PRESS DIGEST-Financial Times, Wall St Journal Asia editions

SINGAPORE, Oct 31 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Wednesday.

Reuters has not verified these stories and does not vouch for their accuracy.

FINANCIAL TIMES (www.ft.com) - China's drive into Africa's financial services sector has taken a fresh turn, with China Development Bank entering a partnership with United Bank for Africa UBA.LG, one of Nigeria's biggest lenders.

- Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) boosted Stan O'Neal's departure package by almost $90 million - taking it to $160 million by letting him retire as chairman and chief executive rather than sacking him.

- Oil prices tumbled below $90 a barrel on Tuesday after Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), Wall Street's most bullish investment bank on the commodity, turned negative on the short-term outlook for crude. The bank recommended investors take profits after prices jumped to a record of $93.80 a barrel on Monday.

- CLP (0002.HK: Quote, Profile, Research, Stock Buzz), Hong Kong's largest power company, is planning to bid for electricity assets in Australia, India, Singapore and other countries in south-east Asia after falling short of its investment targets in China.

- Private equity groups are looking to boost deal activity by making greater use of alternative sources of debt financing including going to the sellers of the assets being bought, hedge funds, mutual funds and possibly sovereign wealth funds.

- India's central bank on Tuesday unexpectedly ordered a 50 basis point increase in the ratio of reserves that banks must deposit with it as it warned of growing inflationary pressure caused in part by the recent surge in capital inflows. WALL STREET JOURNAL (www.wsj.com)

- Google Inc. (GOOG.O: Quote, Profile, Research, Stock Buzz) is in advanced talks with two top U.S. cellphone operators, Verizon Wireless and Sprint Nextel Corp. (S.N: Quote, Profile, Research, Stock Buzz), about offering handsets tailored to its new mobile phone operating system, people familiar with the matter said.