJUHMD
1R FDStWXOR SURYLQFLDO GH XPD
TXHGDLQRSRUWXQDOHYRXRDRKRVSLWDOSDUD
VHU RSHUDGR GH XPD IUDWXUD QD SDUWH
VXSHULRU GR IrPXU 'HSRLV GH XP WHPSR
GH UHFXSHUDomR YROWRX SDUD R FRQYHQWR
GD9LVLWDomRPDVVHXHVWDGRGHVD~GHIRL
SLRUDQGR DRV SRXFRV 3RU LVVR IRL
LQWHUQDGR QD HQIHUPDULD GRV ,UPmRV GDV
(VFRODV&ULVWmVGHSRLVQRKRVSLWDO6DFUp
&°XUGH0RQWUHDORQGHYHLRDIDOHFHU
$V H[pTXLDV UH]DGDV HP GXDV OtQJXDV
LQJOrV H IUDQFrV IRUDP FHOHEUDGDV QD
LJUHMD SDURTXLDO GH 1RVVD 6HQKRUD GD
'HIHVD GH 0RQWUHDO QD VH[WDIHLUD GH
VHWHPEUR GH 6HX FRUSR IRL
VHSXOWDGR QR FHPLWpULR GRV IUDGHV 6HUYRV
GH0DULDHP$\HU
V&OLII$FHOHEUDomRIRL
SUHVLGLGD SHOR ELVSR DX[LOLDU 'RP *DpWDQ
0 3URXO[ 260 H SHOR YLJiULR JHUDO GD
GLRFHVH GH 4XpEHF &RQFHOHEUDUDP
0RQV,JLQR,QFDQWDOXSR&66SiURFRGD
SDUyTXLDIUHL$QGUp06LQFHUQ\LUPmRGH
0LFKHO RXWURV IUDGHV GD 2UGHP H YiULRV
SDGUHV GLRFHVDQRV 3UHVHQWHV PXLWRV
SDURTXLDQRVHDPLJRV
'LD GH VHWHPEUR GH QR KRVSLWDO
6DFUp&°XU GH 0RQWUHDO 4XpEHF
&DQDGi IDOHFHX IUHL 0LFKHO 0 $OEDQ
6LQFHUQ\ IUDGH SUHVEtWHUR GH YRWRV
VROHQHV PHPEUR GD FRPXQLGDGH GR
&RQYHQWR GD 9LVLWDomR GH 0RQWUHDO
4XpEHF&DQDGi7LQKDDQRVGHLGDGH
HGHYLGDUHOLJLRVDQD2UGHP
1DVFHX HP 6DLQW-DFTXHVGH0RQWFDOP
4XpEHF DRV GH MXQKR GH ILOKR
GH $GDOEHUW H 0DULH'HQLVH 9HQQH )RL
EDWL]DGRHPGHMXQKRGHQDLJUHMD
GH 6mR 7LDJR GLRFHVH GH -ROLHWWH
4XpEHF )H] R FXUVR PpGLR QR -XYHQDWR
6DQWR $OHL[R GH 2WWDZD GH D (VWXGRX ILORVRILD QR &ROpJLR 'RPLQLFDQR
GH 2WWDZD H WHRORJLD QD
)DFXOGDGH 0DULDQXP HP 5RPD ,WiOLD
H QR &ROpJLR 'RPLQLFDQR GH
2WWDZD
,QLFLRXRQRYLFLDGRHP0RQWUHDODRVGH
DJRVWR GH H HPLWLX D SULPHLUD
SURILVVmR GRV YRWRV HP GH DJRVWR GR
DQR VHJXLQWH )H] D SURILVVmR VROHQH HP
5RPD DRV GH GH]HPEUR GH H IRL
RUGHQDGR SDGUH DR GH MXQKR GH HP 6DLQW-DFTXHVGH0RQWFDOP 4XpEHF
&DQDGi
(P IRL PHPEUR GD FRPXQLGDGH GR
FRQYHQWR GH 1RWUH'DPHGHV6HUYLWHV
HP $\HU¶V &OLII RQGH ILFRX DWp 1HVVHFRQYHQWRIRLSURIHVVRUGR&ROpJLRH
GLUHWRUGRVDOXQRVGHDHSULRU
FRQYHQWXDOGHD
'H D IRL GHILQLGRU SURYLQFLDO
)RL YLFHSURYLQFLDO GH D H
FRQVHOKHLURSURYLQFLDOGHD(P
IRL HOHLWR SULRU SURYLQFLDO GD
3URYtQFLD &DQDGHQVH HVWDEHOHFHQGRVH
QD FRPXQLGDGH GRV 6HWH 6DQWRV
)XQGDGRUHV HP 0RQWUHDO1RUWH (P
GXUDQWH VHX PDQGDWR GH SULRU
SURYLQFLDO IRL HOHLWR SULRU JHUDO GD 2UGHP
GRV 6HUYRV GH 0DULD SDVVDQGR D UHVLGLU
QR FRQYHQWR GH 6mR 0DUFHOR HP 5RPD
,WiOLD2FXSRXHVVHFDUJRDWp
(P YROWRX SDUD R &DQDGi H IRL
GHVLJQDGR SDUD R FRQYHQWR GH 1RVVD
6HQKRUD GD 'HIHVD GH 0RQWUHDO FRPR
SULRU FRQYHQWXDO DWp 'H D
IRLWDPEpPYLFHSiURFRQDSDUyTXLD
GH 1RVVD 6HQKRUD GD 'HIHVD H
FRQVHOKHLURSURYLQFLDOGHD(P
ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 14
COSMO 1-4
Janeiro - Abril 2015
)UHL-RKQ0/H0D\>ඝඛඉ@3URW
¬V GH WHUoDIHLUD GH VHWHPEUR
GH QR +RVSLWDO 5HVXUUHFWLRQ GH
&KLFDJR ,OOLQRLV IDOHFHX YtWLPD GH
FRODSVRUHQDOHUHVSLUDWyULRIUHL-RKQ0
/H 0D\ IUDGH GH YRWRV VROHQHV
SUHVEtWHUR ILOKR GD 3URYtQFLD GRV
(VWDGRV 8QLGRV GD $PpULFD GR 1RUWH
7LQKDDQRVGHLGDGHGHSURILVVmR
UHOLJLRVDQD2UGHPHGHVDFHUGyFLR
1DVFHXHP'HWURLW0,HPGHPDLRGH
ILOKRGH:LOIUHGH(GLWK%HDUEHDX
/H 0D\ H IRL EDWL]DGR QD SDUyTXLD
VHUYLWD GH 6mR -RmR %HUFKPDQV HP
'HWURLW 0, HP GH PDLR GH TXDQGR UHFHEHX R QRPH GH -RKQ
5D\PRQG&XUVRXRHQVLQRIXQGDPHQWDO
QD HVFROD 6W -RKQ %HUFKPDQV H R
HQVLQR PpGLR QR FROpJLR 6W 3KLOLS 1HUL
DPEDV HP 'HWURLW 0, )RUPRXVH HP
)UHL -RKQ LQLFLRX R QRYLFLDGR QD
3URYtQFLD GH 1RVVD 6HQKRUD GDV 'RUHV
HP 0RXQW 6DLQW 3KLOLS *UDQYLOOH
:LVFRQVLQ DRV GH DJRVWR GH 4XHULD HVWXGDU SDUD VHU SDGUH PDV
GHYLGR j GLILFXOGDGH TXH WLQKD SDUD
DSUHQGHU OtQJXDV QmR FRQVHJXLD
DSUHQGHURODWLPOtQJXDHQWmRXVDGDQR
HVWXGRGDWHRORJLDHSDUDRVFDQGLGDWRV
DRVDFHUGyFLR(PDEULOGHGHFLGLX
VHU VLPSOHV LUPmR H UHFRPHoRX R
QRYLFLDGRHPGHDJRVWRGHHP
0RXQW 6W 3KLOLS *UDQYLOOH:, (PLWLX D
SULPHLUD SURILVVmR GRV YRWRV HP GH
DJRVWRGRDQRVHJXLQWH
FRVPRRVP#JPDLOFRP
(P DEULO GH IRL GHVLJQDGR SDUD DV
PLVV}HV QD =XOXOkQGLD ÈIULFD GR 6XO
RQGH HPLWLX D SURILVVmRVROHQH HP GH
RXWXEUR GH H DOL FRQWLQRX
SUHVWDQGR VHXV VHUYLoRV DWp R DQR GH
4XDQGR D QHFHVVLGDGH GH ID]HU
FRQVWUXo}HV GLPLQXLX IUHL -RKQ
UHSHQVRX VXD YLGD H GHSRLV GH PXLWD
RUDomR H UHIOH[mR SHGLX OLFHQoD SDUD
UHDOL]DU VHX VRQKR GH VHU SDGUH 9ROWRX
SDUDRV(VWDGRV8QLGRVHPDWULFXORXVH
QXP FXUVR DQXDO GR &ROpJLR 'H 3DXO
8QLYHUVLW\GH&KLFDJR,/(PDJRVWRGH
FRPHoRX RV HVWXGRV SDUD R
VDFHUGyFLRQDHVFRODGHWHRORJLD6DFUHG
+HDUW SDUD YRFDo}HV DGXOWDV HP +DOHV
&RUQHUV :LVFRQVLQ &RQFOXtGRV RV
HVWXGRV IRL RUGHQDGR SDGUH HP GH
MXQKR GH QD %DVtOLFD GH 1RVVD
6HQKRUDGDV'RUHVGH&KLFDJR,OOLQRLV
'HSRLV GD RUGHQDomR HP QRYHPEUR GH
YROWRX SDUD DV PLVV}HV GD
=XOXOkQGLD H IRL QRPHDGR YLFHSiURFR H
PDLV WDUGH SiURFR GD 0LVVmR 6DQWR
$OHL[RGH8ERPER=XOXOkQGLDÈIULFDGR
6XO 0DV RV KiELWRV DQWLJRV FXVWDP D
PRUUHU)UHL-RKQDFKRXFKDWRRWUDEDOKR
GH PHLD VHPDQD FRPR SDGUH H VHQWLD
IDOWDGRWUDEDOKRPDQXDO
&KHJRX DRV (VWDGRV 8QLGRV HP MXQKR
GHHIRLGHVLJQDGRSDUDRFRQYHQWR
GH 1RVVD 6HQKRUD GDV 'RUHV GH
&KLFDJR FRPR IUDGH DSRVHQWDGR
$SHVDU GH DSRVHQWDGR H VRIUHQGR GR
PDO GH 3DUNLQVRQ FRQWLQXRX VHX
PLQLVWpULRVDFHUGRWDOGDPHOKRUPDQHLUD
TXHSRGH$QLPDYDD2UGHP6HFXODUHD
/HJLmR GH 0DULD H HVIRUoDYDVH SDUD
DSUHQGHUDOtQJXDHVSDQKROD
2 YHOyULR UHDOL]RXVH VH[WDIHLUD GH
VHWHPEUR GH H D 0LVVD GH FRUSR
SUHVHQWH SUHFHGLGD GD UH]D GH /DXGHV
GR 2ItFLR GRV 'HIXQWRV IRL FHOHEUDGD
ViEDGR GH VHWHPEUR GH QD
%DVtOLFD GH 1RVVD 6HQKRUD GDV 'RUHV
GH &KLFDJR ,OOLQRLV QD SUHVHQoD GH
PXLWRV FRQIUDGHV SDUHQWHV DPLJRV H
SDURTXLDQRV6HXFRUSRIRLVHSXOWDGRQD
FDSHOD GR FHPLWpULR VHUYLWD 4XHHQ RI
+HDYHQHP+LOOVLGH,OOLQRLV
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 15
Janeiro - Abril 2015
COSMO 1-4
)UHL$QGUp06\UDUG>උඉඖ@3URW
1RWUH'DPHGHV6HUYLWHV HP $\HU¶V
&OLIIFRPRSUHJDGRUGHUHWLURV
$VH[pTXLDVIRUDPFHOHEUDGDVViEDGR
GH RXWXEUR GH QD LJUHMD SDURTXLDO
GH6mR%DUWRORPHXHP$\HU
V&OLII6HX
FRUSR IRL VHSXOWDGR QR FHPLWpULR GRV
IUDGHV6HUYRVGH0DULDGH$\HU
V&OLII$
FHOHEUDomR IRL SUHVLGLGD SHOR SULRU
SURYLQFLDO IUHL <YRQ 0 &KDOLIRX[
ODGHDGR SHOR SDGUH 0DXULFH 'RPLQJXH
SiURFR SHOR IUHL 3LHUUH 0 +RXOH SULRU
GR FRQYHQWR SRU RXWURV FRQIUDGHV GD
2UGHPHSRUDOJXQVSDGUHVGLRFHVDQRV
2 SULRU SURYLQFLDO IH] D KRPLOLD
3DUWLFLSDUDP WDPEpP DPLJRV H
UHOLJLRVDV jV TXDLV KDYLD SUHJDGR UHWLUR
HVSLULWXDO
'LD GH VHWHPEUR GH QR
FRQYHQWR GH 1RWUH'DPHGHV6HUYLWHV
GH $\HU¶V &OLII 4XpEHF &DQDGi
IDOHFHX IUHL $QGUp 0 6\UDUG IUDGH GH
YRWRV VROHQHV H SUHVEtWHUR PHPEUR GD
FRPXQLGDGH GR FRQYHQWR DFLPD FLWDGR
7LQKD DQRV GH LGDGH H GH YLGD
UHOLJLRVDQD2UGHP
1DVFHX HP 0RQWUpDO 4XpEHF DRV GH PDUoR GH ILOKR GH )UDQN H
0DULD/pYHVTXHHIRLEDWL]DGRHPGH
PDUoR GH QD LJUHMD GH 6DLQW
eWLHQQH GLRFHVH GH 0RQWUpDO 4XpEHF
&XUVRXRHQVLQRPpGLRQR-XYHQDWR6mR
*DEULHO HP 6DLQW%UXQRGH0RQWDUYLOOH
4XpEHF 'HSRLV HVWXGRX
SHGDJRJLDQDHVFRODQRUPDO6mR*DEULHO
GH 0RQWUpDO SVLFRORJLD QD
8QLYHUVLGDGH GH 0RQWUHDO ILORVRILD QD 8QLYHUVLGDGH GH 2WWDZD
2QWiULR H WHRORJLD QR
FROpJLR GRPLQLFDQR GH 2WWDZD 3RU ILP HVWXGRX DUWHV SOiVWLFDV
QD HVFROD QRUPDO 1RWUH'DPHGH)R\
HP4XpEHF
,QLFLRX R QRYLFLDGR HP GH DJRVWR GH
HP 0RQWUHDO1RUWH 4XHEHF RQGH
HPLWLXDSULPHLUDSURILVVmRGRVYRWRVHP
GHVHWHPEURGRDQRVHJXLQWH'HSRLV
IH] D SURILVVmR VROHQH HP $\HU
V &OLII
4XHEHFHPGHDJRVWRGHHIRL
RUGHQDGRSDGUHHPGHMXOKRGH
HP6DLQW(VSULWGH0RQWFDOP4XpEHF
(P IRL GHVLJQDGR FRPR PHPEUR
GD FRPXQLGDGH GR FRQYHQWR 1RWUH
'DPHGHV6HUYLWHV GH $\HU¶V &OLII
4XpEHF &DQDGi H FRPR SURIHVVRU QR
&ROpJLR GR PHVPR QRPH (P PXGRXVH SDUD R FRQYHQWR GH ,VV\OH
0RXOLQHDX[
QD
)UDQoD
FRPR
HQFDUUHJDGR GD SDVWRUDO HVFRODU H DOL
SHUPDQHFHX DWp 'H D IRL YLFHYLJiULR SURYLQFLDO GD )UDQoD 'H
D IH] XP FXUVR GH
DMRUQDPHQWR HP 0RQWUHDO 'H D
GHGLFRXVH D SUHJDU H[HUFtFLRV
HVSLULWXDLV HP *UDQE\ 4XHEHF (P
IRL WUDQVIHULGR SDUD R FRQYHQWR
ZZZVHUYLGLPDULDRUJ
ad experimentum
'H DWp R SUy[LPR FDStWXOR
JHUDO GH R EROHWLP Cਮਲਬਮ
VHUi SXEOLFDGR ad experimentum
WUrV YH]HV DR DQR XPD HGLomR
VHUi GH QRWtFLDV RXWUD GH
QHFUROyJLRVGRVGHIXQWRVGRDQR
DQWHULRU HD WHUFHLUD VREUHDOJXP
WHPDHVSHFtILFR
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 16
COSMO 1-4
Janeiro - Abril 2015
)UHL5REHUW05REHUW6WHSKHQ$QGHUVRQ>ඝඛඉ@3URW
'LD GH RXWXEUR GH QR /DXUHOKXUVW
1XUVLQJ )DFLOLW\ GH 3RUWODQG 2UHJRQ YtWLPD
GH HQFHIDORSDWLD IDOHFHX IUHL 5REHUW 0
5REHUW 6WHSKHQ $QGHUVRQ IUDGH GH YRWRV
VROHQHV SUHVEtWHUR ILOKR GD 3URYtQFLD GRV
(VWDGRV8QLGRVGD$PpULFDGR1RUWH7LQKD
DQRV GH LGDGH GH YLGD UHOLJLRVD QD 2UGHP
HGHVDFHUGyFLR
1DVFHX HP /RQJ 3LQH 1HEUDVND DRV GH
RXWXEUR GH ILOKR GH 5RVFRH H GH &ODUD
+DDN$QGHUVRQHIRLEDWL]DGRQDSDUyTXLDGR
6DJUDGR &RUDomR HP /RQJ 3LQH 1HEUDVND
DRVGHQRYHPEURGHTXDQGRUHFHEHX
R QRPH GH 5REHUW 6WHSKHQ &XUVRX R HQVLQR
IXQGDPHQWDO QDV HVFRODV 6W 5RVH +RO\
5RVDU\ H 6W )UDQFLV H R HQVLQR PpGLR QR
VHPLQiULR VHUYLWD 0DWHU 'RORURVD HP +LOOVLGH
,OOLQRLV)RUPRXVHHP
)UHL 5REHUW LQLFLRX R QRYLFLDGR QD 3URYtQFLD
1RVVD 6HQKRUD GDV 'RUHV HP 0RXQW 6DLQW
3KLOLS *UDQYLOOH :LVFRQVLQ HP GH DJRVWR
GH H HPLWLX D SULPHLUD SURILVVmR GRV
YRWRV HP GH DJRVWR GR DQR VHJXLQWH
(VWXGRX ILORVRILD QR FRQYHQWR GH 2XU /DG\ RI
%HQEXUE HP %HQEXUE ,UODQGD H QD
8QLYHUVLGDGH /R\ROD HP &KLFDJR ,OOLQRLV
(VWXGRX WHRORJLD QR &ROpJLR ,QWHUQDFLRQDO
6DQWR $OHL[R HP 5RPD ,WiOLD H QR VHPLQiULR
6W -RKQ HP 3UHWyULD ÈIULFD GR 6XO (PLWLX D
SURILVVmRVROHQHHPGHGH]HPEURGHH
IRLRUGHQDGRSDGUHHPGHMXOKRGHQD
SDUyTXLD GL 6DQWD 5LWD HP 3RUWODQG 2UHJRQ
2EWHYH R PHVWUDGR HP ILORVRILD QD
8QLYHUVLGDGH/R\RODHRPHVWUDGRHPWHRORJLD
QD)DFXOGDGH0DULDQXPGH5RPD,WiOLD
&RPR PHPEUR GD 3URYtQFLD GH 1RVVD
6HQKRUD GDV 'RUHV IRL GHVLJQDGR SDUD
WUDEDOKDUQDVPLVV}HVGD=XOXOkQGLDÈIULFDGR
6XO
(P FRP D XQLILFDomR GDV GXDV
SURYtQFLDVGH1RVVD6HQKRUDGDV'RUHVHGH
6mR -RVp H D FRQVHTXHQWH FULDomR GDV
3URYtQFLDV /HVWH H 2HVWH FRQWLQXRX VHX
PLQLVWpULR
QD
3URYtQFLD
GR
/HVWH
SHUPDQHFHQGR QDV PLVV}HV GD =XOXOkQGLD GH
D (P GH]HPEUR GH YROWRX
SDUD RV (VWDGRV 8QLGRV H LQVFUHYHXVH QXP
FRVPRRVP#JPDLOFRP
SURJUDPD GH DQR VDEiWLFR SDVVDQGR D UHVLGLU
QR &RQYHQWR 3DXOR 6DUSL GH %HUNHOH\
&DOLIyUQLD(PVHWHPEURGH
LQFRUSRURXVHj3URYtQFLDGR2HVWH
&RPR PHPEUR GHVWD SURYtQFLD HOH HVWHYH QR
VHJXLQWHVFRQYHQWRVSiURFRGDSDUyTXLD+RO\
7ULQLW\GH:HVWPLQVWHU&RORUDGR
PHPEUR GD FRPXQLGDGH 3DXOR 6DUSL GH
%HUNHOH\ &DOLIyUQLD RQGH VH SUHSDURX SDUD
VHU PHVWUH GRV QRYLoRV PHVWUH
GH QRYLoRV QR FRQYHQWR 6DQWR $QW{QLR 0
3XFFL HP 'HQYHU &RORUDGR SiURFR GD SDUyTXLD GH 6DQWD 5LWD HP
3RUWODQG 2UHJRQ SiURFR QD
SDUyTXLD GD $VVXQomR HP 'HQYHU &RORUDGR
QRYLFLDGR HP 0RQWH %pULFR
0LVVLRQ HP 1LJHO ÈIULFD GR 6XO IRUPDGRUFRRUGHQDGRUUHJLRQDOGDFRQIHUrQFLD
VXODIULFDQD ,6$& H FRQVHOKHLUR GR 9LFDULDWR
GD =XOXOkQGLD 3UHVWRX VHUYLoR
WDPEpP HP GRLV PDQGDWRV QR FRQVHOKR
SURYLQFLDO GD 3URYtQFLD 2HVWH GRV (VWDGRV
8QLGRVH
(P FRP D XQLILFDomR GDV GXDV
SURYtQFLDV QRUWHDPHULFDQDV H D FULDomR GD
SURYtQFLD ~QLFD GRV (VWDGRV 8QLGRV GD
$PpULFD GR 1RUWH FRQWLQXRX VXDV IXQo}HV QD
IRUPDomRFRPRFRRUGHQDGRUUHJLRQDOGD,6$&
HFRQVHOKHLURGR9LFDULDWRGD=XOXOkQGLD
IH] R DQR VDEiWLFR QR FRQYHQWR 2XU
/DG\ RI 6RUURZV GH &KLFDJR ,OOLQRLV HVWHYH QR VDQWXiULR GH 1RVVD 6HQKRUD
GDV 'RUHV GHQLPRQDGR ³7KH *URWWR´ HP
3RUWODQG 2UHJRQ H D IRL SiURFR GD SDUyTXLD GH 6mR 'rQLV HP
7XDUW +LOO $XVWUiOLD 'H D
TXDQGR Mi QmR WLQKD UHVSRQVDELOLGDGHV
SDURTXLDLV DMXGDYD DV PLVV}HV GD 2UGHP
DWUDYpV GH XP SURJUDPD GH FRQVFLHQWL]DomR
TXHLDGHPDLRD GH]HPEURGHFDGDDQR)UHL
%RE YLDMDYD SHORV (VWDGRV 8QLGRV QRV ILQV GH
VHPDQD YLVLWDQGR DV SDUyTXLDV FRQILDGDV j
2UGHP HP YiULDV GLRFHVHV SDUD GLYXOJDU RV
WUDEDOKRVUHDOL]DGRVSHORVPLVVLRQiULRV6HUYRV
GH 0DULD QD =XOXOkQGLD ÈIULFD GR 6XO H SDUD
SHGLU RUDo}HV H DMXGD ILQDQFHLUD HP IDYRU
GHOHV 0XLWDV YH]HV R SiURFR ORFDO GHFLGLD
WRPDU XP ILP GH VHPDQD OLYUH H IUHL 5REHUW
DSURYHLWDYD SDUD FHOHEUDU D OLWXUJLDV
GRPLQLFDLV
2 YHOyULR UHDOL]RXVH GRPLQJR GH RXWXEUR
GHGDVjVKVHJXLGRGHXPDYLJtOLD
GH RUDomR $ PLVVD GH H[pTXLDV IRL FHOHEUDGD
VHJXQGDIHLUDGHRXWXEURSUHVLGLGDSRUIUHL
-RKQ0)RQWDQDSULRUSURYLQFLDOQDFDSHODGH
1RVVD 6HQKRUD QR VDQWXiULR ³7KH *URWWR´ HP
3RUWODQG 2UHJRQ 3UHVHQWHV IDPLOLDUHV
DPLJRV FRQIUDGHV H RXWURV VDFHUGRWHV )RL
VHSXOWDGR QR FHPLWpULR GRV 6HUYRV GH 0DULD
³7KH*URWWR´HP3RUWODQG2UHJRQ
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 17
Janeiro - Abril 2015
COSMO 1-4
)UHL3HGUR0-XDQ:DOWHU6XiUH]'H0DUFR>ඛඕඉ@3URW
0RQWHYLGpX RQGH IRUPRX XP D SHTXHQD
FRPXQLGDGH FRP IUHL 5RJHOLR 0 6QDLGHU H
DOJXQV OHLJRV QXP DSDUWDPHQWR VLWXDGR QR
FHQWUR GD FLGDGH $ FRPXQLGDGH UHFHEHX R
QRPH GH ³&RPXQLGDG GHO SDQ´ SRUTXH R
SmR HUD R TXH VH SRGLD VHPSUH RIHUHFHU jV
YLVLWDV2SURMHWRWLQKDSRUREMHWLYRUHWRPDUH
DWXDOL]DU D H[SHULrQFLD GDV 2UGHQV
0HQGLFDQWHV QXPD SHTXHQD FRPXQLGDGH
XUEDQD GHGLFDGD j RUDomR H DR WUDEDOKR
2UDHWODERUD
'HYLGR D XPD IUDWXUD QR IrPXU H D RXWUDV
LQWHUYHQo}HV FLU~UJLFDV WHYH TXH UHGX]LU
VXDV DWLYLGDGHV H IRL DFROKLGR SHOD
FRPXQLGDGH
GRV
IUDGHV
0HQRUHV
&RQYHQWXDLV DWp TXDQGR VH WUDQVIHULX
GHILQLWLYDPHQWH SDUD D FRPXQLGDGH VHUYLWD
GH6DQWD%HUQDUGLWDHP6DQWLDJRGR&KLOH
4XLQWDIHLUDGHQRYHPEURGHVRIUHX
XPD TXHGD TXH DIHWRX JUDYHPHQWH D
SUyWHVH GR IrPXU 3URFXURX VXSRUWDU HP
VLOrQFLR PDV D GRU HUD PXLWR IRUWH )RL
LQWHUQDGRQR KRVSLWDO RQGHHPSRXFRV GLDV
FRQWUDLX SQHXPRQLD H RXWUDV FRPSOLFDo}HV
TXHROHYDUDPjPRUWHGLDGHQRYHPEUR
6XDPRUWHHVHSXOWDPHQWRIRUDPDSDUiEROD
GH VXD YLGD PRUUHX QXP KRVSLWDO S~EOLFR
QXPD HQIHUPDULD FRP PXLWRV RXWURV
GRHQWHV FRP XPD DWHQGLPHQWR PpGLFR
SUHFiULR PDV DFRPSDQKDGR SHOR DIHWR GH
DOJXPDVSHVVRDVJHQHURVDV
6HX VHSXOWDPHQWR UHDOL]RXVH VH[WDIHLUD
SRUTXHQRViEDGRVHFHOHEUDYDQDSDUyTXLD
DSULPHLUDFRPXQKmRGDVFULDQoDV$PLVVD
GH FRUSR SUHVHQWH IRL FHOHEUDGD jV K H
SRXFD JHQWH SRGH SDUWLFLSDU SRUTXH HUD
KRUiULR GH WUDEDOKR $XVHQWHV WDPEpP R
SULRUSURYLQFLDOTXHHVWDYDQD$UJHQWLQDHR
SULRUFRQYHQWXDOTXHHVWDYDHP&KLORp1mR
KRXYH {QLEXV SDUD OHYDU RV ILpLV DWp R
FHPLWpULR 3DUHFLD TXH WXGR WLYHVVH VLGR
RUJDQL]DGR SHOR SUySULR IUHL 3HGUR FRP D
SREUH]DHDVLPSOLFLGDGHTXHFDUDFWHUL]DUDP
WRGDDVXDYLGD'HYHWHUILFDGRFRQWHQWH
¬V K GD TXDUWDIHLUD GH QRYHPEUR
GH QR KRVSLWDO GHO 6DOYDGRU GH
6DQWLDJR GR &KLOH IDOHFHX IUHL 3HGUR 0DULD
-XDQ :DOWHU 6XiUH] 'H 0DUFR IUDGH G
YRWRV VROHQHV SUHVEtWHUR ILOKR GD 3URYtQFLD
GH 6DQWD 0DULD GRV $QGHV H PHPEUR GD
FRPXQLGDGH GR FRQYHQWR 6DQWD %HUQDUGLWD
GH 6DQWLDJR GR &KLOH 7LQKD DQRV GH
LGDGHHGHYLGDUHOLJLRVDQD2UGHP
)UHL 3HGUR 0 6XiUH] QDVFHX HP
0RQWHYLGpX 8UXJXDL HP ž GH DJRVWR GH
H IRL EDWL]DGR FRP R QRPH GH -XDQ
:DOWHU ,QLFLRX R QRYLFLDGR QD 2UGHP GRV
6HUYRV GH 0DULD HP QD FRPXQLGDGH
GH,VROD9LFHQWLQD,WiOLD7LQKDFRQKHFLGRRV
6HUYRV GH 0DULD HP 0RQWHYLGpX QD
SDUyTXLD
GD
$QXQFLDomR
TXDQGR
IUHTXHQWDYD R FXUVR GH DUTXLWHWXUD QD
XQLYHUVLGDGHGD5HS~EOLFD(VWXGRXILORVRILD
HP ÒGLQH H WHRORJLD HP 5RPD RQGH IRL
RUGHQDGRSUHVEtWHURHP
(VSHFLDOL]RXVH HP KLVWyULD GD ,JUHMD
SULQFLSDOPHQWH HP KLVWyULD PHGLHYDO H HP
OLWXUJLD $ IDFXOGDGH 0DULDQXP QHJRXOKH R
WtWXOR GH GRXWRU SRUTXH VXD WHVH GH
GRXWRUDGR QmR IRL FRQVLGHUDGD LQpGLWD XPD
YH] TXH KDYLD VLGR SXEOLFDGD DOJXP WHPSR
DQWHV QD UHYLVWD 6WXGL VWRULFL 260 D
SHGLGRGRGLUHWRUGDPHVPDIUHL$QGUHD'DO
3LQR)RLXPDIHULGDTXHOKHIH]VRIUHUDYLGD
LQWHLUD
3RXFRV FRQKHFHP VXD YDOLRVD FRQWULEXLomR
SDUD D UHQRYDomR SyVFRQFLOLDU GDV
&RQVWLWXLo}HV GD 2UGHP SULQFLSDOPHQWH GD
VHomR GD YLGD FRPXP H GR VHUYLoR
DSRVWyOLFR FRODERUDQGR GLUHWDPHQWH FRP R
SULRU JHUDO IUHL -RVHSK 0 /RIWXV H FRP RV
IUHLV-XVWLQ05\VND3HUHJULQH0*UDIILXV
0DUFR 0 $OGURYDQGL H *LRYDQQL 0
9DQQXFFL &RPR PHPEUR GR ,QVWLWXWR
+LVWyULFR GD 2UGHP FRQWULEXLX SDUD D
UHYLVmR GDV &RQVWLWXLo}HV FRP SHVTXLVDV
KLVWyULFDV
H
UHIOH[}HV
SHVVRDLV
)XQGDPHQWDLV IRUDP VHXV HVWXGRV VREUH D
SREUH]DHRVLUPmRVOHLJRV
3RUGRLVDQRVIRLIRUPDGRUGRVSURIHVVRVQD
FRPXQLGDGH GRV 6HWH 6DQWRV HP )ORUHQoD
H GHSRLV SRU PDLV GRLV DQRV YLYHXQDFRPXQLGDGHGRFRQYHQWRGH6DQWR
(JtGLR HP )RQWDQHOOD GH 6RWWR LO 0RQWH
WHUUD QDWDO GR SDSD -RmR ;;,,, RQGH FRP
IUHL 'DYLG 0 7XUROGR FULRX R &HQWUR GH
(VWXGRV(FXPrQLFRV-RmR;;,,,LQVSLUDQGR
VH QD ILJXUD FDULVPiWLFD GHVWH SDSD H QRV
HQVLQDPHQWRVGR&RQFtOLR
(P IUHL 3HGUR GHFLGLX YROWDU SDUD
ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 18
COSMO 1-4
Janeiro - Abril 2015
)UHL$QWKRQ\02¶&RQQHOO>ඝඛඉ@3URW
'RPLQJR GH GH]HPEUR GH YtWLPD GH
OHXFHPLD DJXGD IDOHFHX IUHL $QWKRQ\ 0
2
&RQQHOO IUDGH GH YRWRV VROHQHV SUHVEtWHUR
ILOKR GD 3URYtQFLD GRV (VWDGRV 8QLGRV GD
$PpULFDGR1RUWH7LQKDDQRVGHLGDGH
GHYLGDUHOLJLRVDQD2UGHPHGHVDFHUGyFLR
1DVFHX HP &RXQW\ &RUN ,UODQGD DRV GH
GH]HPEUR GH ILOKR GH $QWKRQ\ H -RDQ
2¶.HHIH 2¶&RQQHOO H IRL EDWL]DGR HP GH
MDQHLURGHQDSDUyTXLDGH)LQEDUU¶V&RUN
,UODQGD TXDQGR UHFHEHX R QRPH GH $QWKRQ\
)H]RVFXUVRVGRHQVLQRIXQGDPHQWDOHPpGLR
QD HVFROD VHFXQGiULD *ODVKHHQ HP &RUN
,UODQGDGLSORPDQGRVHHP
,QLFLRX R QRYLFLDGR QD 3URYtQFLD GH 1RVVD
6HQKRUD GDV 'RUHV GRV (VWDGRV 8QLGRV QR
FRQYHQWR GH 2XU /DG\ RI %HQEXUE HP
%HQEXUE,UODQGDDRVGHVHWHPEURGH
H HPLWLX D SULPHLUD SURILVVmR GRV YRWRV HP GHVHWHPEURGRDQRVHJXLQWH
(VWXGRX ILORVRILD QR FRQYHQWR 2XU /DG\ RI
%HQEXUE GH %HQEXUE ,UODQGD H WHRORJLD QR
FRQYHQWR 2XU /DG\ RI WKH )RUHVW6WRQHEULGJH
HP /DNH %OXII ,OOLQRLV H QR VHPLQiULR GD
DUTXLGLRFHVH GH &KLFDJR HP 0XQGHOHLQ
,OOLQRLV )RL RUGHQDGR SDGUH HP GH MXOKR GH
SHORFDUGHDO:LOOLDP&RQZD\QDFDWHGUDO
GH6mR3DWUtFLRHP$UPDJK,UODQGD
(P IRUPRXVH HP ILORVRILD H OtQJXD
LQJOHVD QD 8QLYHUVLGDGH /R\ROD GH &KLFDJR
,OOLQRLVHPHP5HOLJLmRH3HUVRQDOLGDGH
QR,QVWLWXWHRI0DQGD8QLYHUVLGDGH'XTXHVQH
GH 3LWWVEXUJK 3HQQV\OYDQLD HP HP
0DQDJHPHQW2UJDQL]DWLRQ
%HKDYLRU
QD
8QLYHUVLGDGH GH 'XEOLQ 7ULQLW\ &ROOHJH GH
'XEOLP ,UODQGD H HP GRXWRURXVH HP
SVLFRORJLD FOtQLFD QD &KLFDJR 6FKRRO RI
3URIHVVLRQDO3V\FKRORJ\
FRVPRRVP#JPDLOFRP
(P FRP D XQLILFDomR GDV GXDV
SURYtQFLDV QRUWHDPHULFDQDV GH 1RVVD
6HQKRUD GDV 'RUHV H GH 6mR -RVp H FRP D
FULDomR GDV SURYtQFLDV GR /HVWH H GR 2HVWH
RSWRXSRUSHUWHQFHUj3URYtQFLDGR/HVWHHIRL
GHVLJQDGR FRPR SURIHVVRUQD (VFROD 6XSHULRU
GH 6mR )LOLSH HP &KLFDJR ,OOLQRLV 'HSRLV IH] FXUVR GH HVSHFLDOL]DomR QD
8QLHUVLGDGH 'XTXHVQH HP 3LWWVEXUJK
3HQQV\OYDQLD )RL PHVWUH GRV
QRYLoRVQRFRQYHQWRGH&DIDJJLRHP:DUUHQ
0LFKLJDQ H PHVWUH GRV QRYLoRV
GR9LFDULDWR,UODQGrVHP'XEOLP,UODQGD
)RLHOHLWRYLJiULRSURYLQFLDOGR9LFDULDWR
,UODQGrV)H]XPSHUtRGRVDEiWLFR
)RL SVLFyORJR GR SHVVRDO GR
VHPLQiULR6W0DU\RIWKH/DNHHP0XQGHOHLQ
,OOLQRLV H GD 7ULQLW\ +RXVH GH &KLFDJR ,OOLQRLV
([HUFHX SULYDGDPHQWH D SURILVVmR GH
SVLFyORJR
(P FRP D XQLILFDomR GDV GXDV
SURYtQFLDV QRUWHDPHULFDQDV H D FULDomR GD
SURYtQFLD ~QLFD GRV (VWDGRV 8QLGRV GD
$PpULFD GR 1RUWH WUDEDOKRX GH QRYR QR
VHPLQiULR6W0DU\RIWKH/DNHHP0XQGHOHLQ
,OOLQRLVHQD7ULQLW\+RXVHGH&KLFDJR,OOLQRLV
H H[HUFHX SULYDGDPHQWH D SURILVVmR GH
SVLFyORJR )RL SULRU SURYLQFLDO GD
3URYtQFLD GRV (VWDGRV 8QLGRV GD $PpULFD
'HSRLVIRL
3VLFyORJRGRSHVVRDOGRVHPLQiULR6W0DU\RI
WKH /DNH HP 0XQGHOHLQ ,OOLQRLV H H[HUFHX
SULYDGDPHQWHDSURILVVmR
$OpP GR TXH VH GLVVH DFLPD IUHL $QWKRQ\ IRL
SUHVLGHQWH GD &25, &RQIHUrQFLD RV
5HOLJLRVRV GD ,UODQGD QD TXDO FRQGX]LX RV
WUDEDOKRV GH UHQRYDomR H DWXDOL]DomR )RL
PHPEUR GD FRPLVVmR LQWHUQDFLRQDO GH
IRUPDomR GD 2UGHP H DMXGRX D PRQWDU R
HVERoRGDDWXDO5DWLR,QVWLWXWLRQLV)RLWDPEpP
PHPEUR H GHSRLV SUHVLGHQWH GD 8QLmR GRV
7HyORJRV &DWyOLFRV FRQVHOKHLUR SURYLQFLDO H
PHPEURGHYiULDVFRPLVV}HVSURYLQFLDLV
2 YHOyULR UHDOL]RXVH TXDUWDIHLUD GH
GH]HPEURGHGDVjVKVHJXLGRGD
PLVVDGHH[pTXLDVjVKQDSDUyTXLDGD
$VVXQomR HP &KLFDJR ,OOLQRLV SUHVLGLGD SRU
IUHL -RKQ 0 )RQWDQD SULRU SURYLQFLDO H
FRQFHOHEUDGDSHORVVHXVFROHJDVGHHVFRODRV
IUHLV -RKQ 0 3DZOLNRZVNL H )UDQN 0 )DOFR
RXWURVDPLJRVHSDGUHVGLRFHVDQRV3UHVHQWHV
WDPEpP VHPLQDULVWDV GLRFHVDQRV SDFLHQWHV
FROHJDVLUPmV260FRQIUDGHVHSDURTXLDQRV
6HXFRUSRIRLVHSXOWDGRQDFDSHODGRV6HUYRV
GH 0DULD GR FHPLWpULR 4XHHQ RI +HDYHQ GH
+LOOVLGH,OOLQRLV
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 19
Janeiro - Abril 2015
COSMO 1-4
)UHL$QGUHZ0:DOOV>එඛඔ@3URW
VHUYLQGR D 2UGHP FRPR FRQVHOKHLUR
SURYLQFLDOGHDHFRPRSULRU
GD FRPXQLGDGH GH 'XQGHH GH D
&DVD GH &XUD 6mR -RVp 1RV ~OWLPRV
DQRV GH YLGD IUHL $QGUHZ IRL DWHQGLGR
FRP DWHQomR H FDULQKR SRU PXLWDV
SHVVRDV 4XDQGR VH GHFLGLX IHFKDU R
FRQYHQWR GH 'XQGHH WUDQVIHULXVH SDUD
R FRQYHQWR GH 6mR -RVp HP :HOOEXUQ
+RXVH 'XQGHH HPERUD FRQWLQXDVVH
RILFLDOPHQWH
FRPR
PHPEUR
GD
FRPXQLGDGH GH 'XQGHH DWp VHX
IHFKDPHQWR GHILQLWLYR HP 'HSRLV
PXGRXVHSDUDDFRPXQLGDGHGH.HUVDO
HP6DOIRUG*UHDWHU0DQFKHVWHU
-LP VREULQKR GH IUHL $QGUHZ SDGUH GD
GLRFHVH GH 'XQNHOG S{V j GLVSRVLomR
GD2UGHPDVXDSDUyTXLDGH6mR3LR;
HP %DOHUQR 6WUHHW 'RXJODV 'XQGHH
'' 13 RQGH IRL FHOHEUDGD D OLWXUJLD
I~QHEUH GR WLR 2 FRUSR GH IUHL $QGUHZ
IRL WUDQVODGDGR DWp D LJUHMD GRPLQJR GH
WDUGH GLD GH GH]HPEUR GH RQGHjVKUHDOL]RXVHXPDYLJtOLDGH
RUDomR $ PLVVD GH FRUSR SUHVHQWH IRL
FHOHEUDGD
VHJXQGDIHLUD
GH
GH]HPEUR jV K SUHVLGLGD SHOR SULRU
SURYLQFLDO IUHL &ROP 0 0F*O\QQ H
FRQFHOHEUDGD SRU PXLWRV FRQIUDGHV
'HSRLV GD PLVVD VHX FRUSR IRL
VHSXOWDGR QD FDSHOD GRV 6HUYRV GH
0DULDGRFHPLWpULRGH%DOJD\'XQGHH
(P GH GH]HPEUR GH IDOHFHX
VHUHQDPHQWHQR-RVHSK
V&RQYHQW&DUH
+RPHHP'XQGHH(VFyFLDIUHL$QGUHZ
0 :DOOV IUDGH GH YRWRV VROHQHV
SUHVEtWHUR ILOKR GD 3URYtQFLD GDV ,OKDV
7LQKD DQRV GH LGDGH H GH YLGD
UHOLJLRVDQD2UGHP
)UHL $QGUHZ QDVFHX DRV GH
GH]HPEUR GH HP 'XQGHH
(VFyFLD ILOKR GH -DPHV H 0DULD
0F&RQYLOOH:DOOV(UDXPGRVILOKRV
GR FDVDO (QWURX QD 2UGHP GRV 6HUYRV
GH 0DULD 3URYtQFLD ,QJOHVD FRP D
LGDGH GH DQRV H YHVWLX R KiELWR GD
2UGHP HP GH RXWXEUR GH WRPDQGRRQRPHUHOLJLRVRGHIUHL&DPLOR
0DULD (PLWLX D SULPHLUD SURILVVmR GRV
YRWRV HP GH RXWXEUR GH H D
SURILVVmR VROHQH HP GH MDQHLUR GH
)RL RUGHQDGR SDGUH HP GH
MXOKR PHPyULD GH 6mR &DPLOR GR DQR
GH (P UHWRPRX VHX QRPH
GHEDWLVPR$QGUp
)UHL $QGUHZ IRL QRPHDGR PHPEUR GD
HTXLSH IRUPDGRUD GR QRYLFLDGR GR
FRQYHQWR GH 2XU /DG\ (QERUQH /RGJH
HP 1HZEXU\ WUDEDOKDQGR MXQWR FRP RV
IUHLV )UDQFLV 0 0LOGQHU H $QVHOP 0
5LFKDUGVRQ QD IRUPDomR GH XP ERP
Q~PHUR GH QRYLoRV (P DWXRX
FRPR PHVWUH GRV SURIHVVRV QD HVFROD
GH WHRORJLD GR FRQYHQWR 6mR )LOLSH GH
%HJEURNH 2[IRUG 'HVGH R FRPHoR IUHL
$QGUHZ IRL FRQYRFDGR SUD WUDEDOKDU QR
FRQVHOKR SURYLQFLDO 'HSRLV GR &RQFtOLR
9DWLFDQR ,, IRL QRPHDGR PHPEUR GD
&RPLVVmR ,QWHUQDFLRQDO GH )RUPDomR
SDUD D UHYLVmR GDV &RQVWLWXLo}HV GD
2UGHPVREDVXSHUYLVmRGR3ULRU*HUDO
6HUYLoR3URYLQFLDO)RLSULRUSURYLQFLDOGD
3URYtQFLD ,QJOHVD GH D UHVLGLQGRQRFRQYHQWRGH%HJEURNH(P
IRL WUDQVIHULGR SDUD R FRQYHQWR GH
'XQGHHRQGHIRLSULRUHSiURFRGH
D (P IRL UHOHLWR SULRU
SURYLQFLDOPDVYLXVHREULJDGRDGHPLWLU
VH HP GHYLGR jV VXDV SUHFiULDV
FRQGLo}HVGHVD~GHTXHRIDULDPVRIUHU
RUHVWRGDYLGD$SHVDUGLVVRFRQWLQXRX
ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 20
COSMO 1-4
Janeiro - Abril 2015
)UHL/XLJL0,ODUL>඘ඐඑ඘කඎ@3URW
(PGHGH]HPEURGHQRKRVSLWDO
GH0XQWLQOXSD0DQLOD)LOLSLQDVIDOHFHX
YtWLPDGHFDUFLQRPDSXOPRQDUIUHL/XLJL
0 ,ODUL IUDGH GH YRWRV VROHQHV
SUHVEtWHUR ILOKR GD 3URYtQFLD GR
3LHPRQWH H 5RPDQKD UHVLGHQWH QR
9LFDULDWR 6mR 3HUHJULQR GDV )LOLSLQDV
7LQKD DQRV GH LGDGH GH YLGD
UHOLJLRVDHGHVDFHUGyFLR
)UHL /XLJL QDVFHX HP 6DQ 6HYHULQR
0DUFKH GLVWULWR GH (OFLWR DRV GH
QRYHPEUR GH )RL UHFHELGR QD
2UGHP SRU IUHL *LRYDQQL 0 5RVVL
,QLFLRX R QRYLFLDGR HP H HPLWLX D
SULPHLUD SURILVVmR GRV YRWRV HP GH
RXWXEUR GH (VWXGRX ILORVRILD HP
%RORQKD RQGH IH] D SURILVVmR VROHQH
DRV GH GH]HPEUR GH &XUVRX
WHRORJLD HP /RYDLQD H DOL IRL RUGHQDGR
VDFHUGRWHHPGHGH]HPEURGH
(VWHYHQRFRQYHQWRGH0RQWHIDQR
IRL YLFHSiURFR HP 6HQLJDOOLD GH
DGHSRLVSDVVRXSRU)RUOuGH
D H &DPSRFDYDOOR $1
RQGHILFRXDWpGHVHWHPEURGH
TXDQGRSDUWLXSDUDDV)LOLSLQDV
1DV)LOLSLQDVIRLSiURFRQR6DQWXiULRGH
6mR 3HUHJULQR GH D )H] GH
WXGR SDUD DSUHQGHU R LGLRPD ILOLSLQR
FRVPRRVP#JPDLOFRP
)DODYD FRP PXLWD GLILFXOGDGH PDV R
SRYR R DGPLUDYD SHOR HVIRUoR TXHID]LD
SDUD H[SUHVVDUVH QD VXD OtQJXD $Wp
QDV KRPLOLDV VH H[SUHVVDYD HP ILOLSLQR
FRP GLILFXOGDGH PDV HVWDYD FHUWR GH
TXH HUD HQWHQGLGR )UHL /XLJL IH]
DPL]DGH FRP PXLWD JHQWH GR SRYR H
DMXGRXPXLWDVSHVVRDV
$ SDUWLU GH ILFRX VHPSUH QD
FRPXQLGDGH GR 6DQWXiULR GH 6mR
3HUHJULQR RQGH HVWDYD VHPSUH
GLVSRQtYHO SDUD RXYLU FRQILVV}HV H
DFRQVHOKDUTXHPRSURFXUDVVH'H
SDUD Fi IUHL /XLJL FRPHoRX D VHQWLU
VpULRV SUREOHPDV GH VD~GH SURYRFDGRV
SHOR GLDEHWHV 1HVWH WHPSR FRVWXPDYD
GL]HU ³TXDQGR HX PRUUHU TXHUR VHU
VHSXOWDGR DTXL QDV )LOLSLQDV´ (P SDURX GH FHOHEUDU PLVVD SRUTXH VXD
VD~GH QmR OKH SHUPLWLD FRQWLQXDU PDV
SDUWLFLSDYD UHJXODUPHQWH GD PLVVD
GRPLQLFDO DVVLVWLGR SRU XP FXLGDGRU
6XD SUHVHQoD QD LJUHMD HUD XPD
LQVSLUDomRSDUDRSRYR4XDQGRGHLWDGR
FRVWXPDYD UH]DU RUDo}HV H VDOPRV HP
LWDOLDQR
'XUDQWH RV GLDV GH YHOyULR HUD VHPSUH
FHOHEUDGD D VDQWD PLVVD H PXLWDV
SHVVRDV YLQKDP H[SUHVVDU VHXV
VHQWLPHQWRV GH UHVSHLWR H HVWLPD SHOR
IUHL /XLJL 'LD GH GH]HPEUR IUHL
%HQLWR 0 ,VLS ,, YLJiULR SURYLQFLDO
SUHVLGLX j PLVVD GH H[pTXLDV QR
6DQWXiULR GH 6mR 3HUHJULQR ODGHDGR
SRUTXDVHWRGRVRVIUDGHVILOLSLQRVHSRU
RXWURV VDFHUGRWHV 3UHVHQWHV WDPEpP
DV LUPmV 6HUYDV GH 0DULD PHPEURV GD
)DPtOLD 6HUYLWD SDURTXLDQRV DPLJRV H
GHYRWRV GH 6mR 3HUHJULQR 0XLWDV
SHVVRDV DFRPSDQKDUDP R IpUHWUR DWp D
FDSHOD GRV 6HUYRV GH 0DULD QR (YHUHVW
+LOOV0HPRULDO3DUNGH0XQWLQOXSD&LW\
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 21
Janeiro - Abril 2015
COSMO 1-4
)UHL%RQILOLXV03HWHU0F*RYHUQ>ඝඛඉ@3URW
(P FRP D XQLILFDomR GDV GXDV
SURYtQFLDVQRUWHDPHULFDQDVHDFULDomR
GD SURYtQFLD ~QLFD GRV (VWDGRV 8QLGRV
GD $PpULFD GR 1RUWH HVWHYH QD
SDUyTXLDGH6DQWD'RPLWLODHP+LOOVLGH
,OOLQRLV 'HSRLV GLVVR
DSRVHQWRXVH H PXGRXVH SDUD R
FRQYHQWR GH 1RVVD 6HQKRUD GDV 'RUHV
GH &KLFDJR ,OOLQRLV )UHL
%RQILOLXV IRL WDPEpP SULRU GD
FRPXQLGDGH 6HUYLWD &UHYLHU GR &ROpJLR
VXSHULRU GRV 0DULVWDV GH &KLFDJR
,OOLQRLVHGDFRPXQLGDGHGH
6DQWD'RPLWLODGH+LOOVLGH,OOLQRLV
2 YHOyULR UHDOL]RXVH TXDUWDIHLUD GH
GH]HPEURGDVjVKQDSDUyTXLDGH
6DQWD 'RPLWLOD HP +LOOVLGH ,OOLQRLV
)RUDP UH]DGDV DV ODXGHV GR 2ItFLR GRV
'HIXQWRVVHJXLGDVGDPLVVDI~QHEUHjV
KSUHVLGLGDSRUIUHL-RKQ0)RQWDQD
SULRU SURYLQFLDO QD SUHVHQoD GH PXLWRV
DPLJRV SDURTXLDQRV GH 6DQWD 'RPLWLOD
LUPmV6HUYDVGH0DULDHFRQIUDGHV6HX
FRUSRIRLVHSXOWDGRQDFDSHODVHUYLWDGR
FHPLWpULR GH 4XHHQ RI +HDYHQ GH
+LOOVLGH,OOLQRLV
'RPLQJR GH GH]HPEUR GH QR
FRQYHQWR 1RVVD 6HQKRUD GDV 'RUHV GH
&KLFDJR IDOHFHX GH FRODSVR FDUGtDFR H
RFOXVmR DyUWLFD IUHL %RQILOLXV 0 3HWHU
0F*RYHUQ IUDGH GH YRWRV VROHQHV ILOKR
GD 3URYtQFLD GRV (VWDGRV 8QLGRV GD
$PpULFD GR 1RUWH 7LQKD DQRV GH
LGDGHHGHYLGDUHOLJLRVDQD2UGHP
1DVFHX DRV GH GH]HPEUR GH HP 1HZU\ &RXQW\ 'RZQ ,UODQGD ILOKR
GH 3HWHU H 0DU\ &DWKHULQH 0F$WHHU
0F*RYHUQ )RL EDWL]DGR QD FDWHGUDO GH
6mR 3DWUtFLR HP 1HZU\ &RXQW\ 'RZQ
,UODQGD H UHFHEHX R QRPH GH 3HWHU
&KULVWRSKHU
,QLFLRX R QRYLFLDGR FRPR ILOKR GD
3URYtQFLDGH1RVVD6HQKRUDGDV'RUHV
QR FRQYHQWR GH 2XU /DG\ RI %HQEXUE
HP%HQEXUE,UODQGDHPžGHIHYHUHLUR
GH YLQGR D HPLWLU D SULPHLUD
SURILVVmR GRV YRWRV HP GH IHYHUHLUR
GRDQRVHJXLQWHHDSURILVVmRVROHQHHP
žGHPDLRGH
(VWHYH QR FRQYHQWR GH %HQEXUE HP
%HQEXUE ,UODQGD WUDEDOKRX
FRPR FR]LQKHLUR HP YiULRV FRQYHQWRV
QR &ROpJLR ,QWHUQDFLRQDO 6HUYLWD GH
/RYDLQD %pOJLFD QR
FRQYHQWR GH 2XU /DG\ RI WKH )RUHVW
6WRQHEULGJH HP /DNH %OXII ,OOLQRLV
H QR FRQYHQWR GH 0W 6W
3KLOLS HP *UDQYLOOH :LVFRQVLQ (P FRP D XQLILFDomR GDV GXDV
SURYtQFLDV QRUWHDPHULFDQDV GH 1RVVD
6HQKRUD GDV 'RUHV H GH 6mR -RVp H D
FRQVHTXHQWH FULDomR GDV 3URYtQFLDV GR
/HVWH H GR 2HVWH IRL GHVLJQDGR FRPR
PHPEUR GD 3URYtQFLD GR /HVWH H
WUDEDOKRXFRPR FR]LQKHLURQR VHPLQiULR
VHUYLWD GH +LOOVLGH ,OOLQRLV 'HSRLVHVWHYHQDSDUyTXLDGH6mR-RmR
%HUFKDPDQHP'HWURLW0LFKLJDQ
QR &ROpJLR 0DULVWD GH &KLFDJR
,OOLQRLV QD 6HUYLWH +LJK
6FKRRO GH $QDKHLP &DOLIyUQLD H QD FRPXQLGDGH GD SDUyTXLD
6DQWD'RPLWLODGH+LOOVLGH,OOLQRLV
ZZZVHUYLGLPDULDRUJ
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 22
COSMO 1-4
Janeiro - Abril 2015
)UHL7KRPDV0-DPHV5RELQVRQ>එඛඔ@3URW
HVWXGRX WHRORJLD QR LQVWLWXWR %ODFNIULDUV GRV
IUDGHV GRPLQLFDQRV HP 2[IRUG H IRL
RUGHQDGRVDFHUGRWHHPGHDEULOGH
1HRVDFHUGRWH IRL HQYLDGR SDUD R FRQYHQWR
GH 6W 0DU\ HP /RQGUHV RQGH YLYHX GH
DJRVWR GH DWp RXWXEUR GH 'H
RXWXEURGHDWpMXOKRGHHVWHYHQR
FRQYHQWR GH .HUVDO (P MXQKR GH PXGRXVHSDUDDFRPXQLGDGHGH%HJEURNH
PDV UHVLGLQGR FRPR SiURFR QD QRYD
SDUyTXLDGH6W7KRPDV0RUHHP.LGOLQJWRQ
(PIRLQRPHDGRPHPEURGRFRQVHOKR
HFRQ{PLFR GD 3URYtQFLD ,QJOHVD FDUJR TXH
RFXSRX DWp VHQGR WDPEpP HF{QRPR
SURYLQFLDOGHD
ÈIULFD)UHL7RPSHGLXXPWHPSRVDEiWLFRH
IRL SUHVWDU VHUYLoR QD PLVVmR GH 6mR -RVp
0]LPSRIXHP0DQ]LQLQD6XD]LOkQGLDFXMD
REUD HOH DGPLUDYD PXLWR 1D YROWD IRL
GHVLJQDGR SDUD R FRQYHQWR GH 'XQGHH
6HPSUH GLVSRQtYHO SDUD DMXGDU QDV
SDUyTXLDV GD 2UGHP HP MXQKR GH PXGRXVH SDUD %RJQRU 5HJLV RQGH IRL
SiURFRHSULRUGHRXWXEURGHDWp
/RQGUHV 6W 0DU\¶V IRL R FRQYHQWR RQGH
HVWHYH FRPR SULRU H SiURFR GH PDUoR GH
D VHWHPEUR GH (PSHQKRXVH
PXLWR SDUD FRQWRUQDU DV LQHYLWiYHLV WHQV}HV
TXH jV YH]HV VH FULDYDP QD SDUyTXLD 6XD
SUHVHQoD QD HVFROD SULPiULD SDURTXLDO D
³6HUYLWH 6FKRRO´ HUD OHJHQGiULD DVVLP
FRPRHPRXWURVOXJDUHVRQGHIRLSiURFRHP
.HUVDO %RJQRU 5HJLV 'XQGHH %ODNHVWRZQ
.LGOLQJWRQ«
'HSRLV GH /RQGUHV HVWHYH GH QRYR HP
.HUVDO GH D 0DV D ÈIULFD R
FKDPRX GH QRYR H Oi HVWHYH HOH GH
VHWHPEUR GH D MXQKR GH QD
PLVVmR GH 3LJJV 3HDN QD 6XD]LOkQGLD
'HSRLV SDVVRX XP DQR QR FRQYHQWR GH
/RQGUHV H QR FRPHoR GH IH] VXD
~OWLPD PXGDQoD SDUD .HUVDO RQGH SDVVRX
RV~OWLPRVDQRVGHYLGD1HVWHFRQYHQWRHP
SUHVLGLXjFHOHEUDomRIHVWLYDGRVVHXV
DQRVGHYLGDVDFHUGRWDO
4XDUWDIHLUDGHMDQHLURGHVHXFRUSR
IRLOHYDGRjQRVVDLJUHMDGH1RVVD6HQKRUD
GDV 'RUHV GH .HUVDO RQGH jV K IRL
FHOHEUDGDDVDQWDPLVVD$PLVVDVROHQHGH
H[pTXLDV IRL FHOHEUDGD TXLQWDIHLUD GH
MDQHLUR GH jV K SHOR SULRU
SURYLQFLDOIUHL&ROP00F*O\QQ
6HXFRUSRIRLVHSXOWDGRQDFDSHODVHUYLWDGR
FHPLWpULRGH:DUGOH\SHUWRGDUHVLGrQFLDGR
ELVSRGH6DOIRUGGRP-RKQ$UQROG 'RPLQJR GH GH]HPEUR GH QR
KRVSLWDO GH 1RUWK 0DQFKHVWHU IDOHFHX
VHUHQDPHQWH YtWLPD GH ILEURVH H FRODSVR
FDUGtDFRIUHL7KRPDV0-DPHV5RELQVRQ
IUDGHGHYRWRVVROHQHVHSUHVEtWHURILOKRGD
3URYtQFLDGDV,OKDV7LQKDDQRVGHLGDGH
GH YLGD UHOLJLRVD QD 2UGHP H GH
VDFHUGyFLR
)UHL 7KRPDV QDVFHX HP .LUNLQWLOORFK
'XQEDUWRQ SHUWR GH *ODVJRZ QD (VFyFLD
DRVGHDEULOGHHIRLEDWL]DGRFRPR
QRPH GH -DPHV HP GH PDLR GR PHVPR
DQR )RUDP VHXV SDLV :LOOLDP 5RELQVRQ H
(OL]DEHWK QDWD 'HLJKDQ (UD R PDLV QRYR
GH ILOKRV 0D\ -DFN\ %LOO\ H HOH )H] RV
FXUVRVIXQGDPHQWDOHPpGLRHP6W1LQLDQ¶V
.LUNLQWLOORFK
6HQWLQGRVH FKDPDGR SDUD LQJUHVVDU QD
2UGHP GRV 6HUYRV GH 0DULD VDLX GH FDVD
FRP D LGDGH GH DQRV H HQWURX FRPR
SRVWXODQWH DRV GH QRYHPEUR GH 'Dt SURVVHJXLX VHXV HVWXGRV HP YLVWD GD
IRUPDomR SDUD R VDFHUGyFLR 5HFHEHX R
KiELWR GD 2UGHP FRPR QRYLoR HP GH
MXQKR GH QR FRQYHQWR GH 6mR )LOLSH
HP %HJEURNH H WRPRX R QRPH UHOLJLRVR GH
IUHL 7KRPDV 0DU\ (PLWLX D SULPHLUD
SURILVVmR GRV YRWRV HP GH MDQHLUR GH
(VWXGRX ILORVRILD GH D QR
FRQYHQWR TXH KDYLD VLGR UHFpPDEHUWR HP
1HZEXU\ %HUNVKLUH (PLWLX D SURILVVmR
VROHQHGRVYRWRVQRFRQYHQWRGH6mR)LOLSH
HP%HJEURNHHPGHDEULOGH
9ROWDQGR
SDUD
2[IRUGVKLUH
HVWHYH
QRYDPHQWH QR FRQYHQWR GH %HJEURNH RQGH
FRVPRRVP#JPDLOFRP
ZZZVHUYLGLPDULDQHW
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 23
Janeiro - Abril 2015
COSMO 1-4
)UHL&LULOR0$OLQVRQRULQ>඘ඐඑ඘කඎ@3URW
'LD GH GH]HPEUR GH QD FDVD
GH IRUPDomR 6DQWD 0DULD GRV 6HUYRV
HP7XQDVDQ0XQWLQOXSD&LW\)LOLSLQDV
IDOHFHX YtWLPD GH FkQFHU IUHL &LULOR 0
$OLQVRQRULQIUDGHGHYRWRVVROHQHVILOKR
GD3URYtQFLDGR3LHPRQWHH5RPDQKDH
UHVLGHQWH QR 9LFDULDWR 6mR 3HUHJULQR
GDV )LOLSLQDV 7LQKD DQRV GH LGDGH H
GHYLGDUHOLJLRVDQD2UGHP
)UHL &LULOR QDVFHX HP /DEDQJRQ &HEX
&LW\ DRV GH PDUoR GH ILOKR GH
+RQJ +X <X H 3RUIHULD $OLQVRQRULQ
,QJUHVVRX QD 2UGHP HP TXDQGR
HUDSULRUSURYLQFLDOIUHL*LURODPR0,RWWL
(PLWLXDSULPHLUDSURILVVmRGRVYRWRVHP
GHPDLRGHHDSURILVVmRVROHQH
HP GH MDQHLUR GH TXDQGR HUD
SULRUSURYLQFLDOIUHL$QGUHD0$FTXDUROL
(P IUHL &LULOR FRQFOXLX R FXUVR GH
EDFKDUHO HP &LrQFLDV H (GXFDomR QD
8QLYHUVLGDGH 3HUSHWXDO +HOS H GHVGH
HQWmR OHFLRQDYD QR &ROpJLR 6XSHULRU
0DWHU(FFOHVLDH2EWHYHRPHVWUDGRHP
(GXFDomR 5HOLJLRVD QR &HQWUR GH
(VWXGRV 'RP %RVFR H R PHVWUDGR HP
*HVWmR (VFRODU QD 8QLYHUVLGDGH
3HUSHWXDO +HOS 5HFHEHX XP SUrPLR
SyVWXPR SHORV DQRV GHGLFDGRV j
HGXFDomRGDMXYHQWXGH
&RPR
SUHVFUHYHP
QRVVDV
&RQVWLWXLo}HV FDS ,,, DUW ³PDQLIHVWDUHPRV QRVVR DPRU SHOR
LUPmR GHIXQWR LPSORUDQGR SDUD
HOHDPLVHULFyUGLDGR6HQKRU´
6XD YLGD IRL PDUFDGD SHOD VLPSOLFLGDGH
H SHOR VLOrQFLR 6XD SUHVHQoD QDV
FRPXQLGDGHVSRURQGHSDVVRXHUDPXLWR
DSUHFLDGD SRUTXH VH SRUWDYD FRPR
LUPmR GH WRGRV )D]LD GH WXGR SDUD
DMXGDUDFRPXQLGDGHGDPHOKRUPDQHLUD
SRVVtYHO6XDGHYRomRj1RVVD6HQKRUD
HUD IRUWH H SURIXQGD 3RU GXDV YH]HV
GLULJLXD³$VVRFLDomRGH%HQIHLWRUHV6mR
$OHL[R´
(VVH p R UHVXPR GRV QHFUROyJLRV
UHFHELGRV GDV MXULVGLo}HV GH
SHUWHQoD GRV LUPmRV IDOHFLGRV 2V
WH[WRV VHUmR SXEOLFDGRV HP $FWD
2UGLQLVඈඌආQDOtQJXDRULJLQDO
(P GH MDQHLUR GH IUHL 5KHWW 0
6DUDELD YLJiULR JHUDO SUHVLGLX j PLVVD
GH H[pTXLDV ODGHDGR SRU IUHL %HQLWR 0
,VLSYLJiULRSURYLQFLDOHSHORVFRQIUDGHV
GD 2UGHP 3DUWLFLSDUDP GD PLVVD
PHPEURV GD )DPtOLD 6HUYLWD DPLJRV H
SDURTXLDQRV 0XLWDV SHVVRDV YLHUDP
WDPEpPDRVHXVHSXOWDPHQWRQDFDSHOD
GRV 6HUYRV GH 0DULD GR (YHUHVW +LOOV
0HPRULDO3DUNGH0XQWLQOXSD&LW\
ZZZVHUYLGLPDULDRUJ
ad experimentum
'H DWp R SUy[LPR FDStWXOR
JHUDO GH R EROHWLP Cਮਲਬਮ
VHUi SXEOLFDGR ad experimentum
WUrV YH]HV DR DQR XPD HGLomR
VHUi GH QRWtFLDV RXWUD GH
QHFUROyJLRVGRVGHIXQWRVGRDQR
DQWHULRU HD WHUFHLUD VREUHDOJXP
WHPDHVSHFtILFR
FRVPRRVP#JPDLOFRP
Cosmo_POR 1:Cosmo ita 13/04/15 12:35 Pagina 24
COSMO 1-4
Janeiro - Abril 2015
6 2 0 È 5, 2 )UHL$XJXVWLQH0&DVLPLU*HUDUG.XOELV>ඝඛඉ@3URW
)UHL$OEHUWR0/DSSL>඘කඎ@3URW
)UHL*LRYDQQL09LWWRULR3UDWHVL>ඉඖඖ@3URW
)UHL)LRUHQ]R0)ORULQGR*REER>඘කඎ@3URW
)UHL&DUO0.HQQHWK)HLO>ඝඛඉ@3URW
)UHL-DFTXHV0*X\/DEEp>උඉඖ@3URW
)UHL/LQXV00SDKDQH>ඞඍඖ@3URW
)UHL0DUFHO0%URGHXU>උඉඖ@3URW
)UHL9tFWRU0&DVWDxHGD6RODUHV>ඕඍච@3URW
)UHL$QWKRQ\0(GZDUG*D\GRV>ඝඛඉ@3URW
)UHL'RPHQLFR06DUWRUL>ඛඕඉ@3URW
)UHL3HWHU05RRNH\>ඝඛඉ@3URW
)UHL0LFKHO0$OEDQ6LQFHUQ\>උඉඖ@3URW
)UHL-RKQ0/H0D\>ඝඛඉ@3URW
)UHL$QGUp06\UDUG>උඉඖ@3URW
)UHL5REHUW05REHUW6WHSKHQ$QGHUVRQ>ඝඛඉ@3URW )UHL3HGUR0-XDQ:DOWHU6XiUH]'H0DUFR>ඛඕඉ@3URW
)UHL$QWKRQ\02¶&RQQHOO>ඝඛඉ@3URW
)UHL$QGUHZ0:DOOV>එඛඔ@3URW
)UHL/XLJL0,ODUL>඘ඐඑ඘කඎ@3URW
)UHL%RQILOLXV03HWHU0F*RYHUQ>ඝඛඉ@3URW
)UHL7KRPDV0-DPHV5RELQVRQ>එඛඔ@3URW
)UHL&LULOR0$OLQVRQRULQ>඘ඐඑ඘කඎ@3URW
FRVPRRVP#JPDLOFRP
ZZZVHUYLGLPDULDQHW
1. Fra Augustine M.
(Casimir Gerard) Kulbis [USA]
2. Fra Alberto
M. Lappi [PRF]
3. Fra Giovanni M.
(Vittorio) Pratesi [ANN]
4. Fra Fiorenzo M.
(Florindo) Gobbo [PRF]
17. Fra Pedro M.
(Juan Walter) Suárez De Marco [SMA]
COSMO
18. Fra Anthony M.
O’Connell [USA]
5. Fra Carl M.
(Kenneth) Feil [USA]
6. Fra Jacques M.
(Guy) Labbé [CAN]
7. Fra Linus M.
Mpahane [VEN]
8. Fra Marcel M.
Brodeur [CAN]
Piazza S. Marcello, 5
00187 ROMA - Italy
tel (+39) 06 699301
Fax (+39) 06 679 2131
Posta elettronica:
[email protected]
[email protected]
19. Fra Andrew M.
Walls [ISL]
DIRETTORE RESPONSABILE: LINO M. PACCHIN
EDITORE: CASA GENERALIZIA SERVI DI MARIA
AUTORIZZAZIONE DEL TRIBUNALE DI ROMA
N. 55 / 91 DEL 1° FEBBRAIO 1991
STAMPATO IN PROPRIO
COSMO viene inviato gratuitamente a chiunque ne
faccia richiesta. Ogni destinatario è tuttavia pregato di
inviare un contributo annuo tramite
CCP n. 29430006 intestato a:
Economato generale osm
Piazza San Marcello, 5
00187 ROMA, Italy
20. Fra Luigi M.
Ilari [PHI/PRF]
9. Fra Víctor M.
Castañeda Solares [MEX]
10. Fra Anthony M.
(Edward) Gaydos [USA]
11. Fra Domenico M.
Sartori [SMA]
12. Fra Peter M.
Rookey [USA]
13. Fra Michel M.
(Alban) Sincerny [CAN]
14. Fra John M.
Le May [USA]
15. Fra André M.
Syrard [CAN]
16. Fra Robert M.
(Robert Stephen) Anderson [USA]
22. Fra Thomas M.
(James) Robinson [ISL]
21. Fra Bonfilius M.
(Peter) McGovern [USA]
23. Fra Cirilo M.
Alinsonorin [PHI/PRF]
LdO, 7
It is Our Lady who obtains from God
mercy for sinners, grace for the just and glory for those who serve her Son.
Gennaio - Aprile 2015 - n 1-4, 2015 - Filiale di Roma, Italy - Tassa pagata - Taxe Perçue - Mensile, anno XLVI - Sped. 2. comma 20/c, legge 662/96 - Poste Italiane S.p.a.- spedizione in abbonamento postale - D.L. 353/2003 - (Conv in L. 27/02/2004 n. 46) Art. 1, comma 2 DCB
A chiunque la invochi la nostra Signora risponde e ottiene da Dio
perdono per i peccatori, grazia per i giusti, gloria per i servi del Figlio suo.
COSMO
BOLLETTINO DEL CENTRO DELLE COMUNICAZIONI DELL’ORDINE DEI SERVI DI MARIA
B U L L E T I N O F T H E C E N T E R F O R C O M M U N I C AT I O N S O F T H E S E R V I T E O R D E R
R E S U R R E X I T - 2014
“Beati mortui qui in Domino moriuntur amodo iam dicit Spiritus
ut requiescant a laboribus suis opera enim illorum sequuntur illos” Rev, 14:13

Documentos relacionados

Brasil PRESBITERIANO

Brasil PRESBITERIANO SULPHLURSDVVRpUHFROKHUPLODVVLQDWXUDVSDUDOHYDUMXQWRFRPXP PDQLIHVWRjVPDLRUHVDXWRULGDGHVGR%UDVLO$RODGRGHVVHSDVVR RXWUR p FULDU JUXSRV GH RUDomR QDV LJUHMDV ORFDLV TXH...

Leia mais