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Welcome rains in Uttarakhand
Breaking a long dry spell, Uttarakhand and its nearby areas today received rainfall in the plains and snow in the higher reaches of the Himalayas. Experts said the rains, which came after a dry spell of two months, would auger well for the agriculture sector. Anand Sharma, director the metereological department, said light rains had occurred in areas like Tehri, Mukteshwar and Dehra Dun. “The trend may continue for one more day at least in the Kumaon region,” he said.

PE companies resort to salary freeze as investments tank
As many as six out of every 10 private equity companies have either frozen salaries of employees or are mulling to do so in near future as investments take a hit amid lower returns, says a study.

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OilMin not to let RIL off hook for MoU with ADAG
The government has not let Reliance Industries off the hook for signing a private MoU with a firm run by the Anil Ambani Group to divide entire gas volumes from KG basin fields, thus holding industrial development to ransom, the petroleum ministry said today.
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RBS to sell fund mgmt assets stake for 84.7 mn pounds

The Royal Bank of Scotland (RBS) will sell part of fund management assets to Aberdeen Asset Management Plc for an estimated 84.7 million pounds. - Competitive pay essential for bank"s success: RBS - Dubai sets up panel for Dubai World debt settlement - RBI to auction floating rate bonds on Dec 18 - RBI alerts RRBs on transactions with Iran, Pak - Disclose commission from insurers, MFs: RBI to RRBs - "Barclays investment bankers to get 150% hike" The banking major, which has been battered by the financial meltdown, is selling assets worldwide as part of its restructuring efforts. RBS today said it has inked an agreement with global asset manager Aberdeen Asset Management for the sale of certain fund management assets and contracts of RBS Asset Management and RBS Asset Management Holdings. As part of the pact, both companies would also enter into a distribution agreement for certain products between Aberdeen and RBS Wealth Management. "The business will be sold for a total consideration of 84.7 million pounds," RBS said in a statement. Subject to regulatory approvals, the divestment is expected to be completed in the first quarter of 2010. "The sale encompasses the Investment Strategies (funds of funds) division of RBS Asset Management which was established in 1998," the statement noted. This unit had assets under management worth 13.5 billion pounds as on September 30, 2009. RBS Group Chief Financial Officer Bruce Van Saun said the transaction is another step in restructuring the firm around its core customer franchises. The British government has over 80 per cent stake in RBS, after the entity was bailed out in the wake of the global financial crisis.


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