General Motors is reinstating its quarterly dividend for shareholders after suspending it in April 2020 in response to the coronavirus pandemic, the Detroit automaker mentioned.
A dividend of 9 cents per share of the corporate’s widespread inventory will probably be paid out on Sept. 15 to shareholders of file as of the shut of enterprise on Aug. 31.
The automaker additionally mentioned it can resume “opportunistic” inventory buybacks. GM’s board of administrators elevated the capability below the corporate’s present buyback program to $5 billion of widespread inventory.
A inventory buyback is one other method for a public firm to return cash to shareholders by shopping for shares of its personal inventory on the open market.
“GM is investing more than $35 billion through 2025 to advance our growth plan, including rapidly expanding our electric vehicle portfolio and creating a domestic battery manufacturing infrastructure,” GM CEO and Chair Mary Barra mentioned in a press release. “Progress on these key strategic initiatives has improved our visibility and strengthened confidence in our capacity to fund growth while also returning capital to shareholders.”
White House hopeful fuel costs will hold falling
The White House is optimistic that fuel costs will hold falling, a prime administration official mentioned Sunday.
Energy Secretary Jennifer Granholm conceded, nevertheless, that large questions persist about international demand and its impression on home prices.
“We are at the whim, if you will, of what happens globally. However, this president has moved in dramatic ways to increase supply,” Granholm mentioned on “Fox News Sunday.”
The nationwide common fuel worth is anticipated to dip to $3.78 per gallon within the fourth quarter, down from the present worth of about $3.90, Granholm mentioned, citing federal estimates. The common worth in Massachusetts Sunday was $4.17, in line with AAA.
Source: www.bostonherald.com”