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In response to rising concerns as to increasing inflation rates (several reports appeared across the country with regards to the risks of a bubbles forming in the real estate market), the SELIC interest rate was increased to 9.5 percent (its first increase in 19 months).  The elevation was widely expected and predictions of growth from politicians, economists and business leaders has remained strong at between 5 percent to a perhaps overly optimistic 8.5 percent (the IMF increased its prediction from 4.2 to 5.5 percent).  J.P. Morgan raised £46.7m for its Brazilian investment trust, the first UK closed-ended company focused on the Latin American country and the Associação Brasileira de Private Equity & Venture Capital (ABVCAP) stated that over $US 15 billion will be invested in the country up until mid 2011. The Bovespa continued to increase throughout the month, although dipped slightly as a result of the Goldman Sachs fraud scandal.  As well as the floods that affected Rio de Janeiro, international attention was also attracted to the building of a hydroelectric dam in Pará state located on the lands of the indigenous Amazon population.  India and Brazil continued to support each other in looking for a permanent seat in the UN Security Council (UNSC) and agreed to expand their cooperation in areas ranging from technology, civilian nuclear energy to counter- terrorism.  Brazil’s public oil company Petrobras rose seven positions in the Forbes ratings list of international companies.