• Home >
• News >
• Forex News

• Send
• Print
• Add To

PRESS DIGEST-Financial Times, Wall St Journal Asia editions

Tue, Nov 18 2008, 00:14 GMT
http://www.afxnews.com

SINGAPORE, Nov 18 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

FINANCIAL TIMES (www.ft.com)

-- The Japanese economy has entered its first recession in seven years, data showed.

-- Citigroup took radical action to cushion the blows of financial turmoil and revive its flagging share price, announcing plans to axe 52,000 jobs, or one in seven employees, and slash costs by about $10 billion.

-- John Paulson, the hedge fund manager who was called before Congress last week to discuss the big profits he made by foreseeing the collapse of the subprime mortgage market, has started to buy securities backed by residential mortgages.

-- Carrefour will this week announce the departure of Jose Luis Duran as its chief executive after months of tension at the Paris-based retailer. The company will name Lars Olofsson, a senior Nestle executive as Duran's successor in a bid to revive its fortunes.

-- Russia plans to cut its oil export duties by a third next month, offering much-needed relief to companies losing money on their crude exports.

-- China Life, the world's largest life assurer, is eyeing overseas acquisitions as it seeks to take advantage of the global financial crisis to gain a foothold in foreign markets.

WALL STREET JOURNAL (www.wsj.com)

-- Citigroup Inc Chief Executive Vikram Pandit vowed to keep shrinking the struggling financial giant, but his words did little to arrest a slide in Citigroup's shares.

-- Bank of America Corp is raising its stake in China Construction Bank Corp to 19.1 percent from 10.75 percent, a sign of confidence in the slowing economy and a signal the Charlotte, North Carolina bank isn't hunkering down even as it absorbs California mortgage lender Countrywide Financial Corp and Wall Street securities firm Merrill Lynch & Co.

-- Japan has slipped into recession for the first time since 2001, joining Europe in a global economic downturn, as companies cut spending amid weak exports and consumer demand failed to lift the world's second-largest economy.

-- GM sold its remaining stake in Suzuki Motor for about $230 million, an indication of how desperately it needs cash. Keywords: ASIA PRESS BUSINESS

(Compiled by Asia Desk, +65 6870-3821)

COPYRIGHT

Copyright Thomson Reuters 2008. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.