Why Vodafone boss had to cut dividend
The British mobile giant's finances are stretched to snapping point, so something had to give
It’s counter-intuitive: you cut the dividend, yet the shares rise. That’s exactly what happened to Vodafone on Tuesday morning; maybe it was short-term relief that an industry known for its generous pay-outs was finally getting a sense of reality, though the shares fell back later in the day.
Telecoms operators’ historic tendency towards out-sized dividends has tied up capital that might have been better spent on new technologies....
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