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  1. FTSE 100 hits new intraday high
  2. US markets mixed on jobs data
  3. Pound dips against dollar and euro
  4. Bosses react to Trump climate decision
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Live Reporting

By Dearbail Jordan

All times stated are UK

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Thank you for following Business Live.

Join us next week for more breaking business news as we enter the final stretch of general election campaigning before the vote on 8 June.

Trump picks two for Fed board

One last development before Business Live winds down - the New York Times is reporting that President Donald Trump has selected two people to join the Federal Reserve's board of governors.

They are Randal Quarles, who worked in the Treasury during the George W. Bush administration, and Marvin Goodfriend, a former Fed official who is now a professor of economics at Carnegie Mellon University.

There is one remaining spot to fill on the US central bank's board.

US stock markets close at record high

America's largest indexes have all finished Friday at record highs.

The Dow Jones Industrial Average closed up 51.32 to 21,195.50.

The S&P 500 added 8.81 points to 2,438.90.

The Nasdaq ended 58.97 points ahead at 6,305.80.

An unshakeable path

The chances of the US Federal Reserve raising interest rates in June are 90.7%, according to Thomson Reuters, despite disappointing American jobs figures out on Friday.

Jim Tierney, chief investment officer of concentrated US growth at AllianceBernstein, says: "I wouldn't say the data is supportive of hiking but they are on a path and they are not going to change that path, at least in June."

Watch: Brexit and South Africa

Brexit isn't just about the UK and the European Union. It could affect companies as far afield as Africa.

Could South Africa be bruised by a bad Brexit deal?

Apple boss: I tried to talk Trump round on Paris deal

Apple chief executive Tim Cook
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Apple chief executive Tim Cook tried to persuade Donald Trump to keep the US in the Paris climate accord but says "it wasn't enough."

In a memo to staff, published by CNET, Mr Cook said: "I know many of you share my disappointment with the White House's decision to withdraw the United States from the Paris climate agreement.

"I spoke with President Trump on Tuesday and tried to persuade him to keep the US in the agreement. But it wasn't enough."

He added: "Climate change is real and we all share a responsibility to fight it. I want to reassure you that today's developments will have no impact on Apple's efforts to protect the environment."

Read the full memo here.

Watch: What the young want from a job

Records all round for US stocks

Following a weak opening, the Dow Jones Industrial Average is now motoring ahead 71.25 points at 21,215.43.

The S&P 500 is at a record 2,438.84 after rising 8.78 points as is the Nasdaq which is up 53.52 points at 6,300.35.

Bloomberg puts up $15m for climate change fight

Businessman and philanthropist Michael Bloomberg has come up with his own way to fight climate change.

Bloomberg Philanthropies and a number of partners will pay the $15m in funding the United Nation's Climate Secretariat stands to lose from President Donald Trump withdrawing the US from the Paris climate accord.

Mr Bloomberg said: "Washington can't stop our climate progress. Americans will fulfill the Paris agreement by leading from the bottom up."

View more on twitter

BA 'must settle pay deal'

BA planes on the runway
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Commenting on an upcoming four day strike by BA cabin crew, Unite’s assistant general secretary for legal services Howard Beckett, says: “BA is almost alone among the employers this union has dealt with in that they can accept the case for a pay deal but want to punish the very people who made the case.

“In an airline of the size and status of BA passengers want to know staff are treated with respect.

"Punishing staff for using legitimate industrial means to reach a wage deal is a culture that Unite cannot accept and a culture that will ultimately damage the BA brand. Allow us to settle this dispute, remove the sanctions and let’s move on."

BA 'is punishing former strikers'

BA strike action
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The union representing BA cabin crew claim some cabin crew are being punished for previous strike action.

Unite claims: "The latest wave of action has been prompted by BA’s persistent refusal to restore the travel concessions that airline management had withdrawn from those who took part in strike action."

After June, what next?

US Federal Reserve
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It isn't a US interest rate rise in June that market-watchers are worrying about. It is what happens after that which is concerning them.

Michael Feroli, an economist at JPMorgan in New York, tells Reuters: ""While the message was a little muddied today, the evidence generally suggests the labor market is cyclically tightening, and the Fed will need to continue to lean against that.

"We still believe it is very likely that the Fed will hike later this month. Perhaps more in question is the signal coming out of that meeting regarding subsequent hikes."

That's magic!

There's been an awful lot of talk during this election campaign of magic money trees. The BBC doesn't know where they grow, but we can show you how to make money out magic.

View more on twitter

BreakingBA: strike action is completely unnecessary

BA plane
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BA has responded to upcoming strike action by its cabin crew.

It says: "As on the previous dates when Unite called strikes of mixed fleet cabin crew, we will fly all our customers to their destinations.

"Strike action is completely unnecessary. We had reached a deal on pay, which Unite's national officers agreed was acceptable. We urge Unite to put the pay proposals to a vote of their members."

Oil prices fall on glut fears

Oil tanker
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Oil prices have continued to trade lower since US President Donald Trump withdrew America from the Paris climate accord.

Brent crude is down 1.3% at $49.97 a barrel while West Texas Intermediate is off 1.5% at $47.66.

There is concern that the US exit could spur oil drilling and add to an existing glut of crude.

BA cabin crew 'to strike'

Capping off a memorable week for British Airways, the Press Association is now reporting that BA cabin crew are set to stage a four-day walkout from 16 June over pay.

Business Live will bring you updates as soon as we have them.

FTSE 100 goes full circle

So, after an exiting day of new highs, the FTSE 100 has ended up right back at where it started.

London's leading index finished Friday up 0.43 points at 7,544.20.

The FTSE 250 closed down 30.35 points at 19,980.10.

Bernie Sanders at Oxford Union: Trump 'stupid' for climate deal withdrawal

Donald Trump's withdrawal of the US from the Paris Agreement was "stupid, short-sighted and foolhardy", former presidential hopeful Bernie Sanders has said.

The former Democratic contender for the White House accused the American president of making a "backwards decision", during a speech to Oxford students attending the launch of his new book.


The politician told the Oxford Union: "Yesterday, President Trump did something which I think is incredibly stupid, short-sighted and foolhardy."

"It was an incredibly backwards decision which will hurt the United States and hurt the whole world.

Mr Sanders was introduced by his older brother Larry Sanders, who is contesting the Labour-held Oxford East seat for the Green Party on June 8, and was warmly welcomed with rapturous applause from the crowd.

Independent women sparkle

Actress Ginnifer Goodwin at the Academy Awards
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Single American women buying their own high-end jewellery is helping to drive diamond sales, according to De Beers.

The group, which is majority-owned by Anglo American, says that total US diamond sales rose by 4.4% in 2016 to more than $40bn.

De Beers said that while bridal sales were the foundation of demand in the US, "...more frequent acquisitions and a higher value of spend from single women helped drive demand. Meanwhile, self-purchase trends increased among both single and married women."

De Beers expects a slower pace of growth from the US but said that diamond sales in India have started to return to normal levels after a jewellers’ strike helped send trade down 8.8%.

US jobs in line with stronger economy

The initial shock at Friday's US jobs figures is now wearing off and the market is putting things in perspective.

Sameer Samana, global quantitative analyst at Wells Fargo Investment Institute, says: "It's not really an outlier just a little bit disappointing based on consensus expectations which were maybe a little bit high.

"Almost all the numbers when compared to the six and 12 month moving averages, are very much in line with continued improvement in the economy and the labor market."

Do not judge Trump, says Putin

Vladimir Putin
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People should not "judge" US President Donald Trump for withdrawing America from the Paris climate accord, according to Russian President Vladimir Putin.

Speaking at an economic forum on Friday, Mr Putin said: "You shouldn't make a noise about this, but should create the conditions for joint work.

He also said: "If such a major emitter as the US is not going to cooperate entirely then it won't be possible to agree any deal in this area."

FTSE 100 falls back from high

The FTSE 100 has come down from the high it reached on Friday morning but it is still trading up 5.97 points at 7,549.74.

FTSE 100

Mining group lead both the top risers and the fallers.

Shares in precious metal specialists Fresnillo and Randgold Resources are both up by more than 3%.

Conversely, Chilean copper miner Antofagasta's shares are off 2.32% at 798.50p.

The FTSE 250 is off 13.23 points at 19,997.39.

Publishers to charge for ad-blockers

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Google will let publishers ask people who use ad-blockers to either enable advertising or make a payment to view content without ads.

"Funding Choices" will roll out first in North America, UK, Germany, Australia and New Zealand, Google said in a blog.

Google is also working on an ad-blocker of its own, which will function in its Chrome browser.

Read the full story here.

Trump 'agnostic' on where new jobs come from

US coal miner
Getty Images

Gary Cohn is doing the rounds of US broadcasters and has now told Bloomberg that the Trump administration is still committed to getting tax reform done by the end of the year, when it has a "uniformed buy-in" on a bill from the Senate.

Donald Trump's chief economic adviser also comments on the Paris accord again, stating that the US government is "agnostic" about where new jobs will come from, be it from the renewable sector or from coal.

US 'not worried' about jobs figures

Gary Cohn
Getty Images

Donald Trump's chief economic adviser Gary Cohn says that he is not worried about Friday's poor job figures and people are taking a long-term view of the US economy.

Speaking to CNBC the director of the National Economic Council is also asked about the US withdrawal from the Paris climate accord.

He says that coal is "cyclical". This appears to be in contrast to his view a week again when he said US coal "doesn't really make that much sense anymore as a feedstock".

CNBC also asks Mr Cohn if he would be interested in becoming chairman of the US Federal Reserve.

He says: "No, I have a great job right now...serving the President has been a dream come true."

Putin says relax

Russian President Vladimir Putin
Getty Images

While some people are very upset that the US has withdrawn from the Paris climate accord, Russia's president Vladimir Putin offered the following advice: "Don't worry. Be happy."

That's alright then.

Mixed opening for US stocks

The Nasdaq continued to soar on Friday, opening 16.38 points higher to hit a new intraday record at 6,263.21.

The S&P 500 was more muted, rising 0.62 points to 2,430.68.

While The Dow Jones Industrial Average opened down 4.85 points at 21,139.33.

America's trade deficit balloons

Americans with foreign-made phones
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America's trade deficit with the rest of the world widened in April to the highest level since January.

The US Commerce Department said the US trade gap in goods and services climbed 5.2%to $47.6bn between March and April.

Exports fell 0.3% to $191bn mainly due to automotive trade.

Imports rose 0.8% to $238.6bn as US consumers bought more foreign-made cellphones and other goods.

So far this year, the trade deficit is up 13.4%from a year earlier to $186.6bn.

What now for US interest rates?

What will Friday's job numbers mean for a US interest rate rise?

The market consensus is that the Federal Reserve will lift borrowing costs again in June.

Ole Hansen, head of commodity strategy at Saxo Bank, tells Reuters: "At this stage the market is fully pricing in an interest rate hike but the question is will it be a dovish hike."

US employment data misses forecasts

US stock market trader
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The number of new jobs added in America during May is far below expectations which ranged between 160,000 and 177,000.

Wages grew at 2.5% in the 12 months to May, exactly the same rate as in April.

The US stock markets will open in 35 minutes. Will traders still be feeling as ebullient as they were on Thursday evening when stocks soared on America's withdrawal from the Paris climate accord?

US jobs growth slows

Man in safety mask working with US flag in background
Getty Images

US jobs growth slowed in May, according to figures just out, although the unemployment rate has fallen to 4.3% - its lowest level in 16 years..

The so-called non-farm payrolls data shows that businesses added 138,000 posts last month as the manufacturing, government and retail sectors lost jobs, the Labour Department said on Friday.

That compares with the average of 181,000 over the past 12 months.

The figures will inevitably be scrutinised for clues as to what they mean for whether the US central banks will raise rates later this month.

UK construction activity rebounds in May

Duncan Brock, director of the Chartered Institute of Procurement and Supply, explains what's behind the fastest monthly rise in construction growth since the end of 2015.

Covfefe over climate change

Hoover pension deal agreed

Hoover's Merthyr plant and Hoover logo

A deal has been struck for Hoover to move the company's pension scheme into a protection fund (see earlier post).

Thousands of people worked at its Merthyr Tydfil washing machine plant over 60 years. It stopped production in 2009 but a warehouse still operates.

The company will contribute £60m to the pension scheme.

The Pensions Regulator has approved the proposal and the scheme is expected to transfer into the Pension Protection Fund (PPF).

The deal has been struck because there was "clear and extensive evidence" that Hoover would inevitably fall into insolvency otherwise. Read more here

Leaked BA email in full

People waiting at airport
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The unconfirmed Press Association story that a contractor doing maintenance work at a BA data centre inadvertently switched off the power supply, and it was this that caused the chaos at airports, was based on a leaked email.

In full it said: "This resulted in the total immediate loss of power to the facility, bypassing the backup generators and batteries.

"This meant that the controlled contingency migration to other facilities could not be applied.

"After a few minutes of this shutdown, it was turned back on in an unplanned and uncontrolled fashion, which created physical damage to the systems and significantly exacerbated the problem."

Insurers clash with BA over expenses

Kevin Peachey

Personal finance reporter

Notice advising passengers of disruption

Insurers have clashed with British Airways over covering the cost of expenses incurred by passengers caught up in last weekend's travel chaos.

The BA website suggests that customers should initially make a claim on their travel insurance for expenses such as meals during the delays.

But the Association of British Insurers (ABI) and a consumer rights expert say responsibility is with the airline.

BA said it would update the language, but its website has yet to change. Read more from Kevin here

Sainsbury's boss: Review business rates post-election

Election 2017

With less than a week until polling day, the BBC business team hears from bosses about what they want from the next government.

Mike Coupe, chief executive of supermarket chain Sainsbury's, says the UK needs to have a "fundamental review" of business taxation.