Hurricanes set to cost BP $700m

Oil giant BP has said the damage and disruption caused by Hurricanes Katrina and Rita is likely to cost it more than $700m (£399m).
BP said trading conditions in the third quarter were "significantly impacted" by Katrina and Rita, which hit oil output in the Gulf of Mexico.
Disruptions cut oil output by about 300,000 barrels a day while costs were incurred in clean-up and damage repair.
BP's largest US refinery is located on the outskirts of Houston, Texas.