Creditors of Battersea Power Station asked a court to put the landmark property’s owner into administration the day after U.K. Chancellor of the Exchequer George Osborne backed a London Underground extension to boost the area’s development.
Middle East shares dropped, sending Qatar’s index down the most since May, on concern worsening violence in Libya and regional instability may derail economic growth. Dubai bonds fell and Morocco’s credit risk soared.
Centro Properties Group, whose shareholders and debt holders approved a reorganization plan wiping out A$2.9 billion ($2.8 billion) of debt this week, improperly transferred A$100 million, putting the whole plan in doubt, the accounting firm PricewaterhouseCoopers LLP said.
Dubai stocks fell to the lowest in more than a week as a meeting of Group of 20 leaders failed to reassure investors about the strength of the global economic recovery and on concern banking earnings may disappoint.