Reuters Business Report at 0235 GMT

REUTERS BUSINESS REPORT

Monday, November 10, 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

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(All times GMT)

TOP HEADLINES

SINGAPORE - China pitches in to prevent global recession

TOKYO - Japan Q3 machinery orders slump, weak rebound seen

SYDNEY - Australia c.bank cuts growth view amid global gloom

TOP STORIES

SINGAPORE - China pitches nearly $600 billion in to the global campaign to avoid the worst downturn in decades and grim Japanese data offer yet another proof of the destruction caused by the financial crisis (FINANCIAL/ (TOPWRAP 1), expect by 0300, pix, tv, by Tomasz Janowski, 850 words)

TOKYO - Japan's core machinery orders post their biggest quarterly fall in a decade for July-September and manufacturers expect only a small rebound in the last quarter of the year, boding ill for capital investment as the economy teeters on the brink of recession (FINANCIAL-JAPAN/ (UPDATE 2), expect by 0600, by Hideyuki Sano, 650 words)

SYDNEY - Australia's central bank lowers its forecasts for economic growth for the next two years, saying it would be reviewing interest rates in the months ahead with the aim of avoiding an even sharper slowdown in domestic demand (AUSTRALIA-ECONOMY/ (WRAPUP 1), moved at 0214, by Wayne Cole, 650 words)

MARKETS

HONG KONG - Asian stock markets and commodity prices climb after China launches a nearly $600 billion economic stimulus plan, one of many measures countries are undertaking to limit the economic fallout from the financial crisis (MARKETS-GLOBAL, expect by 0300, by Eric Burroughs, 600 words)

TOKYO - The yen falls against the dollar and euro as Asian shares are lifted by strong Wall Street gains and by China's launch of a huge economic stimulus plan (MARKETS-FOREX (UPDATE 1), expect by 0300, by Shinichi Saoshiro, 600 words)

PERTH - Oil rises over $2 to over $63 a barrel on Monday, on hopes that China's massive $600 billion stimulus package and proposals from world's leading economies to boost growth will fight off the threat of global recession and revive energy demand (MARKETS-OIL (UPDATE 3), expect by 0600, by Fayen Wong, 500 words)

ANALYSES

SHANGHAI - China's massive economic stimulus package is likely to produce at least a temporary rally in its battered equities market, while pushing bond yields down (CHINA-STIMULUS/MARKETS (ANALYSIS), moved at 0213, BY Lu Jianxin and Samuel Shen, 600 words)

WASHINGTON - Businesses should expect more scrutiny of their books, moves to expand health insurance, an end to no-bid Pentagon contracting and a host of other changes when President-elect Barack Obama takes office (USA-OBAMA/BUSINESS (ANALYSIS), moved at 1638, 920 words)

DUBAI - The "D" word has crept into the debate ahead of the Washington G20 crisis summit. Not Deflation, but Depression (WEF-G20/ECONOMY (ANALYSIS), moved at 1430, by Thomas Atkins, 800 words)

ECONOMY AND RESOURCES

BEIJING - Chinese factory-gate inflation tumbles to 6.6 percent, reinforcing expectations of interest rate cuts a day after Beijing announced a shift to an easy monetary policy and a massive discal stimulus plan to shore up growth (CHINA-ECONOMY/ (UPDATE 1), expect by 0300, graphic, 400 words)

HONG KONG - Fitch downgrades ratings for four Eastern European countries, including cutting Romania to below investment-grade, while revising its outlooks on a handful of emerging markets due to the adverse impact of a global recession. (FITCH/EMERGINGMARKETS (UPDATE 1), moved at 0207, by Rafael Nam, 600 words)

SYDNEY - Rio Tinto will cut its 2008 iron ore shipments from Australia 10 percent to between 170 million and 175 million tonnes due to weakening demand from China, though rival and suitor BHP Billiton has no such plans (RIO TINTO/ (WRAPUP 1), expect by 0300, by James Regan, 650 words)

TOKYO - Top world oil exporter Saudi Arabia provides the most visible evidence yet of adhering to OPEC's deal to curb output by telling refiners in Asia that it would cut December supplies by 5 percent, trade sources say (SAUDI-CRUDE/ALLOCATIONS (UPDATE 2), expect by 0300, 500 words)

See also: IRAN-OPEC/ (INTERVIEW), moved at 1622, by Simon Webb, 580 words

COMPANIES

NEW YORK - The board of troubled insurer American International Group is nearing approval of a revised U.S. bailout to replace a previous $85 billion rescue, a person familiar with the matter says (AIG/ (UPDATE 2), expect by 0300, by Paritosh Bansal and Lilla Zuill, 500 words)

SEOUL - Shares in South Korea's Hyundai Motor plunge, dragging down the wider market, as investors worry that the U.S. may harden its stance on car trade and that Hyundai may target parts of money-losing Chrysler (HYUNDAI/SHARES, expect by 0245, by Marie-France Han, 500 words)

SYDNEY - National Australia Bank is raising up to $2 billion to strengthen its balance sheet, and analysts and its rivals to follow suit as bad debts at Australian banks continue to rise (NAB/ (UPDATE 2), expect by 0300, by Mette Fraende, 650 words)

MELBOURNE - Orica, the world's top maker of commercial explosives, reports a 15 percent jump in full-year net profit, beating market forecasts, as it rides a mining boom and said it sees no signs of a slowdown in its sales (ORICA/ (UPDATE 2), moved at 0155, by Sonali Paul, 650 words)

CANBERRA - Australia's ailing car industry will get an extra $2.3 billion of government support to offset tariff cuts and a global economic slowdown (AUTOS/AUSTRALIA (UPDATE 1), moving shortly, 600 words)

TAIPEI - Taiwan's TSMC, the world's largest contract chip maker, may post a fall in October sales after closest rival UMC's sales for the month dropped 22 percent from a year ago due to weaker demand for electronics gadgets in a slowing global economy (TSMC/SALES, expect by 0545, by Baker Li, 100 words)

BANGKOK - Banpu PCL, Thailand's top coal miner, reports a better-than-expected 81 percent rise in third-quarter net profit, its best quarter of the year, as rising selling prices boosts growth (BANPU/RESULTS (UPDATE 1), moved at 0216, by Ploy Chitsomboon, 400 words)

FEATURES

SEOUL - The global credit crunch has caused investment banks to crumble, stock markets to plunge and South Korean parents to wonder if they can still afford being the largest exporters of foreign students to U.S. schools (FINANCIAL-KOREA/EDUCATION (BUSINESS FEATURE), moved at 0003, pix, by Jack Kim, 700 words)

LOS ANGELES - DreamWorks Animation's cartoon sequel "Madagascar: Escape 2 Africa" opens in the top spot at the weekend box office in North America, while James Bond shakes up the international marketplace (BOXOFFICE/