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PRESS DIGEST-Financial Times, Wall St Journal Asia editions

26 Oct 2007 00:33:33 GMT
Source: Reuters

SINGAPORE, Oct 26 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Friday.

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

FINANCIAL TIMES (www.ft.com)

- China issued a dramatic signal of expanding African ambitions with news that Industrial and Commercial Bank of China <1398.HK> is to buy a 20 per cent stake in South Africa's Standard Bank <SBKJ.J>.

- Microsoft <MSFT.O> shares soared to their highest level in more than six years late on Thursday as the software giant reported a surge in growth from its core desktop software products and raised its forecasts for the rest of its fiscal year.

- BP <BP.L> sought to draw a line under two years of damage to its troubled North American operations by agreeing to pay fines totalling $380 million to U.S. authorities to settle violations linked to a refinery explosion, oil pipeline leaks and fraud in energy trading.

- Merrill Lynch <MER.N> shares fell further on Thursday after several analysts downgraded the bank and suggested it might need to take further writedowns beyond the massive $8.4bn announced on Wednesday.

- Chrysler's plans to use China as a low-cost car export base have hit a snag due to quality concerns at its joint venture with Chery Automobile.

- High levels of air pollution are a "legitimate concern" for anyone taking part in next year's Beijing Olympics, according to the UN Environment Programme.

- The U.S. banks creating a $75 billion-plus "superfund" to buy the assets of troubled investment vehicles should sell 10 per cent of the fund into the open market to ensure it is properly priced, the renowned investor Warren Buffett said.

-- Sony <6758.T> has lifted its full-year operating profit slightly but reported widening losses in its key games and television divisions after admitting its liquid crystal display television model was inadequate and PlayStation 3 sales targets might not be met. WALL STREET JOURNAL (www.wsj.com)

- China's ICBC is buying a 20 percent stake in South Africa's Standard Bank for $5.5 billion, the largest overseas investment by a Chinese entity.

- Sony's profit soared on the continued turnaround of its core consumer electronics operations. Nintendo said its net surged on strong sales of its Wii and handheld DS videogame consoles.

- Nomura <8604.T> posted its first quarterly loss in over four years as a $592.7 million write-off on its U.S. subprime-mortgage business amplified the impact of slowdowns in almost every arm of its operations.

- Indian regulators closed a popular route into the country's hot stock market but signalled new measures that could help financial markets grow.

- Philippine President Gloria Macapagal Arroyo pardoned former president Joseph Estrada, a move some said would hurt perceptions of the Philippines' anti-corruption efforts.

- OPEC's secretary-general said the cartel isn't worried about the recent record run in oil prices to nearly $90 a barrel.

- Berkshire Hathaway <BRKa.N> <BRKb.N> chief Warren Buffett reiterated that Korean stocks are undervalued, launching a guessing game among day traders.

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Last updated:Fri Oct 26 00:33:53 2007