PRESS DIGEST-Financial Times, Wall St Journal Asia editions

SINGAPORE, Dec 5 (Reuters) - The Financial Times and the Wall Street Journal carried the following stories in their Asia print and/or Web site editions on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

FINANCIAL TIMES (www.ft.com)

-- Interest rates were slashed on a historic scale across Europe as central banks reacted aggressively to the sudden and brutal deterioration in the economic outlook since the autumn.

-- The United States was lectured about its economic fragilities as senior Chinese officials urged the administration to stabilise its economy, boost its savings rate and protect Chinese investments.

-- A day after official figures signalled that the country was moving perilously close to recession, the Australian government instructed its workforce to take a break.

-- Detroit's Big Three carmakers indicated they would accept a large measure of government control over the domestic US auto industry and its strategic restructuring decisions.

-- EMI is in talks with rivals over a U.S. distribution deal that could bring in tens of millions of dollars for the indebted company, after earlier talks about selling some of its labels stalled.

WALL STREET JOURNAL (www.wsj.com)

-- Central banks worldwide delivered sweeping interest rate cuts, even as the continuing turmoil in credit markets means cuts in rates are losing their power to curtail an accelerating global slowdown.

-- With the United States pressing Pakistan to act against Islamic militants suspected in last week's bloody assault on Mumbai, U.S. Secretary of State Condoleezza Rice said that Pakistan's president has assured her that his government will go after anyone connected to the attacks.

-- The executives of the Big Three auto makers said they would be willing to work under the supervision of a federal oversight board as a condition for receiving financial aid from the government.