Business Report at 0635 GMT

REUTERS BUSINESS REPORT

Wednesday, November 12, 2008

(All times GMT)

TOP HEADLINES

SINGAPORE - Gloom grips markets as global downturn spreads

MUMBAI/TOKYO - NTT DoCoMo set to buy 26% of Tata Tele

TOKYO - Japan consumer confidence seen staying in doldrums

TOP STORIES

SINGAPORE - China's retail sales data points to slowing consumption and the World Bank says more countries are seeking its help, as evidence mounts that the rich-world downturn is spreading through emerging economies (FINANCIAL/ (TOPWRAP 1), expect by 0700, pix, tv, graphic, by Alex Richardson, 800 words)

MUMBAI/TOKYO - Japan's NTT DoCoMo is set to pay $2.7 billion for a 26 percent stake in Tata Teleservices to get a foothold in India's booming telecom market, a paper reports, as the Tata Group, flagbearer of corporate India's foreign expansion, puts acquisitions on hold (TATA/ (WRAPUP 1), expect by 0800, by Devidutta Tripathy and Sachi Izumi, 800 words)

TOKYO - Japanese consumer confidence hits a record low, a government survey shows, as job fears weigh and consumers have little faith in the government to protect them from the financial crisis (JAPAN-ECONOMY/ (UPDATE 1), expect by 0800, by Yuzo Saeki, 600 words)

MARKETS

HONG KONG - Asian stock indexes fall for a second day and oil prices slip back near a 20-month low as more dismal corporate earnings highlight the damage the global economic slowdown is inflicting on companies and consumers (MARKETS-GLOBAL/ (WRAPUP 2), expect by 0700, by Eric Burroughs, 600 words)

SINGAPORE - Oil a shade lower after previous session's 5 percent drop that pulled down prices below $60 for the first time since March 2007, as weakening energy demand more than offset news of more supply reductions (MARKETS-OIL (UPDATE 1), moved, by Sambit Mohanty, 600 words)

TOKYO - The dollar dips after hitting two-weeks highs against the euro and sterling, but losses were limited as investors worried about global economic slowdown and preferred to shift funds to the world's most liquid currency (MARKETS-FOREX (UPDATE 2), expect by 0700, by Satomi Noguchi, 600 words)

HONG KONG - Asian debt spreads widen for a second consecutive session as concerns over weakening corporate earnings worldwide reinforce fears of a potentially steep and prolongued global economic slowdown (ASIA-BONDS/, moved at 0539, 400 words)

SINGAPORE - An abundance of cash and lingering distrust of bank and business lending persisted in money markets in Japan, India and elsewhere in Asia, causing distortions in money market spreads (MARKETS-MONEY (MONEY MARKETS), expect by 0700, by Vidya Ranganathan, 500 words)

MORE ON THE FINANCIAL CRISIS

HONG KONG - From office sodas that are no longer free to Ferraris that go unpurchased, financial services firms and their staff are being forced to a new era of austerity imposed by the global financial crisis (FINANCE-SUMMIT/AUSTERITY, moved at 0526, by Tony Munroe, 500 words)

SINGAPORE - Wining, dining and fashion are still a priority for Asia-Pacific consumers, but a regional survey shows that the global financial crisis is motivating them to hunt for bargains and save more (SPENDING-ASIAPACIFIC/, moved at 0622, by Miral Fahmy, 500 words)

CANBERRA - The world's major economies must not use global financial turmoil as an excuse to retreat into protectionist trade, Australia and Indonesia say in a coordinated message ahead of a crisis summit in Washington (FINANCIAL/AUSTRALIA-INDONESIA, moved, by Rob Taylor, 400 words)

SEOUL - Finance ministers from South Korea, Japan and China plan to meet on Friday on the sidelines of a G20 crisis summit in Washington, a senior official at South Korea's Finance Ministry says (FINANCE/KOREA-JAPAN-CHINA (UPDATE 1), expect by 0730, 400 words)

ANALYSES

BOSTON - As the financial crisis hammers fund returns, many managers are touting their stable long-term records to convince investors that their money is safe. But that argument may soon vanish (FUNDS/PERFORMANCE (ANALYSIS), moved at 1825, by Muralikumar Anantharaman, 900 words)

ECONOMY

BEIJING - China's annual retail sales growth slows to 22.0 percent in October from 23.2 percent in September, holding up well despite deepening worries about the fallout on the domestic economy of the global financial crisis (CHINA-ECONOMY/RETAIL (UPDATE 1), moved, 400 words)

SEOUL - Job growth in South Korea dwindles to its slowest in 3-½ years in October, data shows, just as the top state-run research agency warns overall growth could hit a 6-year low in 2009, adding to worries about a sharp economic slowdown (KOREA-ECONOMY/ (UPDATE 1), moving shortly, by Cheon Jong-woo, 700 words)

MANILA - The Philippines cut growth forecasts for 2008 and 2009 and says it expects a wider budget deficit next year as it spends more to boost the economy amid a global financial crisis (PHILIPPINES-ECONOMY/ (UPDATE 1), expect by 0700, by Karen Lema, 600 words)

RESOURCES

TOKYO - Japanese greenhouse gas emissions hit a record high in the year to March, the government says, raising more questions about how Japan will be able to meet its commitments under the Kyoto Protocol climate pact (CLIMATE/JAPAN (UPDATE 5), expect by 0800, graphic, by Risa Maeda, 600 words)

BEIJING - Demand for gold as an investment by Chinese soars this year, helping offset slower growth in demand for jewellery in one of the world's top gold producers (CHINA-GOLD/OUTPUT (UPDATE 2), expect by 0830, by Lucy Hornby, 500 Words)

COMPANIES

SINGAPORE - SingTel, Southeast Asia's largest phone firm, reports a 12 percent fall in quarterly profit and predicts lower full-year contributions from its regional associates due to a stronger domestic currency (SINGTEL/ (UPDATE 3), moved, pix, by Jennifer Tan, 750 words)

TOKYO - Dentsu, Japan's largest advertising firm, reports earnings amid growing economic uncertainty that has made its clients wary of spending, while media report the company is in talks to acquire U.S. ad agency McGarry Bowen to help boost overseas sales (DENTSU/ (UPDATE 2), expect by 0900, by Mariko Katsumura, 600 words)

TOKYO - The president and chief executive officer of Japan's Shinsei Bank, Thierry Porte, is to announce his resignation later on Wednesday, sources say, as the struggling mid-sized lender prepares to announce results amid a global market slowdown (SHINSEI/ (UPDATE 2), expect by 0900, by Taro Fuse and David Dolan, 400 words)

MELBOURNE - Property developer Stockland Group buys a 12.7 percent stake in rival GPT Group, dealing itself into any potential takeover bid for the group and sending GPT's shares up 37 percent (GPT/STOCKLAND (WRAPUP 1), moved at 0401, by Sonali Paul, 700 words)

JAKARTA - Indonesian coal miner PT Tambang Batubara Bukit Asam may pull out of a consortium that agreed to buy a stake in Bumi Resources Tbk, the country's biggest coal miner, because of a slump in Bumi's share price, the state enterprises minister says (BUMI/ (UPDATE 1), moved at 0317, 300 words)

SEOUL - Shares in South Korea's Hana Financial Group plunge as much as 14 percent on market talk of a possible capital increase, but the country's No. 4 banking group denies the speculation (HANA-SHARES/ (UPDATE 1), moved at 0534, 250 words)

HANOI - Vinamilk, Vietnam's top dairy firm, says it won approval to issue nearly 8.8 million new shares on Singapore's stock exchange but no date had been set for the debut (VINAMILK-SINGAPORE/DEBUT (UPDATE 1), moved at 0545, 200 words)

SHANGHAI - Chinese game designers, whose clients often include big names like Sony Corp and Nintendo, are attracting global venture capital funds who believe the booming, multi-billlion dollar sector can be recession-proof or even grow (CHINA-VENTURECAPITAL/GAME, expect by 0900, by George Chen, 600 words)

FEATURES

LONDON - In 2003, a group of London-based thinkers warned of a huge credit crunch and a surge in personal and corporate bankruptcies. Five years on, the crisis is here and the question is whether prophetic minds like those in Britain's New Economic Foundation can persuade a hitherto deaf political mainstream to adopt their proposed solutions (FINANCIAL/PROPHETS (BUSINESS FEATURE), moved at 0004, pix, by Barbara Lewis, 900 words)

See also FINANCIAL-PROPHETS (FACTBOX)

PARIS - For years the undisputed leader at high-end hair salons, L'Oreal is losing its shine as hair stylists weather an economic downturn with cheaper products from Germany's Wella and Schwarzkopf (LOREAL-FRANCE/ (BUSINESS FEATURE), moved at 0003, pix, by Astrid Wendlandt, 900 words)

See also LOREAL-FRANCE/STYLISTS, 400 words

WASHINGTON - As world leaders meet this weekend to shore up the global financial system, 94-year-old Jacques Polak, one of the delegates to the 1944 Bretton Woods conferences, says the 64-year-old system is not the problem (FINANCIAL/BRETTONWOODS