PRESS DIGEST-Financial Times, Wall St Journal Asia editions

SINGAPORE, May 1 (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)

-- Japan's central bank cut its growth outlook and raised its inflation forecast on Wednesday, as an unexpectedly sharp fall in industrial output suggested that a slowdown in US demand is beginning to damage the world's second-biggest economy.

-- The Government of Singapore Investment Corp (GIC) plans to retain holdings in big western financial institutions such as UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) and Citigroup (C.N: Quote, Profile, Research, Stock Buzz) for up to 30 years, and is looking for further investment opportunities in the sector, the chairman of the city state's sovereign wealth fund said.

-- China's three largest banks reported huge profit jumps in the first quarter, in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite.

-- Indonesia is set to raise subsidised fuel prices in June for the first time since 2005 and introduce petrol rationing to overcome a ballooning subsidies bill and declining market confidence, the country's finance minister said.

WALL STREET JOURNAL (www.wsj.com)

-- The Federal Reserve delivered its seventh interest rate cut since the credit crisis began last July but signalled the aggressive rate cutting campaign will likely pause for now. -- UK gas company BG Group Plc (BG.L: Quote, Profile, Research, Stock Buzz) has offered A$12.9 billion ($12 billion) for Origin Energy Ltd., a big bet on surging energy demand in Asia and the commercial viability of a niche energy source -- coalbed methane.