Frankfurt  - Volkswagen's banking unit said it was cleared Wednesday to receive 2 billion euros (2.6 billion dollars) in guarantees from Germany's bank bailout fund, Soffin.

The finance unit, which lends to people who buy Volkswagen Group cars, but also operates as an online bank, is the first car company bank to receive backing from the fund. No immediate comment could be obtained from Soffin in Frankfurt.

Prague - Czech Prime Minister Mirek Topolanek said Wednesday that his government's stimulus plan is to give the Czech economy a boost amounting to 4.7 per cent of gross domestic product (GDP), or nearly 180 billion koruny (7.8 billion dollars).

The stimulus is to cost taxpayers some 73.5 billion koruny, or 1.9 per cent of GDP, and expand country's budget gap accordingly, Finance Minister Miroslav Kalousek said.

The budget deficit is expected this year to exceed 3 per cent, a limit the European Union requires for adopting the euro.

Washington  - US President Barack Obama said Wednesday he hopes to keep between 7 and 9 million homeowners out of foreclosure, using 75 billion dollars to stabilize a housing crisis that is at the heart of the country's deepening recession.

Obama unveiled plans offering aid to homeowners struggling to pay their mortgages, to relax rules on mortgage refinancing and to help neighbourhoods raise property values by renovating already foreclosed properties.

Warsaw  - Poland's finance ministry sold euros on the market Wednesday from its European Union funds amid a sinking zloty, a ministry spokesman told TVN24.

The spokesman declined to say how much was sold, or if the government would sell more in an effort to boost the weakening national Polish currency.

The zloty had dipped to 4.94 against the euro on Tuesday. It had risen to 4.77 against the euro at the close of the stock exchange on Wednesday.

Reykjavik  - Iceland was set to keep its increased whaling quota for the coming year, Fisheries Minister Steingrimur J Sigfusson said Wednesday.

The raised annual quota of 150 fin whales and 100 minke whales was announced at the end of January shortly before former Fisheries Minister Einar K Gudfinnsson left office.

Sigfusson added that it was not certain that Iceland would keep the quota for the coming five years as his predecessor had suggested.

Warsaw  - Polish Prime Minister Donald Tusk said Tuesday the government would intervene if the country's currency drops to 5 zloty against the euro, and would then sell euros on the market.

The announcement came after the zloty dropped to historic lows on Monday, when it traded at 4.77 against the euro. It dipped further on Tuesday, when at times it traded at
4.94 against the euro.