Shell cuts investment

Royal Dutch Shell is to pull nearly £10 billion of planned investment but vowed it would not over-react to the slide in oil prices.

The Anglo-Dutch giant said it was taking a prudent approach by curtailing potential spending plans over the next three years, adding it had options to further reduce spending should it be needed.

The pledge came as Shell disappointed investors with a 12 per cent rise in underlying profits to $3.26bn (£2.15 bn) for 2014.