ASIA-PRESS-BUSINESS
SINGAPORE, Sept 26 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and website editions on Friday. Reuters has not verified these stories and does not vouch for their accuracy.
FINANCIAL TIMES (www.ft.com)
-- An unprecedented White House emergency meeting broke up after failing to reach full agreement on the Bush administrations financial rescue package after another day of intense stress on the money markets.
-- General Electric (GE.N) underlined the depth of the financial crisis, issuing its second profit warning of the year and announcing radical action to conserve cash, cut debt and reduce its reliance on its financial services division.
-- Economic nationalism is on the rise in China, the European Union trade commissioner said, as he strongly criticised the restrictions faced by foreign companies investing in the country.
-- JPMorgan Chase (JPM.N) will acquire deposits and some branches of Washington Mutual (WM.N) following the takeover of the sixth biggest US bank by U.S. regulators late on Thursday evening, people familiar with the matter said.
WALL STREET JOURNAL (www.wsj.com)
-- In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual (WM.N) and struck a deal to sell the bulk of its operations to J.P. Morgan Chase (JPM.N).
-- General Electric clipped the wings of its finance unit as it reduced its earnings forecast, highlighting both the impact of the credit crisis on corporate America and how companies might respond.
-- Corporate China struck deals to buy Syrian oil assets for $2 billion and to take a significant stake in an Australian iron-ore producer, furthering its quest to secure natural resources abroad.
