Bloomberg BP Plc moved to calm investor concerns after debt rose to a record, saying lower oil-spill payments for the rest of the year and funds from asset sales will ease the burden. “This year debt is going up exactly in line with payments going out for Macondo,” Chief Financial Officer Brian Gilvary said on Tuesday by phone. “And it ...

Bloomberg Saudi Arabia plans to turn hundreds of kilometers of untouched Red Sea coastline into a global tourism destination governed by laws “on par with international standards,” as part of its goal to transform the economy and reduce its reliance on oil. The Red Sea project will cover 34,000 square kilometers — an area bigger than Belgium — between the ...

Bloomberg Oil held gains above $50 a barrel before US government data forecast to show crude stockpiles extended declines, trimming a glut. Futures rose as much as 0.5 percent in New York after climbing 9.6 percent the previous six sessions. Inventories probably fell by 3.3 million barrels last week for a fifth weekly drop, according to a Bloomberg survey before ...

Bloomberg With a multibillion-dollar nuclear project in South Carolina dead, the fate of America’s nuclear renaissance now rests on one utility: Southern Co. Scana Corp dropped plans for two reactors Monday, leaving the two that Southern is building at the Vogtle plant in Georgia as the only ones under construction in the US. And even they are under threat: The ...

SINGAPORE / Reuters Indian refiners are outperforming their competitors in South Korea and Thailand as they have ramped up output from new fuel and chemical capacities to meet rising domestic demand that could further lift their earnings over the next two years. Asia is adding net refining capacity of 360,000 barrels per day (bpd) this year, according to Wood Mackenzie, ...

Bloomberg Cheniere Energy Inc., the only company sending America’s shale gas overseas, has begun liquefying the fuel at a fourth plant, keeping the company on a track that will double its export capacity this year. The plant at Cheniere’s Sabine Pass complex in Louisiana is chilling and condensing gas into a liquid so it can be loaded onto tankers, a ...

Bloomberg Global stocks advanced following the latest set of corporate results, with European shares tracking a jump in Asian peers on both earnings and promising economic data. The US dollar stayed higher as consumer spending figures matched forecasts. The Stoxx Europe 600 Index was once again poised to end its losing streak, heading for the first gain in four days ...

DUBAI / Reuters Saudi Arabian shares snapped a six-session losing streak on Tuesday while Qatar’s market fell, hit by a slump in an oil drilling service provider after it barely broke even in the second quarter. Gulf International Services lost 8.0 percent after posting net profit of 700,000 Qatari riyals, according to Reuters’ calculations, well below QNB Financial Services’ estimate ...

Bloomberg Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the continent altogether as profitability plunges, according to Oliver Wyman Inc. The extra money is equivalent to 15 percent to 30 percent of the capital ...

Bloomberg Turkey’s central bank raised its inflation forecast for this year on higher food prices, and reiterated its policy not to loosen monetary conditions until the outlook improves. The bank revised its prediction for year-end inflation to 8.7 percent from 8.5 percent and maintained its forecast for 2018 at 6.4 percent, according to its quarterly inflation report. Food prices, which ...