GLOBAL MARKETS: BP and Sydney's second airport
BP debt keeps rising
BP Plc’s net debt rose again in the first quarter, reaching the highest level in at least a decade as the rebound in oil prices failed to cover spending and dividends. The continuing rise in borrowing shows how the London-based company is struggling to cover its commitments, which still include billions of dollars in payments related to the 2010 Gulf of Mexico oil spill, despite an increase in crude prices of more than 50% from a year earlier.
Second Sydney airport to be ‘catalyst for jobs, growth’
Australia’s government says it will build a long-awaited second airport for Sydney after the operator of the city’s existing hub ruled out developing the project because of the "considerable" risks to shareholders.
Details of the plan for Western Sydney Airport will be unveiled in the budget next week, Prime Minister Malcolm Turnbull said in a statement. The new airport, he added, will be a major catalyst for jobs and economic growth in the region and is a vitally important project.