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.

It seems that buying Opel by the Canadian-Austrian manufacturer of automotive components Magna – is a case that is resolved. However, the ongoing negotiations between Magna and the parent corporation of  Opel – General Motors (GM) – is increasingly becoming a war of nerves.

Thus, an information has been released from the depths of GM that the American company intends to sign a statement of intentions, which does not require any obligations with the Chinese car manufacturer company BAIC, and also with financial investor RHJ. There is no doubt that its goal is to increase the pressure on Magna in order to secure new assignments. For example, GM has started talking again about one desirable option, which is the possibility of buy-back of Opel, a variant that is accepted neither by Magna, nor by the German authorities. Those who are familiar with the situation at GM – Handelsblatt sources claim that the top leadership of the General Motors cherishes the hope that after the bankruptcy of GM it can restore its former strength, and may again purchase back Opel.

Volkswagen has announced the final terms of the merging of Volkswagen and Porsche companies that looks more like an ultimatum to Porsche. Volkswagen will pay an amount of 3 to 4 billion euros to Porsche, after which the two automakers will proceed to merging, transmits Reuters.

As a result of the deal, the shares of the ownership will be distributed as follows: 40 per cent of the shares will go to Porsche and the family Pitch that owns it, 20 per cent will go to the owners of the land of Lower Saxony, a major holder of shares of Volkswagen, 15 per cent of the shares will become the property of Qatar, that wishes to make a partial investment in the deal, and 5 per cent will go to an unnamed investment fund. And nothing is reported about what will happen to the remaining 20 per cent.

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.