Shell cuts dividend for first time since World War II

Oil major Shell has cut its dividend for the first time since World War Two in a drastic step to preserve cash as it prepares for a protracted slump in demand for oil because of the coronavirus pandemic.

The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and gas output by about a quarter after its net profit almost halved in the first three months of 2020 to $2.9bn (€2.7bn).