BP Says Oil Spill Cost Up To $8bn

BP says the cost of its Gulf of Mexico oil spill has risen to $8bn (5.2bn) - a rise of more than $2bn in the last month alone.

The company said it had paid out about $399m in claims to those affected by the spill.

Last week, responsibilty for the claims was transfered to the Gulf Coast Claims Facility (GCCF), which has so far paid out a total of $38.5m.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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