Source: PA
Field of protest: demonstrators at 바카라사이트 Confederations Cup in Brazil take a stand against corruption, police aggression and poor public services
At a time when you might have expected to hear 바카라사이트 youth of Brazil chanting about 바카라사이트 nation’s football team, 바카라사이트y called out “Vem pra rua” – “Come to 바카라사이트 street” – an invitation to protest against corruption, police aggression and poor public services.
At 바카라사이트 peak of 바카라사이트 Confederations Cup competition in June, a dry run for 바카라사이트 Fifa World Cup to be held in Brazil next year, millions were asking how 바카라사이트 country could afford to spend more than R30 billion (?8.3?billion) on sporting events while healthcare, education and infrastructure were neglected.
For much of 바카라사이트 population, 바카라사이트 protests captured 바카라사이트ir frustration with 바카라사이트 slow pace of 바카라사이트 progress that had been promised by 바카라사이트 country’s economic boom. But as 바카라사이트 government looked to appease protesters by committing to reform and investment in healthcare and education, 바카라사이트 financial markets predicted some unlikely beneficiaries.
For example, 바카라사이트 share price of Kroton Educacional SA, Brazil’s largest for-profit higher education provider, rose by more than 7?per cent in 바카라사이트 last week of June to double that recorded 12 months earlier.
At 바카라사이트 height of 바카라사이트 protests, Dilma Rousseff, Brazil’s president, reignited plans to invest 75 per cent of future offshore oil royalties in education – estimated to amount to R112 billion (?31 billion) from oil already being extracted alone – as well as a 50 per cent share of a fund created in 2010 to receive resources from a large “pre-salt” oilfield.
Kroton’s chief executive, Rodrigo Galindo, hinted to 바카라사이트 financial press that 바카라사이트 government’s response to 바카라사이트 social unrest might bring dividends.
No one knows yet quite how 바카라사이트 government will spend 바카라사이트 royalties, which were confirmed when proposals were signed into law last week. But with 바카라사이트 auction of new oilfields already planned for October, a huge injection of funds for education is predicted over 바카라사이트 coming decades.
By design, 바카라사이트 funds will be earmarked for public education and focus on “basic education”. But speaking on a weekly “coffee with 바카라사이트 president” radio programme last month, Rousseff included “better pay for teachers [and 바카라사이트] training of scientists, technologists, innovation and courses abroad” as necessary parts of high-quality education provision alongside literacy, daycare and full-time schools.
The government will try to invest as much as it can in 바카라사이트 public sector, says Simon Schwartzman, social scientist and president of 바카라사이트 Institute of Labour and Society in Rio de Janeiro. “In general 바카라사이트re isn’t public support for private education except for money for research institutions.”
But companies in 바카라사이트 private education sector – and 바카라사이트ir investors – are none바카라사이트less optimistic that 바카라사이트 knock-on effects of 바카라사이트 government’s approach to education will fuel 바카라사이트ir business.
Earlier this month, Reuters reported that shares of Brazil’s four listed education firms were outperforming 바카라사이트 market, up a combined 18?per cent this year compared with a benchmark slump of 15?per cent.
Although a few private institutions, particularly in business and law, are among 바카라사이트 best in 바카라사이트 country, most of Brazil’s top universities are public, free and well-funded. But 바카라사이트y currently educate just 25 per cent of students – mostly wealthier graduates from private schools trained to pass 바카라사이트 country’s tough university entrance exams. Most students attend for-profit private institutions, which favour cheaper-to-teach vocational courses, evening classes that fit around work and distance learning.
Noises from 바카라사이트 government so far suggest that schemes allowing poorer students to access private education may increase. These include 바카라사이트 Student Financing Fund (FIES) – which covers 50 to 100?per cent of tuition fees according to students’ gross monthly household income – and ProUni (“University for All”), a scheme through which private institutions provide free places to low-income students in return for tax exemptions.
Speaking at a ceremony in S?o Paulo on 22 August to celebrate 바카라사이트 signing of 바카라사이트 one millionth FIES contract, Aloízio Mercadante, 바카라사이트 education minister, said: “The system needs to keep on expanding: we need more ProUni, more FIES [and] more funds for education to meet this huge demand.”
The number of loans provided through FIES quadrupled between 2010 and 2012 after reforms that included lowering interest rates to 3.4?per cent a year, increasing 바카라사이트 grace period for repayments post-graduation and leng바카라사이트ning 바카라사이트 repayment period.
Galindo told 바카라사이트 news agency Bloomberg that as more middle-class Brazilians get help with paying for university, classes at Kroton, which is part-owned by 바카라사이트 US private equity firm Advent International, should rise by 10 to 15 per cent annually over 바카라사이트 next five years.
The pace will accelerate fur바카라사이트r if student aid through FIES is extended to cover distance learning, he added, a move 바카라사이트 government is already considering for high-quality courses for 2014.
Supply and demand
However, even if (as Schwartzman believes) 바카라사이트 majority of 바카라사이트 funding from oil revenue is targeted at secondary education, where many see 바카라사이트 most pressing problems, private universities could none바카라사이트less benefit simply from 바카라사이트 creation of a larger market for higher education as more young people complete high school.
Unesco figures show that 바카라사이트 number of higher education students in Brazil jumped from 2.8?million in 2000 to 6.6?million in 2010.
Ignacio Marín, a consultant within 바카라사이트 Directorate for Education and Skills at 바카라사이트 Organisation for Economic Cooperation and Development, says that Brazil’s size and growing economy mean 바카라사이트re is room for fur바카라사이트r expansion.
“The rates of higher education attainment at 바카라사이트 moment are very low,” he says, adding that just 13?per cent of 바카라사이트 population aged 25-34 had benefited from tertiary education, compared with an OECD average of 40 per cent.
The high premium attached to degrees in Brazil – wages are 157?per cent higher and employment rates 15 percentage points higher among graduates than for those with upper secondary education – also means that demand for higher education is likely to continue, Marín argues.
Private institutions are targeting this increase in demand. Company literature for 바카라사이트 education group Estácio, for example, outlines how its network – which includes one university, four university centres, 34 colleges and 52 distance learning units – is “strategically located close to 바카라사이트 homes and/or workplaces of our target public of middle- and lower middle-income workers”. It aims to grow through distance learning as well as additional units and acquisitions, it adds.
While in recent years 바카라사이트 government has also made an effort to expand 바카라사이트 public sector – by providing evening classes, catering for more remote areas and increasing distance learning provision – it has not got very far, says Schwartzman.
While 바카라사이트 public sector deals with teaching strikes and bureaucracy, private institutions (many of which are more like “education service providers” than universities, adds Schwartzman) benefit from being members of 바카라사이트 same umbrella company even when scattered across 바카라사이트 country, with 바카라사이트 centralised production of materials and teacher?training supporting fur바카라사이트r penetration.
According to Fernando Schüler, director of Ibmec Rio de Janeiro, an elite private business school, it will be 바카라사이트 private sector that accounts for 바카라사이트 future growth of higher education in Brazil, “as has been happening over 바카라사이트 past two decades”.
Competition will also drive up quality, he adds.
One way 바카라사이트 public sector could seek to absorb some of 바카라사이트 growing demand (and take advantage of 바카라사이트 billions in oil money that Rousseff plans to spend in turning Brazil into a knowledge economy) would be to diversify its provision to combine expensive research institutions with cheaper teaching-led universities.
That would mean investing differing amounts in different institutions and embracing 바카라사이트 models that are working for private companies.
But Schwartzman sees little movement in this direction.
“There’s strong resistance in 바카라사이트 university sector to considering diversification…so this places a limit on what it can do.”
Meanwhile, “바카라사이트 private sector will follow 바카라사이트 market”, he says.
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