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  Emirates Business According to EY’s latest Global Fraud Survey, Corporate misconduct — individual consequences, only 29% of executives in the Middle East recognize cybercrime risk, compared to 47% globally. The survey found that many respondents maintain the view that fraudulent activity is not their problem, despite recognizing the prevalence of the issue in their own countries. Michael Adlem, EY’s ...

  Reuters Corral Petroleum Holdings is committed to injecting $680 million into its Moroccan refiner Samir to try to reverse a decision placing it in liquidation, a lawyer for Corral said. Morocco’s sole refiner halted production in August due to financial difficulties then a court ruling in March placed it in liquidation and named an independent trustee to run it. ...

  Bloomberg Iranian miners are seeking $10 billion to develop a domestic aluminum industry that could serve to export 60 percent of production to meet growing demand for the metal used in cars to jets and beverage cans. The raw material bauxite needed to achieve that goal is proving hard to find. Iran’s aluminum production of 350,000 metric tons a ...

  New Delhi / Bloomberg India’s parliament passed a bill to overhaul archaic bankruptcy laws, taking Prime Minister Narendra Modi a step closer to fulfilling his pledge to make it easier to do business in the world’s fastest growing major economy. The upper house approved the Insolvency and Bankruptcy Act days after it was cleared in the lower house. The ...

    Tokyo / Bloomberg Nissan Motor Co. agreed to purchase a 34 percent stake in Mitsubishi Motors Corp., as Japan’s second-largest automaker comes to the aid of its minicar partner rocked by a fuel-economy testing scandal. Mitsubishi Motors will sell about 237.4 billion yen ($2.2 billion) in shares to Nissan, according to a filing Thursday. The purchase is poised ...

  Taipei / AFP Toshiba said on Thursday that it suffered a $4.4 billion full-year net loss as the troubled conglomerate booked a massive write-down of its US nuclear unit, but said the worst was over as it forecast profits for the current business year. A once proud pillar of corporate Japan, Toshiba has been besieged by problems, most notably ...

  Tokyo / AFP Japanese electronics maker Sharp said on Thursday it suffered a $2.3 billion annual loss and released no forecast for the current business year as it assesses the impact of its acquisition by Taiwan’s Hon Hai. The Osaka-based also said an executive of Hon Hai, the world’s biggest electronics supplier, will take over as president. In March, ...

  Tokyo/ Bloomberg Utilities and other companies in Japan pushing ahead with new investments in coal-power plants risk creating 6.22 trillion yen ($57 billion) of stranded assets amid shifts in energy policy and the economics of power generation, according to a study by Oxford University’s Smith School of Enterprise and the Environment. The amount of coal-fired generating capacity planned or ...

  Bloomberg The Bank of England cut its growth forecasts and issued its strongest warning yet that a vote to leave the European Union would hurt the economy. With just six weeks to go until Britain’s referendum, the nine-member Monetary Policy Committee, led by Governor Mark Carney, said there were more signs it was weighing on growth and clouding the ...

  Bloomberg Prime Minister David Cameron said the U.K. plans to make financial services companies liable for their employees’ complicity in money laundering and fraud, in an extension of proposed laws against tax evasion. Announced to coincide with an anti-corruption summit in London on Thursday, Cameron said the developed world must “get its house in order” and gave further details ...