IN BRIEF

MIAMI

AAA predicts fewer Labor Day travelers

Falling gasoline prices might not be enough to entice people to travel this Labor Day weekend, with some keeping a wary eye on dangerous Hurricane Gustav, which is threatening the Gulf Coast.

About 34.4 million people are projected to travel at least 50 miles from home -- a 1.1 percent decline from Labor Day 2007. Travel over Memorial weekend and Independence Day 2008 was also down compared to last year, according to auto club AAA.

"A lot of people may choose that they don't want to take a risk. They know how quickly weather can change and that may discourage a lot of travelers from traveling any distance this weekend," AAA spokesman Gregg Laskoski said Saturday.

Travel in the Southeast could be particularly low. AAA officials predict a decline of 0.6 percent from last year.

FRANKFURT, Germany

Insurer announces German bank deal

Insurer Allianz SE agreed Sunday to sell Dresdner Bank AG to Commerzbank AG in a $14.38 billion deal, a sale that may well herald a wave of German bank consolidation and keep foreign rivals from laying claim to a lucrative market.

The deal came after weeks of market speculation and will create Germany's biggest bank in terms of customers, propelling it ahead of Deutsche Bank. However, the combined bank's assets will still fall shy of Frankfurt-based Deutsche Bank's approximately $2.93 trillion in assets.

But the decision comes with a heavy toll in terms of job cuts: 9,000 workers out of the combined banks' ranks of 67,000 workers will be eliminated, including back office, production and investment bankers. Of those cuts, 6,500 will take place in Germany with the other 2,500 abroad.

"We are taking advantage of a unique opportunity to make Commerzbank the leading bank for private and corporate customers in Germany," Commerzbank Chief Executive Martin Blessing said. "We are building a market leader with European significance, and are creating added value for our shareholders. At the same time, the deal will secure many attractive jobs for the long-term, even though unfortunately we cannot keep all current positions."

The new bank will have 11 million private customers in Germany and a thick network of 1,200 branches peppered across Europe's biggest economy.