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April 28, 2002 Sunday Safar 14, 1423 Banks to fund white oil pipeline project KARACHI, April 27: Three major banks — HBL, UBL and NBP—will arrange Rs12.5 billion for Rs29 billion White Oil Pipeline Project of PAPCO. Around Rs10 billion would be floated as TFCs... Pakistani cos set to start operation in HFZ KARACHI, April 27: About two dozen Pakistani companies are well set to commence their industrial production and commercial operations in the Hamriyah Free Zone in Sharjah, UAE.... Money supply on the slide KARACHI, April 27: The rate of monetary expansion has finally fallen within the target set for this fiscal year making it possible for the economic managers to face the second IMF... Tea smuggling on rise KARACHI, April 27: Tea trade leaders want prompt remedial measures to check smuggling, otherwise, they fear, volume of smuggled tea will go up to 50,000 tons from the current 32,000 tons.... Business growth shrinks with increased taxes: CORPORATE FOCUS KARACHI, April 27: In rich states, taxes are lowered to pull economies out of recession or when the initial signs of a slow-down appear.... Democrats blast Republicans on Social Security WASHINGTON, April 27: Democrats on Saturday criticized Republican proposals to create individual Social Security accounts that workers could invest in stocks and bonds saying the plans require deep cuts in guaranteed... Russia silent on oil policy: Rodriguez meets oil minister MOSCOW, April 27: Opec Secretary-General Ali Rodriguez paid a whistle-stop visit to Russia on Saturday but failed to secure any public commitment that the world’s second largest oil exporter would hold... Honda defies record profit of $2.8 billion TOKYO, April 27: Japan’s number two automaker Honda Motor Co. Ltd. said on Friday a weaker yen helped boost its annual net profit 56.2 per cent to a record $2.8 billion,... US stocks sink on poor earnings NEW YORK, April 27: Stocks fell sharply on Friday, ending the market’s worst week since the post-Sept. 11 week, as grim corporate earnings forecasts offset upbeat economic data....