PRESS DIGEST-Financial Times, Wall St Journal Asia editions

SINGAPORE May 12 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

FINANCIAL TIMES (www.ft.com)

-- Jean-Claude Trichet signalled on Monday that the global downturn had bottomed out with some large economies already able to put the recession behind them and look forward to renewed growth. -- Richard Li, one of Hong Kong's best-known business tycoons, was on Monday rebuked by a judge for a 'clearly manipulated' shareholder vote that approved the attempted $2 billion buy-out of his telecoms company PCCW (0008.HK).

-- David Geffen, the former record executive who made an offer for the Los Angeles Times two years ago, now wants to buy the New York Times, according to people close to the situation.

WALL STREET JOURNAL (www.wsj.com)

-- Global banking giant HSBC Holdings PLC (HSBA.L) offered a downbeat outlook for the U.S. mortgage market, saying a slight improvement in the pace of souring loans is not likely to last.

-- The White House Monday unveiled a $210 billion plan to tax more of U.S. firms' overseas earnings and crack down on tax avoidance -- including a new measure to shut down a tax manoeuvre by foreign hedge funds.

-- Ford Motor Co (F.N) will offer 300 million common shares in a public offering designed to shore up the car maker's cash reserves and keep the company out of bankruptcy as its crosstown rivals struggle to restructure.

-- Sounding a note of cautious optimism, Honda Motor Co Ltd's (7267.T) financial chief said he plans to increase output slightly this quarter.