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PRESS DIGEST-Financial Times, Wall St Journal Asia editions

01 Nov 2006 23:57:17 GMT
Source: Reuters

SINGAPORE, Nov 2 (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)

-- Tata Consultancy Services <TCS.BO>, India's biggest IT outsourcing company, expects to nearly double the percentage of non-Indians on its payroll over the next three years, in the strongest sign yet that the thriving Indian sector is becoming truly multinational.

-- Belle Holdings, China's leading footwear retailer, plans to raise $800 million in a Hong Kong initial public offering as appetite for stocks focused on mainland consumer spending continues to grow due to a booming retail economy.

-- TCL Corp <000100.SZ>, the world's largest television maker, has agreed to allow France's Thomson <TMS.PA> to sell its nearly 30 per cent stake in a Hong Kong-listed subsidiary as part of the Chinese company's plans to downsize the troubled European operation that it bought from the French firm three years ago.

WALL STREET JOURNAL (www.wsj.com)

-- Japan's Prime Minister Shinzo Abe has an ambitious plan to spur the economy. He wants Japan to throw off its reputation as an island nation that shies away from international affairs and shuns foreigners and their businesses, and instead open up to the world.

-- Citigroup <C.N> may be close to a $3 billion deal to buy into Guangdong Development Bank. A consortium led by the U.S. financial titan is best positioned to win control of the Chinese bank over rival groups.

-- China is moving forward with a State Council-approved plan to turn its postal system into a $10 billion standalone firm.

-- Japan's second-biggest IPO this year flopped because many retail investors judged that too many shares of Accordia Golf <2131.T> had been floated.

-- Water supplies were cut to 28,000 people in northern China after an truck spilled 33 tons of toxic oil into a river last week, the latest mishap involving the country's polluted waterways.

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Last updated:Wed Nov 1 23:58:20 2006