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) and Citigroup (C.N) 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) 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.