The Chairman of BP announced outside the White House that it is suspending its dividend for this year. Cable has slumped back to 1.4805.
The UK government has been critical of of the US’s calls for a dividend cut as it will impact the pensions of millions of UK workers.
CNBC suggests the dividend cut will amount to a $5 bln cash savings. The rest of the payment will come out of cashflow and will be paid into the fund in installments.
