BEIJING -- CHINA

INTEREST RATES SEE BIGGEST CUT IN YEARS

China announced its biggest interest rate cut in 11 years on Wednesday to spur private borrowing and support a multibillion-dollar stimulus package to boost slowing economic growth.

The 1.08 percentage-point rate cut -- the fourth cut in three months -- reflects the government's urgency about raising private consumption and investment to supplement state spending on the stimulus package.

TURKEY

TRADE DISPUTE CAST AS LARGER EU ISSUE

ANKARA -- A trade dispute is eroding Turkey's already fading interest to join the European Union, as the debate over EU restrictions on exports of a little-known mineral takes on unexpected political significance.

Ankara is preparing to petition the World Trade Organization to reverse an EU directive which could slash Turkey's exports of borates mineral, but while the economic weight of the issue is rather limited, political interests in Turkey have pounced upon the issue as an example of Europe's disregard for the country.

Turkey's talks to enter the EU are already on a slow track because of its delays in passing reforms, addressing the long simmering dispute over divided Cyprus and opposition from some EU members to its membership.

ENGLAND

BRITISH FURNITURE FIRM MFI GOES UNDER

LONDON -- British furniture chain MFI said Wednesday the company had failed and was going into administration, citing the continuing pressure on Britain's battered housing market. MFI Group said it was suffering from ''severe cash flow pressure'' as a result of the general deterioration in the market for home furnishings which has led to failure of key suppliers.

Going into administration is similar to filing for bankruptcy -- a term which does not apply to companies in Britain.

IRELAND

GOVERNMENT TO CUT PAYROLL, COSTS

DUBLIN -- Ireland's government unveiled a sweeping plan Wednesday designed to slash its costs and reverse more than a decade of boom-fueled excess.

Finance Minister Brian Lenihan said the government must cut its payroll and demand more from those on it. He said the number of state employees has grown over the past four years by 11 percent to 318,000 -- including civil servants, teachers, nurses and doctors, soldiers and police -- while their total pay has surged 39 percent to 18 billion euros ($23 billion), representing 32 percent of Ireland's total budget.

BRAZIL

RUSSIA, INDIA, CHINA TO JOIN IN SUMMIT

RIO DE JANEIRO -- The presidents of Brazil and Russia agreed Wednesday that Russia will host a summit of the world's four leading emerging market nations next year.

President Luiz Inacio Lula da Silva said Brazil, Russia, India and China ''represent a powerful force,'' signing a statement on the summit with his visiting Russian counterpart, Dmitry Medvedev.

The two presidents also discussed increasing cooperation in the fields of energy, agriculture and railways.

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