Sep.8 (GMM) It has been a busy time in the world of formula one sponsorship.

The German media is saying Nick Heidfeld's axe at Renault was definitely financially-motivated, with the team's confirmation of four new sponsors.

One is with Bruno Senna's personal backer Embratel, and another with the Brazilian oil company OGX.

"The Brazilians are taking the Senna name back to formula one and, clearly, it is a special emotion for all the Brazilians that are passionate about F1," said Embratel president Jose Formoso.

Toro Rosso, meanwhile, has confirmed that the logos of Spanish oil brand Cepsa will feature on the STR6's nose, rear wing and endplates at Monza and beyond.

Etihad Airways has inked an extension to its title sponsorship of the Abu Dhabi grand prix through 2015, with CEO John Hogan saying the deal "goes against the current commercial trend for shorter terms".

A deal in Australia has raised eyebrows, with the Melbourne City Council signing over $500,000 for the next three Albert Park events despite mayor Robert Doyle calling for the race to be scrapped only months ago.

"While the event is here in Melbourne, I support it, and the city will support events in the city of Melbourne that promote tourism to Melbourne," Doyle told the Herald Sun.

Finally, despite its shrinking share price on the Frankfurt exchange, British team Williams has announced that its turnover, profit and net cash have increased.

"We have upgraded and extended existing partners Randstad and Oris, and added Interbrand as a new partner," said team boss Sir Frank Williams.

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