Dhaka to sign BIMST-EC

DHAKA: The Bangladesh government will sign the free trade agreement of Bangladesh, India, Myanmar, Sri Lanka, Thailand — Economic Cooperation (BIMST-EC). The proposal for signing the agreement was finalised at an inter-ministerial meeting on Saturday, and it will be forwarded to the cabinet meeting for final approval. — HNS

GCC, EU free trade zone

ABU DHABI: Foreign ministers of the Gulf Cooperation Council (GCC) and their main economic partner, the EU, have decided to resume negotiations on a free trade zone that was put aside for nearly 20 years. The talks will resume in Brussels in May after a break of more than a year because of differences arising from fresh EU demands that the negotiations must include such issues as human rights and illegal migration. — HNS

Islamic bond in Germany

FRANKFURT: Forget London, traditionally seen as Europe’s biggest and busiest financial centre. The lowly city of Magdeburg in the German state of Saxony-Anhalt in its search to find new sources of financing, announced this week that it will be issuing a $123 million ‘Islamic bond’. And the Islamic bond, an instrument that respects Koranic law and is already widespread among Arab countries, could set a new trend for borrowers in the west looking for new capital markets to tap into, experts believe. — AFP

S’pore plans $176m hub

SINGAPORE: The Singapore government will spend $176 million on a new financial and entertainment district to attract foreign investors. The planned Downtown at Marina Bay, minutes away by car from the existing business district, would include a 3.35 km waterfront promenade linking it to the central business district (CBD). “Singapore needs to plan for and invest in our city so as to safeguard our position as a premier place for business and talent,” the Urban Redevelopment Authority (URA) said. — AFP

OPEC may review output

ABU DHABI: The OPEC may review its February decision to cut production when it meets later this month, the Emirates oil minister said. Obaid bin Saif al-Nasseri said that for now, last month’s agreement to cut production by one million barrels to bring down overall output beginning from April 1 ‘remains valid.’ “Reviewing the decision of cutting production, if it happens, will be in the direction of putting it off instead of canceling it,” he said. — AP

Kuwait scraps visas

KUWAIT CITY: The Gulf Arab state of Kuwait, looking to open its doors after the fall of Saddam Hussein, on Saturday scrapped prior visa requirements for citizens of 34 countries. The new decision became effective immediately and applies to nationals from North America, most of Western Europe, Southeast Asia, New Zealand and Australia. Entry visas will be provided to citizens of these nations upon arrival at various terminals without the need of a Kuwaiti sponsor. The new measure is “consistent with openness policy,” and aim ed at promoting domestic economy. — AFP

Bid to oust SK mgmt

SEOUL: Shareholders of oil refiner SK Corp voted down a bid by a foreign investment fund on Friday to seize control of the holding company of South Korea’s third largest conglomerate. SK Corp said its shareholders had rejected changes proposed by Sovereign Assest Management to the company’s articles of incorporation at an annual

general meeting. — AFP