The telco is cutting its annual dividend payments from $3.99 a share to $1.75 to conserve cash amid economic uncertainty, it announced, as it reported lower first-quarter revenue from its phone and internet services and selling mobile devices. But Bell sees possibilities in the U.S. market for wholesale fibre-optic data service, and is creating a new joint venture backed by PSP Investments to expand the network it acquired when it bought U.S. provider Ziply Fiber last year. (The Logic)

Talking point: PSP, which manages federal government workers’ pension funds, could put up more than US$1.5 billion over time, Bell said. The market hated Bell’s original Ziply acquisition when it was announced, but Bell’s share price rose about five per cent Thursday morning despite its dividend reduction and the grim results from its current operations. (A Bell share is still worth less than half what it was three years ago, however.) Bell did report higher net earnings, but those were driven by one-time benefits from buying back bonds.