Robert Farley SPECIAL TO EMIRATES BUSINESS The Korean shipbuilding industry has plunged into a deep crisis. The three biggest shipbuilding firms—Daewoo, Hyundai Heavy, and Samsung Heavy—posted record combined losses in 2015, and 2016 looks no better. Combined with a major accounting scandal and ongoing concerns about the viability of the market, South Korea could face a major shift in the ...

  Clive Crook The Financial Times’s Gideon Rachman says he thinks Brexit won’t happen. The referendum result doesn’t mean that much, he argues. Any long-term observer of the EU should be familiar with the shock referendum result. In 1992 the Danes voted to reject the Maastricht treaty. The Irish voted to reject both the Nice treaty in 2001 and the ...

  Sydney, Australia / AFP Australia heads to the polls on Saturday with a suave multi-millionaire former banker vowing only he can ensure stability in the wake of the Brexit vote for a nation used to a revolving door of prime ministers. Malcolm Turnbull, 61, became Australia’s fourth leader in just over two years when he ousted fellow Liberal Tony Abbott ...

  Rome, Italy / AFP At least 10 people died after an inflatable dinghy loaded with migrants began sinking in the Mediterranean on Thursday, the Italian coastguard said. The coastguard said on Twitter that 107 people had been rescued from the stricken vessel and 10 bodies had been recovered. It was possible the final death toll could be higher as ...

  Islamabad / AP Pakistani Prime Minister Nawaz Sharif permitted registered Afghan refugees to remain in the country until the end of the year, the government said as an earlier deadline was set to expire. In a statement, the government said Sharif directed authorities to immediately engage the UN refugee agency and the Afghan government for the gradual relocation of refugee ...

Istanbul, Turkey / AFP Turkey on Thursday detained 13 suspected IS extremists over the deadly Istanbul airport attack, as chilling details emerged of how suicide bombers launched their assault. The death toll from Tuesday’s gun and suicide bomb spree at Ataturk airport has risen to 42, state-run news agency Anadolu said, with 13 foreigners among the dead and more than 200 ...

  Kabul, Afghanistan / AFP The Taliban on Thursday attacked a convoy of buses transporting police cadets in Kabul, officials said, killing at least 27 of them and wounding 40 in two powerful explosions. The incident, which was condemned as a “crime against humanity” by President Ashraf Ghani, comes little over a week after 14 Nepali security guards who were heading ...

  Gaziantep /AFP As Liberia’s security forces take over on Thursday from UN peacekeepers for the first time since civil war ended 13 years ago, national pride is mixed with fears the underfunded police are not up to the task. Government forces and rebel groups raped, massacred and maimed hundreds of thousands of people during two conflicts between 1989 and ...

  Gelsenkirchen / DPA Standing on a cherry-picker 20 metres above the ground, his mouth covered by a mask, Den Geffert spray-paints graffiti on the concrete wall in front of him with quick, practised movements. It’s a big project — the air-raid shelter exterior is almost as big as two tennis courts turned on their sides. But Geffert, who goes ...

  John Boitnott / TNS In businesses across the country, cubicle walls are coming down. New companies eliminate walls from the start. Employees can quickly scan the immediate area and locate fellow team members who are hard at work alongside them. By eliminating the need to send emails or wander the office searching for people, organizations are sure that teams ...