City awaits fate of BP dividend
Sunday 31 October 2010
All City eyes will be on BP next week as investors look for news on whether the beleaguered oil giant will restore its dividend payment.
BP suspended the payment, which sees around £1.8bn handed to shareholders every three months, as it preserved cash to fund the Gulf of Mexico clean-up.
The third-quarter results will be the first set figures presided over by Bob Dudley, who took over as chief executive at the start of October. Tony Hayward left the top job after taking much of the flak in the wake of the disaster, but is still in demand. It emerged last week that Singapore sovereign wealth fund Temasek holdings is talking to him about joining its international advisory panel. Rival BG Group also reports its third-quarter results.
Away from London, the Canadian Trade Ministry will decide whether or not to approve BHP Billiton's $38.6bn hostile takeover of Potash Corporation of Saskatchewan. The ministry will rule on whether the takeover will benefit the country.
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