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Business Briefs

Forex kitty swells

Mumbai, April 9: India's foreign exchange reserves grew by $297 million to $141.20 billion for the week ended April 1, 2005. The reserves now stand at $1,41,204 million, an increase of $297 million over the last week's reserves of $1,40,907 million, the RBI said today. The rise is mainly due to revaluation of international currencies and increased remittances, analysts said.

Oil output

Kuwait City, April 9: Opec president Sheikh Ahmed Fahd al-Sabah said today there was no need for an imminent output hike after oil prices eased, but he believed the market would still impose a proposed rise of 500,000 barrels per day in May. World oil prices fell yesterday for the fourth successive day to dip below $54 a barrel as supply concerns, which drove the market up to record highs earlier this week, eased.

Hope for Rover

London, April 9: Efforts are on to resurrect an alliance between Britain's last homegrown carmaker MG Rover and a Chinese partner. Prime minister Tony Blair rushed to MG Rover's Longbridge plant in Birmingham yesterday and pledged to try and patch up the deal.


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