French energy group Total steps up cost cuts, suspends share buybacks
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PARIS (Reuters) - French energy group Total announced plans on Monday to step up cost cuts and suspend its share buyback programme in order to deal with a slump in oil prices and the economic fallout from the coronavirus outbreak.Total CEO Patrick Pouyanne said that with prices of $30 per barrel, Total would now target organic capital expenditure cuts of more than $3 billion (2.58 billion pounds).In a video message to the company's staff last Thursday, Pouyanne said the group was facing three..