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Daimler dumps dividend

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Daimler dumps dividend

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German carmaker Daimler has said it will not pay a dividend to shareholders for the first time in 14 years.

That followed a worse-than-expected net loss last year of 1.5 billion euros.

The loss came despite 5.3 billion euros of cost cuts.

Chief Executive Dieter Zetsche called the move an “exception” and said there should be a dividend this year on an expected rebound in earnings.