Daily Archive: August 4, 2020

BP Cuts Dividend for First Time Since the 2010 Macondo Oil Spill By Bloomberg

© Bloomberg. A BP Plc logo sits at the top of a totem sign at a filling station in London, U.K., on Monday, June 8, 2020. BP Plc plans to cut 10,000 jobs as the coronavirus pandemic accelerates the company’s move to slim down for the energy transition.

(Bloomberg) — BP (NYSE:) Plc cut its dividend for the first time in a decade, removing a cornerstone of its investment case after the coronavirus pandemic upended almost every aspect of its business.

The move was largely expected after European peer Royal Dutch Shell (LON:) Plc slashed its own dividend in April. While Big Oil’s generous payouts have long been its main attraction to investors, the unprecedented market turmoil wrought by the virus has forced companies to take decisions unthinkable before this year.

BP also announced a new strategy to deliver its “net-zero” ambition, targeting a 10-fold increase in low-carbon investment by

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Moving target: As Ontario eyes U.S. fund disclosure model, SEC considers looser standard

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The task force is trying to strike a balance between granting more transparency for companies and more freedom for investors, according to Walied Soliman, the chair of the task force and the Canadian chair of law firm Norton Rose Fulbright.

“We think that that balance is quite fair, and we’re looking forward to comments from both the issuer and fund community on these recommendations,” Soliman said in an interview with the Financial Post.

The lack of transparency hinders shareholder engagement and the ability for issuers to respond to shareholder concerns

Ontario task force report

John Wilson, managing partner and co-CEO at Ninepoint Partners, said that if Ontario introduces its own form of 13F disclosures, there would have to be stark differences.

For one, the floor likely can’t be set at a number that compares to the SEC’s US$3.5 billion, given the disparity between AUM for Canadian and

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Hand sanitizer recall: List of products to avoid released by FDA amid coronavirus pandemic, COVID-19 outbreaks

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