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PRESS DIGEST-Financial Times, Wall St Journal Asia editions

01 Nov 2007 00:22:52 GMT
Source: Reuters

SINGAPORE, Nov 1 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Thursday.

Reuters has not verified these stories and does not vouch for their accuracy.

FINANCIAL TIMES (www.ft.com)

- The Federal Reserve cut interest rates by a quarter point to 4.5 percent, but warned investors against banking on further monetary easing, sending short-term government bond yields soaring.

- Crude oil prices on Wednesday hit a fresh nominal all-time high above $94 a barrel after U.S. inventories suffered another massive drop that left them at their lowest level in two years.

- China raised the price of petrol and diesel by almost 10 percent on Wednesday as crude oil prices hit a record above $94 a barrel. The move, the first increase since May 2006, came in spite of a promise by Beijing not to put up state-controlled prices before the end of the year in an effort to keep inflation at bay.

- At least seven Chinese shipbuilders are planning share offerings, underlining China's efforts to build up its domestic fleet and branch out into the construction of more advanced vessels. The largest of the anticipated initial public offerings is likely to come from state-owned China Shipbuilding Industry Corporation, according to bankers familiar with the situation.

- Buddhist monks marched in the Burmese temple town of Pakokku on Wednesday in their first demonstration since the military junta's September crackdown on widespread anti-government protests.

- Google <GOOG.O> sought to counter the growing power of Facebook, unveiling a strategy it claimed could eventually spread the benefits of social networking to other unrelated Web sites. WALL STREET JOURNAL (www.wsj.com)

- The Fed cut its target for short-term interest rates a quarter of a percentage point to 4.5 percent but sought in its accompanying statement to dispel expectations of more rate cuts.

- Google shares closed at $707, up 20 percent in the past month, amid enthusiasm for its wireless and social-networking initiative.

- China raised gasoline and diesel prices by 10 percent in a move to curb demand as fuel shortages spread. Shortages and price spikes are sparking economic and social tensions in other developing nations.

- Hong Kong's tie to the U.S. dollar shows the tensions between a slowing U.S. economy and China's rapid growth. Twice last week and four times again on Wednesday, the Hong Kong Monetary Authority went to the currency market to buy up a total of US$1 billion.

- China is launching new anti-pollution regulations targeting its booming export industry. The rules could affect thousands of Chinese suppliers.

- Wal-Mart <WMT.N> filed a motion seeking to block public access to certain court documents in a tax dispute with North Carolina.

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Last updated:Thu Nov 1 00:21:59 2007