Paul Cooper News
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Nabil Rantisi, who sold stocks during the United Arab Emirates’ boom, now oversees orders of roast beef and Yorkshire pudding wraps from crowds including former clients.
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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.
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Centro Properties Group, whose shareholders and debt holders agreed to a plan to wipe out A$2.9 billion ($3 billion) of debt last week, won court approval for the proposal, avoiding receivership.
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The United Arab Emirates and Qatar failed for a second time this year to secure an upgrade to emerging-market status at MSCI Inc., as the Persian Gulf countries struggle to revive equity trading.
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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.
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Centro Properties Group shareholders are poised to approve the sale of the mall operator’s assets into a newly created entity and transfer shares in the new trust to its lenders.
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Centro Properties Group, whose debt- fueled U.S. buying spree backfired with the global financial crisis, won final court approval for a plan to wipe out debt and hand assets to creditors.
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Qatar’s benchmark stock index dropped the most in two weeks on speculation gains in the past month were overdone given concern about Europe’s sovereign-debt crisis and as oil declined.
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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.
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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.
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