Geneva - An initiative was put forward Tuesday at the World Trade Organization to fight protectionism with a proposal asking countries to commit not to take any trade restricting measures to work their way out of the economic crisis. The standstill commitment, tabled by Hong Kong, would ask members to voluntarily refrain from any moves which would have an adverse impact or distorting effect on trade even if they did not violate WTO rules, officials with the agency said.

Nicosia, Mar 30: The state-run Kuwait National Petroleum Company (KNPC) confirmed press reports that it had scrapped plans to built a fourth refinery at Al Zour, at an estimated cost of 15 billion dollars and has informed accordingly the companies involved.

This is the second multi-billion project which has been abandoned by a Kuwati state-run company in the past three months.

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Hong Kong  - The price for new flats in Hong Kong has crashed to their lowest level since 2003 as a Chinese property developer offered homes for 1.83 million Hong Kong dollars (234,615 dollars), a media report said Thursday.

Developer Chinese Estates cut prices by up to 20 per cent to attract buyers to a new housing project in the west Kowloon area of the city, the Standard said.

The prices are the lowest since the economic slump caused by an outbreak of the severe acute respiratory syndrome (SARS) respiratory disease.

Seoul - The European Union and South Korea on Tuesday postponed concluding a Free Trade Agreement after reaching a tentative deal on almost all points, officials said.

Talks over the outstanding issues are to continue in early April on ministerial level at the sidelines of the G20 meeting in London, the chief negotiators of both sides said after the end of the formal negotiations in Seoul.

Geneva  - The United States blocked Friday the formation of a World Trade Organization panel to look into a complaint by Mexico that the US was unfairly closing its markets to tuna from its southern neighbour.

Mexico said US labeling rules, which prevent Mexican companies from placing "dolphin safe" labels on their products, violated trade rules as the tuna was in line with regulations on protecting dolphins.

About one-third of Mexico's fishing fleet was said to be adversely affected by the decision.