Oil slips nearly 1 percent on concerns over rising U.S. output
NEW YORK Oil prices fell about 1 percent on Friday as worries about rising U.S. supplies outweighed OPEC pledges to boost compliance with output curbs.
Two affiliates of activist hedge fund Elliott Management said its view on Samsung Electronics Co (005930.KS) had not diminished, despite the company ditching its flagship Galaxy Note 7 smartphone.
Elliott Management, which owns 0.62 percent of Samsung Electronics, had submitted unsolicited proposals for a radical corporate makeover at the world's biggest smartphone maker earlier this month.
The company also slashed its quarterly profit estimate by a third on Wednesday, taking a $2.3 billion hit after scrapping the Note 7, in what could be one of the costliest product safety failures in tech history.
(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)
BERLIN Europe should impose punitive tariffs on imports from the United States if President Donald Trump acts to shield U.S. industries from foreign competitors, a senior ally of German Chancellor Angela Merkel said in a newspaper interview.
MILAN Italy's biggest retail bank Intesa Sanpaolo abandoned plans to join forces with the country's largest insurer Assicurazioni Generali on Friday, saying a tie-up would not create value for its shareholders.