Commerzbank to sell Dresdner Bank Monaco

Commerzbank has announced that it has agreed to sell Dresdner Bank Monaco S.A.M. to Bank Audi sal – Audi Saradar Group.

The value of the deal is undisclosed, and the sale itself is subject to the necessary approvals of the relevant regulatory authorities.

Dresdner Bank Monaco S.A.M. is a subsidiary of Dresdner Bank Luxembourg S.A and focuses upon private wealth management in northern Italy, southern France and Monaco itself.

At the end of 2008 its assets under management were €233m, and it employed 18 staff.

Bank Audi sal is a leading Lebanese financial institution and already has a presence in France, and Switzerland.

The acquisition of Dresdner Bank Monaco S.A.M. is in line with Bank Audi sal’s strategic objective of developing a strong private banking presence in Europe.

Commerzbank has made a number of sales in recent months, last year selling off the Kleinwort Benson business to financial holding company RHJ International and the Global Agency Securities Lending business of Dresdner Bank to Deutsche Bank.

Source:bankingtimes.co.uk/

Middletown native travels to Luxembourg for semester

When Hannah Bentz, 19, started her freshman year at Miami University of Ohio, she thought she wanted to major in business.
From the start, though, she didn't like it. Gentz, of Middletown , said she always had an interest in history and foreign cultures and decided to take a political science class. Soon, she switched her major to diplomacy and foreign affairs.

This month, Gentz will go to Luxembourg to continue her studies abroad for a semester.

She'll stay with a host family in Differdange, Luxembourg, a part of the trip she thinks will give her insights into the local culture that staying in a dorm would not.

Among history, political science and marketing courses, Gentz will take a French class, one of several languages commonly spoken in Luxembourg, she said.

Gentz has already purchased her Eurorail train pass, and plans to travel as much as her free time allows.

"I like seeing other cultures and ways of life, and hopefully, I can incorporate that into my work someday," she said.

This summer, Gentz will help organize a model United Nations summer camp at Frederick 's UNESCO Center for Peace.

While she's in Europe, she'll promote the camp and its broader ideals of maintaining peace in the world, she said.

"I would love to work for an international organization someday," she said.

Bentz said she also plans to keep up her international travels. She wants to visit some other countries in Europe she hasn't seen, and Australia and Russia.

Source:fredericknewspost.com/

Visa on arrival for tourists from five nations

India has for the first time introduced visa on arrival scheme for five countries including Japan and New Zealand. This is to facilitate bonafied foreign tourists who plan their visit at short notice. The other three countries are Singapore , Finland, and Luxembourg . According to the External Affairs Ministry, the scheme has been introduced for one year on experimental basis. The visa will have the maximum validity of 30 days and single entry facility will be granted by the immigration Officers at Chennai, Mumbai, Delhi and Kolkata airports. The rule of a gap of two months between two visits will apply to only tourists visa holders . This restriction will not apply to persons of Indian origin(PIO) or overseas citizens of India (OCI) card holders as well as foreigners holding business employment, students and other categories of visa.

The government has also slightly relaxed the visa rules for the tourists who use India as a hub and visit neighbouring countries. In such cases, if the itinerary shows visits to India and other countries as part of the same trip, the government has allowed the Visa Issuing Authorities to relax the 60-day period of break and permit up to three entries into India. For others however after the tourist visits India and leaves the country, there has to be a break of 60 days before he or she can apply for another tourist visa. The residents of Bangalore and Chandigarh will become the first to benefit from an e-governance project that ensures the issuance of passports within three days of the police verifications of the applicants.

Source:newsonair.com/

Renault Stays on Formula 1 Grid in 2010 Thanks to Luxembourg Firm

Unlike BMW and Toyota, Renault has committed to Formula 1 in 2010 thanks in large part to Luxembourg-based company Genii Capital Investment.


The highly confidential deal will be completed early next year, Renault said in a statement, and it will continue to be business as usual for the Renault F1 team. Insiders say Genii beat out rival Prodrive to the investment opportunity and took a hefty 75% stake in the outfit.




Lucky for him, Pole Robert Kubica will remain as the team's prized driver. A suitable teammate for Kubica is currently being evaluated, with China's Ho-Pin Tung being a top contender for the seat. Tung is managed by Gravity, a company owned in part by Genii head Gerard Lopez.


Despite his well-publicized reservations about Renault continuing to compete in F1, Renault-Nissan CEO Carlos Ghosn approved the deal. Doubts surrounding Renault's future in F1 were spring-boarded by a mid-year scandal that saw driver Nelson Piquet admit to crashing intentionally during the 2008 Singapore GP under alleged orders from team boss Flavio Briatore and engineering director Pat Symonds.


Source: Renault, ESPNF1