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PRESS DIGEST-Financial Times, Wall St Journal Asia editions

Thu Jan 31, 2008 6:04am IST
 
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SINGAPORE, Jan 31 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print/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 U.S. interest rates by another 50 basis points in an aggressive move to combat the risk of a U.S. recession. It also signalled that the door was wide open to further reductions.

-- The U.S. economy grew at an unexpectedly weak pace of 0.6 per cent in the fourth quarter, amid continuing fears of a slide into recession in 2008.

-- China's steel and smelting industries are starting to suffer substantial production problems as a result of the energy shortages and transport delays caused by severe winter weather.

-- The board of Societe Generale defied a chorus of criticism to back Daniel Bouton, the bank's embattled chairman, even as France's central bank governor gave a damning verdict of the bank's risk controls.

-- UBS (UBS.N: Quote, Profile, Research)(UBSN.VX: Quote, Profile, Research), one of the biggest casualties of the US subprime crisis, suffered a further $4 billion writedown on its mortgage-related securities, leading it to predict a 4.4 billion Swiss franc group net loss for 2007.

-- Canon (7751.T: Quote, Profile, Research) blamed problems in the U.S. economy for failing to meet its profit target for the fiscal year and an unexpected shortfall in its quarterly results, the first time that a big Japanese exporter has admitted that the slowdown in the U.S. economy has hit its bottom line.

-- The future of one of Royal Dutch Shell's (RDSa.L: Quote, Profile, Research) most important businesses is at risk because the Nigerian government has not funded it properly, an internal memo has warned.  Continued...

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
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