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China announced more help Wednesday for its struggling private business sector, unveiling a $2.5 billion fund to finance new small businesses and promising tax breaks and more lending for entrepreneurs.

The Cabinet announcement was one of the first concrete measures announced by the government following repeated pledges to help entrepreneurs who have been squeezed by a slump in U.S. and European demand and curbs on bank lending.

Entrepreneurs generate most of China’s new jobs and wealth, but thousands have been driven out of business. The survivors have slashed payrolls, raising concern among China’s communist leaders about possible unrest.

A Cabinet statement issued after a meeting led by Premier Wen Jiabao, the country’s top economic official, said small companies were essential to helping China keep growth fast and stable despite the global downturn.

The government will create a 15 billion yuan ($2.5 billion) fund “primarily to support the start-up of small and micro-enterprises,” it said.

It gave no details but also promised a cut in taxes and fees and said small businesses will be guaranteed a portion of government purchases of goods and services.

Beijing ordered the state-owned banking industry to lend freely to help China’s economy rebound from the 2008 global crisis. But it clamped down on credit to preventing overheating after annual economic growth soared above 10 percent in 2010.

Economic growth fell to a 2 1/2-year low of 8.9 percent in the final quarter of 2011.

Two surveys released Wednesday gave mixed signals on manufacturing activity in January but both showed it largely unchanged.

The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index rose 0.2 points to 50.5 from December’s 50.3 on a 100-point scale on which numbers above 50 indicate growth.

HSBC Corp. said its HSBC China Manufacturing PMI was little changed at 48.8 from December’s 48.7, suggesting a “moderate deterioration.”

The credit clampdown battered entrepreneurs as banks channeled their limited lending to politically favored government companies. Entrepreneurs turned to high-interest underground lenders. Thousands went bankrupt, leaving employees and suppliers unpaid.

The government responded in October by ordering banks to step up lending to small businesses, though it is unclear whether credit has increased.

Wednesday’s statement promised to create more small-scale financial institutions to serve entrepreneurs and rural companies.

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Wendy’s Co. says its adjusted earnings fell 29.5 percent in the fourth quarter, while its revenue rose 5.6 percent,

The hamburger chain said Monday its income from continuing operations was $4.3 million in the period ended Jan. 1. That was down from $6.1 million a year ago.

The adjusted number stripped out one-time charges like costs related to selling Arby’s and writing down the value of some assets. The company didn’t report what net income would be if those charges were factored in.

Earnings were 4 cents per share, in line with the predictions of analysts polled by FactSet. After adjusting for the one-time charges, earnings were 1 cent per share.

Wendy’s says revenue rose to $615 million, beating the $613 million predicted by analysts polled by FactSet. More visitors and higher prices helped.

Shares fell 2 percent in early trading to $5.10.

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British and Hong Kong leaders said Monday they will team up to develop London into an international trading center for China’s currency.

British Treasury chief George Osborne said in Hong Kong that his trip to Asia this week, which also includes stops in Beijing and Tokyo, furthers dialogue with Chinese authorities and Chinese and British banks “on establishing London as a new hub for the renminbi market as a complement to Hong Kong.”

Hong Kong’s leader, Chief Executive Donald Tsang said a new private sector-led group will be set up to look at strengthening ties between Hong Kong and London in terms of settlement systems, market liquidity and the development of renminbi financial products.

Beijing is promoting the international use of the renminbi, also known as the yuan. It’s also promoting Hong Kong, a semiautonomous Chinese territory with its own financial system and currency, as an offshore trading center for the yuan.

Last year, yuan-denominated bank deposits in Hong Kong doubled to 630 billion renminbi ($100 billion) as savers sought higher returns from the yuan, which has been strengthening 4-5 percent a year.

Beijing would like to see the currency become an alternative to the dollar, although tight capital controls limit its circulation overseas.

“It’s clear that there’s scope for substantial expansion of the renminbi market in coming years,” said Osborne, who was speaking at a financial conference.

He said that in June 2011, China’s share of world trade was 11 percent but the yuan’s share of global foreign exchange trading last year was only 0.9 percent.

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TORONTO

The Sappington Farmers Market, which filed for bankruptcy Friday, will remain open despite its troubles.

“The reorganization of Sappington Farmers Market will allow the store to remain open and viable,” said Nancy Smith, the market’s manager, in a written statement. “We feel this will position us to be successful in the future.”

Smith didn’t provide an interview.

The store, on Watson Road in Marlborough, has roots going back to the early 1980s, and has been at its present location since 1995 where it has gained a loyal following of bargain hunters and proponents of local farming.

The store’s mission has long been to support area farmers by featuring their products.

In her statement released Saturday, Smith said the store would continue to feature local farmers, and would continue distributing their products not only through the store, but through schools, restaurants and a “mobile market instant payday loans.”

The store’s founder, Tessa Greenspan, sold it in 2008 to a cooperative of small-scale farmers known as the Missouri Farmers Union, which formed a company called Farm to Family Naturally LLC to buy the business.

Farm to Family Naturally, which does business as Sappington Farmers Market, was the organization that filed forChapter 11 bankruptcy on Friday.

Members of the original cooperative who purchased the store have since left, according to employees.

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BRUSSELS

Clayton-based Brown Shoe Co. said today that it will close a distribution center in Sun Prairie, Wis. next year to reduce excess capacity in its network as part of its ongoing portfolio realignment.

The facility will be closed in phases with the process beginning in January and ending in April, the company said.

“This decision was based on the result of changes in our industry and our continued portfolio realignment efforts, which are focused on shifting resources to our strategic consumer platforms,” Mike Kauffman, the company’s senior vice president of global supply chain management, said in a statement.

Brown Shoe chief executive Diane Sullivan launched a portfolio review when she took over the company earlier this year. As part of that process, the company also recently sold the basketball brand AND 1.

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Japanese media are reporting Olympus Corp. has fired its vice president as a scandal over its past acquisitions and advisor fees shakes the company.

Japan’s Kyodo news service and public broadcaster NHK on Tuesday both reported the dismissal of the executive, Hisashi Mori.

Company officials were not immediately available for comment. Olympus president Shuichi Takayama was to hold a news conference Tuesday.

Olympus has been mired in a scandal over allegations that a $687 million payment for financial advice was excessive. Its chairman and president abruptly resigned last month in an effort to placate angry shareholders.

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President Barack Obama’s health care law created a $5 billion fund to shore up coverage for early retirees, and some of that money is flowing to places you might not expect.

Two Texas public employee programs are among the top 25 recipients of the federal subsidy despite Texas Gov. Rick Perry’s opposition to the law Republicans derisively call “Obamacare.”

And records show the Huntsman family business, where GOP presidential candidate Jon Huntsman sharpened his executive skills, received about $1 million.

It highlights the gap between dire Republican rhetoric about the health care overhaul and the pragmatic impulse to cash in on a new government benefit.

Employer-sponsored health insurance for retirees has been shriveling for years, ever since companies were required to report the estimated liability to investors. Democrats who wrote the new law wanted to provide an incentive for employers to keep offering coverage. Only about 6 percent of private companies currently offer such a benefit for early retirees, according to the nonpartisan Employee Benefit Research Institute.

But that still works out to more than 400,000 companies. Add state and local government agencies, as well as union plans, and the number swells. Indeed, the Obama administration’s subsidy program got so many applications it stopped accepting new ones after approving more than 6,000. The program pays 80 percent of the claims amount for early retirees ages 55 to 64 whose care costs between $15,000 and $90,000.

The top beneficiary: the United Auto Workers retiree medical plan, which has collected more than $220 million.

“Some people have described this program as `Cash for Clunkers,’ in the sense that if you want it, you have to get in line first,” said Paul Fronstin, an economist with the research group. “There was a lot of advice given to be first in line.” The original Cash for Clunkers was an Obama administration program that paid people to trade in gas guzzlers for more fuel-efficient transportation. It created a marketing sensation before running out of cash.

Texas, it seems, heeded the advice. So did Huntsman International.

The Teacher Retirement System of Texas, a statewide system for public education employees, received more than $70 million as of Sept. 22, according to the federal Health and Human Services Department. The Employees Retirement System of Texas, which covers state employees, received about $30 million.

Huntsman International, the main operating subsidiary of the family-founded chemical conglomerate, is also collecting subsidies.

As candidates, both Perry and Huntsman have sworn to repeal Obama’s signature health care law, which gradually extends coverage to most of the uninsured and makes numerous other changes, including a ban on insurers denying coverage to people in poor health and an unpopular requirement that most Americans carry coverage quick cash.

Spokesmen for the Perry and Huntsman campaigns said they see no contradictions.

Texas taxpayers also pay federal taxes, said Perry spokesman Ray Sullivan. “State taxpayers have a right to get those federal funds returned to them, in this care in the form of disbursement to the teachers and state employee retirement systems,” said Sullivan. “No Texas law or policy needed to be changed in order for these agencies to be eligible to receive the funds.”

Huntsman spokesman Tim Miller said his candidate, Obama’s first ambassador to China and a former governor of Utah, is opposed to all subsidies.

Jon Huntsman has not been involved in the family business since 2005, said company spokesman Gary Chapman. Huntsman resigned from the company to pursue his political career.

Asked why Huntsman International applied for the early retiree subsidy, Chapman responded: “We’re a commercial organization. We are looking to maximize our shareholders’ value. If there was a legitimate opportunity for us to get help in this respect, we would go for it.”

Republicans have tried to paint the early retiree subsidy program as a political reward to unions, among the staunchest Democratic loyalists. According to calculations by the office of Sen. Mike Enzi, R-Wyo., the United Auto Workers Retiree Medical Benefits Trust has made out the best.

A UAW spokeswoman did not respond to requests for comment. In its 2007 contracts with Chrysler, GM and Ford, the union agreed to form the trust to pay health care costs for the companies’ retirees, including early retirees too young to qualify for Medicare. The trust started paying bills in January 2010, before Congress passed the health care law.

The calculations by Enzi’s staff also list AT&T, Verizon, General Electric, General Motors, Qwest, Caterpillar and other private companies in the top 25, not to mention the two Texas state programs. AT&T received $157 million.

Several media companies are also benefiting. The Associated Press, a nonprofit news-gathering service owned by the nation’s newspapers, has received $191,888.

Back in Texas, public and private employer retiree plans have collected more than $326 million from the subsidy. They range from American Airlines to Texas A&M University _ Perry’s alma mater.

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An Egyptian court has convicted Hosni Mubarak’s powerful information minister on corruption charges and sentenced him to seven years in prison.

Anas al-Fiqqi’s conviction on Wednesday is the latest by an Egyptian court of former regime figures. Those already convicted and sentenced include the former interior and tourism ministers, as well as former ruling party stalwart and steel magnate Ahmed Ezz.

Former state television chief, Osama el-Sheikh, was sentenced to five years in the same case as al-Fiqqi’s.

Mubarak himself is on trial on charges that he ordered the use of deadly force against protesters in the 18-day uprising that toppled him in February. His two sons, businessman Alaa and one-time heir apparent Gamal, are also on trial on corruption charges.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

CAIRO (AP) _ Egypt’s first parliamentary elections since the ouster of Hosni Mubarak will begin on Nov. 28, the country’s military rulers said Tuesday in an announcement greeted with little fanfare by activists who have grown deeply suspicious of the generals’ commitment to change.

The military council, which took over from Mubarak as he stepped down in February, promised it would transfer power to civilian rule within six months, but no date was announced for presidential elections that would bring an end to military rule.

The concerns reflect the broader uncertainty over Egypt’s post-Mubarak course under a military council led by a man who served as Mubarak’s defense minister for many years. Egypt’s new revolutionary groups say the council has done little to dismantle Mubarak’s legacy and bring figures of the old regime to account for corruption, human rights abuses and other crimes.

“The new parliament won’t reflect the real spirit of the revolution and will provide justification for the military council to continue to be present in the background of the political scene,” said Mustafa Shawki, a youth group leader.

Even more troubling for the young activists who led the uprising against Mubarak’s rule, many believe the law governing the parliamentary election will enable remnants of the former regime to retain power in the post-uprising legislature.

The elections for parliament’s two chambers will be staggered over several months, with the vote for the legislative People’s Assembly starting Nov. 28 and the less powerful Shura Council, the chamber’s upper house, on Jan. 29. The first session for the People’s Assembly will be held on March 17. The Shura Council will convene on March 24.

Critics accuse the military of dragging out the process to prolong their time in power and sap the protest movement of its energy.

Youth groups are planning a protest this weekend to push for an amendment to the election law to have voters select party lists only, rather than a mix of party lists and individual candidates. Limiting the voting to party lists, they say, would make it harder for former members of Mubarak’s now-outlawed ruling party to run. They say the change would also help make Egypt’s politics less about personalities and more about policies.

Without those changes, some are contemplating a boycott.

There are also fears that the vote could widen the rift between Egypt’s well-organized Islamist parties and the new youth-driven secular groups, who fear the religious will dominate the parliament.

Islamic groups, kept on a tight leash under Mubarak, are also critical of the new election law. But they are eager to throw their weight around in the elections and are better prepared to win a big share of seats.

Essam el-Erian, the deputy head of the Freedom and Justice party, the newly launched political arm of the country’s strongest Islamist group, The Muslim Brotherhood, said the council disregarded discussions with the political groups over the shape of the new law.

But he said: “Egypt entered a new phase with this law. It is a de facto law that we have to deal with.”

For him, boycotting the elections is not an option. A boycott, he says, “is a dream and hope of many who want to maintain the current state of confusion.”

Without a broad consensus, a boycott of the elections appears highly unlikely.

The military rulers have accusations of their own against the protest movement. They claim some of the youth groups behind the Jan. 25-Feb. 11 uprising received training abroad and unauthorized foreign funding _ a claim that discredits the groups in the eyes of many Egyptians.

Adding to the tension was a late-night stroll Monday by the country’s military ruler, Field Marshall Hussein Tantawi, dressed in civilian garb in a downtown Cairo street near the epicenter of the protests that forced Mubarak out of office. Tantawi had never before appeared in public out of military uniform.

The surprise walkabout was interpreted by some as a sign that Tantawi may be entertaining ideas to shed his military uniform and present himself as a possible civilian president.

Calls to the military press office were not returned Tuesday.

“I just hope this was not the launch of a new election campaign for him,” said Shady el-Ghazali Harb, a protest leader and now a founder of a new party, called al-Waai or Awareness.

The last parliamentary election under Mubarak was held in November and December last year, when the ousted leader’s now-dissolved ruling party swept the vote, winning all but a handful of seats in the People’s Assembly.

The vote was widely condemned as the most fraudulent under Mubarak’s 29-year rule and considered one of the causes behind the 18-day popular uprising that forced him to step down on Feb. 11.

Egyptians went to the polls in March for a nationwide referendum on constitutional amendments. A decent turnout of more than 40 percent and the absence of any serious instances of fraud led many to declare it Egypt’s cleanest vote in living memory.

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