Business Report at 0635 GMT

REUTERS BUSINESS REPORT

Monday, November 10, 2008

(All times GMT)

TOP HEADLINES

SINGAPORE-Trichet warns many can't afford China stimulus cue

TOKYO -Japan Q3 machinery orders post biggest fall in decade

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

TOP STORIES

SINGAPORE - European Central Bank chief Jean-Claude Trichet warns that many nations just lacked the ammunition to take cue from China and spend billions of dollars to ride out the global financial storm (FINANCIAL/ (TOPWRAP 2), expect by 0700, pix, tv, by Tomasz Janowski, 900 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 3), expect by 0800, by Hideyuki Sano, 700 words)

SYDNEY - Australia's central bank cuts its forecasts for economic growth for the next two years, saying it would review interest rates in the months ahead with the aim of avoiding an even sharper slowdown in domestic demand (AUSTRALIA-ECONOMY/ (WRAPUP 2), moved at 0515, by Wayne Cole, 700 words)

MARKETS

HONG KONG - Asian stocks and commodity prices climb after China unveils 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 (WRAPUP 2), moved at 0632, by Eric Burroughs, 700 words)

TOKYO - The yen falls against the dollar and the euro as a rally in Asian shares improves investors' appetite for risk, reducing demand for the Japanese currency (MARKETS-FOREX (UPDATE 2), moved at 0611, by Shinichi Saoshiro,600 words)

PERTH - Oil rises more than $2 to over $63 a barrel, fuelled by top exporter Saudi Arabia's plans to cut December supplies to Asia, a weaker dollar and hopes that global economies' plans to lift growth could avert recession (MARKETS-OIL (UPDATE 3), moved at 0559, by Fayen Wong, 500 words)

SINGAPORE - Commodity markets surge as demand hopes brighten following China's $600 billion stimulus plan and pledges by the G20 group of nations to take all necessary steps to put financial markets back on their feet (MARKETS-COMMODITIES, moved at 0555, by Clarence Fernandez, 600 words)

ANALYSES

BEIJING - There is no doubt that China's economic stimulus package is gigantic but, like so much in this opaque country, it is shrouded in ambiguities that complicate any assessment of its likely impact (CHINA-ECONOMY/STIMULUS (ANALYSIS), expect by 0900, by Simon Rabinovitch, 800 words)

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)

ECONOMY

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 2), expect by 0800, graphic, by Michael Wei and Jerry Hua, 500 words)

HONG KONG - Fitch cut Romania's credit rating to "junk" status in one of four emerging market downgrades and says the global financial crisis had put ratings of South Korea, South Africa, Russia and Mexico in jeopardy (FITCH/EMERGINGMARKETS (UPDATE 2), moved at 0521, by Rafael Nam, 600 words)

TAIPEI - Taiwan's surprise rate move has prompted analysts to expect the main policy rate to be lower than previously expected by year-end as the central bank, like the rest of the world's, aims to stimulate the economy amid a global downturn (TAIWAN-RATES/, expect by 0800, graphic, by Lee Chyen Yee, 500 words)

RESOURCES

SYDNEY - Rio Tinto Ltd/Plc, the world's No. 2 iron ore miner, will slash production by as much as a third for the rest of this year, joining its Brazilian rival in attempting to stem the fall in prices as Chinese steel demand slumps (RIO TINTO/ (WRAPUP 2), expect by 0900, by James Regan, 700 words)

TOKYO - Top 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, term lifters say (SAUDI-CRUDE/ALLOCATIONS (UPDATE 2), moved at 0328, by James Topham, 600 words)

JAKARTA - Indonesia's government is considering lowering the price of subsidised diesel fuel, says the energy minister amid falling global oil prices (INDONESIA-FUEL/ (UPDATE 1), moved at 0522, 250 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), moved at 0242, by Paritosh Bansal and Lilla Zuill, 500 words)

TAIPEI - American International Group Inc is aiming to sell its 95 percent stake in Taiwan life insurer Nan Shan Life, a source says, in a deal that local media estimated would be worth $2-2.5 billion (AIG-TAIWAN/ (UPDATE 1), moved at 0449, by Faith Hung, 400 words)

SYDNEY - National Australia Bank (NAB), the nation's biggest lender, is raising up to A$3 billion ($2 billion) in a share placement to strengthen its balance sheet, prompting analysts to predict other banks would follow suit as bad debts increase (NAB/ (UPDATE 3), expect by 0800, by Mette Fraende, 600 words)

SHANGHAI - SB China Venture Capital, backed by Japan's Softbank Corp, is raising its first yuan-denominated investment fund with an initial target size of up to 2 billion yuan ($293 million) in invest in the country's fast growing hi-tech sectors (SOFTBANK-CHINA/FUNDRAISING (UPDATE 1), expect by 0830, by George Chen, 600 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, moved at 0257, by Marie-France Han, 500 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), moved at 0157, 600 words)

TAIPEI - TSMC, the world's biggest contract chip maker, says October sales fall about 10 percent from a year ago as a slowdown in the global economy cut into demand for computers and other consumer gadgets (TSMC/SALES (UPDATE 1), moved at 0623, by Baker Li, 350 words)

KUALA LUMPUR - RHB Capital, Malaysia's fourth-largest lender, expects loan growth to slow and corporate defaults to creep up next year as the local economy slows sharply (RHBCAPITAL/ (INTERVIEW, UPDATE 1), moved at 0610, by Soo Ai Peng, 600 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