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Occidental Petroleum slashed its quarterly dividend 86% to 11 cents a share from 79 cents and said it would reduce capital spending by about a third in the wake of the drop in oil prices.

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Updated Aug 5, 2019. An interest rate is the cost of borrowing money. Or, on the other side of the coin, it is the compensation for the service and risk of lending money. In both cases it keeps the economy moving by encouraging people to borrow, to lend, and to spend.

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