T. Rowe Price completes acquisition in India
Baltimore money manager T. Rowe Price Group said Wednesday that it finished acquiring a 26 percent stake in India's oldest mutual-fund company, an effort to expand in a large and growing market. T. Rowe spent $142.4 million buying into UTI Asset Management Co. Ltd. Because of a change in exchange rates, that was about $4 million more than what T. Rowe estimated in November that it would pay.
- Jamie Smith Hopkins
State commission receives stem-cell funding requests
A state research commission said Wednesday that it received 141 applications from commercial and nonprofit groups that are seeking funding to support stem-cell research. The Maryland Stem Cell Research Commission's research fund has an annual budget of $12.4 million. Total requests for funding from applicants for fiscal 2010 surpassed $45 million, the commission said. The commission provides grants for research, including for scientists new to the stem-cell field, for those in the early phases of research and for postdoctoral fellows. Funding decisions are expected in May.
- Gus G. Sentementes
Developer proposes city library renovation
Baltimore's former Highlandtown Library would be renovated by mid-2011 to house a mixture of office and classroom space on the upper levels and retail space at street level, if the city accepts a $1.5 million proposal submitted by the Southeast Community Development Corp. The Baltimore Development Corp. sought proposals last year for the surplus city property at 3323 Eastern Ave. and announced Wednesday that the bid from nonprofit Southeast CDC is the only one it received. Under the proposal, the renovated library would house the headquarters of the Southeast CDC and other tenants. R. M. Sovich would be the architect. The former library was vacated in 2007. The BDC is reviewing the proposal.
- Edward Gunts
Federal funding awarded for 'green' job training
Maryland will get nearly $6 million in federal stimulus money to train workers in Baltimore in "green" jobs, U.S. labor officials said Wednesday. The state Department of Labor, Licensing and Regulation will receive a $5.8 million grant to train and help find jobs for dislocated workers and others, the U.S. Department of Labor announced. The assistance is part of nearly $190 million in federal stimulus being awarded to states. The idea is to teach skills required for industries such as energy efficiency and renewable power.
- Lorraine Mirabella