(Bloomberg Opinion) — Cars are very important to oil producers, obviously. Not just because they drink up the stuff. They also offer a ghost-of-Christmas-future dose of foresight.Daimler AG, the epitome of luxuriously engineered combustion, just slashed its dividend by 72%. As my colleague Chris Bryant wrote here, Tuesday’s announcement capped a string of profit warnings and other setbacks. That the stock actually rose briefly on this news tells you just how desperate investors were for a strategic reset, Band-Aid rip notwithstanding.It is the cut to Daimler’s payouts that should have oil executives sweating.Coronavirus has made amateur virologists out of many …read more
Source:: Yahoo Finance
