Stockholm - Swedbank, one of four major Swedish banking groups, Tuesday confirmed it planned to sign on to a stability plan approved last week.

The application to join the guarantee programme was to be filed shortly, the group said.

The guarantee fund is worth 1.5 trillion kronor (201 billion dollars) and banks would have to comply with restrictions concerning bonus payments and other benefits to top executives.

The scheme is initially scheduled to run until April 2009.

Virginia (USA), Nov. 4: Indian Americans residing here are of the view that India can and will play an integral role in keeping the American economy competitive, despite the ongoing meltdown on Wall Street and its impact on global economies.

Manila - The Asian Development Bank (ADB) said Tuesday it has approved a 70-million-dollar loan for a new project to improve the lives and incomes of poor farmers in the conflict-wracked southern Philippines.

The Manila-based bank said the Agrarian Reform Communities Project II will allocate 135.2 million dollars for rural infrastructure projects and 25.2 million dollars for agriculture and enterprise development.

Sao Paulo - Banco Itau Holding Financeira SA agreed to acquire Uniao de Bancos Brasileiros SA on Monday, creating Brazil's biggest bank.

The Brazilian government applauded the merger and said it would make the country's financial system stronger.

"That new bank is set to become one of the largest financial institutions in the world," said Finance Minister Guido Mantega. He described the merger as "an important event, because they are two traditional, solid banks that will become even more solid."

Washington - Major automakers on Monday reported a sharp drop in October sales, while the manufacturing sector contracted the most in 26 years as the credit crisis continued to spread to the wider US economy.

Ford Motor Co said monthly sales dropped 30 per cent from the same period a year earlier. Japanese carmaker Toyota Motor Corp reported a drop of 23 per cent, Honda Motor Co's sales fell 25 per cent and Nissan Motor Co was down 33 per cent.

Oslo/Reykjavik - Norway on Monday said it was prepared to consider extending a loan to cash-strapped Iceland, provided the International Monetary Fund (IMF) approves a 2.1-billion-dollar loan later this week.

The central bank of Norway said it has also extended a swap facility worth 500 million euros (630 million dollars) to the Icelandic central bank, or Sedlabanki.

The current loan agreement was signed in May and was due to expire in December, but will be extended to December 2009, Norges Bank said.