Berlin - A German official resigned his vice-ministerial post at the Transport Ministry on Wednesday after weeks of criticism of executive bonuses that are planned at one of Germany's biggest state-owned companies.

Matthias von Randow, state secretary at the ministry, was a member of the supervisory board of Deutsche Bahn, the national railways company, which is set to privatize a one-quarter stake in its passenger and freight operations.

Amid worldwide anger at large bonuses for executives, many Germans were critical of a generous bonus package promised by Bahn to executives when the company goes private.

The date of the flotation has been delayed by the world stock markets slide. It had been scheduled for Tuesday this week.

Brussels - The European Union's top industry official threw his weight Wednesday behind a call to give the bloc's carmakers cheap loans worth up to 40 billion euros 
(51 billion dollars) to develop eco-friendly cars through the financial crisis.

"We are in a situation where it is getting harder for big European businesses to get credit. We must make sure the higher costs they face to develop climate-friendly cars should also be financed," EU Industry Commissioner Guenter Verheugen said after talks in Brussels with European automotive industry representatives.

"It is not a question of hand-outs, it's a question of the European Investment Bank making available a low-interest credit programme," he said.

Frankfurt - European stocks stormed ahead Wednesday on hopes of lower interest rates.

Amid expectations of the US Federal Reserve delivering another hefty cut in borrowing costs Wednesday, Europe's blue-chip Stoxx 50 climbed 7.8 per cent to 2222 after chalking up even bigger gains during the day.

The positive mood was reflected across national bourses with shares in London gaining more than 6 per cent and Paris jumping more than 7 per cent as the afternoon session drew to a close. Stocks in Zurich were up 5.40 per cent.

Prague - The Czech parliament's lower house Wednesday postponed an initial vote on Czech-US treaties that allow the United States to place a missile defence facility on Czech soil.

The house adjourned a debate on the US project and may return to the issue on Thursday.

Czech Prime Minister Mirek Topolanek lacks a majority for the US plans in the closely divided 200-seat chamber.

Berlin - Plans for economy-boosting moves by Germany's government were confirmed Wednesday in Berlin by Chancellor Angela Merkel as a global recession looms.

Addressing Germany's import-export federation BGA in Berlin, she said the package would include "focussed, bold and sustained" incentives for investment rather than being just a broad-based rise in government spending.

Belgrade - The 2009 Universiade in Belgrade will have to run on half the original budget and with 15 instead of the planned 21 sports competitions, officials said Wednesday in Belgrade.

"It will be the largest sports event ever held in Serbia," Serbian Deputy Premier Bozidar Djelic told a press conference, announcing a "realistic budget" of 3.5 billion dinars 
(51 million dollars).