Business Report at 0240 GMT

REUTERS BUSINESS REPORT

Friday, November 7, 2008

Sonya Hepinstall and Mathew Veedon +65 6870-3827

0230, 0630 GMT

Jason Neely +44 207 542 8825

0930, 1330 GMT

Picture Desk: Singapore +65 6870 3775

Graphics queries: +65 6870 3595

(All times GMT)

TOP HEADLINES

SINGAPORE - DBS posts 38 pct drop in Q3 on bad debts

SEOUL - South Korea joins global rate cuts, more easing seen

WASHINGTON-Big Three carmakers lobby US Congress for more aid

TOP STORIES

SINGAPORE - DBS Group, Southeast Asia's biggest bank, posts a 38 percent drop in quarterly profit, below expectations, as losses from bad debts quadruple and it warns the financial crisis has made business challenging (DBS/ (UPDATE 3), expect by 0630, pix, graphic, by Saeed Azhar, 700 words)

SEOUL - South Korea's central bank cuts interest rates for the third time in a month, joining a global wave of steep monetary easing aimed at shoring up the world economy and calming panicked financial markets (KOREA-ECONOMY/ (UPDATE 1), moving shortly, pix, by Cheon Jong-woo and Seo Eun-kyung, 500 words)

WASHINGTON - Top executives of the three U.S. automakers lobby House Speaker Nancy Pelosi for up to $25 billion in additional aid and access to the Federal Reserve's borrowing window, industry sources say (AUTOS/CONGRESS (UPDATE 3), moving shortly, by John Crawley and Richard Cowan, 900 words)

MARKETS

HONG KONG - Asian stocks fall sharply for a third day and commodity prices tumble, as layoffs and corporate profit warnings pile up in the face of a rapidly slowing global economy. (MARKETS-GLOBAL (WRAPUP 2), expect by 0330, by Kevin Plumberg, 400 words)

PERTH - Oil falls below $60 a barrel for the first time in 20 months, extending its overnight drop of 7 percent as spreading economic gloom further dampens the outlook for energy demand (MARKETS-OIL/ (UPDATE 2), expect by 0330, by Fayen Wong, 550 words)

TOKYO - The euro and sterling fall due to a drop in risk appetite and as market players brace for the European Central Bank and the Bank of England to lower interest rates further (MARKETS-FOREX (UPDATE 1), expect by 0330, by Masayuki Kitano, 600 words)

ANALYSES

GENEVA - In Barack Obama, America's trade partners face a man who has strong internationalist instincts yet is committed to defending U.S. jobs (USA-ELECTION/TRADE (ANALYSIS), moved at 1537, by Jonathan Lynn, 900 words)

CHICAGO - Penny-pinching shoppers are increasingly giving up brand name toilet paper, trash bags and other household goods, leaving manufacturers to rethink how to sell their pricier brands in a tough economy (USA-RETAIL/PRIVATELABEL (ANALYSIS), moved at 2040, by Jessica Wohl, 1,000 words)

ECONOMY AND RESOURCES

BRUSSELS - European leaders will call at a summit on Friday for next week's global finance summit in Washington to set in motion rapid reforms to prevent a fresh outbreak of the credit crisis that has rocked the world economy (FINANCIAL-EU/, moved at 2344, by Mark John and Jan Strupczewski, 650 words)

TAIPEI - Taiwan is scheduled to release October trade data, with economists expecting exports to fall by an annual 1.9 percent, suffering a second straight monthly drop and the biggest decline in 20 months, reflecting weak technology demand in China and the United States (TAIWAN-ECONOMY/, expect by 1000, by Lee Chyen Yee, 500 words)

TRUJILLO, Peru - China vows to step up support for developing countries as representatives of 21 Pacific Rim economies urged coordinated action to revive capital markets and economic growth (FINANCIAL/APEC (UPDATE 2), moved at 1936, by Hugh Bronstein, 650 words)

COMPANIES

TAIPEI - Taiwan's UMC, the world's No.2 contract chip maker, reports its October sales after it saw a third-quarter net loss, showing weaker demand for computers and an array of consumer gadgets in a slowing global economy (UMC/SALES, expect by 0630, by Baker Li, 120 words)

NEW YORK - Las Vegas Sands Corp shares fall as much as 44 percent after the casino operator's auditor said there are doubts about the company's ability to continue as a going concern (LASVEGASSANDS/ (UPDATE 5), moved at 1846, by Mark McSherry and Deena Beasley, 650 words)

LOS ANGELES - The global economic downturn hit Walt Disney Co's quarterly results harder and faster than Wall Street expected, with the company on Thursday reporting a sharp decline in hotel bookings and softness in advertising revenue at its networks (DISNEY/RESULTS (UPDATE 3), moved at 0044, by Gina Keating, 900 words)

NEW YORK - Qualcomm Inc gave a disappointing profit outlook for the current quarter and the year ahead, indicating that the economic crisis could have a prolonged impact on cell phone demand (QUALCOMM/ (UPDATE 3), moved at 0007, 600 words)

NEW YORK - Private-equity company Blackstone Group LP reports a large quarterly loss and says it cut the value of a number of the companies in its portfolio as equity markets tumbled (BLACKSTONE/ (UPDATE 4), moved at 2027, by Megan Davies, 750 words)

NEW YORK - U.S. retail chains post the worst monthly sales data in more than three decades as consumers cut spending sharply in October, stunned by a financial crisis that has derailed the U.S. economy (USA-RETAILSALES/ (WRAPUP 4), moved at 2012, by Nicole Maestri, 950 words)

BRUSSELS - InBev, the world's No. 2 brewer, insists its $52 billion takeover of Anheuser-Busch is on track after quarterly results slightly exceeded expectations despite rocketing costs (INBEV/ANHEUSER (WRAPUP 2), moved at 2248, by Philip Blenkinsop and Martinne Geller, 700 words)

NEW YORK - Adult entertainment company Playboy Enterprises Inc forecasts a sharp decline in advertising revenue in the current quarter after posting a third-quarter loss, and its shares fall 27 percent to less than $2 (PLAYBOY (UPDATE 2), moved at 1619, by Robert MacMillan, 500 words)

FEATURES

HONG KONG - In vogue in the past few years, art galleries in Hong Kong are now bracing for a slump as the disposable incomes of the city's bankers, businessmen and middle-class professionals shrink (FINANCIAL-ART/ASIA