PRESS DIGEST-Financial Times, Wall St Journal Asia editions

SINGAPORE Nov 12 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

FINANCIAL TIMES (www.ft.com)

-- The World Bank is set to provide up to $100 billion in new aid to developing countries, amid fears that the spreading effects of the financial crisis could devastate poorer and middle-income states.

-- Oil prices tumbled below $60 a barrel, their lowest level in 20 months, amid worries that the global economy is slowing more rapidly than expected.

-- China's trade surplus grew to another record last month as its exporters continued to show greater than expected resilience in the face of a global slowdown.

-- General Motors (GM.N) plans to suspend production at its factories in South Korea for about two weeks starting next month in one of the strongest signs yet that the crisis in car-making has spread to Asia.

-- South Korea's financial regulator urged local banks to increase capital levels after their average capital ratio fell to the lowest level in more than seven years.

-- Macau will not allow casinos in the world's largest gambling market to go bust, said the territory's chief executive, adding that the government will take over them if necessary.

WALL STREET JOURNAL (www.wsj.com)

-- American Express Co (AXP.N) won fast approval to become a bank holding company, helping the credit-card giant gain access to a chunk of the $700 billion in federal funds being pumped into financial firms.

-- Taiwan authorities arrested former President Chen Shui-bian as part of a corruption probe, a move that could exacerbate the island's political divisions.

-- Mitsubishi Rayon Co 3404.T agreed to buy unlisted UK plastics maker Lucite International, as Japanese companies buoyed by the strength of the yen chase assets abroad even as their local economy tracks the global slump.

-- General Motors (GM.N), which is lobbying for a bailout from the U.S. government, is in talks to increase its stake in a Chinese joint venture that makes small, inexpensive vans and trucks, people familiar with the situation said.

-- Alibaba.com (1688.HK) is betting that sharp cuts in its fees will let the online trading platform maintain its rapid growth despite a worsening storm for China's low-cost manufacturers.

-- Malayan Banking Bhd (MBBM.KL) reported a 22 percent drop in its fiscal first-quarter net profit as loan-loss provisions increased, and warned that its full-year earnings will decline amid a deteriorating global economy.