PRESS DIGEST-Financial Times, Wall St Journal Asia editions

SINGAPORE, Oct 25 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Thursday.

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

FINANCIAL TIMES (www.ft.com)

-- Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) sparked fear that Wall Street could face further heavy losses from credit market turmoil, revealing $7.9bn in writedowns on mortgage-related securities during the third quarter.

-- Warren Buffett urged investors on Wednesday to be cautious about the Chinese stock market, which has risen nearly sixfold in the past two years. Speaking on a visit to Dalian in north-east China, Mr Buffett said he was always sceptical about markets that had risen as sharply as Chinese shares have.

-- Microsoft (MSFT.O: Quote, Profile, Research, Stock Buzz) on Wednesday took a $240 million stake in Facebook, the online social network, a move that puts a value on the site, which has yet to make a profit, of $15 billion. The software group has also beaten Google (GOOG.O: Quote, Profile, Research, Stock Buzz) to striking a key advertising deal.

-- Japan's Financial Services Agency signalled a shift towards a more UK-style principles-based regulatory model on Wednesday, to strengthen the country's competitiveness as a financial centre.

-- Alibaba.com has attracted more than $100 billion in orders from institutional investors for its planned $1.5 billion capital raising, reflecting keen demand for one of Hong Kong's hottest offerings this year.

-- Hank Paulson, the U.S. Treasury Secretary, on Wednesday threw his weight behind plans to turn Mumbai into an international financial centre in a speech ahead of his first official visit to India later this week.