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Opec ready to open tap

Vienna, Jan. 11: Opec oil ministers began gathering in Vienna today for a meeting expected to increase production in order to bring down prices in a market pressured by a six-week-old strike in Venezuela and the threat of a US-led war against Iraq. At its extraordinary meeting tomorrow, Opec may increase its official output quota by between one and two million barrels per day.

Forex reserves

Mumbai, Jan. 11: Fresh inflows, export remittances and revaluation of the euro vis-a-vis the dollar have pushed up India’s foreign exchange reserves closer to the $ 71-billion mark in the week ended January 3. The foreign exchange reserves rose by $ 461 million at $ 70,752.

Growth pace

Mumbai, Jan. 11: The Indian economy can grow at 10 per cent annually to create wealth and tackle poverty, Union finance minister Jaswant Singh said today. The economy has shown 5.9-6.00 per cent growth despite a drought this fiscal, he said.

Air-India move

New Delhi, Jan. 11: Air-India will hive off its ground handling services into a separate division which will serve other airlines at competitive rates while improving quality.


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