CBS Investment

American financial and insurance group American International Group, Inc. (AIG) is selling its banking unit in Russia – “AIG Bank”, is reported in the press release of the company on June 29.

Banque PSA Finance SA, registered in June 2008 as the financial branch of French auto concern PSA Peugeot Citroen, is going to buy the above mentioned bank. German Deutsche Bank will be the financial consultant from the part of AIG, whereas the Russian unit of CMS will consult the French side.

Other terms of the transaction have not yet been disclosed.

Brazil is not against dedollarization of the global financial system and trade, but this process should take place gradually, through a “safe action”, said Minister of Foreign Affairs of Brazil Celso Amorim.
“I do not know whether the world is ready to say “let’s replace the dollar with special drawing rights (SDR) or something similar”, but why should not we go in the direction of this?” – S. Amorim told reporters at the UN headquarters.

The U.S. GDP in the I quarter of 2009 decreased by 5.5 per cent according to the final data. The data was presented on Thursday, June 25, by the U.S. Department of Commerce. Analysts expected that the decline in GDP would be about 5.7 per cent. That was the number that previously was reported.
The fall in U.S. GDP was 6.3 per cent in the IV quarter of 2008 .

Economics of the EU can not cope with the sharp increase of government expenses directed at combating the crisis and maintaining the growing number of unemployed, said the latest report of the European Commission. The Commission calls on EU countries to sharply tighten financial discipline so that the economic growth does not stall when the economic recession comes to the end.