>>> Washington Post - The state development bank in Brazil.

BRL - Interesting article from the Washington Post on the BNDES - the state development bank in Brazil.

Since 2010 the bank has loaned a staggering "third of a trillion" dollars - to put in context that is twice the amount lent by the World bank to 100 countries over the same period.

The bank says the benefits are felt widely across Brazil's economy, but there are critics saying the money only goes to the most politically connected companies, and neglect smaller more adaptable firms.

Worth a read of the article, with concerns over the opaque nature of loans and how they are awarded as well as political involvement in some of the largest companies in the country.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: KFN +29.6%, DEJ +27.4%, ATHX +17.6%, RICK +12.1%, CEDU +10.8%, PSTI +4.3%, BA +1.9%, BBRY +1.6%, NVAX +1.5%, FB +1.3%, WMB +1.2%, THLD +1.1%, NUAN +0.8%, TWC +0.7%, NVGS +0.6%, JCI +0.5%, T +0.4%

Gapping down: TRGT -24.7%, FCEL -14%, ENT -4.7%, OXBT -2.8%, SPPI -2.1%, ING -2%, SNY -1.2%, BP -1.2%, KKR -1.1%, AIG -0.6%, CAG -0.5%, HON -0.4%

>>> Greece Central Bank Gov Provopoulos: Reiterates view that 2013 to have a bud

Greece Central Bank Gov Provopoulos: Reiterates view that 2013 to have a budget surplus and country to register positive GDP growth in 2014
- Reiterates view that 2013 to contract 4.0%
- 2013 to have a current account surplus due to falling imports and strong tourism
- Govt must continue with reforms.; polarized political climate is a risk to the economy.
- Country's banking sector has become stronger and leaner following recapitalization this year
- Bank recap fund can draw on €8.0B buffer if stress tetst show lenders require additional capital

**Reminder: On Oct 7th Greece draft budget expected to show 2013 GDP at -4% and growth in 2014

(BFW) Iliad Rises After Announcing Subsidized Smartphone Offering

Iliad Rises After Announcing Subsidized Smartphone Offering
2013-12-17 08:32:52.466 GMT


By Sam Chambers
     Dec. 17 (Bloomberg) -- Iliad rises as much as 3% vs Stoxx
600 telcos -0.3%, with volume reaching 20% of its 3-month daily
avg in the first 30 mins trading.
  * Earlier, Iliad announced it will allow new customers to rent
    Samsung Galaxy S4, iPhone 5s and Samsung Galaxy Note 3
    handsets for EU12/month plus downpayment of at least EU49
  * Espirito Santo (buy) says Iliad’s offer very aggressive,
    will likely force rivals to respond to limit mkt share
    losses
  * NOTE: Orange shrs down as much as 2.9%; earlier co.
    announced its EU24.99/month 4G offering


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

--Editor: Nadine Skoczylas

To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net

To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

(BFW) *RAY INVESTMENT PLACING OF 7% STAKE IN REXEL AT EU17.9/SHR

+------------------------------------------------------------------------------+

BN 12/17 08:29 *RAY INVESTMENT PLACING OF 7% STAKE IN REXEL AT EU17.9/SHR BN 12/17 08:28 *RAY INVESTMENT COMPLETES PLACING OF A 7% STAKE IN REXEL

+------------------------------------------------------------------------------+

*RAY INVESTMENT PLACING OF 7% STAKE IN REXEL AT EU17.9/SHR 2013-12-17 08:30:01.609 GMT

--CORMAC MULLEN

-0- Dec/17/2013 08:30 GMT