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March 24, 2002 Sunday Muharram 9, 1423 Three US textile states seek protection: Cheap imports WASHINGTON, March 23: The governors of the three largest textile-producing states in the United States have called for federal action to stem rampant layoffs and plant closings they blame largely on... Russia overtakes Saudi Arabia in oil production MOSCOW, March 23: Russia has overtaken Saudi Arabia as the world’s number one oil producer for the first time since the 1980s, highlighting the potential long-term challenge the country represents to... Tea import duty cut to 15pc demanded: Smuggling on rise KARACHI, March 23: Leading tea packers and importers forecast that the smuggling of tea by the end of fiscal 2001-02 will range between 35,000 to 40,000 tons as compared to 25,000... Adamjee Insurance posts Rs500m loss KARACHI, March 23: Adamjee Insurance Company Limited — the largest insurance company in Pakistan — reported on Friday, net loss in the staggering sum of Rs500 million for the year ended... Corporate governance under multiple audit KARACHI, March 23: Under the shadow of Enron fiasco, the corporate governance is being subjected to multiple scrutiny and audit, in a bid to avoid pitfalls in an emerging market.... Japan, China to sign swap accord TOKYO, March 23: Japan and China will sign a currency swap agreement to avoid financial crises, news reports said on Saturday.... Oman, China sign oil deal MUSCAT, March 23: Oman signed a one-year agreement on Saturday to supply crude oil to China’s state-run Unipec and Sinochem as from July 2002.... US Senate panel issues subpoenas to Enron Corp WASHINGTON, March 23: A US Senate committee has issued subpoenas to Enron Corp. board members to ask about their contacts with the Bush and Clinton administrations, including communications on energy policy,... Arabs see Israel biggest economic challenge BEIRUT, March 23: Arab finance and economy ministers on Saturday kicked off preparations for next week’s Arab summit with a call for greater efforts to face the economic challenge posed by... IMF mission to visit Argentina next month MONTERREY, March 23: The Argentine government and International Monetary Fund reached an agreement on Friday for return of a lending agency delegation to the country to evaluate its troubled economy and... Oil, gold prices on surge, metals weaker LONDON, March 23: Oil prices surged to new six-month high points above $25 a barrel this week, amid tight supply, resurgent demand and growing fears over the reliability of Gulf crude,... New York cotton ends softer NEW YORK, March 23: NYCE cotton futures ended easier on Friday as the market came off after the technical buying which boosted prices to an 8-month high faded and trade sales... US oil ends lower NEW YORK, March 23: NYMEX crude futures ended lower on Friday after end-of-week profit-taking pushed down the price from a new six-month high of $25.85 in early trading.... Nepal to have cell phone by Aug KOLKATA, March 23: A joint venture between Indian business group ModiCorp and a Nepali trading house, the Khetans, will launch the Himalayan kingdom’s first private mobile phone service by August, an... US imposes 29pc tariff on Canadian lumber WASHINGTON, March 23: Just weeks after a US decision to curb steel imports, a new trade row erupted on Friday as Washington slapped an average 29 per cent duty on Canadian... Sri Lankan economy gets a boost COLOMBO, March 23: Sri Lanka’s hopes of reviving an economy strangled by decades of war received a boost after the government revealed a pro-reform budget, analysts and business chambers said on... Japan, Korea to launch free trade study SEOUL, March 23: The South Korean and Japanese leaders on Friday launched a study into setting up a free trade zone, but analysts warned the single market dream was a long... EU draws up list to retaliate: US steel tariff BRUSSELS, March 23: EU member states were on Friday examining a list of US-made products that could be hit with hefty tariffs in retaliation for the the Bush administration’s decision to... Denmark to ratify protocol: Double taxation ISLAMABAD, March 23: The government of Denmark is to ratify the protocol to the existing agreement for the avoidance of double taxation with Pakistan.... African leaders to chart new vision ABUJA, March 23: The leaders of 21 African nations will gather in Nigeria next week for a previously unannounced summit to chart a new vision for the world’s poorest continent, a...

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