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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.... New York cotton futures lower NEW YORK, April 27: NY cotton futures reeled from a barrage of fund selling into stops to finish weakly on Friday, with imminent passage of a Farm Bill and rains in... Farm bill axes packer ban, adopts labeling WASHINGTON, April 27: In creating a new six-year US farm bill, lawmakers tentatively adopted mandatory country-of-origin labels for meats, fish and produce, but nixed a controversial proposal to ban meatpackers from... ‘Japan economy shows signs of recovery’ TOKYO, April 27: Japan’s economy showed signs of recovery in March as the jobless rate fell and consumer prices rose from a month earlier, but after a year in office Prime... Treasuries rise on clouded recovery outlook NEW YORK, April 27: US Treasuries rose on Friday as the seventh stock slide in eight days and weak orders and business investment trends in the first quarter fostered doubts about... Slower tax receipts to push US budget gap higher WASHINGTON, April 27: With its biggest month for tax receipts almost over, the government’s fiscal position has dimmed substantially, leaving the Bush administration facing a larger-than-expected deficit, a need to raise... China to keep interest rates stable BEIJING, April 27: China’s central bank will maintain interest rates at current levels in the near future while pushing ahead with some monetary reforms, the official Xinhua news agency quoted the... US, EU trade chiefs plan retreat in Virginia WASHINGTON, April 27: With a red-hot trade dispute over steel showing few signs of cooling, top US and European Union negotiators are planning to slip away next week for a one-day... Saudis boycott US products RIYADH, April 27: Boycott of US products has started impacting the sales of US products in the region as the campaign is gaining momentum.... Cotton market lacks lustre KARACHI, April 27: Cotton market finished the weekend session on a cheerless note as both the spinners and the ginners awaited the Supreme Court ruling on the petitions against the referendum... Shaukat to attend ADB moot BEIJING, April 27: Finance Minister Shaukat Aziz will represent Pakistan at the 35th annual meeting of Asian Development Bank’s Board of Governors, being held in Shanghai from May 10 to 12,... Asian Bank to finance study on EPB KARACHI, April 27: The chairman, Export Promotion Bureau (EPB), Tariq Ikram said Saturday that Asian Development Bank (ADB) will conduct a study for the restructuring of the Bureau....

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