LATIN AMERICA

Cesp Shares Jump Most Ever After Sao Paulo State Approves Stake Sale Plan Cia. Energetica de Sao Paulo, Brazil's third-largest power generator, gained the most since shares started trading in Sao Paulo, after the government approved plans to sell its controlling stake in the company.

Brazil's Bank Lending Rose 3.1% in November; Loans Surged 27% in Last Year Brazilian bank lending rose 3.1 percent in November from a month earlier as record low interest rates and higher employment encouraged consumers to borrow.

Colombia Peso Falls Amid Global Stocks Drop; Mexican Peso Little Changed Colombia's peso fell for the first day in five as a decline in global stocks cut into demand for high-yielding emerging-market assets.

Brazil Bovespa Rises on Christmas Spending, Led by Lojas Americanas, Cesp Brazilian stocks rose for the fourth time in a week, led by retailers and banks, after Christmas shopping increased from last year and lending rose in November.

Cencosud to Invest $600 Million in Argentina Over 3 Years, Cronista Says Cencosud SA, Chile's biggest retailer, will invest $600 million in Argentina over the next three years to open new supermarkets and retail outlets, Buenos Aires-based El Cronista reported.

Itau May Acquire BBVA's Latin American Private-Banking Unit, Estado Says Banco Itau Holding Financeira SA may announce the acquisition of Banco Bilbao Vizcaya Argentaria SA's private Latin American banking unit in coming days, O Estado de S. Paulo newspaper reported.

Brazil Real Advances on Bets Interest-Rate Advantage to Remain Attractive Brazil's real strengthened on speculation the yield differential on local assets will continue to lure investors to domestic markets.