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PRESS DIGEST-Financial Times, Wall St Journal Asia editions
08 Dec 2008 23:51:18 GMT
 Source: Reuters
SINGAPORE, Dec 9 (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)

-- Russia on Monday became the first G8 country since the start of the financial crisis to have its credit rating downgraded after Standard and Poor's took fright at the recent exodus from the rouble and sharp drop in oil prices.

-- Pakistan has responded to pressure from the United States and India to chase down those responsible for last month's Mumbai terror attacks by arresting one of the raid's suspected ringleaders and seven other alleged militants. -- Property and construction companies are bearing the brunt of the fallout from the global financial crisis, with the number of Japanese listed companies folding so far this year marking an annual post-war record.

-- Dow Chemical <DOW.N>, one of the world's largest chemicals groups is to cut 5,000 jobs, or 11 percent of its workforce, close 20 plants in the US and Europe and leave idle a further 180 in an effort to preserve cash and withstand the global economic downturn.

WALL STREET JOURNAL (www.wsj.com)

-- The U.S. Congress moved closer to a deal that would provide $15 billion in rescue financing for the Big Three auto makers and give the federal government equity stakes in the companies.

-- Tribune Co filed for bankruptcy-court protection, a year after U.S. real estate mogul Sam Zell led a debt-backed deal to take the publisher of the Chicago Tribune and Los Angelese Times private.

-- Citadel Investment Group became the latest major hedge fund to pull back from Asia, as a sharp market slump diminishes the appeal of a region once seen as a promising source of growth.


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Last updated:Mon Dec 8 23:52:47 2008